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Payment shield MPPI on Northern Rock Mortgage
selbygeoff
Posts: 12 Forumite
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.
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.
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Comments
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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.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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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.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
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!0
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