Mis Sold A Mortgage

Mis Sold A Mortgage

Where You Cheated Or Have Been Mis Sold A Payment Protection Insurance?

When a payment protection is forced up on an innocent borrower then it can be called as Payment protection insurance(PPI) miselling. In such scenario, a borrower has all the rights to claim a suitable compensation for cheating on him. A sales person has a tendency of pushing an insurance policy to a borrower just to win his incentives. He might mislead a consumer by making him believe that it is mandatory to have a payment protection policy if you have to get your loan approved.

Any one applying for credit card, mortgage, to a personal loan there is a piece of sound advice for you. Do not get misled by any insurance sales agent and sign up any loan protection policy. Understand that loan protection is not always necessary, it is only a security offered to a borrower in case he is unable to pay due to redundancy. A consumer is free to opt in or opt out of it. It is fine to inform the consumer about the loan protection scheme but not to force him. If this has happened with you, do you know what you can do? You are entitled to a rightful compensation if you are made to believe that such a policy is compulsory. You should act immediately and claim back your money in eight weeks.

If you think there was mis-selling you may have a valid case if you were self-employed or unemployed when you bought cover. You are also eligible to a claim if you were unaware that you were made to sign for a policy along with your loan. He might have asked you to sign on all the papers which is necessary for a loan and you have signed an insurance policy unknowingly. You can win a compensation you are made to believe that your loan will be approved only on condition that you sign for a protection policy.

PPI has its own issues or problems that need to be understood before signing up for one. Be aware that such policies incur a high cost of up to 20% of your loan value. It will be expensive to make your loan payments along with the insurance premium paid every month. If you have got into such scandals and have been cheated do not hesitate to seek for help. Misselling of a policy is more frequent than you may think and it is worth investigating to ensure your Insurance covers you suitably.

About the Author

Kirty Shetty, author in Insurance domains. Get all your free tips related to: Loan Payment Protection

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Will my pension pay my mortgage?

I have a mortgage with 13 years left to run. When I took out the mortgage, I was sold a pension and an endowment policy with a 50/50 split. I have already successfully claimed compensation for mis-selling re. the endowment part and am pursuing the pension side.

My advice is to seek proper Financial Advice but take care when choosing and adviser.

We were in the same boat and still are though I’m already retired and my husband will be soon. We cashed in our endowment with the intention of paying off the mortgage plus my husband pension but I took ill when I was fifty five and was unable to work so we are stuck with a mortgage after retirement because I paid the mortgage.

What you propose sound very sensible and a repayment is the best way forward though you can get flexible mortgages though they are generally interest only.

As regards to your pension are you aware that you can only draw down 1/3 in cash without incurring a hugh penality, so like I said find a good advisor preferrably not one who is not going to sell you a mortgage as they will get a percentage of that sale. Best pay up front for good advice whilst you can.

All the very best and I hope you get things sorted before too long. Us we are still faced with a dilema but that’s anothe rstory.

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