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PPI on Mortgage caused arrears
MississippiMud
Posts: 1 Newbie
We took out a mortgage back in 1992 (paid off in 2002) and the society sold us a ppi policy that we paid monthly for accident, sickness and unemployment.
We needed to make a claim on the policy for redundancy and it was accepted etc BUT the ppi insurance company failed to make payments on time to the mortgage company and this caused a lot of arrears on the mortgage account due to delayed payment of insurance to the mortgage company. Its clear the policy was not mis-sold (as we needed it) but its not supposed to cause arrears or fines on the mortgage surely? Do you think i'll be able to claim the arrears back?
We needed to make a claim on the policy for redundancy and it was accepted etc BUT the ppi insurance company failed to make payments on time to the mortgage company and this caused a lot of arrears on the mortgage account due to delayed payment of insurance to the mortgage company. Its clear the policy was not mis-sold (as we needed it) but its not supposed to cause arrears or fines on the mortgage surely? Do you think i'll be able to claim the arrears back?
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Comments
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If it was more than 6 years ago, short answer would be no I would have thought.0
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Why didn't you complain at the time? "Delayed" payment may have been part of the policy conditions. Though once payment had started on a regularly basis this shouldn't of caused a huge amount of arrears to mount.0
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Do you think i'll be able to claim the arrears back?
There is a 6 year rule that would allow the insurance company to timebar the complaint.
Also, how delayed is delayed.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
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