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Mortgage PPI
colchippy
Posts: 1 Newbie
Hi I was miss sold a mortgage PPI but I hear that most people get rejected whilst trying to claim on a mortgage PPI. I can still remember the conversation I had on the phone, it went "you have to make your mind up if you want this as it is only a one time offer today". I paid £41 for many years and was wondering if anyone out knows if it is worth trying to get a mortgage PPI back.
Regards
Colchippy
Regards
Colchippy
0
Comments
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I was miss sold a mortgage PPI but I hear that most people get rejected whilst trying to claim on a mortgage PPI.
MPPI can still be mis-sold (as can most products). However, the way it is set up is usually monthly premium that is direct debit from your current account. That is how PPI should be set up. So, there is no structural failure there (unlike personal loans where it is added as a single premium up front and charged interest on).
MPPI also covers a major long term debt with lifestyle changing consequences if it goes unpaid. It is considered more important to have than loan or credit card PPI which covers short term unsecured debt with no lifestyle changing consequences if it goes unpaid.
MPPI is not affected by employer benefits. So, having 6 months full pay, 6 months half pay (typical maximum) does not make MPPI mis-sold.
Today, MPPI is still retailed and is only one of two types of PPI that is. The bad ones have gone. The good ones remain.
There is partly another reason. Most mortgages in the UK are arranged by brokers. Most brokers did not become regulated until Jan 2005. Although some may have to consider earlier sales back to 2001 (I think that is the year - myself = Jan 2005). So, they dont have to consider pre regulation complaints.I can still remember the conversation I had on the phone, it went "you have to make your mind up if you want this as it is only a one time offer today". I paid £41 for many years and was wondering if anyone out knows if it is worth trying to get a mortgage PPI back.
You have given no reason for mis-sale. So, why do you think you should be complaining?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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