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I am just getting to grips with the concept of reclaiming PPI, and having calculated what I have paid to various companies, it is all a bit confusing. I have read various cases and stickies so understand the basic processes involved but have some questions which those who have experience may be able to help with.
My PPI payments are being paid (or have been paid in the recent past) on Credit Card balances. In the last five years or so I have had cards with the following which have been subject to PPI.
Capital One - Purchase Protection Insurace - is this the same thing?
Associates (now Citi) Card - varying balances but was never knowingly 'sold' PPI, it was just applied to the balance each month.
Citi Card - very small balance, but payments made over several years - no replacement card sent after Citi acquired the Associates card (above). Still get a statement each month though.
Providian (later Monument) and now Barclaycard - this was set up over the phone - I needed a CC to hire a car abroad and with a less than perfect history it was about the only one available. I actually remember being told that the payment protection (which appears on statements as Payment Break Plan?) was mandatory.
There is no question of my having received sufficient information at the time to have known whether I actually 'needed' PPI, but reading things now, I seem to have been paying under a misapprehension that I had to have it in order to be accepted for the card in at least one case.
Now as I say, the process looks straightforward enough, but I have read that one or two of the above will prove particularly difficult. I have had no argument with any of the companies themselves (although have had to accept that the high rate of interest on a couple are the price to pay for misdemeanours in the past), and wonder whether if I chase the PPI issue I will find credit limits cut, cards withdrawn or outstanding balances called in? I still use the cards and wouldn't want to lose that option ideally. Initially I intend to write and cancel the Insurance with each company and ask for copies of the T&Cs relating to each. I will then plan which to go after first and take it from there.
Capital One - interesting - what did the policy cover, and had you got household cover that would have done the job anyway?
The others look to be straight-forward PPI and should not have been compulsory.
As far as the last question goes - that is impossible to say. However, the fos will look dimly on retaliatory action, as they have done where banks have closed the accounts of bank charge claimants.
Having said that, if you are keeping within the terms of a credit agreement, then the creditor cannot just call in the loan. The position of a credit limit is not so clear cut.
Alan, Derby, UK.
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Thanks Alan. I have no information as to what the policy covers and what it doesn't, but yes I am already covered for many things. I have a particularly good Permanent Health Insurance scheme at work which covers me on full salary for (I think) up to 18 months, and the normal death in service etc.
My mistake with the cap one - it is on the statement as Payment Protection not Purchase Protection, so it is the same as everything else.
Think I will proceed with one and see where it leads before I tackle the others - Citi probably as I don't use that one. It was taken out as an Associates card. Must have paid several hundred out in total on that one alone, and was definitely never given an opt-out.
Advice for a PPI Newbie Please?
, and having calculated what I have paid to various companies, it is all a bit confusing. I have read various cases and stickies so understand the basic processes involved but have some questions which those who have experience may be able to help with.
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