Thread: Capital One PPI

I sent a letter to Capital One in May this year.

The PPI was "sold" during a telephone call in October 2005, the Person who sold me the policy didn't mention the affect my Previous medical condition would have on my policy.

They sent me a letter back saying that it has been sold correctly and won't be refunding any premiums.

What should i do now?

Any help would be great

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Any help please

Hi Animal Lover

You should put in a claim for the return of your PPI and interest. Capital One were fined £175,000 recently by the Financial Services Authority, for failing to to ensure that 50,000 customers received important information about the policy including all exclusions although they did receive a policy summary. Affected customers were unable to check what they were covered for or if the policy was right for them.

The FSA's investigation focussed purely on credit card PPI sales. During 2005 Capital One sold approximately 335,000 UK credit card PPI policies.

Capital One failed to send a policy document to more than 50,000 PPI customers between January 2005 and April 2006, although they did receive a policy summary.

I would write a letter based on what the FSA findings were, and also that you had an existing medical condition that would make your PPI cover useless. The date you agreed to the PPI cover from Capital One, is actually between January 2005 and April 2006, so they haven't really a case if you pushed this further. I would ask for all of the payments to be returned and the interest they have charged.

Have a look at the report here:

FSA fines Capital One for PPI sales failures

I'm not very good at writing letters, Can anyone help me that would be great

Hello animal lover,

I have a long thread and have several letters on the subject of SAR PPI and much much more.

Please feel free to browse pick out something that will possibly help you and cobble it together to suit your own details for a claim.

alanalana PPI claim against RBS (looking for some help) please

If there is nothing there you could use, then there are template letters in the stickies at the head of the forum and a multitude of other threads with letters to plough through. it just takes a bit of time.

Good luck

aa

I've done a letter to send to Capital One and was hoping that someone could look at it and let me know what you think before i send it, Thanks

Dear Sir/Madam

RE: xxxx xxxx xxxx xxxx

I refer to your letter dated 6th May 2008, regarding my complaint that the Payment Protection Insurance for my Credit Card was mis-sold due to the fact that the person who sold me the insurance didn't inform me of the effect that my exsisting medical condition would have on the policy, which was taken out in October 2005.

I now refer to a statement made by The Financial Services Authority on the 15th February 2007,


The FSA found that as a result of its inadequate systems and controls:

• Capital One failed to send a policy document to more than 50,000 PPI customers between January 2005 and April 2006, although they did receive a policy summary;
• two out of four script options used by its sales associates did not ask the customer for consent explicitly to receive only limited information over the telephone;
• the scripts did not ensure adequate disclosure in enough cases of policy features and benefits and policy exclusions and limitations;
• Capital One failed to provide customers who purchased PPI other than by telephone with the policy document prior to the conclusion of the contract; and
• its compliance monitoring of telephone sales of PPI was not sufficiently effective.

I once again ask that you refund all premiums, and subsequent interest on these payments, that i have paid to date. As i believe i have been deprived of this money i also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and promp response to this letter and for the matter to be concluded within eight weeks or i shall be contacting the Financial Ombudsman to investigate my complaint

Yours faithfully

animal_lover

hello animal lover,

are you ok if i copy and tweak this letter for you?

aa

yeah no probs, do whatever you want with it

Thanks

hello animal lover (Oh I have a faithful dog - Megan at my feet as I post)

I have changed a bit hope you are ok with that? Please check it against your version before you make a decision to post. After all you are signing it!!

Dear Sir/Madam

RE: xxxx xxxx xxxx xxxx

I refer to your letter dated 6th May 2008, regarding my complaint that the Payment Protection Insurance for my Credit Card was mis-sold to me. This is due to the fact that the advisor who sold me the insurance failed toinform me that any Pre Existing Medical condition could seriously affect my ability to make a valid claim on the policy. This PPI was taken out in October 2005 and I am as yet to receive a full copy of the policy document.

I now refer to a statement made by The Financial Services Authority on the 15th February 2007.

The FSA found that as a result of its inadequate systems and controls:
Capital One failed to send a policy document to more than 50,000 PPI customers between January 2005 and April 2006, although they did receive a policy summary;
Two out of four script options used by its sales associates did not ask the customer for consent explicitly to receive only limited information over the telephone;
The scripts did not ensure adequate disclosure in enough cases of policy features and benefits and policy exclusions and limitations;
Capital One failed to provide customers who purchased PPI other than by telephone with the policy document prior to the conclusion of the contract; and
It’s compliance monitoring of telephone sales of PPI was not sufficiently effective.

I now require you to refund all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also require 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to submit a very serious formal complaint about this matter

Yours faithfully

animal_lover

Thats great thanks, i'm no good at writing letters especially for things like this
Thank you

hello animal lover,

you are welcome good luck.;-)

aa

Dear Sir/Madam

RE: xxxx xxxx xxxx xxxx

I refer to your letter dated 6th May 2008, regarding my complaint that the Payment Protection Insurance for my Credit Card was mis-sold to me. This is due to the fact that the advisor who sold me the insurance failed to inform me that any Pre Existing Medical condition could seriously affect my ability to make a valid claim on the policy. This PPI was taken out in October 2005 and I am as yet to receive a full copy of the policy document.

I now refer to a statement made by The Financial Services Authority on the 15th February 2007.

The FSA found that as a result of its inadequate systems and controls:

Capital One failed to send a policy document to more than 50,000 PPI customers between January 2005 and April 2006, although they did receive a policy summary;

Two out of four script options used by its sales associates did not ask the customer for consent explicitly to receive only limited information over the telephone;

The scripts did not ensure adequate disclosure in enough cases of policy features and benefits and policy exclusions and limitations;

Capital One failed to provide customers who purchased PPI other than by telephone with the policy document prior to the conclusion of the contract; and

It’s compliance monitoring of telephone sales of PPI was not sufficiently effective. Capital One was in breach of the FSA's Principles for Businesses 3 and 6:

Principle 3: A firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems.

Principle 6: A firm must pay due regard to the interests of its customers and treat them fairly.

Therefore, as the PPI sold to me was in Oct 2005, I believe that the monitoring of telephone sales of PPI was not sufficiently effective, and i was mis sold this expensive insurance. I now require you to refund all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also require 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to submit a very serious formal complaint about this matter

Yours faithfully

animal lover

I have added a little extra that will help in pushing this forward. The dates are important to your case. Let us know how you get on.

Uk

Thanks uk, i'm sending it off today

I've recieved a reply to the above letter i sent to Capital One and they have just sent me the same letter that they sent the last time. That they won't refund any premiums and that it was sold correctly

Next stage now is to file a court claim against them. This is the only way they will sit up and take notice. You must be prepared for a fight though, as Capital One will probably defend and turn up, depending on how much the claim is for.

ok, I've already started a court claim for my charges. The amount will be less than £50 depending on the interest.

Is there a POC for PPI

Thanks

The interest added would be your APR they charge you every month.

There is a POC here:

PPI: Particulars of Claim - Consumer Wiki

Adapt to your own situation. .

Uk

Thanks again, I'll have a look at it
Thanks