Fixed Term Contract and PPI reclaim

mikeP_2

Hi, first time on here.

Basically i'm writing to reclaim my PPI, and the bank has requested that i give a stone found reason for my believing the PPI was missold. I have already told them that i believed that ii was missold this by the seller telling me that the final amount came to 4k less than the actual amount (they told me the figure of the loan + interest without the PPI). Anyway, my point is this.

When i took out the loan i was asked if i was working full time, i said yes as i was working on two contracts, although no questions regarding contracts etc came into the conversation. These contracts were fixed term. Both ended, and i found another job on another fixed term contract, this ended suring the recssion and i was out of employment. I tried to claim on the PPI, and it was refused on the basis that fixed term contracts do not count.

Now my main point of claim, is that when i took out the loan, i was on fixed term contracts, therefore making the PPI null and void from day one in my understanding?

Any advice would be much appreciated.

Mike

Premier_2

mikeP wrote: »

...Now my main point of claim, is that when i took out the loan, i was on fixed term contracts, therefore making the PPI null and void from day one in my understanding?

Any advice would be much appreciated.

Mike

Not necessarily. PPI covers more than losing your job.
All that is usually excluded is unemployment due to you coming to the end of a fixed term contract.

mikeP_2

true, but surely if the the policy states that due to end of a fixed term contract, I can't claim, then the PPI was missold as it was not appropriate to my curcumstances at the time of taking the loan out?

mikeP_2

id just like to add, im not going out for a nice tasty cheque, all im asking is that they refund the PPI cost into my loan account, reducing the amount i need to pay back. I cancelled the PPI in July and recieved a measly £300 credit in to said account. I am now paying for just the PPI in effect. Ive already paid the full amount of loan and interest.