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Mis sold legal & general mortgage insurances through a financial advisor at kinleigh folkard & hayward

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Hi

 

I have a few areas where I need some advice.

 

I was a FTB in 2006 when my sister & I bought our first flat. I am a hairdresser & my sister is a project manager. We still live in the same property. We bought our Legal & General insurance policies & our Northern Rock mortgage through a Financial Advisor who was working at Kinleigh Folkard & Hayward. It was face to face & not over the internet or telephone. There are a few points I'm concerned about & need a bit of advice of where we stand.

 

I've just been having a look through all of our insurance policies & have noticed that we are doubled up on a few of the insurance policies. We both have separate policies for DECREASING TERM ASSURANCE WITH CRITICAL ILLNESS and MORTGAGE PAYMENT INSURANCE (2 each). I also have a policy for MORTGAGE PAYMENT PROTECTION INSURANCE because my sick pay is not as good as my sisters. From my understanding of talking to a few people is that we should have a joint policy which would be more cost effective? I have a deferred period of 52 weeks on my Mortgage Payment Insurance so I was told I needed the the Mortgage Payment Protection Insurance because the deferred period is 60 days ... But ... if i can't work because of any injury to my hands, tendons or muscles because of a work related cause or any mental issue arising from it they won't pay a claim. I have no recollection of this clause being explained to me as I'm sure I wouldn't have agreed to that. Also some of the details are wrong on my Mortgage Payment Insurance policy ... The type of work, hours worked & it says I haven't been in continuous work for the previous 36 months (which I had) and on the Mortgage Payment Protection Insurance policy the information is correct. I know this is my fault for not checking after I got all the paperwork. I'm going to phone L & G today to tell them so that it can be amended. We were also told not to request to have a look at our medical reports before they were sent to L & G as this would slow things down. Looking at the part of the policy that details how much the advice costs there is an initial lump sum but then after month 49 there is a £1.09, £.40, £0.99 & £0.43 amount that it will cost until the end of the policy? Is that why were sold 5 individual policies when joint one would have been better?

 

He also organised our mortgage through Northern Rock. We had a little deposit (7%) which he advised us to keep to do some DIY & rather get a 114% mortgage on an interest only fixed rate for 5 years. £184 000 which was a mortgage & £30 000 of which was an unsecured loan.

 

 

I would like to know if I have a leg to stand on as I feel we have been ill advised. Any advice would be greatly appreciated

 

Thanks

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Hi, just noticed your thread there now.My wife and I to took out a mortgage with Northern rock and life insurances from L&G from a broker(The mortgage shop) in derry n ireland in 2007.Well i say took out a mortgage, i was pretty much told this was the only option available to us for a mortgage otherwise we where snookered. I have just looked through all the old letters from The mortgage shop, L&G and Northern rock from the time and i to believe we where mi sold a few insurances.... Mortgage decreasing term assurance x2...Mortgage decreasing term assurance with critical illness cover x 2. Mortgage payment protection insurance x 2. The main reason i believe these where mis soled was because we where not given a chose to look elsewhere for any of the insurances mentioned and because i believe that the first 2 mentioned are 1 of the same thing.. Any how, you where asking who to approach. Last wednesday i sent an email of complaint to L&G in reguards to what i just wrote above and on friday they phoned me asking for more information about my complaint. The guy on the phone sounded genuine enough and said he will be in contact with the mortgage shop to find out from them how they came to advice me to have all of the policys. This is the actual email i sent to legal and general if you want to check it out ................. I wish to make a complaint reguarding several insurance policies i believe was mis sold to me when i was taking out a mortgage with northern rock in 2007, My name is ......my address at the time was..... L,derry,northern ireland. Bt...... I believe at the time my wife and me where not properly advised about what options where available in regards to life insurance policy's and mortgage ppi payments by the mortgage adviser for The mortgage shop,Derry who was working on behalf of Northern Rock. I wish therefore to make yous aware that i believe i have been mis soled quite a few insurance policy's at the time because we where not properly advised and we where pretty much told at the time this is what we had to do to be accepted for the mortgage from northern rock.

I would also like you to check each of the policys because i believe i had been paying far to much. I have in front of me a sheet telling me what payments that where due and what cover they where for.1 of the payments was for Mortgage Decreasing Term Assurance for myself which was paid monthly at £. There is also payment for Mortgage Decreasing Term Assurance with critical illness cover paid monthly at £. I believe they are both one of the same payment? There is also the same two payments for my wife again for two different amounts each month. Again i do believe the policys where for the same thing.. My mobile phone is 07..........,as i am no longer at the above address i would like yous to phone me first to arrange correspondence. Thanks for you time........ I will be looking closely at your thread to see how you get on... cheers

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Hi Mick

 

THanks for your response. I've phoned L & G and explained that I had a complaint & they said I need to contact Kinleigh, Folkard & Hayward & make a complaint to them first ... I've sent them an email but have had no response as yet .... I'll keep you updated with this thread as to how I get on. If I don't get any response from KFH then I'll be going through L & G.

 

Thanks again.

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Hi,

 

I'm a little late to this thread but I had the same experience with my first mortgage, taken out with Northern Rock and sold via KFH back in 2005.

 

The Mortgage Advisor at KFH said I had to take out Mortgage Protection Insurance (MPPI) and Mortgage Decreasing Term Assurance with Critical Illness Cover. Both policies were offered via Legal & General, and I was told that I had to take them in order to take out the Northern Rock mortgage.

 

I have paperwork (Northern Rock Loan Offer) that shows that Northern Rock were paid £732 by Legal & General when I took the mortgage so its clear to me that Northern Rock were miss-selling the insurance through L&G. However, it doesn't state on the Mortgage Offer that I had to take out these additional policies. It does state it on the Financial Advisor's Key Facts documentation that they should be, and I was definitely told I needed them. I'm in no doubt that it was mis-sold, and as a first time buyer I was completely unaware of what I was signing up to.

 

I have started a claim directly with Northern Rock for the MPPI but was unsure whether the to do so for the Decreasing Term Assurance.

 

Have you made any claims, and if so who with?

 

Many thanks,

 

Esther

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