L&G Payment Protection/Mortgage Advice Bureau

[Ch4rlieB]

When I purchases my house in March 2006. I was informed I must get Payment protection insurance out by the mortgage company. Fair enough. MAB (Mortgage Advice Bureau) gave little option but to do it through them.

August 2007 We sold the house, and cancelled the policy. I get a phone call saying I owe them £200 for cancelling the policy?!?

It would appear the terms and conditions stated if we cancelled after 38 mths we had to pay this fee. Now While I signed the form, this will have been while I was signing numerous forms much in the manner of sign here, sign here, sign here. At no point was it explained to me about the 38 months or the fee.

Do I have a leg to stand on about complaining to them, or the FSA.

I've yet to ring back to discuss this in full with MAB. Just wondered what people thought?

[Gogivit]

Hello CH4RLIEB,

I am not able to answer your question but recently I wrote to L & G, regarding a mortgage payment protection insurance. I was advised that I had to have it. Without it I could not have the mortgage.

L & G have responded to my complaint implying I requested it! This most certainly is not true!

However, of the various documents they supplied to me, the one that they are using to back up their findings / agreement shows a monthly charge of £6.25 for the insurance, but strangely enough having looked at my bank statements for the last 11 years they have been debiting £16.00 per month from me for the last 11 years so I wonder where I stand now?

I have decided to go direct to the FSA as not happy with L & G'S final decission on the matter (though admitedly I have only just realised the error they have made in relation to debiting the wrong amount from me since start of cover- unless anyone knows differently why my agreement shows one cost but the debit from my bank account has another figure?