Hi have had a motgage with YBS for 5 yrs. FIxed term about to end. When we took the mortgage with them, they offered us a good deal with Life Assurance along with the mortgage. We agreed and signed up for it. That was that - Or so I thought.....

On reviewing our mortgage renewal/transfer with YBS I have found out that we have NO LIFE Assurance and haven't had for the past three years! (Since we moved house and changed our products with YBS). As far as I was aware we had signed up for cover and the cost of that was wrapped up in the Monthly Mortgage payments. Apparently YBS use Norwich Union when setting up these policies and we should be paying NU directly - which we have not been! YBS has a note against the mortgage that we are with NU. But we have never paid anything to them or received anything from them.

 I find this deeply worrying and I am very angry with their incompetance when we set this up. The 'what if' worse case would have left my family without any protection/money in the event of my death - which thankfully hasn't happened!

But still I intend to complain about this to YBS and NU. But would I have a case to claim any financial compensation for this?Any thoughts would be appreciated.

Thanks

ND

 

Hi ND,

What would you want the compensation for?? It is however a concern that your protection choice was not implemented after you agreeing to it. I am not sure as to the involvement of YBS because I am sure that they will have acted as an Introducer and your ongoing contact would be directly with Norwich Union. The fact that you would not have received policy documentation during the expected set up period should have alerted you that all was not well. I think that there are grounds for complaint but the outcome may not be a financial settlement. Maybe an apology and complimentary cover for a period beyond that will depend on the conviction of your feelings.

Regards

Ian 

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Regards

Ian

Not likely as they will say its your responsibility to ensure that the policy is on risk. If you have not received any policy documents then the policy will not have been put on for you.  Make sure you shop around for the life cover as I doubt that will be the cheapest.