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Response to Indemnity Insurance?

from Tony Brown (Tbrown9263@aol.com)
Thank you for your response to my request for information on Indemnity Insurance. I would like to resolve my case and any help would be appreciated. My defence against the claim of the Woolwich Building Society is a simple one. In summary:-

1) When I took out my mortgage I was told by my Woolwich advisor that it was a legal requirement that I take out Indemnity Insurance. I was told that this would cover me should the house be reposessed and that it would pay upto 25% of the value of the property back to the Building Society. Any shortfall after this I would have to pay. If as you say the insurance is in the name of the Building Society and does not cover me then the Woolwich advisor lied to get me to pay my #1200.

2) As I understand it Indemnity Insurance came about in the sixties due to the high number of people in the negative equity trap. I've been told that it was to cover both borrower and lender. If it only covers the lender is the legislation out of date and why will the Building Society not provide a copy of the insurance I paid for?

3) The house was sold at about #6k-#10K less than it's market value.

There are other issues I would like to raise but my knowledge of the law in this area is limited and it difficult to find any details of the legislation. If you could help in any way it would be very much appreciated as I believe I've done nothing wrong.

Kind regards.

Tony Brown.

PS Is there anyone elso like myself who was misled about Indemnity Insurance?

(posted 9110 days ago)

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