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Barclayloan
robkeep
Posts: 4 Newbie
I'd be grateful for some advice. We took out a secured loan with Barclaycard in feb 2007. We were told that if we took out payment protection that after 5 years we could claim back the money we had paid, and that there would be enough to pay off the bulk of the loan, a sort of endowment policy with benefits.
In Feb this year we claimed the refund, but we only got back the cost of the insurance policy, which itself only lasted 5 years. Also we discovered that although we got back the refund for the premium paid, that the cover had now stopped, yet the policy costs were over the whole period of the loan. I.E the loan was for 144 months so the insurance cover for 5 years was split over the 144 months - so we are still paying for the premium, and will be for years to come, but with no cover. Perhaps we were a little niave with this;we will have paid over the term £5,400 ish more than we got back?
has anyone else experienced this?
cheers - Rob
In Feb this year we claimed the refund, but we only got back the cost of the insurance policy, which itself only lasted 5 years. Also we discovered that although we got back the refund for the premium paid, that the cover had now stopped, yet the policy costs were over the whole period of the loan. I.E the loan was for 144 months so the insurance cover for 5 years was split over the 144 months - so we are still paying for the premium, and will be for years to come, but with no cover. Perhaps we were a little niave with this;we will have paid over the term £5,400 ish more than we got back?
has anyone else experienced this?
cheers - Rob
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