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redundancy
pscollier
Posts: 3 Newbie
hi not sure if this the correct area but if anyone can help pls.
7 years ago when buying a new house my pensions man told me i should take out a mortgage payment protection plan (lincoln financial group) i went along with it and was somewhat naive in looking at full details.some 2 years later i did lose my job it was only then i found due to nature of my work i would never really be in a position to claim so i believe i was mis sold the policy.having gone a little further i have now been told by lincoln that because policy is a general insurance policy and therefor not regulated by the pia they do not feel they have a case to answer.i have since been told regulations now in force only apply to policies sold after 2005 does this sound correct to anyone thks
7 years ago when buying a new house my pensions man told me i should take out a mortgage payment protection plan (lincoln financial group) i went along with it and was somewhat naive in looking at full details.some 2 years later i did lose my job it was only then i found due to nature of my work i would never really be in a position to claim so i believe i was mis sold the policy.having gone a little further i have now been told by lincoln that because policy is a general insurance policy and therefor not regulated by the pia they do not feel they have a case to answer.i have since been told regulations now in force only apply to policies sold after 2005 does this sound correct to anyone thks
0
Comments
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Mortgage and insurance regulation did come in oct 04 and jan 05 respectively.
That said, there should be no reason why you cannot formally complain to them and ask for the Financial Ombudsmans opinion if you are that definite that this was missold to you.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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