Are you the victim of a mis sold Mortgage Payment Protection Insurance policy?
Your Mortgage Payment Protection Insurance policy (MPPI) may have been mis sold if unsuitable to your needs and circumstances. If you’ve been given incorrect or insufficient information by an advisor, you could be entitled to a claim for compensation.
Sadly, not all mortgage advisers made sure their clients requirements were fully understood when selling these policies, but concentrated primarily on their own financial gain.
The mis selling of MPPI is a problem recognised by the Financial Service Authority (FSA) and Financial Ombudsman Service (FOS). If you have a lump sum policy you may well be entitled to compensation as these types of policies have now been banned.
Mortgage Payment Protection Insurance is designed to make your monthly payments and to protect your home, should you be made redundant, be unable to work through accident or illness.
If you were to find yourself without employment and an income, the government can not assist you – they will not make contributions towards your mortgage, your home could be repossessed.
Your MPPI policy may well refer to the Benefit Period, this is the period of time covered by the policy. Normally such policies will cover 1 or 2 years, although they can be much longer upon request.
The longer the period of cover, the greater the premium you will pay. Normally an Exclusion Period is built in, this is the amount of time that must elapse before you are entitled to receive payments from your insurer, typically you would be looking at circa 30-90 days on average. Such policies often leave you, the customer with shortfalls.
If you feel you have been mis-sold Mortgage Payment Protection, Payment Protection Insurance or Mis-Sold a Mortgage please complete the form opposite and we will provide a quick free assesment »
