why only some PPI ?

[hmmm]

Hello everyone
I have a little issue thats been bothering me to the point i felt the need to come here and ask the question in the hope of answers...

some years ago in 2001 i had a serious accident that put me out of work for sometime.I had a loan from a building society and had PPI on this loan. I was told that my payments would be protected by taking the PPI out if such a thing happened. SO. i had this mishap and i rang the hotline and told my story and was told yes it was all good and they would sort it.

Now the problem i have is that the PPI did not cover the full amount of my loan each month and was about £30 down. this was a big problem as i had no savings and could not cover the £30 which in turn put me overdrawn in my account when led to charges which led to more charges and so on..

I was not and im still not over joyed by this.

iI feel let down ,lied to and really taken advantage of ,at a time of need .

I took PPI out in good faith and trusted what i was told.

the question is what can i do about this.

i know its sometime but i feel ive been wronged and time should not be the issue

many thanks hmmm

[di30]

Re: why only some PPI ?

Hi and welcome

When they sold you the loan, they should have sold PPI to protect you in full of the loan repayments each month, so yes I would definately raise this up with them, and say you were still out of pocket trying to find the remaining amount each month, as they sold you a cover that did not fully protect the full monthly repayment.

Is the loan still active or settled?

[hmmm]

Re: why only some PPI ?

hi thank yo for your reply.

the loan has not been paid. i had court summons and charges, bailiff charges , bank charges all because of this. i went into the bank many times and they told me there was nothing they could do and that i had to pay. ive paid more than the original loan in charges alone.Another issue i have is it was the woolwich that dont trade anymore. so im unsure if i can do anything about it.

i still get a debt agency asking me for the remainder of the outstanding loan

[des8]

Re: why only some PPI ?

Hi,
Woolwich were taken over by Barclays, and they are now responsible for Woolwich matters.

Regarding the shortfall in your monthly payments this could depend on the sort of cover you had. I think (and I'm not certain of this but will have to research it) some policies only covered the interest and not capital repayments. Other policies are split benefit (two beneficiaries) where the benefit is split between the beneficiaries in a particular ratio (normally relates to income)
Before commenting further it would be good to see the policy wording & proposal. If you still have copies of these could you post them, first deleting all policy numbers and personal identification.
Thanks

[hmmm]

Re: why only some PPI ?

Hi,
Woolwich were taken over by Barclays, and they are now responsible for Woolwich matters.

Regarding the shortfall in your monthly payments this could depend on the sort of cover you had. I think (and I'm not certain of this but will have to research it) some policies only covered the interest and not capital repayments. Other policies are split benefit (two beneficiaries) where the benefit is split between the beneficiaries in a particular ratio (normally relates to income)
Before commenting further it would be good to see the policy wording & proposal. If you still have copies of these could you post them, first deleting all policy numbers and personal identification.
Thanks

thank you for your reply.

here lies another problem. i dont have any copies of anything at all. i wouldnt know where to start. would Barclays have this information?

all i have regarding anything to do with it is the debt companies letters regarding the outstanding balance

[des8]

Re: why only some PPI ?

hmmm, yes a problem.
Barclays should have the relevant papers, if the loan was still alive when they took over the Woolwich. The only way is to ask them.
You will have to assist them as much as possible with dates and reference numbers, but these firms are adept at not being able to trace documentation.
The £30 shortfall could also be because the way the PPI premium was charged. Most usually added as a lump sum to the loan, but sometimes calculated monthly on the outstanding balance and charged monthly. 1% monthly on a loan of £3000 will be £30, and that would not be covered by the insurance, but would have to be paid separately each month.
I assume the loan was with the Woolwich, whilst you banked elsewhere.Is your bank account now clear, or are there still problems there?
You say you are being chased by debt Collectors for the outstanding loan. There are people on this site who can advise you better than I about debt collectors, and I'm hoping they will be along to advise you on that matter