mis-sold mppi?

barb13

Hi. Don't know if I'm on the right forum but here goes. I bought my house nearly 14 years ago and took ouy mortgage payment protection insurance. Looking back, I believe I was mis-sold it. I did claim on it once when I was off work sick for 6 months. Does that mean I can't claim for it being mis-sold.

dunstonh

I answered it on your duplicate post.. so copy and paste again...

barb13 wrote: »

Hi. Don't know if I'm on the right forum but here goes. I bought my house nearly 14 years ago and took ouy mortgage payment protection insurance. Looking back, I believe I was mis-sold it. I did claim on it once when I was off work sick for 6 months. Does that mean I can't claim for it being mis-sold.

Lets look at your issues....

1 - 14 years was 9 years before regulation. (can be important if you used a broker/adviser as most of those dont have to consider pre-regulation sales

2 - The FOS and the firms reject most MPPI complaints. It doesnt suffer many of the issues that loan and credit card PPI has. You havent said what your issues are.

3 - you claimed on the policy. So, this would prevent you complaining you didnt know about it or you were not eligible. Regular premium MPPI is set up correctly (standalone direct debit) so suffers no set up problems. So, it is hard to know what you would be complaining about.


Maybe if you told us what your reason for complaint is and what evidence you have to support it, we could help understand if you have a good reason or not.

barb13

Sorry. The reason is that I felt pressured into taking it. It was my first mortgage and I felt I had to, for me to be accepted for the mortgage. I was sold it by an advisor at Halifax who I took my mortgage with. I wasn't advised that there was an option not to take it and was in full time employment and if off work would receive 6 months full pay, then 6 months half pay. Hope this explains it a bit better. Thanks for your advice.

dunstonh

The reason is that I felt pressured into taking it.

And what evidence do you have to support that allegation?
Why did you not cancel within the cancellation period and why are you only raising it after 14 years?

Chance of success on those points -near 0% due to lack of evidence.

It was my first mortgage and I felt I had to, for me to be accepted for the mortgage.

Same as above. Almost certainly no evidence will show you were coerced into it.

I wasn't advised that there was an option not to take it and was in full time employment and if off work would receive 6 months full pay, then 6 months half pay.

The ombudsman has been rejecting complaints with people on 6 months full pay, 6 months half pay. it can be a good reason with short term unsecured debts but its not a good reason with mortgages.

Most MPPI complaints are rejected and under 1% of PPI complaints are against advisers. Most of those are rejected too.

Your reasons are very weak and ordinarily, an adviser case answering those complaint reasons would find little difficulty in rejecting your complaint. However, Halifax are prone to auto paying out on many PPI cases and may well do so on yours if you raised a complaint.

barb13

Thanks for your reply. That's certainly cleared things up for me. It's my first post on the forum and really impressed with the prompt reply. Will definitely post again for any other queries I may have.