Do I have a claim? Mis-sold Mortgage Payment Protection Insurance and Life Insurance

Root_Ginger

I'm not really sure if I could have a claim here or not

I was sold my Mortgage Payment Protection and Life Insurance through my mortgage advisor. They told me that they were both compulsory as part of the mortgage but have since read that at least the PPI part is not. Do I have a claim and how would I go about it as it was mis-sold to me by the mortgage advisors and not the firm who supplied it?

Is the life insurance also compulsory or has this been mis-sold too?

Thanks for your help.

RG

dunstonh

Do I have a claim

If what you say is true, then yes. However, I bet their paperwork wont mention compulsary and it will be your word against theirs.

how would I go about it as it was mis-sold to me by the mortgage advisors and not the firm who supplied it?

You complain to the advisers assuming you bought it through them.

Is the life insurance also compulsory or has this been mis-sold too?

A couple of lenders still insist on it but the vast majority do not. Life cover is harder to prove a mis-sale. If you have a family or financial dependents then you may as well not bother complaining about it as there is virtually no chance of success. If you are a single with no dependents, then you have a very good chance.

Root_Ginger

Annoyingly there is no paperwork from them at all. The only paperwork is from the firm who supplied the insurances.

Sounds like I might be better off cutting my losses and cancelling the policies and learning a lesson to always check what someone tells you is correct, actually is right.

It's a real shame because I don't think I will be able to trust any independent advice now. They've obviously made some nice commissions from selling me and my now wife, these polices.

dunstonh

It's a real shame because I don't think I will be able to trust any independent advice now

With respect, I think that response is daft. Every professional has bad apples. Harold Shipman was a murderer. Does that make you suspicious of all GPs? Most of us have experienced bad teachers, bad doctors, bad "insert profession". That doesn't make everyone bad.

If you suffer food poisoning, do you stop eating?

They've obviously made some nice commissions from selling me and my now wife, these polices.

If they were taken out in the last 4 years then cancelling them will earn them a "nice" clawback. Indeed, if its in the last 12 months they will probably get every penny clawed back.

learning a lesson to always check what someone tells you is correct, actually is right.

Advice has to be justified and documented. It's always sensible to ask to see the research and ask questions if you don't understand an issue. A good adviser will have no problem with any of that but the not so good ones will be lacking in that area and you will find them out.

Sounds like I might be better off cutting my losses and cancelling the policies

If you are single with no dependents, then you have a strong case. If you have dependents, then you should have life assurance as its dirt cheap and not worth putting your family at risk for. If you do believe you were mis-sold, then put the complaint in. If this individual is operating like this then they need to have the complaints against them otherwise they will keep doing it.