Is Mortgage Repayment Protector the same as PPI?

[JellyBelly10]

Apologies if this is a stupid question! But I keep reading about people getting big payouts because of misselling of PPI policies and I'm starting to wonder if what I'm paying for to protect my mortgage is the same thing. We took out mortgage repayment protector when we took our mortgage out about 7 years ago, it's an HSBC mortgage and when we took it out they sold us the repayment protector at the same time. I ahve no idea if it was 'mis-sold', we knowingly took it out on the advice of the HSBC person sorting out the mortgage. But it costs us just under £50 a month and I often wonder why I'm paying £600 a year for something when I don't even know what it would pay out for!! (I know I could dig the policy out and look at the small print!). I suppose my question is, are there good, honest, valuable policies out there that were not mis-sold? Or are all these repayment protection things seen as having been mis-sold?

From the title of the product, it sounds like some sort of payment protection insurance, but it could be an accident/sickness/unemployment type insurance.

PPI can be a very valid and valuable product. There are many people at the monet who have been made redundant and have suddenly realised what they have been aoying £59/month for. It was mis-sold if you didn't realise that you were taking it, or we're told you couldn't have the loan without it.

If you no longer want it, you should be able to cancel.

Sounds like PPI to me. And if the advice was "take it or you won't get this mortgage" then it was mis-sold.

Doesn't matter if you are sure or not, just write to HSBC and complain you think it's been misold as PPI, they'll have to investigate and let you know

There are good, honest policies out there. Plenty of

Ooops, pressed post too soon!

Plenty of policies are excellent, but were badly sold. If they were sold properly people would still have taken them out, but if you were told you HAD to take it, then it was mid sold.

Some policies were rubbish, or didn't suit the person it was sold to eg some self employed people were sold policies that didn't cover if self employed.

If you were sold it and knew it was optional, and it covered you for what you needed, you weren't mis sold it.