Halifax Total Mortgage Protection Plan

elly68

i'm awaiting a decision will let you know .tmmp2000 extended mortgage in 2005 tmmp reduced to life insurance only which we already had for mortgage so ended up with increased payments with no sickness or mrc cover but 2 insurance policies for same mortgage cover complained in 2008 rep said he couldnt refund but would cancelled as attached to mortgage and we were being charged interest 2010 ended mortgage guess what we were still paying 2 insurance policies and refused mrc no longer selling .third time of complaining and someone finally admitted we had sickness cover 2000-2005 mental . I am currently working hard to get rid of cc 300 to go overdraught and bank loan then moving bank fed up being an idiot and giving my money away

elly68

UPDATE full and final £6917 cancelled overdraft and still 5000 better off pays dd uni halls for the year so so very happy and yes mortgage protection refused repayment 8 years ago .

neilc75

Ive had Halifax Mortgage Protection for over 20 years now , I shouldn't really have taken it out as ive got full cover for all eventualities with a mortgage advisor , Halifax told me 20 years ago that I needed this in order to take out the mortgage , I obviously didn't , however I have has ongoing correspondences with them re this and they are not willing to admit that they told me I needed it and as it was verbal I cant prove they did. Yes I did sign the paperwork , however only because they told me that I needed it for a mortgage!!


My question is this , as I don't need it should I now cancel the agreement and the Direct Debit , is there any benefit to seeing it through to the end? ive got 4 yrs left on mortgage.


Any advice would be appreciated ,


Thank you.

[Deleted User]

neilc75 wrote: »

Ive had Halifax Mortgage Protection for over 20 years now , I shouldn't really have taken it out as ive got full cover for all eventualities

Only you (or a paid professional) can compare the cover you say you have elsewhere with the cover provided by Halifax. At the end of the day, it will be your decision alone whether you cancel the Halifax insurance.

Blantyre

I have worked international and not in the UK. I was told by Halifax, take a Mortgage Protection Plan or we won’t grant your Mortgage. Year 2001, wife and I £91.00 each. Death and Covered critical illness. Just realized NO unemployment cover. The mortgage approval £52000.  Today I paid >£45000 in cover. On calling today it expires in 2022. I only have mortgage £11500 left. I complained about being forced to take it out, I questioned why it was not sliding scale linked to mortgage amount as the contract clearly states Mortgage Total protection Plan. As I worked international and not UK resident so questioned if it was legal and asked if cover would withstand a stress test of an overseas claim. I have paid coverage equal to the mortgage amount.  OK my fault not reviewing but I was arrogant earning decent money and scared to challenge because I thought they would cancel on me. Is there anything I can do in terms of a claim. 

SonOf

 I questioned why it was not sliding scale linked to mortgage amount as the contract clearly states Mortgage Total protection Plan.
Its not possible to get an exact like for like.  Although many lenders will apply a tolerance where the in-house life assurance policy is used and set up using the correct amount at the outset.

 As I worked international and not UK resident so questioned if it was legal and asked if cover would withstand a stress test of an overseas claim.
Unless you are working in a war zone, then you are covered.

Is there anything I can do in terms of a claim. 
You are not dead.  So, you cannot claim on the life assurance side.   If you have suffered a critical illness then you can claim.  Or do you mean complain?     From what you have said, its not clear why you think you have a complaint.  Can you clarify?

it is unusual to have two sole plans rather than one joint plan when covering the mortgage.    However, with critical illness cover, the life assurance is barely an added cost (often pennies).    The premium seems high for just £52k sum assured 19 years ago.  Was it increased due to insurance risks? (overweight, health, smoker, occupation etc)
Did it include any other bolt ons? (income protection or MPPI, family protection etc)
Are you sure it is £91 each?  (it is unusual for a male and female to have the same premium as back then women cost less than men.  To get the same premium sounds statistically unlikely)

MickyB1982

I have a MPPI complaint been ok going for a while. Original claim. Bank replied saying they missold the MRC element and didn’t mention LC or CIC. They offered 2 month refund. Which puzzled me as I had the policy for 14 years and it was still ongoing. Bank did a further check. 

Got back to me offering repayment of LC, but no MRC or CIC. 

Currently checking how they can say the MRC can be classed as missold when it was a 2 month policy. But not missold now the bank have found out it’s a 14 year policy still ongoing. 

Frustrated!

dunstonh

I have a MPPI complaint been ok going for a while. Original claim. Bank replied saying they missold the MRC element and didn’t mention LC or CIC.

Life assurance and CIC are not PPI.  So, if you made a PPI complaint, you wouldn't expect them to be mentioned.

Got back to me offering repayment of LC, but no MRC or CIC. 

That is strange.  Although if you have life assurance and CIC, then often there is little or no premium difference.  So, it would be a very cheap give to you.