Barclays Masterloan with PPI + Life cover

ROSEARCARNA

Good afternoon all,

I am disputing a rejected complaint with Barclays in relation to a Masterloan taken out in 1991.
I have all the original paperwork - the credit agreement which shows a "Premium Loan" added onto my loan of £232.54 + charge for credit of £55.94 Total £288.48, plus a letter from the insurance company - Financial Insurance Group - advising that the policy was cancelled in 1993 as the loan had been repaid.
The premium that I paid was sold to me as compulsory to get the loan.
The wording on the credit Agreement states - " Your Masterloan is in two parts. The Premium loan is to finance the payment of a single premium to purchase Life, Accident, Sickness and Unemployment Insurance Cover"
Obviously, Barclays had no data held due to the age of the loan, so upon receiving their letter advising me of this, I sent copies of my paperwork off to Barclays.
Today I received a letter from Barclays rejecting my complaint. I called the helpline and after a long conversation with a very helpful Chap, was told that my case would be re-opened - however the dispute was with the "Life" cover part of the Premium loan. It was explained to me that Life cover was not PPI.

My question is - As Masterloan bundled the whole cover to include Life cover along with the Accident, Sickness and Unemployment cover - does this mean I cannot complain about being mis-sold?
I have looked at the Barclaycard website this morning and it clearly states that "You may have been offered payment protection insurance (PPI) when you took out a loan, mortgage, overdraft, credit card or store card. It was designed to cover payments if you were unable to because of an accident, sickness, involuntary unemployment or your death."
Any comments would be gratefully received - Thank you.

brettcta

I think you might have to bite the billet on this one. If they’re stating that you’ve bought life cover and not PPI, then that’s game over.

SonOf

It was explained to me that Life cover was not PPI.

That is correct.

My question is - As Masterloan bundled the whole cover to include Life cover along with the Accident, Sickness and Unemployment cover - does this mean I cannot complain about being mis-sold?

I believe you could select life only on those or ASU or both. If it was life only then its not PPI. If it was combined then only the PPI bit applies.

ROSEARCARNA

Hi Son Of,
Many thanks for your reply - it was combined policy. I'll go back to them to complain about the ASU part of the policy and see what response I get.

Kind regards,
Rosercarna