Thread: Halifax total mortgage protection

Originally Posted by Elevation

In 2004, my wife and I changed our mortgage to get some extra capital to carry out works on our house. The advisor told us to take out their total mortgage protection plan which we did and its cost us between 40 and 70 per month over the last number of years. We signed the forms the same day and were not given any other options of better products. The product was not explained in any way to us and now the cost of this plan is much much more than all of the competitors out there. On checking my annual mortgage statement, it also appears that the insurance amount is being included as part of the outstanding mortgage balance.

I could do with some help please.
Firstly, can i get out of this agreement and get a better cheaper product elsewhere?
Can i claim back the premiums and interest for misselling as we were not offered any options at the time and signed the same day?
If I can claim, how do I go about doing this?
Thanks for your help in advance, Dave

In a word YES.

You should read through the stickies at the top of the forum to get the information you need. Then decide if you have a valid claim for mis-sold which IMO you appear to have as you received no advice at the point of sale.

Then you submit a claim for mis-selling to get your useless insurance back and if you get a refusal you submit a complaint to the Financial Ombudsman Service who will adjudicate on your complaint and make a decision on mis-selling. The fos are currently upholding 90% of claims for mis-sold Payment Protection Insurance.

Here are a few links from the stickies to get you started.

PPI - Some Notes for Claimants..

BANKS are giving incorrect advice on PPI

Mis-sold PPI? Want your money back? use these links to help

and a couple of links from the last one:

Links that may help with your claim for Mis-sold PPI
Financial Ombudsman Service

http://www.financial-ombudsman.org.u...-insurance.pdf

THIS LINK IS IMPORTANT TO YOU ON RECLAIMING IT IS FROM 2001 FROM THE FOS
loan payment protection insurance and a quote from this link...

Quote:
When determining whether a policy is suitable, a seller – whether a lender or an agent for the insurer – must obviously take into consideration any information the prospective policyholder volunteers. However, we do not consider the seller’s duty is limited simply to recording what the borrower discloses. It is only by asking questions that the seller can properly determine suitability. These questions cannot cover every aspect of a borrower’s personal position and should not be expected to do so. To paraphrase the ABI Statement, only those matters deemed to be relevant by the insurer should be the subject of questions.
You will have to do some homework yourself but there is a lot of help available in the stickies. If you get stuck (no pun intended) just post up a question.