MIG Misselling

greenspun.com : LUSENET : Repossession : One Thread

Was the MIG policy mis-represented to you as to what it was and what it could do?

Did the fact that a MIG policy was sold to you induce (ie persuade) you to enter into the mortgage in the first place or encourage you to borrow over your means

I agree with other comments on the site over the years that this is something that needs to be addressed fully. I figure that enough evidence of either innocent/fraudulent or negligent misselling MAY go some way to get Parliament, the Financial Ombudsman, the Judicial System and others to take notice.

I have spoken to a few financial advisers one of whom worked for a bank. They have all said that prior to the mid 1990s they were trained to sell MIGs on the basis that these were an insurance policy for the benefit of the borrower. One has even gone so far as to say they were trained to try to get borrowers to take one out even though the borrower did not need one as it was "easy commission".

Previous training/materials from banks would add to the cause. Has anyone attempted to claim this as a defence/counterclaim. I am wondering whether you could access items such as training material within the discovery process? Any comments please feel free to e-mail me or reply here.

By the way after 7 years the day has finally arrived. A Summons has landed from Lloyds TSB claiming 28,000. I am off into battle -part of my defence already appears to have been posted on this site - thanks M!!

-- Allye (migclaim@hotmail.com), March 11, 2003

Answers

I wish you well.

Keep in touch and let us all know how you got on!!

All the very best!

M

-- hanging in there! (Anderston828@aol.com), March 11, 2003.


Hi Allye,

That doesn't surprise me at all regarding those shafting ******** collectively known as banks/building societies.

Good luck with your fight and keep us all posted.

-- Chris (chris@anon.co.uk), March 12, 2003.


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