Thread: PPI- flogging a dead horse

hi
Hi Forum CAG members.

Background
I signed an application for a credit card in May 2003. Section 8 of the application advised that “N****W*** recommends that all consumers of credit protect their payments from unemployment”. And it gave a little box to tick. I ticked the box without understanding or being given further information on what this meant.

I was granted the credit card and have been using it since 2003. No problems

In June this year 2008 I was made unemployed. I checked my financial situation in order to budget accordingly. I queried a monthly payment on my CC statement and was told I was paying insurance in case I became unemployed. Bingo thinks me….to soon. I made a claim and realised that I had been flogging a dead horse.

The PPI exemption clauses meant that I would never be able to make a successful claim.
I was sold it when I had an existing chronic illness that would never get better. Plus I was sold unemployment benefit whilst I was still a student and not in secure employment. They may as well have sold a pair of shoes to an amputee!! I feel really aggrieved that I have unknowingly been paying monthly payment at 6% of the loan for an insurance that is useless to me because I will never met the criteria.

UPDATE
I read the thread on this forum and did some research on the fos site. It appears that if I did not have the full information at the time of signing the policy I was mis-sold. No one from the CC company asked my about a medical condition or my employment history. They just approved the CC with a 2000 quid limit!!

I wrote to the CC company and explained this and argued I argued that I had been mis-sold a policy that was useless to my needs. They disagreed and said the standard procedure would be to send me leaflets and information at the time my application was accepted. (it was a postal application) I don’t remember receiving these so called leaflets!!

I have just requested a SAR request so I can see the original paperwork.

I have also sent a letter detailing my complaint on the grounds that
A) I had been diagnosed with a chronic disease but still sold the policy and no one had asked me any medical questions. Nor did they make the exemptions clear.
b) I was not employed on a permanent employment contract at the time of the sale of the policy and I disclosed I was a student on the application. Thus, I was mislead.

The only reason I can think off that I would need payment protection would be
a) if i became unemployed and unable to pay
b) if i became sick and unable to pay
Every exemption clause meant that |I would never be able to claim against any of the catasphoric events...making the whole PPI useless and an expensive [problem]!!


What should I do about this situation??? Any advice is welcome.

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oh...and when I made the claim to the insurance company which is different to my credit card company. The CC wrote to me to tell me that because I was no longer employed they were suspending my credit card and I could no longer use it!!

This mean the insurance company shared my data with the CC company...Is this allowed?? Under the data protection act??

Hi Thanks for your replies.

I have just organised all the paperwork from the Insurers and the CC company.
I did not receive a copy of the policy until July this year..which is strange since I have been paying for PPI since 2003.
The policy clearly states that to be eligible I need to be in full-time employment under a contract. I was a student at this time but I did work flexible hours on the Bank, which is not a permanent contract you only get work when regular staff are on leave or sick.

Plus I would never have been able to claim if I was sick because I have a chronic illness. I would probably find it very difficult to claim I was dead!! (scuse the pun). As I will probably die as a result of the chronic illness!!

However, I think the CC company may have covered themselves. The policy says..."to discuss requirements please contact P****** Insurance...blah blah blah"...."N******** credit card company has not provided you with any recommendation or advice about whether this product fulfills your needs". This means that they put the onus on me to contact the insurers to see if it meets my needs.
I anticipate that this is what will be in the reply to my recent letter from the CC company. That it was up to me to see if it met my needs and that they sent the leaflets at the time I signed the agreement. Its gonna be difficult to prove that I did not receive these leaflets in 2003 and I have only just set eyes on them this year.

Still If I had seen this leaflet in 2003 I am sure I would have sussed out that it was a useless policy!!

I have written to the CC company and again pointed out that the policy was useless and pointed out that they did not ask me about my employment history. Should I copy the same letter to the insurance company.?
I suspect that the CC company will pass the blame to the Insurance company and visa versa...they did this when I telephoned to ask for a copy of the policy ...it took 3 days of ping pong phone calls to find out who held the policy details!

As for the data protection issue. They have sent a leaflet that says they will share my data with other organisations were they have sold their product. (they only sent this because I requested a SAR) So I guess that is why the insurance company told the CC that I had been made unemployed. This annoys me because they canceled my CC under the assumption that I will not be able to afford the repayments...They haven't asked about my partners income...which will cover the repayments! Just assumed we are skint and shared sensitive personal information..

Oh well...I am feeling pretty annoyed that you can pay for a service that is useless....I may as well have thrown the money down the drain.....

Beachlover

You give permission for your data to be shared with third parties under the agreement.But your permission allowing them to do so ends along with any agreement.

Thanks for your reply Martin,
I think that the insurance company were allowed to share the personal information with the CC company because, to this date I am still paying for the PPI and I still have a credit card agreement with their affiliated company.

I am in the process of writing a response to the CC company and the Insurance company state ting my reasons for the mis-selling. This will include my cancellation of the PPI...Thus I expect no further data should be shared!!

Just quick note to let you know how my claim came along.

I had a reply from the CC company on the 15th August. They sent me a copy of the original agreement and rejected my claim. They said that I was not misold because I had ticked a little box agreeing to payment protection Insurance. It appears I did tick the box. So I thought that's that.....I was a fool and it serves me right for not reading the small print.

However upon closer inspection of this copy original application i put my employment down as a student. This means that although I had ticked the box I was unemployed at the time. (it was a postal application so I did not speak to anyone at the CC company). Thus my argument was that I could not have been fully informed about the PPI. Thus I was disputing the circumstances in which the policy was sold. In particular the wording on the form advised you to take out PPI and at no time did the CC company check to see if the policy was fit for purpose. It clearly wasn't because I was a student...you cant sell unemployment cover to a student who is not employed!! I wrote back to them and pointed this out saying that if I was a student then I did not need unemployment cover. I accused them of not making any attempt to see if the policy was fit for purpose. I quoted The Code of the General Insurance Standards Council which requires the seller to ensure as far as possible that the policy proposed is suitable to the needs of the prospective policyholder.
I sent the letter and did a SAR request and at the same time. I thought that if I could have all my data I could give it closer scrutiny and see just how I was conned into ticking the little box.

Anyway this morning the CC company have written back....they have outlined my arguments and agree that I was misold.....whoopppeeee
They have offered me a refund plus 8%

So I guess the lesson to be learnt is don't be fobbed off the first time....ask for your data if you believe you have been misold....and give the data a closer inspection......then write back to the company using very strong arguments....and do your research!!

Thanks to all CAG members.....With your help I have managed to successfully fight the capitalist machine!! Karl Marx would have been proud...

Beachlover...feeling happy
PS I still have not received my data from the SAR request...Do you think I need to see all my previous CC statements to see if the amount they have offered me equates to the amount Ive actually paid out on the useless insurance policy?
They want a reply in 14 days or they will remove the offer!

Can any one direct me to some help with working out how much I will get paid.
The payments were not the same every month...I mean they fluctuated depending on how much I owed on the CC.
The letter says "we are offering 8% statuary intrest to be added to the amount we are offering you. This will be calculated from the date the PPI payments were charged to your credit card to the date we recieve your signed acceptance of our offer" What does this mean??? Does this mean a basic 8% or do they mean 8% per year...or per month??

I can work out 8% of the final total...i am just not sure what they mean or how they will work out the percent!

I feeling a bit suspitious about this offer ...now that the euphoria has worn off...

Why have they agreed to settle so quickly....others in the forum have been fighting for months??

They have offered £518.42 plus 8% Trouble is I have no way of knowing if this ammount reflects the actual amout I have paid since 2003. The premiums were calculated on the monthy outstanding balance and different each month...but I don't know at what percent. I have'nt got statements that go back that far to do the sums

They have included a nice little pre-typed acceptance letter for me to send back to them...why should they do this....its like they are in a hurry to get me to accept?

MMMM maybe its just me being silly and cynical...but why do I get the feeling this was a little to easy??

Thanks AA for your suportive words.,.
I did request a SAR But i still wait its arrival... they have cashed my 10 quid check..but the offer appears to be have made before I have the data bundle??
I also requested a CCA and paid the £1 pound fee but so far I have not had a copy of my original CCA and THEY sent the check £1 back to my bank??
MMMM???
i am wondering more and more about this...it just seems a little bit to easy