We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
PPI claim troubles advice ??
Comments
-
No, redundancy and sick pay does not make the policy missold.0
-
At the time I was on a permeate contract with local council that gave both redundancy, sick cover etc so this was not needed on the mortgage policy. Wouldn't this in its self make the insurance unsuitable ??
No. Local Govt only gives 12 months sick pay. FOS have been rejecting MPPI complaints on that basis. Its not a bad reason with short term debts but with long term debts it is not good enough.
Redundancy doesnt overlap with MPPI. i.e. it pays out in addition to this (some types of PPI dont). So, again not an issue.
The reason has more to do with the type of debt it is covering. Short term unsecured debts would see those as good reasons. Long term secured debt against your primary residence on the other hand is not a problem. Typically, only if the MPPI is taken out for a small amount relative to the payments, is there is an issue.
For example, here are a few FOS decision:
http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=169933
http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=117427
http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=122179I 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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.7K Work, Benefits & Business
- 603.1K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards