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mortgage payment protection (ptsb)?

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  • 27-06-2012 8:04pm
    #1
    ablelocks
    Registered Users Posts: 4,765 ✭✭✭


    my wife has been made redundant (involuntary), with a finishing date in work of late october, (and that could be pushed out too).

    we have payment protection on our mortgage, and it is my understanding that because of the involuntary nature of the redundancy, the mortgage payments will be covered for 12 months.

    How and when should we notify ptsb? Has anyone any experience of dealing with this type of situation with ptsb - are they likely to accept or try and negate the policy for some reason or other?

    If anyone has any advice it would be greatly appreciated.

    thanks


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    #2
    Rightadvice
    Registered Users Posts: 11 ✭Rightadvice


    Hi,

    I have no experience of this but I would contact them now & advise them of the situation, as they might ask in October why you didn't advise them when you were aware of it.

    Other thing is the policy will probably only pay out 50% of the mortgage payment as it's only 1 of you being made redundant

    Regards,

    Robert


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    #3
    peteb2
    Registered Users Posts: 1,813 ✭✭✭peteb2


    I wouldn't notify them until September or so. They will likely need your wife's employer to complete forms and stamp them noting that she was made redundant. nothing they can do with the info now.

    And how do you think they would negate the policy? That is what is was taken out for.


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    #4
    theblueirish
    Registered Users Posts: 488 ✭✭theblueirish


    I had my policy with BOI, they offered to pay full amount provided the wife couldn't claim for two years.

    I left mine until the redundancy money went down a bit then claimed, it was backdated no problem.


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    #5
    ablelocks
    Registered Users Posts: 4,765 ✭✭✭ablelocks


    peteb2 wrote: »
    I wouldn't notify them until September or so. They will likely need your wife's employer to complete forms and stamp them noting that she was made redundant. nothing they can do with the info now.

    And how do you think they would negate the policy? That is what is was taken out for.

    general distrust of banks - that they will try and find some excuse not to pay out.

    mortgage was based solely on my wife's earnings, she is listed as the primary person on the mortgage and the policy so doesn't that mean that policy should cover 100%?

    blueirish - what do you mean about your wife not claiming for 2 years?


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    #6
    theblueirish
    Registered Users Posts: 488 ✭✭theblueirish


    ablelocks wrote: »
    general distrust of banks - that they will try and find some excuse not to pay out.

    mortgage was based solely on my wife's earnings, she is listed as the primary person on the mortgage and the policy so doesn't that mean that policy should cover 100%?

    blueirish - what do you mean about your wife not claiming for 2 years?


    If the mortgage payment is €1000, if one of you get made redundant they pay €500 of the mortgage payment.

    They offered me the full €1000 under the condition that my wife couldn't claim for two years if she was made redundant.

    Think the insurance company was called Genworth or something similar.


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