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Its a complicated one. We were sold MPPI on a mortgage. It was a tick box on the mortgage form, filled by the agent (not us) and we were told we had to have it. There was no explanation and we were given no further info. When I went back to get the details (a bit over a year ago) I was told that the policy was on my husband only. At the time he was employed by BP - with amazing benefits. He had been there 7 years (redundancy by contract was 1 and half months for each year worked...so full pay for 11 months) he also had similar for sickness. He was a commodity trader so also had bonuses (which I know are not guaranteed..but they were stated on the mortgage form) he also had at least £55k in BP share schemes (which were released in event of redundancy/sickness)
we had no awareness of this policy at the time ...indeed we took extra life insurance (to cover the mortgage) with critical illness cover about a week later as we had no awareness of the policy in place. I was having IVF treatment (which I had been hospitalised with) at the time I was pregnant with first attempt (later lost through complications) Britannia ruled out the case as they said we had financial need and it was unadvised (we had about £130k pay off shares etc...mortgage was about £130k) and we were both working (I was a teacher) few debts (a bit on credit cards, and small car loan) The policy states that in order to claim against the policy in redundancy my husband would have needed to be in unemployment benefit (it was just preceeding Job seekers allowance) With such a large pay out I am not sure he would have been eligible for any benefit...but I cant find any details of what was in place at this time (aug 1996) The Ombudsman at present seems to be on the side of Britannia (now co op) as the box was ticked, and we have no way of proving not by us. Initially Britannia told us that we had completed a separate form (which they stated in writing they had a copy of) Which I asked them to send ...funilly enough they now don't have it !!! We were never sent any details and know we never completed a form for it, as when we eventually cottoned on to what it was to cancel it, we had to ask for details from them (which we requested 3 times before they sent it) They have now told the ombudsman that it was a joint policy (with myself who was pregnant at the time) so I have asked them to release the data they have on me which would indicate that a year down the line they have decided it is joint !...again nothing...lol
My biggest argument (aside from me) is that for my partner he would have to have been in receipt of unemployment benefit...(I know with JSA he would have had the income based part) but this preceeds this (just) and I think it is means tested..but I can't find anything to show this...anyone help !
we had no awareness of this policy at the time ...indeed we took extra life insurance (to cover the mortgage) with critical illness cover about a week later as we had no awareness of the policy in place. I was having IVF treatment (which I had been hospitalised with) at the time I was pregnant with first attempt (later lost through complications) Britannia ruled out the case as they said we had financial need and it was unadvised (we had about £130k pay off shares etc...mortgage was about £130k) and we were both working (I was a teacher) few debts (a bit on credit cards, and small car loan) The policy states that in order to claim against the policy in redundancy my husband would have needed to be in unemployment benefit (it was just preceeding Job seekers allowance) With such a large pay out I am not sure he would have been eligible for any benefit...but I cant find any details of what was in place at this time (aug 1996) The Ombudsman at present seems to be on the side of Britannia (now co op) as the box was ticked, and we have no way of proving not by us. Initially Britannia told us that we had completed a separate form (which they stated in writing they had a copy of) Which I asked them to send ...funilly enough they now don't have it !!! We were never sent any details and know we never completed a form for it, as when we eventually cottoned on to what it was to cancel it, we had to ask for details from them (which we requested 3 times before they sent it) They have now told the ombudsman that it was a joint policy (with myself who was pregnant at the time) so I have asked them to release the data they have on me which would indicate that a year down the line they have decided it is joint !...again nothing...lol
My biggest argument (aside from me) is that for my partner he would have to have been in receipt of unemployment benefit...(I know with JSA he would have had the income based part) but this preceeds this (just) and I think it is means tested..but I can't find anything to show this...anyone help !
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