Is this PPI mis-selling?

andred2809

Hi Folks,

This post may result in us being called the most gullible couple in history, but here goes.

Myself and my partner took out a mortgage in 2008, using a broker. At the time we were told that we needed to protect this mortgage with a protection policy, we pay something like £55/month to L&G.

Is this the so called 'PPI scam', that we seemed to have blindly missed out on realising we have even been caught out by? If so is the best course of action to contact L&G or one of these PPI companies ive been avoiding for the last however many years?

Cheers, Andy.

tomtontom

Is the policy suitable for your needs?

PPI is not necessarily a bad thing!

Nearlyold

Is it even a PPI type policy, it might be life cover or critical illness cover or a combination?

Why do you believe you shouldn't have any insurance to cover your mortgage commitment, have a look at some of the posts on the forums where posters have got themselves into terrible difficulties with finances following the death of a partner, or their own ill health or losing their job.

Rather than gullible many might think you rather sensible.

dunstonh

Myself and my partner took out a mortgage in 2008, using a broker. At the time we were told that we needed to protect this mortgage with a protection policy, we pay something like £55/month to L&G.

Most people take out insurance for their mortgages.

Is this the so called 'PPI scam', that we seemed to have blindly missed out on realising we have even been caught out by? I

How can that be classed as a scam?

safestored4

Your best course of action at this stage is simply to get out the paperwork for the policy and read this to find out what you are paying £55 a month for. Until you have established this anything else is pure speculation.

[Deleted User]

PPI was never a "scam", but it was frequently mis-sold.

Nothing in the first post indicates that the insurance (which may not even be PPI) was mis-sold, however.

If the insurance is suitable and would definitely pay out if required then you may be "gullible" only in that you believe you'll get a refund!

Insider101

andred2809 wrote: »

Hi Folks,

This post may result in us being called the most gullible couple in history, but here goes.

Myself and my partner took out a mortgage in 2008, using a broker. At the time we were told that we needed to protect this mortgage with a protection policy, we pay something like £55/month to L&G.

Is this the so called 'PPI scam', that we seemed to have blindly missed out on realising we have even been caught out by? If so is the best course of action to contact L&G or one of these PPI companies ive been avoiding for the last however many years?

Cheers, Andy.

Firstly I doubt this is PPI given that I don't even think L&G do it. I would suspect it is probably life cover. Secondly, rather than being a "scam", it is the job of a mortgage adviser to point out your protection needs in terms of covering your mortgage and life cover is usually considered a very good idea.