PPI query on a Barclays Graduate Loan - bit of an odd situation

badger25

I took out a graduate loan back in October 2005 for a term of 87 months (which includes 3 months repayment holiday). I signed up for PPI as I thought it would aid my loan application (I already had substantial debt) and also I was about to commence a job where I would lose my job if I failed my accountancy exams (this is mentioned in an enclosed document which came with my contract and says that document was enclosed) and was swayed to take it because I was told it would cover me (although not in writing I didn't want to be paying just over £3k inc interest and needed to be given a good reason). At the point I took the loan I had the contract but it states I was not due to start until December 2005.

My questions are:
1) The unemployment reason I had is not mentioned and I don't think I would have actually been covered had I failed exams and had my contract terminated.
2) This exam period (and hence main unemployment potential period) finished just under 2 years ago but I have only just found the agreement and started to think I was missold - is this too late? (my view would be no as those conditions existed at the outset) I have looked in the PPI guide but there is no reference to exam based employment conditions.
3) Would a lender like Barclays withdraw any other facilities that I have with them if they lost out to "get me back" so to speak?

Their PPI documentation is quite substantial so I knew I was taking out PPI from a legal perspective but given I needed the money and the exam situation I did not give it much thought. Do you think it is worth me making a claim?

Thanks in advance for any help.

marshallka

I doubt it would have covered you if you lost your job as it was most probably (as they would look at it) something you knew could happen.......although you could say the same about "knowing you could lose your job through ordinary redundancy which is also a risk". I hope someone one else comes along to post on this one also.

Good luck

amersall

Agree with marshalka and For what it is worth, you were in effect "unemployed" when you took out this loan, so you would not have been paid out on this part of the ppi anyway.You were "told" that it would cover "you".In my opinion you could put a letter in for mis sell for the above reason but also take a look at this
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
and see if anything else is a reason for your case. Barclays cannot treat you any differently than they do now just because you put a claim in. Write a letter and put you believe you were mis sold this ppi (because) and you would like a refund of ppi paid to date with interest and the loan restating.
If you feel ok doing this, then if i were you i would give it a go.You have nothing to lose.
That is my opinion. x