Mortgage Protection Insurance

bundyburns

Hi, I feel a bit daft putting this up but here goes. I live in Belfast and moved to my current address in April 2015, prior to that I moved to into my first home in October 2002 with my partner before we married and had kids. It was an older house with wooden windows and in 2004 I went to my then mortgage provider Alliance & Leicester to ask for a top up of my mortgage so I could replace all windows and doors with uPVC. I was told I would have to take the Mortgage Protection Insurance if I wished to avail of the money or else I would be declined. So I agreed and a second mortgage for the loan amount around 8K was added to the first. Fast forward 18 years, a marriage, 3 kids and one new house later. When I recently discovered (last week) during a bank account health check, that I am still paying the Mortgage Protection Insurance on a house I haven't lived in for 7 years! The bank advisor asked me about it and what it was for and I was at a loss, it was only when he was able to tell me when the DD started that I was able to piece it together. I have since recovered a vast amount of paperwork from my attic. The bank advisor has advised me to close this down as I do not need it and he said to check if I can claim it back as it was mis-sold and should not have been under obligation to take it, but he also said this might prove difficult. Which is basically the purpose of this post. Is it possible for me to claim this back as a mis-sold policy or do I just cut my losses and close the thing down?

Any help or advice is much appreciated. 

Thanks
Paddy.

[Deleted User]

You're out of time for a complaint so if you no longer need the policy, I'd cancel it.

The policy doesn't relate to the house, but to your borrowing.

Sandtree

https://www.financial-ombudsman.org.uk/consumers/complaints-can-help/ppi

As advised above, the deadline for raising new complaints on ppi/mpi has long past and only exceptional circumstances are now considered which are explained in the above link.

If your income protection is in place and sufficient already then just cancel the MPI. 

[Deleted User]

I would suggest as a possible snowflake chance in hell hail Mary sort of thing, write to them, provide all the details of when it was paid off etc and ask really nicely if they would consider refunding some of it. I don't expect you would get anything but might get lucky. Do remember not to go in guns blazing - you were at fault for not cancelling it and not noticing for 7 years that you were paying the policy, not them, but if you explain it all, they might do you something as a courtesy, but probably not.

Also don't mention miss-sold - you were not miss-sold it anyway but if you said that they will simply refer to the PPI complaints deadline which has long since ended.

That said, if you still have a mortgage, do check if it would cover your current mortgage as it could still be useful

dunstonh

When I recently discovered (last week) during a bank account health check, that I am still paying the Mortgage Protection Insurance on a house I haven't lived in for 7 years!

Mortgage insurance is not linked to a house but having a mortgage.  Even if the mortgage has changed.

The bank advisor has advised me to close this down as I do not need it and he said to check if I can claim it back as it was mis-sold and should not have been under obligation to take it, but he also said this might prove difficult. 

The bank clerk should know, if they were an adviser, that you cannot complain it was missold as the deadline has passed.   Its more likely they are not an adviser (most banks don't employ advisers in a regulatory sense nowadays.  Although they throw the title around to loads of staff roles).

What you may actually have some scope on is if you have no mortgage any more.    The bank's insurer may refund from the point the mortgage ended.  If you have a mortgage still, then the policy will still be covering you.

bundyburns

Guys, thanks for all your advice. Really my own fault and was hoping that I maybe had a leg to stand on. But I will get it sorted and thanks again for all your help, it really is appreciated!