Home Is Monthly Mortgage Payment Protection worth it anymore ?

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laoisfan

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Hi

I am just wondering what people's take on monthly mortgage payment protection worth it?

I am currently paying ~85 euro per month and just feel it is something I can no longer afford.

Obviously if the worse happened it would at least cover me for a maximum of 12 months.

But do people still have this ? Or is it even offered any more?

Thanks.
 
Your personal situation and the full facts of what you actually have that we do not know about makes a correct answer to your question rather difficult. If you went back to the person who sold you the product and asked them to justify their recommendation to you in writing then you'd be some way down the correct path of finding an answer to your question. Wishing you the best.
 
@85 per month,, this smells of a PAYMENT PROTECTION POLICY. If so, you probably have a VERY expensive and HARD to claim on policy. Suggest get an honest Broker to look at or let me know the name of Ins company and I will comment.
 
One quick question were you self employed when you took this out if so you need to get all your money refunded as the plan does not apply to self employed. P
 
salmon9077 said:
@85 per month,, this smells of a PAYMENT PROTECTION POLICY. If so, you probably have a VERY expensive and HARD to claim on policy. Suggest get an honest Broker to look at or let me know the name of Ins company and I will comment.
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Hi

Yes - it is a payment protection policy through Bank Of Ireland who I believe in turn use Gentworth. It is a payment protection policy on our mortgage, which covers e1300 per month.

I am not self-employed, just a regular employee.

If you could suggest a few brokers ( online too ) that would be great.

Thanks.
 
It is not always true that the self employed are not covered, the plans are different if you are self employed, obviously the redundancy part is irrelevant and some cover hospitalisation instead of redundancy. The accident or illness part cover is still effective for self employed and in fact a lot of self employed carpenters/plasterers and those type of manual skills took out this cover specifically in case of an injury affecting their work ability.

Once it is made clear to the person when they took it out what is covered then it is not necessarily mis-sold just because they are self employed.

Whether or not it is worth it in your case is very dependant on your personal work and financial situation.
 
laoisfan said:
Hi

Yes - it is a payment protection policy through Bank Of Ireland who I believe in turn use Gentworth. It is a payment protection policy on our mortgage, which covers e1300 per month.

I am not self-employed, just a regular employee.

If you could suggest a few brokers ( online too ) that would be great.

Thanks.
Click to expand...
If it is PPI it is HIGHLY probable you have been conned into purchasing a very dear,hard to claim on policy. Check any website on PPI claims. These PPI companies only exist because of mis-selling.If you bought it since Jan 05 you may have a mis-sell case. If bought since July 2007 the Central Bank has (belatedly) told BOI and others to check.Sorry to give you poor news!!
 
salmon9077 said:
If it is PPI it is HIGHLY probable you have been conned into purchasing a very dear,hard to claim on policy. Check any website on PPI claims. These PPI companies only exist because of mis-selling.If you bought it since Jan 05 you may have a mis-sell case. If bought since July 2007 the Central Bank has (belatedly) told BOI and others to check.Sorry to give you poor news!!
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We bought it through BOI in August 2003 when we were drawing down the mortgage.

Q. Do you think it is worth contacting BOI itself and asking straight out if we were mis-sold this product?

It is not an income protection product - it clearly states that it is mortgage payment protection.
 
Have you a basis for thinking you were mis sold this product? Have you the insurance policy, if you have read it and see if you did not meet the criteria. It is simply not true that everyone was mis sold this type of policy, yes it is difficult to claim but if you meet the criteria then it will pay out, all insurance companies make it difficult to claim anything.

Whether or not it is worth having it is totally dependant on your own financial situation.
 
wbbs said:
Have you a basis for thinking you were mis sold this product? Have you the insurance policy, if you have read it and see if you did not meet the criteria. It is simply not true that everyone was mis sold this type of policy, yes it is difficult to claim but if you meet the criteria then it will pay out, all insurance companies make it difficult to claim anything.

Whether or not it is worth having it is totally dependant on your own financial situation.
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No - at the moment I simply cannot claim we were mis-sold.

I guess I/we have a bit of reading to do and try to make a determination as to whether or not it is worth having this policy going forward.

Thanks for the replies.
 
The Uk Consumers Association called Payment Protection Policies and their variant Mortgage Repayment Protection Policies ,in their SUCCESSFUL claim {protection racket} from experience if you WERE sold PPI properly I would be SURPRISED. WBBS is correct not EVERY ppi was mis-sold BUT MOST were..Why do you think the UK claims companies are trawling for business in Ireland.
Try and find a GOOD Irish ppi claims company as ROI is different to UK, take their advice and see should you use them.
 
I still don't believe that most mortgage repayment protection policies were mis sold, maybe with credit cards and possibly personal loans but I don't think it is as prevalent with mortgage related policies. Or maybe that's just my naivety! I worked where these were sold and can honestly say I never mis sold one (based on the information the customer gave me!) and I know none of my colleagues would have either, yes we were to offer them to every customer who qualified but if they didn't want them that was fine.
 
. It may well be your Company was honourable.These policies were Mis-sold on loans and Hp and Credit Cards on an INDUSTRIAL SCALE.They WERE routinely sold on mortgages. The mis-sell is one thing. When customers try to claim , boy do they get the run around. Unless YOU knew and advised the customer of the numerous if,s and buts on claiming , you inadvertently mis-sold.. I find umpteen ex-bankers who when queried under the appropriate consumer acts realize that they too were party to what the UK consumers associatio ncalled a {protection racket }.. With genuine respect you are naiive !!! Sorry.
 
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