One thing come to mind is the type of heat-sink. Without knowing what you have it is difficult to tell. I have the Jaycar version and found they work well.
There is a few other thing but all require knowing how you have the configuration.
Possible resolution with your current heat-sink is reduce the voltage until you have an equilibrium established. I sound as though your heat-sink does not have good thermal properties for the peltier device.
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