reclaim PPI

cjillsley

Hi, I wonder if someone can help! My husband and I took out a loan back june 2003 over 10 years. After 5 years we received a letter saying out PPi policy had finished. After speaking to someone at Endevour loans we realised we only had PPI cover for 5 years, we were led to believe the PPI covered the loan for the full 10 years. What's more we also found out that we are still paying for the priviledge of the PPI even though we were no longer covered. We have attempted to pay off the loan but we had to pay almost all the interest back and an early release fee. Both my husband and I were aware we took out PPI but was not aware we weren't going to be covered for the full 10 years. We do remember seeing a seperate document for this either. I also suspect that if are still paying for it, it has been lumpt in with the loan and we are being charged interest on it too. HELP!!!!!
many thanks Chris

marshallka

Certainly sounds like a single premium policy if it had interest on it and was lumped with your loan. You would have gounds for a complaint as you were only covered for the first 5 years of the loan and were led to believe otherwise perhaps.

There is a guide here

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

which may be of help to your complaint. You send the letter to the one that actually sold the policy to you if this is different to the lender.

Good luck

cjillsley

Thanks for that! If we do have grounds I can't imagine what we have been paying! thanks again Chris

di3004

cjillsley wrote: »

Hi, I wonder if someone can help! My husband and I took out a loan back june 2003 over 10 years. After 5 years we received a letter saying out PPi policy had finished. After speaking to someone at Endevour loans we realised we only had PPI cover for 5 years, we were led to believe the PPI covered the loan for the full 10 years. What's more we also found out that we are still paying for the priviledge of the PPI even though we were no longer covered. We have attempted to pay off the loan but we had to pay almost all the interest back and an early release fee. Both my husband and I were aware we took out PPI but was not aware we weren't going to be covered for the full 10 years. We do remember seeing a seperate document for this either. I also suspect that if are still paying for it, it has been lumpt in with the loan and we are being charged interest on it too. HELP!!!!!
many thanks Chris

Hi there and welcome.

I also had a loan taken out with Endeavour personal finance in 2004, but it was set up and arranged by a broker.
If you also had a broker, then you write to them to make a reclaim on the PPI, othewise if it were sold and set up directly by Endeavour you write to them.

With Endeavour, if you write to them to request for the insurance policy details they will post them to you by about 14 days.

Depending if you used a broker and if they are still running, then write to them or Endeavour and take if from there.

As you were aware of the PPI, they may possibly write back and state they did not mis sell this to you, but as you do have reasons to make a reclaim I would certainly give it a go, with not knowing this was one of those costly policies where you would be paying for the term of the loan and it only protects you for 5 of those.
Here in this case you have a good reason.

More info with the guidelines of reclaiming here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
Check this out here, this is very helpful, they have 8 weeks in full to respond, keep at them.
If for some reason they try fobbing you off due to the fact they may not have been governed/regulated by GISC where the FSA taken over in Jan 2005, it may be the case of having to go the insurer direction, the Financial ombudsman service (FOS) are only able to investigate complaints covered by these, at the time you taken out the finance with them.

The FOS are also trying to make the insurers responsible, but see what these come back with first and take it from there.

Hope this helps and follow the guidelines on the link above, good luck and please keep us posted.

Di

cjillsley

HI, thanks for the advice. Not looking forward to it but it's worth a try, Chris

di3004

cjillsley wrote: »

HI, thanks for the advice. Not looking forward to it but it's worth a try, Chris

Hi. Your welcome.

You will be fine, keep at them.
Fingers crossed.;)

Di