Single Premium Mortgage PPI

emsy2

Hi

I took out a mortgage in 2006 with GE Money. At the time it was arranged through CT Capital. I was advised at the time that PPI would have to be taken with the mortgage in order for it to be approved and that it would have to be the specific PPI that they would provide me with.

Being a bit stupid/naïve (desperate?!) I took the mortgage and the PPI.

Up until recently I was under the impression that MPPI was different to standard loan/credit card PPI and any complaint was unlikely to me upheld. However, a few days ago I read that single premium mortgage PPI was commonly missold and that a lot of cases of mis selling were being upheld. The insurance was single premium and was added to my mortgage.

Is it worthwhile my complaining?

Thanks in advance for you help!

dunstonh

Up until recently I was under the impression that MPPI was different to standard loan/credit card PPI and any complaint was unlikely to me upheld

In most cases that would be correct. The vast majority of MPPi is done on a standalone monthly premium basis. That is how it should be. Single premium is bad.

Is it worthwhile my complaining?

in this case, yes.

roonaldo

Single premium was bad, it was unlikely you would get a pro-rata rebate although some do. Also it may be probable that the cost with interest was not disclosed to you. Also I would assume it was a 5 year policy you paid for over 25 years which is just plain rubbish. This is probably what you want to base your complaint on, not a hearsay reason.