missold mortgage payment protection

Mollyd90

When we applied and took out our mortgage we were both employees and we took out mortgage payment protection with BOI, then my OH became self employed so I rang up the Dublin number that looks after the payment protection and asked whether he would still be covered if his business failed and whether we should cancel it and was told he would be he would just have to prove that it failed through no fault of his own. Am I right in saying that he wouldnt be and would this fall under missold mortage payment protection that is about to come out as a big issue in Ireland like in the UK

glic71rods46t0

Mollyd90 wrote: »

When we applied and took out our mortgage we were both employees and we took out mortgage payment protection with BOI, then my OH became self employed so I rang up the Dublin number that looks after the payment protection and asked whether he would still be covered if his business failed and whether we should cancel it and was told he would be he would just have to prove that it failed through no fault of his own. Am I right in saying that he wouldnt be and would this fall under missold mortage payment protection that is about to come out as a big issue in Ireland like in the UK

First off, you said you were both employees when you took out the policy i.e. at time of sale - how was it mis-sold then???
Second, your OH changed his employment status to self employed - you contacted the insurer and were told that he's still covered - whats your problem here?
Looking to jump on a compensation bandwagon?

Mollyd90

not jumping on any bankwagon - Can some who is a qualified financial advisor reply only please.

I am not looking to put in a big compensation claim - I would like to know if we are throwing €60 away every month on something that is not suitable for us anymore. I did contact the provider when our circumstances changed and they said we are still covered but the same organisation tried to sign me up to a more expensive life insurance policy where I could add my children to it in the future even after I telling them I cant have children 2 minutes before hand.

Pablo Sanchez

Its clear you were not miss sold the policy. The company has already told you that your still covered now despite the change in your work circumstances. Read the terms and conditions and take advice on whether the policy is still appropriate for you. If you decide the policy is no longer for you simply cancel it, miss selling does not come into it.

Maybe you could elaborate on your comments re your life cover, firstly you cannot add a person to a life policy once it is up and running and secondly you cannot have a life policy for anyone under 18 (in Ireland anyway).

A lot of life companies may include a certain element of free childrens cover where they will pay out a nominal sum (say €4000) in the event of a death of a child aged between 6 months and 18 years, you are not obliged to provide details of your children though, this would be an automatic benefit built into your policy.

cookie1977

If you want qualified financial advice then I don't thinka forum is the place to go.

glic71rods46t0

Mollyd90 wrote: »

not jumping on any bankwagon - Can some who is a qualified financial advisor reply only please.

I am not looking to put in a big compensation claim - I would like to know if we are throwing €60 away every month on something that is not suitable for us anymore. I did contact the provider when our circumstances changed and they said we are still covered but the same organisation tried to sign me up to a more expensive life insurance policy where I could add my children to it in the future even after I telling them I cant have children 2 minutes before hand.

I am a Qualified Financial Advisor but this is an anonymous forum so you don't know the professional qualifications of any of the posters here - as another poster said, if looking for qualified advice then maybe a forum is not the best place.

Your whole post came across as someone looking to make a claim - I have just renewed my PI Insurance and, even though I had no claims against me, my premium more than doubled. Its all down to a claims culture which has developed in the whole area of financial services since the recession started. There's a whole load of free loaders out there. Sorry OP if you took offense but read your first post again and try to see how others would interpret it!

Mr. Presentable

Mollyd90 wrote: »

When we applied and took out our mortgage we were both employees and we took out mortgage payment protection with BOI, then my OH became self employed so I rang up the Dublin number that looks after the payment protection and asked whether he would still be covered if his business failed and whether we should cancel it and was told he would be he would just have to prove that it failed through no fault of his own. Am I right in saying that he wouldnt be and would this fall under missold mortage payment protection that is about to come out as a big issue in Ireland like in the UK[/QUOTE]

No. You were sold protection under circumstance which no longer exist. Who changed the circumstances? Right! You did!

Iamhere

I am not a qualified financial advisor but I do work in this area for a UK company, so I know what a mis sale looks like, this is not a mis sale...

phormium

I am also a qualified financial advisor, this is not an issue of mis-selling, however whether it still suits your purpose is for you to decide. The product I was familiar with covered accident, illness & redundancy however for self employed people it covered accident, illness & hospitalisation as redundancy was not covered for the self employed. It could always be sold to self employed once different cover was explained.

In your case it is important to read the terms and conditions of your own policy to see what level of cover it gives for your present situation, only then can you make a decision as to whether or not it is valuer for money.