PPI continued to be taken after the end of loan

Billyk

Hi
I took out a loan with Sainsburys Bank in 2003 for 3 years. The loan was paid off and ended in 2006 as according to the terms and condition of the loan.
I took out PPI separately with Ambicle as it was a cheaper option. The form i originally completed on line asked for the term of the loan (3 years) and how much the loan was for. It then calculated how much the insurance would cost me.
I assumed at the end of the loan the insurance would also cease as it was only taken to cover the repayments............It didnt.
I am terrible in checking my bank account and only realised recently that the money for the PPI was still being taken.
I contacted Ambicle but they have been taken over by Assurant Solutions. They have stopped the payments coming from my account and have emailed me to state if i can prove i paid off the loan, they will the LOOK INTO paying me my money back!!!!

Any advice with this would be appreciated as they have continued to take loan insurance payments for 6 years after the loan was paid.

Many thanks

dilus

Billyk wrote: »

Hi
I took out a loan with Sainsburys Bank in 2003 for 3 years. The loan was paid off and ended in 2006 as according to the terms and condition of the loan.
I took out PPI separately with Ambicle as it was a cheaper option. The form i originally completed on line asked for the term of the loan (3 years) and how much the loan was for. It then calculated how much the insurance would cost me.
I assumed at the end of the loan the insurance would also cease as it was only taken to cover the repayments............It didnt.
I am terrible in checking my bank account and only realised recently that the money for the PPI was still being taken.
I contacted Ambicle but they have been taken over by Assurant Solutions. They have stopped the payments coming from my account and have emailed me to state if i can prove i paid off the loan, they will the LOOK INTO paying me my money back!!!!

Any advice with this would be appreciated as they have continued to take loan insurance payments for 6 years after the loan was paid.

Many thanks

I'm sorry Billyk but that is a "classic":( I have heard it all now
Can you prove you paid the loan in full, I hope you can as that is incredible. Get your money back somehow. It might be worth contacting your bank and asking if they can supply proof of paying it off in full or even doing a free credit check with Experian or such like, it might show up on there

dunstonh

I assumed at the end of the loan the insurance would also cease as it was only taken to cover the repayments............It didnt.

Making an assumption was a bad idea. Standalone PPI is not linked to a product. So, whether you had the loan or not was irrelevant to the PPI.

I contacted Ambicle but they have been taken over by Assurant Solutions. They have stopped the payments coming from my account and have emailed me to state if i can prove i paid off the loan, they will the LOOK INTO paying me my money back!!!!

Thats a bit of a result because they dont have to and it would be easy for them to stick to point that it was your own fault and they would have provided cover.

It is quite a fair response and it is not uncommon to ask you for proof to back up what you are saying. So, ask the lender for the date the loan was repaid.

Billyk

Thanks for the comments.

yes i do have proof i paid for the loan in full, so i will send it to them.

Billyk

OMG Received a cheque today for almost £450. Only had to send 1 letter in and a copy of my credit report which had my loan details on. Thanks