Should I reclaim Mortgage Protection Payment?

ktaylor197

Hi, please excuse my ignorance. In 2003 I was advised to take out Scottish Equitable Mortgage Protection Payment when I remortgaged.

I am a teacher and was a teacher at the time. In 2007 I cancelled the policy when I sold my property and moved to rented accommodation.

I've been told that, being a teacher, it was not necessary for me to make protection payments. I seem to think that these payments were small - only about £5 per month.

I called Aegon today, the new company name for Scottish Equitable, and was told something like they don't make payouts for claims because it's life insurance.

I'm confused. I think I didn't pay a lot of money each month but I'm a single parent, with a layabout of an ex-husband from whom I receive maintenance of £5.00 per week. Every little that I can claim back would be most helpful.

Should I be claiming for mis-sold protection payments?

Thanks for any clear answers.

tomtontom

You seem confused as to whether it was MPPI or life insurance - they are very different things.

magpiecottage

ktaylor197 wrote: »

Hi, please excuse my ignorance. In 2003 I was advised to take out Scottish Equitable Mortgage Protection Payment when I remortgaged.

Scottish Equitable did not have tied advisers, as far as I am aware. Therefore it seems that the policy was sold by an independent adviser.

That means any complaint would be against the adviser, not the insurer. This type of policy was not regulated in 2003 - so, at best, you might argue a breach of the Mortgage Code - but FOS is generally quite strict about such cases.

I've been told that, being a teacher, it was not necessary for me to make protection payments.

Who by. Such a sweeping statement is unlikely to be true in all cases and suggests it is simply demonstrating the danger of a little knowledge.

I'm a single parent, with a layabout of an ex-husband from whom I receive maintenance of £5.00 per week.

That indicates you probably had dependants at the time who were reliant upon you for their home.

Should I be claiming for mis-sold protection payments?

Nothing you have said indicates a missale.

dunstonh

I've been told that, being a teacher, it was not necessary for me to make protection payments. I seem to think that these payments were small - only about £5 per month.

That is not correct. Teachers are not immortal. So, unless you can prove you are immortal, then you are destined for failure on that point.

Whoever told you it was not necessary is either trolling you or just doesnt know what they are talking about.

I'm confused. I think I didn't pay a lot of money each month but I'm a single parent, with a layabout of an ex-husband from whom I receive maintenance of £5.00 per week. Every little that I can claim back would be most helpful.

Why do you think you didnt need life cover? Most parents have life assurance for family protection.

Should I be claiming for mis-sold protection payments?

You havent given any reason for complaint. So, why do you think you should complain?