Refusal to provide M.I.G - What now?

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After repeatedly asking my lender/solictors for a copy of my M.I.G policy which to date they have refused, I received a letter this morning asking as to the reasons for me wanting a copy of this policy as because I am third party to this agreement they don't have to provide. The reason for me wanting a copy of this policy is because I firmly believe when I purchased the mortgage and the M.I.G in 1992 I was made to understand that it would cover me against negative equity and any shortfall. I am afraid that if I tell them this I definately won't get a copy, they are also threatening to take me to court if I don't make them an offer in 7 days. I am terrified of attending a court hearing and not being able to prove that I was sold this policy under false pretences. If there is nothing on the terms and conditions then I have no evidence of this claim. I have served a SARN on both lender and solicitors, information received did not include any copies of mortgage deeds, endowment policy, M.I.G or anything to do with this alleged debt. I have written to the IC requesting an assessment and I have told the solicitors this but they continue to harrass me for an offer. Should I continue pushing for a copy of this M.I.G to try and prove that I was missold it or just wait to see if the IC has any joy in getting it, incidentally I have explained in my letter to the IC my reason for wanting this policy.

Any answers will be greatfully received.

Many Thanks

-- Jessie (jessie01@talk21.com), February 18, 2002

Answers

Don't panic! You've done all the right things, but you need to wait for an answer from the IC, so just write to the lender/solicitor saying that as they are no doubt aware, the issue of the status of MIG data under the Data Protection Act is currently under review by the IC, and that you are therefore unable to continue to process their claim until you have received the IC's decision.

-- Melody (mbc109@york.ac.uk), February 19, 2002.

I have finally received a copy of the M.I.G Policy and claim form from my lender, I enclosed a copy of my letter to the IC which I think made them act. I have found out that they were paid 9K in 1997, I know there is alot of confusion around these M.I.G payouts, do you think that I could fight the case of 'You have had your pay out through the insurance I paid for'? I still continue to believe that I was missold this policy and I did note that there were no terms and conditions included in the letter as my evidence. What should I do now?

Thanks

-- Jessie (jessie01@talk21.com), February 20, 2002.


If somebody is in possession of the MIG policy I would suggets that they make a complaint & get a deadlock letter from their lender, who implied/stated/said that the policy covered them for any default. Then escalate this to the Financial Ombudsman.

It don't cost anything and I think the Financial Ombudsman may well rule that the policy was miss-sold. The FO have the power to make the insurer, and/or, the lender pay compensation regarding this miss- selling of insurance.

Good Luck, Harry

-- Harry Pearson (pearson_harry@hotmail.com), February 21, 2002.


...and write back to the lender requesting a copy of the terms and conditions attaching to the MIG. This is still important because even if mis-selling is proved to the satisfaction of the FO, I believe I'm right in saying that Ombudsman's decisions are not generalizable to equivalent cases - in other words, each similar case still has to be fought individually. If the rights of subrogation issue could be sorted out and shown to be (as we suspect) not valid, on the other hand, it would automatically apply to thousands of other cases.

-- Melody (mbc109@york.ac.uk), February 21, 2002.

Financial Ombudsman is a paper tiger. I had proof (witness, notes and her bosses admission) that the Financial Advisor at the Estate agents who sold me the MIG lied through her teeth and totally misled me about it and the mortgage I was sold (deferred interest jobby). The FO wrote back they were terribly sorry for my predicament but there was nothing they could do. Great eh?

-- Too scared to say (iwasduped@yahoo.com), February 21, 2002.


I know the Financial Ombudsman office have their faults, but I have to comment that when my friend complained to the Insurance Ombudsman, now the Financial Ombudsman, about his mortgage protection policy being cancelled they upheld his complaint and ordered the insurance company to make a years mortgage payments, plus additional monies, plus lost interest as well. This award was for over 26,000.

Good Luck.

-- Harry Pearson (pearson_harry@hotmail.com), February 21, 2002.


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