Barclaycard - Optional Payment Protection Insurance

[BugBear4]

Hi,

 

Not sure if I am posting this in the right place.

 

Anyhow, I am in a bit of a bind.

 

I have just been made redundant at work via voluntary redundancy.

 

I have a Barclaycard with Optional Payment Protection Insurance and about £4 K on it.

 

I am in a position to pay off all this debt in one go now, but, since I am out of work, I should really hold on to my money and I guess make use of the insurance on my debt.

 

I have a problem however, I cannot for the life of me find the Policy Documents for it, but I have the letter which came with the Policy Document, and it states:

 

"Involuntary Unemployment cover now extends beyond age 65".

 

Since I volunteered for the redundancy, does this exclude me from involuntary unemployment cover? Maybe there are normally some other provisions for someone in my position.

 

Should I try and obtain a copy of the policy documents from Barclaycard? Is it safe to do so, or will they start scheming and provide what suits them?

 

I guess I sound like a real idiot for loosing the policy documents, I apologise for this.

 

Any advice would be much appreciated. Thanks!

[dx100uk]

they wont pay up any how on vol red.

 

reclaim it under mis-selling rules

 

dont forget the int at their purchase rate + 8% sata too

in for a tidy penny that might well clear the debt for you.

 

dx

[BugBear4]

Thanks DX! I thought that may be the case.

 

Yeah, I thought about claiming. But I am pretty sure that I outright agreed for the optional payment protection, over the phone though.

 

Can I still claim on this sort of basis?

[dx100uk]

yep

 

mis-sold!

 

bc appear to be coughing nicely at the moment

 

see the stickie at the top of this forums homepage

 

notes for claimants

 

dx

[BugBear4]

Well, sounds good to me!

 

I will read up on it!

 

On another note, if I pay back the money I owe them i.e. return my balance to zero. Can I still make claims for the mis-sold PPI?

 

I would rather pay it of now then incur any more interest, plus I guess there is also a possibility of not getting the PPI money back.

 

Also, any idea how long the claiming process generally lasts?

 

Cheers!

[dx100uk]

doesnt matter if you pay it off first

you can reclaim later no diff.

 

can be a couple of weeks to a few months on reclaims

 

depends on the wind

 

one guy on BC forum had it done in 17days!

 

dx

[BugBear4]

Thanks DX. Just one more question, I promise

 

Does a claim procedure like this reflect on your credit rating or puts you on a blacklist of some sort?

 

Cheers!

[dx100uk]

nope

and their is no such thing as a credit blacklist...myth.

 

dx

[BugBear4]

Thanks again DX! Much appreciate the info!

 

I guess I'll come back to this thread after I get clued up on the whole procedure..

[BugBear4]

Hello fellow CAG'ers!

 

Well I have finally settled in to my redundancy now and have some time to get in to this PPI stuff. Been reading up on it for the past few days and have a few questions. Any help would be much appreciated.

 

1) How far back can I claim?

 

I have had PPI on my Barclaycard since 2000 and I just this month settled the whole amount so the balance is back to zero. I'm guessing I should avoid any further transactions on it and cancel my PPI too.

 

2) Do I need to request a SAR?

 

I have all my statements/payments on record since I have had my Barclaycard.

 

3) Is there a template for notifying the Credit Card Co. that I believe I was missold PPI and I wish to claim it back.

 

I have had a look at some of the other cases but am not able to find one. I heard in some other posts that there is a "Template Library". For the life of me, I am not able to locate it on CAG forums though... I'm probably just being a noob.

 

4) Is there any point in using one of these TV solicitor groups?

 

I'm guessing not as its probably a rip off.

 

 

Much thanks!

[dx100uk]

Hello fellow CAG'ers!

 

Well I have finally settled in to my redundancy now and have some time to get in to this PPI stuff. Been reading up on it for the past few days and have a few questions. Any help would be much appreciated.

 

1) How far back can I claim?

 

there is no limit, as far back as the policy goes ... prob when you opened the card?

statute of limitations act sec 32c applies - you only became aware of of it recently because of media press coverage.

 

 

I have had PPI on my Barclaycard since 2000 and I just this month settled the whole amount so the balance is back to zero. I'm guessing I should avoid any further transactions on it and cancel my PPI too.

 

 

they will still charge you PPI PCM until you cancel it.

 

 

2) Do I need to request a SAR?

 

I have all my statements/payments on record since I have had my Barclaycard.

 

no if you have the satements away you go.

 

 

3) Is there a template for notifying the Credit Card Co. that I believe I was missold PPI and I wish to claim it back.

 

see the notes for claimants stickie at the top of the PPI forum

 

I have had a look at some of the other cases but am not able to find one. I heard in some other posts that there is a "Template Library". For the life of me, I am not able to locate it on CAG forums though... I'm probably just being a noob.

 

click on the blue underlined the comsumer forums up the top here and look for templates library.

 

4) Is there any point in using one of these TV solicitor groups?

 

no they take 20-45% of your winnings

 

I'm guessing not as its probably a rip off.

 

 

Much thanks!

 

DON'T forget interest at THEIR PURCHASE RATE compounded monthly ...

FROM THE DATE OF THAT MONTHS PPI TO THE DATE OF YOUR CLAIM..

for EVERY PPI charge listed in every statement.

 

dx

[BugBear4]

Thanks as always DX! Your like my CAG guardian angel!

 

Just wondering, I initially had a 'BarclayCard Gold' (or something like that) but in 2005 this was switched to a 'BarclayCard OnePulse' and all outstanding moneys were transferred to the new card. Does this effect my claim at all, or maybe would this require 2 claims?

 

Much thanks!

[dx100uk]

nope

don't be smoke-screened.

 

dx

[BugBear4]

Thanks DX!

[BugBear4]

That was a tedious mission! But, at least now I know the bank owes me just over 2k in PPI calculated up to June 2010.

 

A few things I noticed while going through my statements:

 

1) PPI seems to have first been added to my account in December 2004. I have no recollection of them asking me about this.

 

2) In September 2006, I received a letter from Barclaycard stating some changes to my PPI policy.

 

3) In September 2008, in the Barclaycard statements, the PPI starts to be noted as "Optional Payment Protection Insurance". I have no recollection of them giving me any "option" or any communication on this.

 

Is this "Optional Payment Protection Insurance" still considered PPI. I guess they are just trying to be clever as people started to claim PPI back.

 

4) Not sure if this is relevant, but my Barclaycard number changed about four times through out the whole time of me having it. Once was a change from 'Gold' to 'OnePulse' and the others were dude to fraud on my account.

 

 

I am wondering on what basis I should claim back my PPI payments.

 

1) Should I say it was originally added to my account without my consent?

 

2) When my card was changed from 'Gold' to 'OnePulse', which seems like it was February-March 2008. I'm pretty sure I recall them aggressively advising me to take out/continue PPI, without them explaining any terms, exclusions etc.

 

I have been looking at the FSA’s rules for selling PPI on here:

 

Rules of selling - How to tell if you've been mis-sold PPI - Your money - Which? Advice

 

It states:

 

• The adviser should have made you aware of any significant policy exclusions and checked whether any of these exclusions applied to you.
  

and

 

If an adviser tried to persuade you to take out PPI by saying something like ‘we strongly recommend that you consider taking out PPI’, the sale has moved from a ‘non-advised’ to an ‘advised’ sale.

If this happened to you and you did not receive a demands and needs statement (see below), then you have grounds for complaint.

There are certain additional requirements on firms and advisers that carry out ‘advised’ sales.

With an advised sale the adviser must assess whether you need PPI, considering your circumstances and any existing insurance you might have. The adviser must also assess whether the policy, including its costs, is right for you.

Meeting your needs

 

If the policy does not meet all your needs, perhaps because of one of the exclusions, the adviser must clearly tell you which of your needs the policy will not meet and must take this into account when considering whether to recommend the policy to you.

For advised sales

 

With advised sales, the adviser must issue a demands and needs statement to show why a particular policy has been recommended and why it is suitable for you.

Firms or advisers giving advised sales must keep records showing that a suitable recommendation was made, and recording any demands and needs that might not have been met.

I'm guessing it may be better in my case to follow the above line of argument with Barclaycard. In other words that:

 

1) Did not make me aware of any exclusions, terms etc.

 

2) Barclaycard staff used the 'We strongly advise" line on me.

 

Of course I am not sure what is the best course of argument to take.

 

Maybe I should go with the 'added without my consent' approach as it seems and as far as I remember, may have happened as of December 2004. But, as I mentioned previously I recall talking to them about PPI when my card was changed from 'Gold' to 'OnePulse' around Feb-March 08.

 

I'm really not sure how to proceed here. Any advice would be much appreciated.

 

Thanks in advance.

[dx100uk]

yep go with prove to me where i gave my consent for this to be charged

 

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/61081-ppi-some-notes-claimants.html

 

helps

as do the other stickies

 

dx

[BugBear4]

Thank you. I'll have a good read.

[BugBear4]

Finally, decided to pull my finger out and get back to this.

 

Just as a side note. Out of interest I called up some PPI Lawyers whom were advertising on tv. Those guys are [problem] artists, 1st they want 25% of the outcome and second they dont know much or at least pretend not too. I asked them how they would calculate the charges, they explained it as it should be, but left out the 8% re: FOS. When I mentioned this, they were like "yeah and that too". Funny people.

 

Anyway, I got my letter sorted now. Just need to finalise the charges. Just wondering how do I go about adding the 8% re: FOS.

 

Should it be 8% on each charge, not compound I guess?

 

Or should it be 8% on the whole amount?

 

Anyway, I am a bit lost with this 8%, any info on how its is calculated would be much appreciated.

[BugBear4]

Nevermind, found my answer right here:

 

you didn't indicate the a/c was closed

 

you can only charge their interest rate for the time they charged that [closure date of the a/c]

 

as for the 8%

 

you need to take that months ppi payment, add interest at their rate for that month only,

 

then use the calculator to add 8% to todays date [claim date]

 

dx

 

Cheers DX!