Capital One and PPI

[bandonbhoy]

Financial Services Authority has fined Capital One £175000 as part of its crack down on the mis-selling of PPI, and attached to their credit card. The bank did not have adequate systems and controls for selling PPI and failed to treat its customers fairly.

From January 2005 to April 2006, Cap One failed to ensure that 50000 customers received important information about the policies they bought, meaning they could not check whether the policies were right for them. Two out of four scripts for sales associates were also potentially misleading. The bank told the FSA thathad since been carrying out a remedial programme with initiatives including compensation for customers who did not receive policy documents, which could cost the bank around £3m.

Margaret Cole director of enforcement in FSA said " this fine and other recet PPI insurance realted enforcment cases show we will crack down where firms fail to treat thier cutsomers fairly in this area.

Last week the OFT had said it had referred the PPI market to the Competition Commission.

All thos with PPI read this abnd act. Contact Reidnet on this site for super extra assistance(Ian apologies for suggesting you, but you are the PPI king in this area)

Jim

[reidnet]

Thanks Jim..lol

Well GE are defending my claim so watch this space..lol

Ian

[reidnet]

[subsys]

Hi all,
I applied for a credit card from capital One through a mail shot on 03 November 2003. When I took out the credit card, I rang for further information about the application procedure and was advised by a Capital One adviser that my application for a card could be refused if I did not also buy a PPI policy therefore I opted in on the application form.
I transferred a balance from another card to the Capital Credit card in Nov/Dec 2003. I believe I have paid over £1200 for the insurance. I do not have copy statements or the original terms and conditions available.
I also had existing medical conditions when I took out the PPI.
Do I have any case for persuing a claim for a refund against Capital One? any advise would be appreciated.

[reidnet]

If you had an excisting Medical condition and they never asked about this, then it is worth complaining about and asking for a refund of all premiums paid along with the interest on those payments.

It may be worth in the first instance submitting a Subject Access Request to them under the Data Protection Act to obtain copies off all your statements, Payments made etc. In your Subject Access Request I would also request all information , application forms etc relating to the PPI Policy.

Good Luck

Ian

[Niklowe]

My daughter has been trying to get Crap one to stop charging her for over a year. I think they deserve a bit off attention.

[reidnet]

Hi Nik,
Since they have recently been fined by the FSA for PPI problems I would not think that you should have a lot of problems cancelling the PPI.
If you qrite to them just remind them that they Have just recently been fined..Often rubbing salt into the wound helps..lol

Good Luck

Ian

[subsys]

Thanks for the advice reidnet.

I have now submitted an Subject Access Request to Capital One. Hopefuly will get a response soon.

[subsys]

Hi all,
Have just received copy's of my statements although the terms and conditions/app forms relating to the PPI are missing. Do I persue these from Capital One? Also is there any spreadsheet I can use to add the PPI amounts paid with compounded interest?

[lormc22]

Hi hope some one can help I have a capital one credit card and have been paying payment protection insurance since 2001 as I was told I would not be allowed the card with out it I have just googeld the ppi to see how I could stop the payment to find out I would not have been covered if had needed it as I am self employed and they new I was self employed when I applied for the card I have telephoned capital one to say why I wished to stop the ppi and they asked why and agreed they will stop it in 3 working days good job I had not needed this protection as I would not have been covered is there any way I can get money paid back for what I have paid in the past

[hellhasnofury]

Originally Posted by subsys

Hi all,
Have just received copy's of my statements although the terms and conditions/app forms relating to the PPI are missing. Do I persue these from Capital One? Also is there any spreadsheet I can use to add the PPI amounts paid with compounded interest?

Hello,

Can I suggest that you start your own thread, you post will get lost on this one

You will find spreadsheets on the bank templates on the front page

.England - Advanced - Excel

This one consists of 3 pages
page 1
your details etc. look down the the left hand corner, click on the tab charges and interest.

page 2 charges and interest. you need the lft hand side put the date of chage , name of the charge- ppi, then the amount paid, it should automatically then give the running balance.

scroll again the the 8% tab in the left hand corner.
page 3 automatically works out the interest at 8% Up in the rt hand corner there is a orange box with todays date and 8%. you can change the interest to any amount you like. perhaps the interest rate they charged you

When you have done this print it off and send them a copy with your prelim letter and see what happens, don't be surprised if they don't respond to your deadlines. If they don't send them your letter before action. You may have to go all the way with this.

I wish you good luck and if you need help ask

[hellhasnofury]

Originally Posted by lormc22

Hi hope some one can help I have a capital one credit card and have been paying payment protection insurance since 2001 as I was told I would not be allowed the card with out it I have just googeld the ppi to see how I could stop the payment to find out I would not have been covered if had needed it as I am self employed and they new I was self employed when I applied for the card I have telephoned capital one to say why I wished to stop the ppi and they asked why and agreed they will stop it in 3 working days good job I had not needed this protection as I would not have been covered is there any way I can get money paid back for what I have paid in the past

Hello Lormc22,

Can I suggest that you start your own thread on the ppi forum, you post will get lost on this one.

the answer to your question in a nutshell is yes.
You have to start the process of reclaiming back the ppi on the grounds that it was mis-sold to you.

not given a choice and not fit for the purpose sold(self-employed)

Maybe send them a Subject Access Request costs £10 to get all the information regarding the account etc. Once you have all the info then get your payments back