Mortgage PPI

Geoffers_2

Hi, I have just realised I have an on going ppi monthly payment going out of my account which when I enquired was told it was for a previous mortgage and provided insurance in circumstances if I lost my job or was made redundant. I was not aware that I had this and have since been told that many of these policies don't pay out for 90 days if you do lose your job.

I only recently realised that it was coming out of my account. It's only £10 a month.

I am about to cancel this insurance but wondered if they are worth while keeping and if not would I have grounds to claim being mis sold this product. this policy is with Legal and General although I have never had a L&G mortgage and have usually used a broker.
Would appreciate any advice.

Regards

Geoff

[Deleted User]

Geoffers wrote: »

I am about to cancel this insurance but wondered if anything was worth pursuing? The only thing I can think of is the fact that the company ( Legal and General) have never bothered writing to me in relation to a review of circumstances or would that be up to me to let the company know?

Indeed, the insurance company would not be appraised of your no longer having the mortgage attached to the insurance. However, you could write to them and ask them to refund the policy from the date you switched mortgage. They are under no obligation to, but what do you have to lose?

dunstonh

. I was not aware that I had this and have since been told that many of these policies don't pay out for 90 days if you do lose your job.

Most MPPi plans are 30-60 days. However, all will have a defined deferment period.

I am about to cancel this insurance but wondered if they are worth while keeping and if not would I have grounds to claim being mis sold this product.

It may be worth keeping if it covers your current mortgage. If not, then no. However, whether you need it now or not doesnt make it mis-sold all those years ago. Standalone MPPI sold via a broker would cover any mortgage. Some may not even need a mortgage but be a form of income protection.

this policy is with Legal and General although I have never had a L&G mortgage and have usually used a broker.

Brokers have a tiny mis-sale rate. Part of that is due to most of them not being regulated before Jan 2005. Monthly premium MPPI is also not uphold in most complaints.

-taff

It was up to you to check what you were paying for. If you want to cancel it [if it's no longer any good] then you can, and you can ask very nicely for your premiums back, but they are not obliged ot refund you because you should have informed them of your mortgage change.