Mortgage Protection Insurance help

hammers81uk

When I got my mortgage around 10 years ago, through a broker, at the time I was told that due to my being diabetic I would need to take out mortgage protection insurance in order to be approved for the mortgage, I was young and naïve so took it.


I sent a letter to my mortgage company to claim the money back as I know feel I was alsmost made to take it, I yesterday had a letter from the broker saying that he has paperwork stating I took it by my own choice and that he is perfectly entitled to counter sue but feels as I may have made an error in filing this claim, does anyone know where I might stand with this? I lost the original paperwork in a fire so cant check it myself.

dunstonh

I lot of brokers are getting fake/try-it-on complaints. Typically, from claims companies who cold call people telling them to complain against the bank. Yet, its not the bank that is liable when a broker is used and many consumers dont want to complain to the broker as they dont mind ripping off the bank but dont want to rip off their broker/adviser. So, when they find out its the broker that is liable, many go on to withdraw the complaint at that stage.

That appears to be what the broker is offering you at this stage. A chance to withdraw.

If your complaint is genuine, then the broker wouldnt have a leg to stand on with a counter action. However, if your complaint is an opportunistic try-it-on, then there is the potential for them to take a counter action. It may be that you dont have PPI but you are putting in a PPI complaint and that is what has triggered this.

Your complaint is weak. it is an unprovable allegation. So, the complaint would only really look at whether the product you were sold was suitable. You dont say what the policy is. Mortgage protection is a generic term that could include MPPI but is also used with life assurance. it could also be income protection and/or critical illness cover. So, its difficult to comment on suitability when we dont know what product you have.

It should be noted that most mortgage insurance complaints fail. It is common sense to have insurance covering your major debts and expectation is that you would cover them to some degree. Most people do. This is in part why most MPPI complaints result in rejection.

So, what insurance do you have?