Legal & general mppi

Mac148

Has any one had any experience claming back mortgage payment protection insuranne from Legal & General. My policy is back in 2001 taken out via a high street broker.

dunstonh

Most mortgage brokers did not become regulated on insurance until Jan 2005. So, that is likely to be a hurdle unless they were an L&G agent.

Most MPPI complaints fail as it doesnt tend to suffer the same issues as loan and credit card PPI. Plus, given it is mostly sold under advice than non-advice, the audit trails are much better (PPI is not seen as an adviser failing but non-advised sales failing). Plus, its covering a major debt with lifestyle changing consequences if it goes unpaid. It is considered more important than loan and credit card PPI. Today, MPPI is one of only two types of PPI still retailed.

As you dont say what your complaint is, its difficult to add any more.

Mac148

So basically i would be wasted my time into trying to claim back miss sold Mortgage payment protection from direct from Legal & General?

thanks.

[Deleted User]

Mac148 wrote: »

i would be wasted my time into trying to claim back miss sold Mortgage payment protection from Legal & General?

You've yet to say in what way the insurance was mis-sold?

dunstonh

Mac148 wrote: »

So basically i would be wasted my time into trying to claim back miss sold Mortgage payment protection from direct from Legal & General?

thanks.

1 - you say a broker sold it (not legal & general) - so yes Complaining to L&G would be a waste of time unless it was an L&G rep.
2 - you havent said what your reasons for complaint would be.

addedvaluebob

Most people would not know if it was an L&G rep or not. It could just as well, and not unlikely, be a whole of market mortgage broker but tied to L&G for insurance.

If you think it was not appropriate then write to L & G with your grounds for complaint, if it was truly a broker they will refer you real quick. Most MPPI complaints may fail but the reverse is that some would therefore logically succeed, you won't know unless you complain. Each complaint should be considered on it's own merits and not on the basis of 'most fail'.

[Deleted User]

addedvaluebob wrote: »

Each complaint should be considered on it's own merits

Indeed, but Mac148 has yet to provide any "merits". No point encouraging a complaint without reason.

dunstonh

Most people would not know if it was an L&G rep or not.

They should do as it is on the terms of business they would have been issued with. Although a lot of tied reps do try to talk it down.

It could just as well, and not unlikely, be a whole of market mortgage broker but tied to L&G for insurance.

That is unlikely for a "high street broker". Quite possible for some national estate agent chains though. One way to tell is if all the insurances were L&G. If they were, then its pretty much going to be an L&G rep. If it different insurers then it wont be.

If you think it was not appropriate then write to L & G with your grounds for complaint, if it was truly a broker they will refer you real quick. Most MPPI complaints may fail but the reverse is that some would therefore logically succeed, you won't know unless you complain. Each complaint should be considered on it's own merits and not on the basis of 'most fail'.

That is true. However, there is little point putting in a complaint without a complaint reason. Whilst you have nothing to lose from the banks, the broker in question does have something to lose as they will suffer the stress, anxiety and cost. Now, if there is a valid reason for complaint then fair enough. But if there is not then it is wrong to do it. An indicator to the success rate could be the UKs largest mortgage broker network which has an uphold rate at the FOS of 7%. So, yes, some win but that gives an indication of the odds. And without any reason given so far, you cant really encourage a complaint on that basis.

overhang

If you have a valid complaint reason such as overlap with work benefits or extensive savings at the time, other cover that would pay mortgage, existing medical condition that could prevent you working at time of sale etc, then you are perfectly within your rights to complain.

addedvaluebob

dunstonh wrote: »

That is true. However, there is little point putting in a complaint without a complaint reason. Whilst you have nothing to lose from the banks, the broker in question does have something to lose as they will suffer the stress, anxiety and cost. Now, if there is a valid reason for complaint then fair enough. But if there is not then it is wrong to do it. An indicator to the success rate could be the UKs largest mortgage broker network which has an uphold rate at the FOS of 7%. So, yes, some win but that gives an indication of the odds. And without any reason given so far, you cant really encourage a complaint on that basis.

The original poster asked a general question. They should not be put off by the figures you quote or this idea of stress and anxiety for the poor broker. The odds are still stacked against the consumer because many complaint handler's fill the response letters with assumptions and guff and hope the complainant will just give up and drop it, and most of them do

dunstonh

If you have a valid complaint reason such as overlap with work benefits or extensive savings at the time, other cover that would pay mortgage, existing medical condition that could prevent you working at time of sale etc, then you are perfectly within your rights to complain.

Overlap with work benefits doesnt normally work with MPPI. Although it is a very good reason with credit card and loan PPI. Extensive savings needs to be extensive.

The original poster asked a general question. They should not be put off by the figures you quote or this idea of stress and anxiety for the poor broker.

A lot of people are trying it on with PPI complaints. Against the banks, no individual suffers. However, against brokers or advisers, these complaints do get registered against the individual and a try-it-on complaint against them is not fair on that person. If there is a genuine complaint then that is fine.

The odds are still stacked against the consumer because many complaint handler's fill the response letters with assumptions and guff and hope the complainant will just give up and drop it, and most of them do

That is not the case. If it was, the FOS stats would show greater uphold rates as they would not allow that. The odds are stacked against the consumer on MPPI because there is nothing wrong with having MPPI when it is set up on a monthly premium basis on a standalone plan.