Barclayloan PPI

dunstonh

I read somewhere that this can, in itself, be enough to win a complaint
If it was non-refundable on a pro-rate basis if repaid early then yes it is.  If was refundable on a pro-rata basis then then single premium is not a valid reason.

Rhothgar

dunstonh said:

I read somewhere that this can, in itself, be enough to win a complaint
If it was non-refundable on a pro-rate basis if repaid early then yes it is.  If was refundable on a pro-rata basis then then single premium is not a valid reason.

Thank you for the prompt response and illuminating response.
How would I know whether it was or was not refundable on a pro-rata basis?  T&C's of original loan or T&C's of insurance scheme itself?
On the last loan, it appears that I was self-employed.  Would I be right in assuming that that would specifically be excluded from a policy?
Under Clause 1, Interpretation of the PPI policy it states, "Unemployed" means, ............... and either being entirely without gainful employment or not working for profit (which, includes, in the case of the self-employed, assisting, managing or the carrying on of any part of the day to day running of the business), and "umeployment" shall be construed accordingly.

Under Clause 2(1), Eligibility
A person shall become insured under this policy if while the policy is in force,
(e) the requisite premium for the full term of the insurance is paid.
So it seems Barclays paid it in full upfront.
Under Clause 10, Refunds and Termination,
(1) If the Termination Date shall occur before the expiry of the Term, then, subject to the Insured Person still being alive at the TD, the Company shall refund a proportion of the premium paid...

It looks like I do not have a strong argument in itself on Clause 10 alone, for the last loan but what about the self-employment.  For some of the other loans, I was a student.
The only other point I would make is that in the Credit Agreement Terms and Conditions it expressly states that "Cancellation by the Borrower of either the "Cash Loan" or "Premium Loan" shall be deemed to be an election to cancel the whole Agreement".

On all of the loans, I was never given a choice to take a loan without it having the PPI policy tied in with it else I would have taken the cheaper more affordable option.