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Ppi
Housey72
Posts: 3 Newbie
:money:Is it advisable to claim against ppi with my current mortgage provider
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Comments
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What complaint would you make?0
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Told had to have ppi but still paying mortgage and ppi to same company so should I cancel policy and claim ppi back or could I then have problems with mortgage company0
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You didn't answer Moneyineptitude's question.0
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Miss sold ppi as told must have0
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Miss sold ppi as told must have
Two issues with that.
1 - If you did actually need to have it to get the mortgage deal then it is not missold (many deals in the 90s had a cross-subsidy insurance purchase requirement to get a better rate. They are allowed as long as the insurance is suitable)
2 - If you were lied to then whilst that is a missale reason, it is also one of the weakest complaint reasons going as you almost certainly have no evidence to back up your allegation and the lender will almost certainly have nothing to support your allegation either. So, you usually end up having to rely on other potential failures. MPPI tends not to have many product issues (its sold today as its a good type of PPI). So, you are not in a strong position.
3 - If you used a mortgage broker or adviser, then some of them have the model that requires the purchase of an insurance product to get free mortgage advice. That is allowed as long as the insurance is suitable. You cannot complain to the lender if you used a mortgage broker/adviser.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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