mppi/ life insurance miss sold

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busterkeye
busterkeye Posts: 651 Forumite
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in Reclaim mortgage fees, council tax, etc
hi
I just found out that back in 1997 when I took out MPPI/ life insurance to pay my mortgage if anything happened to me I never needed to!


ive rung the Halifax to query this and I have just been told today that its not mpi its just simple life insurance that has nothing to do with my mortgage and if anything happened to me it wouldnt make any payments towards my mortgage.
I told the Halifax that back in 97 when I applied for the mortgage I was told that I could only have the mortgage if I took out the 'life insurance' so I did, I remember like it it was yesterday the young lady telling me I couldn't have the mortgage if I didn't take out the insurance, I even argued saying im only 23 years old and I don't think ill need it!!!


my question is what can I do about this? I have no idea what the insurance does but I do know that I never wanted it but I wanted the house


I hope this is clear lol


ian
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  • dunstonh
    dunstonh Posts: 116,371 Forumite
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    edited 12 September 2018 at 12:13AM
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    I just found out that back in 1997 when I took out MPPI/ life insurance to pay my mortgage if anything happened to me I never needed to!

    just as most people sensibly do when taking out a mortgage.
    ive rung the Halifax to query this and I have just been told today that its not mpi its just simple life insurance that has nothing to do with my mortgage and if anything happened to me it wouldnt make any payments towards my mortgage.

    So, in other words, you don't have PPI. You have life assurance.
    I told the Halifax that back in 97 when I applied for the mortgage I was told that I could only have the mortgage if I took out the 'life insurance' so I did, I remember like it it was yesterday the young lady telling me I couldn't have the mortgage if I didn't take out the insurance, I even argued saying im only 23 years old and I don't think ill need it!!!

    In 1997, many lenders did still require life assurance as a condition of borrowing. However, even if you were told incorrectly, you almost certainly have no evidence to back up your allegation. So, it would be an easy rejection.

    At 23 you are not immortal.
    my question is what can I do about this? I have no idea what the insurance does but I do know that I never wanted it but I wanted the house

    It is life assurance. If you die, the mortgage would be paid off so you spouse/partner/family would not have to leave the house. A very sensible thing to have on a mortgage.
    I 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.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    busterkeye wrote: »
    I remember like it it was yesterday the young lady telling me I couldn't have the mortgage if I didn't take out the insurance, I even argued saying im only 23 years old and I don't think ill need it!!!
    So, three decades on, you want a refund simply because you haven't died in the interim?

    Your memory is still very keen, but your problem is that the insurance was indeed compulsory.

    busterkeye wrote: »
    my question is what can I do about this?
    Well, you can die I suppose
    busterkeye wrote: »
    I have no idea what the insurance does
    If you had died in the last three decades, the mortgage would be paid off so your partner and/or family would not have to leave the house.
    busterkeye wrote: »
    I do know that I never wanted it but I wanted the house
    As above, you were told correctly that it was a condition of the mortgage.

    busterkeye wrote: »
    I hope this is clear
    I hope our answers are similarly clear

    Sorry.
  • busterkeye
    busterkeye Posts: 651 Forumite
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    Sorry let me edit the Op there seems too be something missing
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  • busterkeye
    busterkeye Posts: 651 Forumite
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    Sorry cant find the edit button...
    I was told I had to take out the insurance or i couldnt have the mortgage ! I have just found out that i didnt have to if i didnt want!!!

    Any clearer ??
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  • Nasqueron
    Nasqueron Posts: 8,818 Forumite
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    busterkeye wrote: »
    Sorry cant find the edit button...
    I was told I had to take out the insurance or i couldnt have the mortgage ! I have just found out that i didnt have to if i didnt want!!!

    Any clearer ??

    Do you have any proof that life insurance was not required to take out the mortgage?

    Did you buy from the bank or via a broker?
  • busterkeye
    busterkeye Posts: 651 Forumite
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    At 23 i didnt give a toss if i died without paying my mortgage off
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    Is the most annoying thing ever
  • dunstonh
    dunstonh Posts: 116,371 Forumite
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    I was told I had to take out the insurance or i couldnt have the mortgage !

    And if it was mandatory (which it could have been at that time as it in the era it was) then it cannot be missold.

    If you were lied to and it wasnt, then what evidence do you have to support your allegation? (your complaint wont be upheld without evidence pointing towards your allegation being truthful).
    I 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.
  • Nasqueron
    Nasqueron Posts: 8,818 Forumite
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    busterkeye wrote: »
    At 23 i didnt give a toss if i died without paying my mortgage off

    Which is irrelevant if it was a condition of having your mortgage

    If it was not a condition, what proof of this do you have?

    Did you buy from a broker or from the bank?
  • busterkeye
    busterkeye Posts: 651 Forumite
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    Proof that it was mis sold?? No i dont, did anyone have any proof they were sold ppi??

    Maybe i should delete this thread and start amother asking if anyone has had similar

    Did you want life insurance at 23????? I certainly didnt amd wouldnt have if they hadnt made me.

    They are investigating so ill see what comes of it:A
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  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    busterkeye wrote: »
    Did you want life insurance at 23????? I certainly didnt amd wouldnt have if they hadnt made me.
    You misunderstand.

    If they made you take the insurance because it was indeed compulsory then the policy was NOT mis-sold.

    If they told you it was mandatory when it actually wasn't, then the policy WAS mis-sold.

    How have you come to the conclusion that you were definitely lied to? Do you know for certain the insurance was voluntary?
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