ppi or life insurance

sb400

Hello
I am looking in to claiming back miss sold ppi. I have been in touch with my bank and have been told I have 3 different ppi's on my mortgage. I have separate life insurance with the same bank (Halifax). will this be my ppi my bank is meaning or is ppi a hidden charge in with my monthly mortgage payments?


Thanks for any help the new guy.

[Deleted User]

PPI is not life insurance, nor is it a "hidden" charge in mortgage payments.If you have MPPI it will be shown as a separate payment on your statement each month.

I'd get back to your bank and ask them to clarify how exactly you can have three different "PPI"s.

I'm guessing what you call "PPI"s are different types of insurance policies like Critical Illness etc.

If this is the case, difficult to see how you can complain they were mis-sold..

sb400

hi thanks for replying so quickly my mortgage is split in to 3 sub accounts I assume that is the 3 ppi's, 1 on each account. the letter I received from my bank say I have mppi and I have been given 3 RIN numbers. my worry is that is I make a claim will that mean I am no longer cover with life insurance?

[Deleted User]

PPI is not life insurance.

If you make a complaint about MPPI then your life insurance will be unaffected whether you are successful or not.

You seem very misinformed about the whole thing. What reason do you have for complaining that the MPPI was mis-sold to you?

Nasqueron

If you claim your MPPI is miss-sold they will most likely cancel the policy meaning that if you lost your job you would have no cover to claim on to help save your house from repossession - some, like the Halifax, may refund the MPPI element but leave in the life insurance (which might be a requirement of the mortgage to pay it off if you died with outstanding debt).

The question really would be why you feel it was miss-sold and why you don't feel you need such cover.

You really need to clarify with the bank what cover you have exactly (it might be MPPI, Critical Illness and Life Insurance)

dunstonh

my mortgage is split in to 3 sub accounts I assume that is the 3 ppi's, 1 on each account.

Cant see why. 3 sub accounts would mean mean two further advances on the original amount or 1 further advance with charges added to the mortgage. It would only take one MPPI to cover all segments.

or is ppi a hidden charge in with my monthly mortgage payments?

Halifax used to be able to collect PPI with the morgtage payment but it was never hidden. The entries would appear on the mortgage statement. They could do the same with life assurance and home insurance for a period too. However, most of these are vanishing as they stopped doing it for new borrowing over a decade ago.

If you check your mortgage statement, you will see if you have MPPI on there or not. Or you could have the Halifax TMPP plan which is multi-segment. One of those segments could be MPPI (with others being life assurance, critical illness cover and income protection)

[Deleted User]

dunstonh wrote: »

you could have the Halifax TMPP plan which is multi-segment. One of those segments could be MPPI (with others being life assurance, critical illness cover and income protection)

That would certainly account for the OP's belief that he has three "PPI"s...

sb400

hello again sorry to be a pest. At the point I bought my mortgage (2007) I was told I needed insurance so I took out a separate decreasing life insurance for value of the mortgage to cover death only with the same bank. This is a separate payment to my mortgage payment that I want to have, will this be what the bank is calling my ppi?
sorry again but if I'm paying for something I didn't want, don't know I have or need I'd like to get it all back rather than losing 30% to a claims company

tomtontom

sb400 wrote: »

hello again sorry to be a pest. At the point I bought my mortgage (2007) I was told I needed insurance so I took out a separate decreasing life insurance for value of the mortgage to cover death only with the same bank. This is a separate payment to my mortgage payment that I want to have, will this be what the bank is calling my ppi?
sorry again but if I'm paying for something I didn't want, don't know I have or need I'd like to get it all back rather than losing 30% to a claims company

For what reason did you not need the product?

It is certainly a good idea to have insurances in place in case of illness or unemployment. Unless you had sufficient funds or insurance elsewhere to cover you?

sb400

my work pays me for sickness for 1 year 6 months full pay 6 months half. I just wanted to pay the minimum cover I had to

McKneff

If you didnt want it why did you sign a form to say you did want it ?