It sounds like the policy will pay out if you die. If so, it's a real policy and you shouldn't grumble too much in my opinion. A £50 commission payment is not a lot and everyone, advisors included, need to eat.

If it's a ppi policy then it is unlikely to pay out under any circumstances and you should not accept anything less than a full refund of all premiums paid, in my view. The financial ombudsman will take your claim further if you are unhappy with what you've been offered.

Ihave now received a letter from the bank saying that they hadlost some of the pages of my ppi claim but they had completed the investigation, they say that it is a mpp (life insurance against mortgage)claim and as I was shown the key facts in relation to it and signed that I am not entitled to reclaim the money, my original claim was that I was told we had to have the insurance to get the mortgage,but that seems to be the page that was missing! looking at one paper that they sent me the advisor got over £50 for getting us to sign as well so it was in his best interest not ours to get us to buy the insurance. They have offered me £100 as it has taken so long(since february), should I accept this or carry on fighting?

Thanks

I have now received a letter from the bank saying that they had lost some of the pages of my claim but they had completed the investigation, they say that as I was shown the key facts in relation to it and signed that I am not entitled to reclaim the money, my original claim was that I was told we had to have the insurance to get the mortgage, looking at one paper that they sent me the advisor got over £50 for getting us to sign as well so it was in his best interest not ours to get us to buy the insurance.
They have offered me £100 as it has taken so long, should I accept this or carry on fighting?

Thanks
Debbie

I have now logged a claim. After about 2 months I recieved a letter stating that they hadreceived my claim and were investigating it, 3 days later I received another letter saying there was no record of the morgagesure policy (even though I had given them the policy number!) and that they were closing the claim. I rang them and told them that I had the documents so they told me to send a copy in, which I did via my bank.funny thing is a collegues son had the same experience with the same bank before his claim was finally settled!
Should I put pressure on the bank as its now been 3 months and nothing has been done?

thanks to everyone for their responses

I am pretty sure someone else said the exact same thing as these last two posts somewhere else on this thread.....oh yes, it was in the post immediately before these two posts.

Please keep the advice relevant and non repeatative.

****Good point about the fact that you may have been told you had to take the insurance...this was a common method of sales for this type of policy. You are under no obligation to take ANY kind if insurance for a mortgage other than to ensure that you have buildings insurance

Sounds like an accident, sickness and unemployment policy - useful cover, but if you didn't know about it, you may have been missold it.

However before cancelling, best to review it and see if you can get similar/better cover cheaper elsewhere.

I think you will find that Mortgagesure is an accident, sickness and unemployment policy. This means that it should pay out if you are subject to any of these situations. If you were told that you had to take this cover as part of the mortgage, it may have been missold to you, so you may be able to claim. Accident, sickness and unemployment cover is still useful to have in certain circumstances, so it is worth reviewing it before you decide to cancel it because you may get cheaper and more relevant cover elsewhere.

D

I will repeat once again!

DO NOT CANCEL THE POLICY UNTILL YOU HAVE SOUGHT FINANCIAL ADVICE!!!

Just because you may not have agreed to this policy or even accepted to take it on it does not mean that it isn't valid or has a critical use.

These policies are sold (properly) to protect the applicants against either accident, unemployment or sickness and designed to replace the income or pay the outgoings associated with a mortgage. This type of cover is crucially important in the present climate and should be seriously considered before cancelling the policy.

I would suggest that the only definite reason for cancelling a policy such as this would be if there was 100% certainty that you could not have qualified for the claim had you made one...this would be the defginition of mis-sold although if this policy has been sold without your knowledge and permission then this would also constitute mis-sold.

Not saying not to make a claim for compensation, but seek advice first and if neccessary replace the current policy with ojne that you are happy about and then make your claiom so you do not leave yourself without the protection this policy would offer

This payment is definitely PPI, when we took our mortgage out in 1994 we were told we could only have the mortgage on condition we had Mortgagesure at £16 per month and also TSB building and contents insurance which was approximately £45 per month, presently we are paying £43 per month for building and contents insurance, they have ripped us off and we have written to them asking for compensation for both.

The insurance finished when the mortgage was paid off due to us moving home and starting a new mortgage with a different bank approx 5 years ago, do you think it is worth me trying to claim the premiums back?or is it too late?
Thank you for your quick response

Anything that is sold to you with out your knowledge or permission, whether you need it or not should be classified as mis-sold. I would ask the provider to show their reasons why they sold this to you and where they explained that it was needed and your agreement to such.

Before cancelling any insirance policy I would absolutely recommend that you seek financial advice, not from a bank or building society but from a mortgage broker or financoal adviser as to whether you may be better off cancelling the policy, keeping the policy running or looking for a replacement cover if it is a policy that has good value or protection value. Cancelling the policy just so you can make a claim against it could be dangerous, if you are left with out the protection it offers you may find your self with a mortgage to pay but no income to replace it or (god forbid) your partner or yourself could die) and the survivor wil have to pay the mortgage on their own

I have been sorting out old paperwork from our old mortgage and have discovered that we had been paying a monthly fee stated as mortgagesure, which seems to be a life insurance that lasted for the length of the mortgage, at the time of starting the mortgage I would not have signed up for it unless the bank told me that we needed it to get the mortgage.Is this payment classed as Ppi, and can I claim it back now?

Thank you