PPI On Mortgage through MMS

grund1g

We had an endowment already arranged with Wintherton life. An independent adviser called and talked us out of using this company and using Sun Life of Canada. When the endowment matured this policy lost thousands.

At the same time he talked us into (Well badgered us into) taking out Mortgage PPI. The company who contacted us regarding the premiums was MMS. I was a company director of my own company and although I didn't realise it at the time I would never have been able to claim on this insurance.

I wanted to complain about the way this policy was sold. I am now told by MMS that I have to contact the person who sold me the insurance in the first place. I always thought that MMS was the insurers. They took the money from my bank account at around £40 per month for 15 years.I once changed bank accounts and a payment was missed. MMS wrote to me and told me to put it right or they would cancel the policy. (Not an insurance company or the financial adviser).

MMS should be held accountable for the miss selling. They have had the money no one else.

dunstonh

. I was a company director of my own company and although I didn't realise it at the time I would never have been able to claim on this insurance.

What makes you think that?
you would have been able to claim for accident and sickness and unemployment if the company had failed by going insolvent.

I wanted to complain about the way this policy was sold. I am now told by MMS that I have to contact the person who sold me the insurance in the first place. I always thought that MMS was the insurers.

The insurers have nothing to do with it. They did not sell you the product. Remember that you are not complaining about the product. You are complaining about the sale.

MMS should be held accountable for the miss selling.

No they shouldnt. It would be daft to hold them responsible. They had nothing to do with it.

grund1g

So I am really up the creek without a paddle. I don't think the insurance was fully explained. I can't seem to find the adviser that talked me into it.

McKneff

As Duncn says, though, you would have been able to claim. You paid for insurance which you could have claimed on so where is the miss selling.

Did you read all the terms and conditions of the insurance.

grund1g

I was just a little confused. The sickness and accident cover aspect would be pointless. As long as the company was running I would still have been paid so would have had no need to claim.

The redundancy aspect of the insurance when I looked the company would have to have officially been in liquidation and I would have had to continue paying the monthly premiums or the insurance would have been void. I wasn't told that bit of information. It can take up to and over 12 months to wind up a company and during this time I would have had to "Pay the mortgage" Pay the insurance monthly premium" how was I expected to do that.

[Deleted User]

grund1g wrote: »

It can take up to and over 12 months to wind up a company and during this time I would have had to "Pay the mortgage" Pay the insurance monthly premium" how was I expected to do that.

Earlier you complained that you wouldn't have been able to claim at all.

Nobody said the insurance was such that you would have been covered for all payments due from the business. It was a short-term benefit.

Regardless, if you want to complain, your complaint needs to go to the Financial Advisor who sold you the insurance. MMS has no liability for a mis-sale.

grund1g

Thanks for the information. Much appreciated.

dunstonh

And all this assumes that you bought it after January 2005 as financial advisers were not regulated on insurance before that date.