exterminator - i agree that one should only seek compensation for missold products with fair grounds.
just to clarify - it is renewal time for me - so i dont need to ask them to cancel the policy and see what they say - the ball is in my court to accept or decline. im just seeking opinions on the insurance worthiness given what ive said in my original post.

I see what you mean; but unless the policy had been missold there would have been no entitlement to claim for the return of any premiums. However as a misselling claim is clearly not the case, whether you renew the policy to help protect yourself against future redundancy is a complete gamble. Although you may consider your job to be reasonably secure at present, who knows what the future holds or will bring?

Sod's law will usually determine that if you do renew it will never be required which would be a great relief, on the other hand if you don't renew.... then the worst case scenario often happens.

If I were in your shoes, due to the current dangerous economic climate and uncontrollable outside forces...for the relative small monthly cost involved balanced against the worst case event........ I would hold onto the policy at least until we can see some improvement and more stability, then perhaps review your options at a later date when it is felt that things have hopefully improved. IMO.

exterminator - i agree that one should only seek compensation for missold products with fair grounds.
just to clarify - it is renewal time for me - so i dont need to ask them to cancel the policy and see what they say - the ball is in my court to accept or decline. im just seeking opinions on the insurance worthiness given what ive said in my original post.

cheers

qwertyuiop:Thanks for responding. For what grounds do you think i can claim for past payments though? The seller was honest about the policy i feel.

Since you did ask for opinions, I believe by your own admission that your particular policy was sold fairly and with your full unconditional acceptance at the time.

To make a missold claim is only fair if your claim is genuine and where there are valid misselling grounds, but in your circumstances, I now believe if you tried to claim it was missold that it would be dishonest and wrong.

Instead, you could try the honest approach by asking if they would be willing to cancel the policy due to an oversight on your behalf over whether the policy was value for money, ask them to end any future premiums due and state they can keep the premiums that you have paid so far for the time you have been on cover.....they can only say yes or no !

Thanks for responding. For what grounds do you think i can claim for past payments though? The seller was honest about the policy i feel.

PPI insurance has a very bad record of paying out when needed. You may think that you are covered but the chances are that, if you claimed, there would be some reason why there would be no payment from the policy. You mentioned your overpayments. It's also possible that you would get something from unemployment benefit towards the mortgage if you lost your job and this also could mean that there would be no payout.

In your shoes I would both cancel the policy and ask the insurance provider for a refund of payments that have already been paid.

Hi

I took out PPI 2 years ago when i had my first mortgage - i was a bit of a green horn and took the advice - im now questioning whether the benefits are worth the payments. I know there's alot in the news of missold PPIs at the moment - i don't believe that i've been missold, im just not sure if the coverage is necessary.

My insurance costs around £12.50 per month and covers £200 of the mortgage (which is roughly half of the monthly payments). It will not pay out in the first month and covers a max of 12 months. I have managed to over pay my mtg by about £4000 in the first two years, so i am thinking that i'd probably be able to get a payment holiday anyway - if not for 12 months then for a considerable time.

I consider my job reasonably safe, however in this climate, who knows.

Opinions very much appreciated.

Thanks very much