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PPI mortgage query
Stephen_Hartley
Posts: 2 Newbie
I had a mortgage with the Woowich BS from 1991 until 2003, and their statements indicate that as well as mortgage repayments, a separate monthly 'Direct Debit' in respect 'Woolwich Life Assurance' was paid.
a) Is 'Woolwich Life Assurance' classed as PPI?
b) If so, the Woolwich BS were subsequently taken over(or merged) by Barclays - should a claim be sent to Barclays?
a) Is 'Woolwich Life Assurance' classed as PPI?
b) If so, the Woolwich BS were subsequently taken over(or merged) by Barclays - should a claim be sent to Barclays?
0
Comments
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Life Assurance isn't PPI. It's Life Assurance.0
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Understand that PPI is a short term insurance covering you in the event of unemployment and/or sickness.Stephen_Hartley wrote: »'Woolwich Life Assurance' classed as PPI?
Life assurance covers your dependants in the event of your death.
They are both very different financial products and only PPI has suffered from a widespread mis-selling scandal.
Sorry.0 -
your car insurance is not PPI. Your house insurance is not PPI. In fact the only insurance that is PPI is PPI.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Thank you for your replies - much appreciated, although obviously disappointing.0
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Why would it be "disappointing" to find that you have a Life Assurance policy?Stephen_Hartley wrote: »obviously disappointing.
Life insurance is highly recommended on a mortgage.
You didn't have any mis-sold PPI and so haven't wasted any money..0 -
I know of a mortgage adviser who had a tirade from a client who was moaning at him for not being missold. The person was disappointed he had not been mis-sold by the mortgage adviser as he wouldnt get any compensation. He didnt seem to appreciate the fact that not being missold is a good thing.
There are some very strange people out there but I guess that is what happens with compensation culture.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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