Cancelling a life Insurance for mortgage protection after selling property

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07 Oct 2015 17:24 by Kevillie Star rating. 1 posts Send private message

We had to take out a life insurance policy to cover our mortgage which is 157 euros per month.  We have just completed on the sale of our house in spain but Mapfre are telling me I cannot cancel the policy until the date of renewal which is not until June 2016.  I am tempted to just not pay it - can anyone advise me on this - it seems like a rip off to me - surely I should be able to cancel it now that I no longer have a mortgage to protect?





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07 Oct 2015 17:44 by Hephaestus Star rating in The Peak District Na.... 1237 posts Send private message

They will have to pay back some of their commission if you cancel, oh dear what a shame, just cancel your DDM and ignore their reminders, they will soon get the message.



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07 Oct 2015 18:03 by Jarvi Star rating in Halifax UK and Sucin.... 727 posts Send private message

I am in a similar position. I am heading to Spain next week to pay off my mortgage. I have been told I have to give 2 months notice to cancel the policy but I can only do it AFTER I have paid off the mortgage. So I will have no mortgage but still have to pay the life insurance for a further 2 months. As its arranged through the bank I cannot cancel my direct debit, obviously they take a cut. Total Rip off!!!





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07 Oct 2015 18:13 by Hephaestus Star rating in The Peak District Na.... 1237 posts Send private message

If there is no debt there is no insurable interest, I have no idea of Spanish rules and regulations, but what these guys are saying would be against all the rules in the UK.



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07 Oct 2015 19:10 by Jarvi Star rating in Halifax UK and Sucin.... 727 posts Send private message

They have a con clause. You have to give 2 months notice to cancel. They wouldn't get away with it in the UK but everythings possible in Spain....





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07 Oct 2015 19:21 by Hephaestus Star rating in The Peak District Na.... 1237 posts Send private message

Forum member and lawyer Maria Castro should be able to clarify the legalities of the two months clause. 



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