Barclays, but was it PPI

Geordietoon

Hi. I recently paid my final installment on a 25 yr Barclays Home Loan (ended up being called Woolwich Mortgage)..hurrah. It was during a discussion with my other half that we remembered, 20 odd years ago, cancelling part of the policy. I distinctly remember being persuaded by a guy at Barclays ( I know his name) to take out some sort of protection 'just in case you are made redundant'. Younger readers of this won't know that in the late 1970s - 80s, there was a real fear of people losing their jobs and getting into serious debt. It struck the fear of life into the two of us...we were young, new to full time employment after leaving Uni and were on the point of getting married. Anyway, everything went ahead...but...I remember the day when things were really tight financially, that we looked at our bills. By now, we'd been in work for a while, things looked more secure...and we spotted a hefty chunk that was being taken out of our account monthly. It was the policy to help us pay the mortgage. We cancelled it.
So...long story short...I can't remember how long we paid for the policy, I no longer have the paperwork...but...do you think this will have been PPI. I have written to Barclays but they have sent me a letter saying it was not in our application for a mortgage.
But I know we paid something. Please does anyone know if this would be PPI...or is it PPI by another name. Any suggestions gratefully received.

Nasqueron

Did you buy direct from Barclays in a Barclays branch or via a broker?

dunstonh

Younger readers of this won't know that in the late 1970s - 80s, there was a real fear of people losing their jobs and getting into serious debt

I remember the 80s and 90s and the fear then still exists today. Indeed, many who thought they were in protected jobs have found themselves being made redundant during the credit crunch and after. Things dont really change.

It struck the fear of life into the two of us...we were young, new to full time employment after leaving Uni and were on the point of getting married.

So, it sounds like you had a financial need as well as a willingness to have that sort of cover.

So...long story short...I can't remember how long we paid for the policy, I no longer have the paperwork...but...do you think this will have been PPI.

Almost certainly was.

I have written to Barclays but they have sent me a letter saying it was not in our application for a mortgage.

It wouldnt have been unless you bought it post sale (standalone) or via a broker

But I know we paid something. Please does anyone know if this would be PPI...or is it PPI by another name.

Doesnt matter what it is called. The sale appears to have been suitable. Or are you just trying it on?

Geordietoon

It was done in branch. I remember sitting at thew guys desk, he took us through all of the payment details for the mortgage....but then said...'Now, what happens if you or your wife are made redundant.' Bearing in mind we were a young couple, it made us really nervous, so we went with it.

Geordietoon

Should have mentioned that he was a Barclays employee and it was all done at the same time as us signing-up for the mortgage.

Geordietoon

Hi Dunstonh....thanks for taking the time to reply. Much appreciated.