General comment about mortgage arrears

[Froggy]

Re: General comment about mortgage arrears

there are cheap providers as advocated by Martin Lewis, for example, britishinsurace. There is income protection options that could be looked into. OR maybe its time to teach youngsters a new thing, not the here and now culture but the save and then buy culture of previous generations.

[righty]

Re: General comment about mortgage arrears

Argy my attitude is typical because of my many years dealing with banks & the rip offs perpetrated against the ordinary customer would make most peoples hair stand on end

The poorest amongst us tend not to borrow because they can't.......they aren't credit worthy

Many debtors are now from middle income families not those who can barely live & it's when they lose their often not unsubstantial income that the trouble begins.

Also can those advocating PPI tell me when they last got paid out & what the settlement ratio to the number of claims the company has?........Oh & what does "if you meet their criteria" mean surely when you signed up you met "their criteria" otherwise they wouldn't have taken your money....would they?

[argentarius]

Re: General comment about mortgage arrears

It's not the PPI providers' job to check that people are eligible. I'm not going to agree with any view which suggests that there is no obligation on the buyer of the insurance to read the eligibility conditions, and to only buy if they comply.

Obviously, though, insurers should go through the key eligibility terms when they sell the policy.

Almost all insurers (or is it all?) offer a cooling-off period so that you can cancel the cover if you immediately identify that you don't qualify.

Lots of PPI claims are rejected. Most PPI claims are rejected not because of the claim circumstances, but because of basic eligibility failures by the claimant - normally because they were self-employed rather than employed, or didn't work the minimum number of hours required, or were on a fixed-term contract rather than a permanent contract.

But significant amounts are paid out in claims settlements to customers who obviously were eligible for the cover and who benefit from those settlements.

I don't have PPI so I can't provide personal testimony of an insurer paying out. But many people do have it, and have been paid out, and could provide testimony if that changed anything for you.

Do you have personal experience, righty, of PPI non-pay-out? I'd be interested to hear, if so, and particularly what grounds there were for non-pay-out.