Endeavour Finance PPI Claims: Understanding Your Rights

Payment Protection Insurance (PPI) was widely sold alongside loans, credit cards, and mortgages. Many people were mis-sold this insurance, potentially entitling them to a refund. If you had a loan or credit agreement with Endeavour Finance that included PPI, you might be eligible to make a claim.

What is PPI and Why Was It Mis-sold?

PPI was designed to cover your repayments if you became ill, unemployed, or had an accident. However, it was often mis-sold in several ways:

• Lack of Awareness: Customers weren’t always aware they were being sold PPI.
• Ineligible Customers: The policy was sold to people who were self-employed, retired, or had pre-existing medical conditions that rendered the policy useless to them.
• Pressure Sales Tactics: Sales staff pressured customers into taking out PPI, sometimes stating that it was compulsory for loan approval.
• Lack of Explanation: Customers weren’t properly informed about the terms and conditions, exclusions, or alternative, cheaper options.
• Commission Incentives: High commission rates incentivized sales staff to prioritize selling PPI, even when it wasn’t suitable for the customer.

How to Check if You Had PPI with Endeavour Finance

Even if you’re unsure, it’s worth investigating. Look for these clues in your old paperwork:

• Loan agreements or credit card statements mentioning PPI, Payment Protection, or similar terms.
• Letters or documentation from Endeavour Finance referencing insurance.
• Direct debit payments to Endeavour Finance for an amount higher than your loan or credit card repayment, potentially indicating a PPI charge.

Making a PPI Claim Against Endeavour Finance

Unfortunately, the official deadline for making a PPI claim through the Financial Ombudsman Service (FOS) has passed. However, there’s still a possibility of claiming if you can prove that you only became aware of the mis-selling after the deadline. This is known as “Concealed Facts” and is more difficult to pursue.

Steps to Take:

1. Gather Evidence: Collect any documentation related to your loan or credit agreement with Endeavour Finance.
2. Contact Endeavour Finance (or their Administrator): Attempt to contact them directly to inquire about PPI on your account. Be aware that many finance companies have been acquired or gone out of business. Research which company now manages their debts.
3. Consider Professional Help: If you’re unsure how to proceed or feel overwhelmed, consider using a Claims Management Company (CMC). They will investigate your case and handle the claim on your behalf, usually charging a percentage of any successful refund. Be sure to carefully research and compare CMCs, as fees and services vary.
4. “Concealed Facts” Claim (If Applicable): If you discovered the mis-selling after the deadline, gather evidence proving when and how you became aware of it. This will be crucial for your claim.

Important Considerations

• Time is of the Essence: While the official deadline has passed, don’t delay investigating your options, especially if you believe you have a “Concealed Facts” case.
• Be Honest: Provide accurate information throughout the claims process.
• Understand Fees: If using a CMC, carefully review their fees and terms of service.

While claiming for mis-sold PPI can seem daunting, understanding your rights and taking the necessary steps can potentially result in a substantial refund.