A little help please?

nicki_2

I'm really confused and would appreciate some advice please.

Back in 2003 my ex and I applied for a mortgage through my bank Natwest, but were told we needed to have life insurance as we were taking out a mortgage and had a child. We never took the mortgage but still had the insurance as we thought it was just regular life insurance and the payments came out of my bank account. Any mortgage was to be paid to a fee-charging account in my ex's name which we were also sold at the same time being told he needed to have an account with them and this was the sort he needed.

In 2007 we overhauled our finances and I clearly remember the paperwork for the insurance saying it would only pay out if we had a mortgage so we cancelled it. However I no longer have the actual paperwork except for the direct debit "Collections Ceased" notification for my policy reference and my cancellation letter to them with both plan reference numbers on them. Ex in theory has any paperwork addressed to him.

So does this mean that in theory I have a claim against mis-sold insurance? If so, can I make a claim for both policies as they were paid out of my account, or do I need to make a joint claim with my ex as one was in his name despite it coming out of my account? Is there any way I can get hold of a copy of the paperwork from N@twest life?

[Deleted User]

Life Insurance would pay out if you died regardless of whether you had a mortgage. Are you sure of your facts here?

nicki_2

I remember reading the paperwork and having a discussion with my ex over the fact that for some reason the policy wasn't valid as we had no mortgage. I remember him agreeing and us making the joint decision to cancel the policies as a result. I can't find any paperwork to do with it though except the cancellation stuff. I can even see the paperwork in my mind but can't for the life of me find a digital copy of it anywhere.

[Deleted User]

You'll need more than a vague memory, you need a copy of the terms and conditions of the policy to confirm (or more likely contradict) your version of this.
I suppose you could make a speculative complaint based on your possible inability to claim on this insurance, but I sincerely doubt you'll get anywhere...

dunstonh

but were told we needed to have life insurance as we were taking out a mortgage and had a child.

So, first thing we can say is that you did have a financial need for it.

In 2007 we overhauled our finances and I clearly remember the paperwork for the insurance saying it would only pay out if we had a mortgage so we cancelled it.

Life assurance and mortgages are not linked. It would have paid out.

So does this mean that in theory I have a claim against mis-sold insurance?

No, as your recollection is wrong.