Paymentshield MPPI

glassworker

Hello

In May 2005 I bought MPPI with PaymentShield on the BIBAMortgageProtection.co.uk website. This BIBA website was accessed via the agent website MoneySuperMarket.

No salesperson was involved in the purchase, I bought it myself.

I have written to paymentshield claiming I was mis-sold the policy on the grounds that the policy terms and exclusions were not properly explained to me at time of purchase.

I was working at the time and it was to cover unemployment. I never claimed on the policy that ran for 10 years before I cancelled it in 2015. (the mortgage it was set up to cover was actually ended in 2009 and I thought I'd cancelled the MPPI policy but maybe not so I've paid 6 years for nothing, my own fault I suppose.)

Paymentshield has now written back saying because I bought myself online I have no claim for compensation because the policy documents were offered to me for reading at the time of purchase and I ticked the box accepting the terms.

Advice appreciated on whether I'm flogging a dead horse taking it to the FOS.

Thank you.

[Deleted User]

You can't be mis-sold something you weren't sold.

But you might have a mis-buying claim.

JimmyTheWig

Deleted_User wrote: »

But you might have a mis-buying claim.

Are you suggesting they sue themselves?

dunstonh

No salesperson was involved in the purchase, I bought it myself.

So, how exactly were you missold it if no-one sold it to you?

I have written to paymentshield claiming I was mis-sold the policy on the grounds that the policy terms and exclusions were not properly explained to me at time of purchase.

A bit of a strange thing to do as you bought it without advice. That and the fact that Paymentshield were not the seller too.

Paymentshield has now written back saying because I bought myself online I have no claim for compensation because the policy documents were offered to me for reading at the time of purchase and I ticked the box accepting the terms.

Absolutely the correct answer. Paymentshield didnt sell it to you. So they have no liability for the sale.

Advice appreciated on whether I'm flogging a dead horse taking it to the FOS.

Completely and utterly getting the wrong end of the stick. Paymentshield are not liable. I would expect the FOS to throw it out and not charge Paymentshield as they are the wrong company you are complaining to.

Stop wasting everyone's time. There is nothing wrong with having MPPI. You can still buy it today. The whole PPi issue is about the sales process. You didnt use a sales process. You bought by choice without anyone being involved. If you felt a wrongdoing in the information available, you should complain to BIBAMortgageProtection. But that wont get anywhere either as it was self bought.

Bermonia

To say that you are flogging a dead horse would be the understament of a lifetime!

[Deleted User]

glassworker wrote: »

I never claimed on the policy that ran for 10 years before I cancelled it in 2015. (the mortgage it was set up to cover was actually ended in 2009 and I thought I'd cancelled the MPPI policy but maybe not so I've paid 6 years for nothing, my own fault I suppose

..and now you have made a totally vexatious complaint and want to know if you should refer it to the Ombudsman?:eek:

johnbhoy70

Hi guys- just after a bit of advice.
Can Paymentshield change the terms and conditons of a policy when they change insurers/underwriters. I understand it is now Covea Insurance Plc. 
Long story short- probably had policy for approx 15 years. Unemployment only benefit for 1 year. Claimed on it 2012/2013 and they were exellent.
Hopefully i won't need it again and i phoned them again today just to check policy details. I have an offset mortgage and also had one at the time i claimed in the past. So obviously that's interest only and adhoc cash payments when i choose.
Now, when they paid out in the past they told me they would pay out on what a monthly premium would be based on a cash/interest monthly premium for the previous 12 months. Now a guy at Paymentshield has told me today that because it's now Covea Insurance they would pay iinterest only which is obviously one massive change of terms!! Any Financial Advisors come across this. Help greatly appreciated before i review my cover.

[Deleted User]

Yes, they can.  You can choose to cancel the policy if it no longer suits your needs.

johnbhoy70

Ok. Thank you. I'll need to review it and change it accordingly and possibly look for new cover down the line. I have obviously kept all previous correspondence from them but i'm guessing they would have advised of such a change.