PPI Claim against Halifax - Waiting for Ombudsman

[Deleted User]

Andante1617 wrote: »

My point is that we were told we had to have this policy because we wanted a mortgage.

Yes. This was allowed. The insurance was compulsory in order to get the mortgage in 1996. This has already been pointed to you.

Andante1617 wrote: »

It is clearly named 'Mortgage Protection Policy' and thus would appear to be directly linked to a mortgage.

...and your point is?

Andante1617 wrote: »

If we had been told that this product was in fact a Life Insurance policy (which I did not know anything about twenty years ago and have only in recent years realised what they are) then we would have been wise to look elsewhere for a cheaper product.

It was for you to shop around. It's not for the Bank or lender to do this. Again, no mis-selling. How can you say you didn't know what Life Insurance was?

Andante1617 wrote: »

What it actually was was not made clear to us, nor were we told we were at liberty to look elsewhere for a similar product.

Why didn't you read the documentation before signing it? Why didn't you read it after signing it? Could it be that you did understand it (at the time) and twenty years on you've simply forgotten? You weren't at liberty to "look elsewhere" unless you were also looking for another mortgage.

Andante1617 wrote: »

I repeat, we were led to believe we had to take it in order to get a mortgage from Halifax.

I repeat also, you did have to take it in order to obtain the mortgage. This was not mis-selling. It would only be mis-sold if the insurance was optional and you were told that it wasn't.

You don't appear to have read the earlier responses. No need to repeat your earlier "complaint".

This is not PPI, it's Life Assurance linked to your mortgage but not paid as part of your mortgage.

dunstonh

My point is that we were told we had to have this policy because we wanted a mortgage.

Yes. We saw that. Banks were and still are allowed to make it a condition of borrowing.

It is clearly named 'Mortgage Protection Policy' and thus would appear to be directly linked to a mortgage.

It is not directly linked. There is an indirect link. If one of you died, the other would get the payout but it would be up to them whether they paid off the mortgage or not.

If we had been told that this product was in fact a Life Insurance policy (which I did not know anything about twenty years ago and have only in recent years realised what they are) then we would have been wise to look elsewhere for a cheaper product.

What did you think it was then when you were being asked the life assurance questions and the paperwork showed the amount that would be paid out on death?

What it actually was was not made clear to us, nor were we told we were at liberty to look elsewhere for a similar product.

They dont need to tell you that. I cant remember the year that the lenders were stopped from telling you that you had to use their in-house product. It was some time in the 90s. However, even if yours is after that date, they dont have to tell you that you can shop around. They just cant tell you that you have to use theirs.

I repeat, we were led to believe we had to take it in order to get a mortgage from Halifax. This would seem to be deliberate deceit on part of the Halifax.

Do you have any evidence to support your allegation that they lied to you? Assuming they did lie to you and your memory recollection after 20 years is not as strong

-taff

This insurance was a condition of your mortgage at the time you took out your mortgage.
It was not missold.
It's not PPI.

You have nothing to complain about.

magpiecottage

Andante1617 wrote: »

We were told by Halifax in 1996 that we had to have this so that we could get a mortgage to buy a house.

In 1996, Halifax did require life cover for all but repayment mortgages. So if your mortgage was entirely on a capital repayment basis you might have a valid complaint. Otherwise not.

Even if it was entirely on a capital repayment basis, the word "we" tells us that there was more than one of you who would have been left to repay the debt if the other died, so life cover seems to have been suitable for you even if not compulsory. So I suspect FOS would be unwilling to uphold a complaint even if you could prove it had been incorrectly presented to you as compulsory - a proof which I suspect you will not have.

Andante1617 wrote: »

On finding this document, it appears to be a Life Insurance Policy, which was not explained at the time

.By the start of 1995, life assurance companies issued clear "Key Features" documents which explained what policies were, what they did and the main commitments you made and main risks. So I find it hard to believe you would not have had this.

Andante1617 wrote: »

'Mortgage Protection Policy' are written in large font on the front.

I think this rather proves my point!

Andante1617 wrote: »

Are we likely to be successful if we make a claim? Thank you.

Not if the complaint landed on my desk - but I do not work for HBOS or Lloyds Banking Group.