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    • MrsMarple
    • By MrsMarple 11th Apr 18, 4:51 PM
    • 2Posts
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    MrsMarple
    Mortgage PPI (Abbey National)
    • #1
    • 11th Apr 18, 4:51 PM
    Mortgage PPI (Abbey National) 11th Apr 18 at 4:51 PM
    Hi, Hope you can help with this one.

    My husband and I were sold joint life Insurance, Critical Illness and Payment Protection in the mid 90's for our Mortgage re-payments. My husband is self employed so they added the payment protection element to it. We were paying quite a lot for it and I'm now wondering if we needed the PPI element at all. The only problem is we claimed against the Critical Illness element last year due to my poor health. Could you please advice if it is still worth pursuing a claim for the payment protection element of the policy linked to my husband being self employed? Thanks
Page 1
    • Nasqueron
    • By Nasqueron 11th Apr 18, 5:13 PM
    • 4,509 Posts
    • 2,661 Thanks
    Nasqueron
    • #2
    • 11th Apr 18, 5:13 PM
    • #2
    • 11th Apr 18, 5:13 PM
    MPPI covered the self employed for the most part, not needing insurance is not a reason for it to be miss-sold - do you have any more solid complaint reasons? Does your policy cover the self employed?

    The bigger issue may be that if you were sold it in the 1990s, especially by a broker, it would be pre-regulation so complaints can be dismissed
    • MrsMarple
    • By MrsMarple 11th Apr 18, 5:39 PM
    • 2 Posts
    • 0 Thanks
    MrsMarple
    • #3
    • 11th Apr 18, 5:39 PM
    • #3
    • 11th Apr 18, 5:39 PM
    Thanks for your response. From what I can remember we were told that we needed life insurance by Abbey when we took the Mortgage out. They than added additional cover for my Husband incase he broke a leg or arm at work (he's a carpenter) and could not make the re-payments. I guess the point is that we didn't need this element of the policy as I could have covered the bills if needed. This addition meant that we had to pay more per month. We took the policy out in the 90's it was updated again in 2001 as we moved from a flat to a house. Would this change anything in relation to the pre-regulation issue?
    • dunstonh
    • By dunstonh 11th Apr 18, 5:51 PM
    • 92,606 Posts
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    dunstonh
    • #4
    • 11th Apr 18, 5:51 PM
    • #4
    • 11th Apr 18, 5:51 PM
    There were deals in the 90s that saw lower rates if you bought insurance via the lender. THe only requirement was the insurance should be suitable.

    I guess the point is that we didn't need this element of the policy as I could have covered the bills if needed.
    That does not make it missold.

    Would this change anything in relation to the pre-regulation issue?
    If you bought via the lender then its not an issue. Only if you bought via a broker.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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