Paid 24 years for insurance policy that doesn't appear to exist.

Blossom60

Hi I am new to the page so hope that I am posting in the right place.

We have been paying for a payment protection policy as part of our mortgage for 24 years. As the mortgage is almost finished, we decided to cancel the policy and add that money to our remaining mortgage payments. Much to our surprise neither the bank or the insurance company involved are able to find any record of our policy despite us having paid for it for 24 years. As it was part of the mortgage we were just given a number to ring and to quote the mortgage reference number if we ever needed to make a claim. Where do we stand?

brettcta

Who do you pay the direct debit to?

Bermonia

As above, find out exactly who the direct debit is being paid too and under what reference and then contact accordingly

[Deleted User]

The policy will still exist, you are obviously checking with the wrong provider.

However, in the very unlikely event that you have forlornly paid for this insurance for a quarter century, you won't be left out-of-pocket as long as you can evidence payment of this policy. Your Bank statements should be more than adequate evidence.

You won't, however, be able to complain the insurance was mis-sold I'm afraid.

Blossom60

The bank. We have not contacted the wrong insurance provider...the bank insists that this is correct provider but seems to be leaving us to do the investigating. We have spent a quarter century believing that we had payment protection for our mortgage when we didn't seemingly.

Robin9

Who is the mortgage with? Have you contacted them ?

Bermonia

OP the more information you can supply the better placed people will be to offer suitable advice

[Deleted User]

Blossom60 wrote: »

We have spent a quarter century believing that we had payment protection for our mortgage when we didn't seemingly.

If this is indeed the case and none of your statements or mortgage documentation shows that insurance was agreed to or paid, at least you are not out-of-pocket and you have been fortunate in that you didn't suffer a claimable event during the lifetime of your mortgage.

You won't get any compensation for what might have happened and you certainly won't get a refund of a policy that was never paid for. Any complaint would boil down to that you just assumed you had insurance and never actually checked (for 25 years).

If, on the other hand, you can evidence separate insurance payments being made then it should be a simple matter to obtain further information from your provider. If you paid only a single monthly mortgage premium, you'll need to have other evidence that insurance was included in this..

Note that new PPI complaints were ended in August 2019.

Blossom60

This was all arranged through our mortgage lender, in this case our bank. So our bank was obviously the first point of call when we decided to cancel it. We were informed of the policy on first taking out our mortgage and have never needed to make a claim on it so, as the payments were being taken monthly we haven't felt any need to check that the policy wasn't valid. My point being here, that the bank have just shrugged their shoulders and told us to find out what has happened to it. People reading this may think we have been a bit stupid in not checking it over the years and to be truthful we are feeling pretty foolish over it but the fact remains that we have paid thousands of pounds to our bank for absolutely nothing and somebody owes us the money back.

-taff

Where are your documents?
What insurance company is involved?

[Deleted User]

Blossom60 wrote: »

the fact remains that we have paid thousands of pounds to our bank for absolutely nothing and somebody owes us the money back.

If you paid extra , then you will have had the insurance and so no refund.
If you didn't pay extra , there will have been no insurance and so no refund.

Evidence the insurance agreement and subsequent additional payment on your monthly mortgage premium and you may be able to advance this further, but I doubt you'll be obtaining any refund unless you have indeed paid extra for insurance you didn't actually have.

Note that new PPI complaints were ended in August 2019.