Payment shield MPPI on Northern Rock Mortgage

selbygeoff

Hi Everyone


I've just received my annual review for my MPPI with payment shield, which was taken out 11 years ago, my cover is for accident and illness only. At the time I was self employed and I note that in the review it states that particular attention should be paid to the terms and conditions if you are self employed.


My question is this

At the time of taking out the policy I was self employed and the broker told me that I needed to have cover in place with my mortgage application! Is this the case? Has it been miss sold? Would the policy pay out?


Any thoughts and advice would be greatly appreciated.

Nasqueron

You would need to check the terms and conditions to see if it would pay out for your job (as it was at the time) or check with a broker to confirm if it would have been suitable - it is point of sale that matters.

Do note that a mortgage broker can insist on you buying insurance through them (so long as it is suitable) in order to give you free advice.

dunstonh

At the time of taking out the policy I was self employed and the broker told me that I needed to have cover in place with my mortgage application! Is this the case? Has it been miss sold? Would the policy pay out?

Paymentshield is a good quality provider. They actually didnt have onerous self employed terms but they did offer PPI with and without unemployment cover. The version without was specifically for those that would not meet the unemployment criteria.

So, it appears your adviser sold you the correct version as you have said yours did not cover unemployment but just accident and sickness.

selbygeoff

dunstonh wrote: »

Paymentshield is a good quality provider. They actually didnt have onerous self employed terms but they did offer PPI with and without unemployment cover. The version without was specifically for those that would not meet the unemployment criteria.

So, it appears your adviser sold you the correct version as you have said yours did not cover unemployment but just accident and sickness.

Thank you dunstonh.


People my have seen this post in the wrong way! I'm happy with what I am paying. More concerned than anything else!