Cardif Pinnacle Mortgage Repayment Protection

LimerickCity

Good afternoon,
I have recently received communication from the above that they are leaving the Irish market and that my existing policy will be cancelled on a specific date.
The main issue i have is that before i drew down my mortgage in 2005 it was a stipulation by the bank that i have this policy as both myself and the GF worked for the same company. 
For the first few years it was around €30 per month but when the downturn arrived we received more frequent communication from Cardif Pinnacle stating that they needed to increase the premium due to the amount of claims coming from Ireland. It had been raised to €100 which we paid for approximately 6-8 years before calling them up and getting it reduced to around €70 per month for the past few years.
I have spoken to a financial advisor who has informed me that Mortgage Repayment Protection is now non existent in Ireland.
We have paid this monthly for 13 years and thankfully have never had any reason to make a claim. 
Extremely annoyed that we have paid into this for so and are happy to continue paying but there is absolutely no alternative available in the market.
Any ideas on where i should go next? Are there avenues which i can explore to register a complaint.

Henry Ford III

You bought a PPI policy I think.

1/. Isn't conditional lending illegal? Check your paperwork, particularly the letter of offer.

2/. PPI was widely sold (and often miss sold) and compensation lawsuits is a huge business in the UK. Check with one of their claims co's. See if it extends here. If the insurer is UK based it might.

Liam D Ferguson

Henry Ford III wrote: »

1/. Isn't conditional lending illegal? Check your paperwork, particularly the letter of offer.

As far as I know, it's illegal for a lender to say "You must take out a Cardif Pinnacle PPI policy and oh what a coincidence, we happen to be agents for Cardif Pinnacle" but it's not illegal for them to say "You must have a suitable form of PPI policy from any provider you choose."

Henry Ford III

Liam D Ferguson wrote: »

As far as I know, it's illegal for a lender to say "You must take out a Cardif Pinnacle PPI policy and oh what a coincidence, we happen to be agents for Cardif Pinnacle" but it's not illegal for them to say "You must have a suitable form of PPI policy from any provider you choose."

Maybe I'm wrong but I thought having adequate life assurance was mandatory (subject to the rules) for a domestic mortgage, and any other conditional lending was illegal?

phormium

This was back in 2005 though, might not be allowable today.