The Perils Of Privatisation - Part X
News11 mins ago
Mis sold insurance
Ive just been chatting to my mortgage bloke at the Halifax on an unrelated matter when we got onto the subject of my mortgage protection which i have with them.
Ive been paying this "total mortgage protection" (TMP) for about 12 years now and this gives me redundancy, critical illness etc etc. cover.
Now when i took the mortgage out, i was told by the halifax that i HAD to have this TMP...there was no option.
When i questioned the bloke just now, he became very sheepish and started back tracking but said i didn't have to have it.
Do i have a claim and is it worth contacting a company about mis selling it....how do i prove it ?
Any help gratefully received.
HM
Ive been paying this "total mortgage protection" (TMP) for about 12 years now and this gives me redundancy, critical illness etc etc. cover.
Now when i took the mortgage out, i was told by the halifax that i HAD to have this TMP...there was no option.
When i questioned the bloke just now, he became very sheepish and started back tracking but said i didn't have to have it.
Do i have a claim and is it worth contacting a company about mis selling it....how do i prove it ?
Any help gratefully received.
HM
Answers
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Yes, you claim. You can either go to a PPI claims company (as I have) or there is plenty of advice on the internet about how to do it yourself. I've preferred to go through a company which takes a fee, as they are the experts and know all the correct things to say.
I believe you can only go back six years though.
The forms you have to fill in give you a space to write the circumstances of the selling, so just write what you have written here - you were mis-sold.
It works - good luck!
I believe you can only go back six years though.
The forms you have to fill in give you a space to write the circumstances of the selling, so just write what you have written here - you were mis-sold.
It works - good luck!
Yes, I'd look on this site
http://www.moneysavin...im/ppi-loan-insurance
A word of caution though.The FSA has said it has fewer concerns about mortgage protection policies than PPI type policies on other forms of loans as mortgage PPI mis-selling is less common and lenders can say it’s important you get a policy alongside the mortgage, although they're not allowed to say it MUST be theirs.
You cannot automatically claim it back. I think reasons for a valid claim might include (a) if you were self-employed since the redundancy protection wouldn't apply or (b)if the Halifax had said you must have their policy not anyone else's.
Whilst i agree that misselling of products has occurred I do have reservations about the claims culture that has developed. I know it's not a popular thing to say but I think the process is weighted a little too much against the financial services providers now.
For example for some people it was wise to insure against certain things and they were grateful when they could invoke the PPI cover, but those who didn't need to claim can now with the benefit of hindsight say they neve really needed the cover after all. Also, is it really true to say people were forced to take it out? I was never required to. If ever I was offered it I considered it and declined the offer. If they insisted on something I didn't want I went elsewhere.
Anyway, I digress. Good luck with your claim if you are eligible.
http://www.moneysavin...im/ppi-loan-insurance
A word of caution though.The FSA has said it has fewer concerns about mortgage protection policies than PPI type policies on other forms of loans as mortgage PPI mis-selling is less common and lenders can say it’s important you get a policy alongside the mortgage, although they're not allowed to say it MUST be theirs.
You cannot automatically claim it back. I think reasons for a valid claim might include (a) if you were self-employed since the redundancy protection wouldn't apply or (b)if the Halifax had said you must have their policy not anyone else's.
Whilst i agree that misselling of products has occurred I do have reservations about the claims culture that has developed. I know it's not a popular thing to say but I think the process is weighted a little too much against the financial services providers now.
For example for some people it was wise to insure against certain things and they were grateful when they could invoke the PPI cover, but those who didn't need to claim can now with the benefit of hindsight say they neve really needed the cover after all. Also, is it really true to say people were forced to take it out? I was never required to. If ever I was offered it I considered it and declined the offer. If they insisted on something I didn't want I went elsewhere.
Anyway, I digress. Good luck with your claim if you are eligible.
Well boxtops recommends using a claims company. but as they take a pretty hefty chunk I would do it myself . There are standard letters you can use from the moneysaving expert (Martin Lewis) site and the companies are used to dealing with them. I did an Endowment Misselling one myself and it was painless. I reckon you can do it with little more than a couple of hours work
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