PPI on a credit card?
Discussion
Right, whilst I know some of you will be turning your noses up as PPI is often not-mis-sold but still claimed back for, I am on your side. I mean, what idiot would sign all those documents for a credit card / loan without reading all the details?
Me, apparently.
I started paying back a credit card I had which had run up a grand over the course of 3 and a half years. I don't usually look at statements - only the minimum repayment part.
I made lots of financial mistakes when I was younger and one of them was running this card up - however I always paid the minimum fee every month and never at any stage was I 'bankrupt'.
I started paying it off just 3 months ago and I've already fought it down to £336, so I'm about 2 thirds the way there!
But on looking at my last statement to see what the balance was I saw that not only am I paying interest but also 'Payment Protection' to the tune of about £8.90 a month. This isn't something I would have knowingly signed up for - I've been in full time employment for the whole time and even for the short spell that I wasn't working I still had enough money to pay it!
How is it calculated? Like many bank accounts I don't get paper statements for my credit card from Natwest. I think there might be quarterly ones somewhere though thinking about it.
Me, apparently.
I started paying back a credit card I had which had run up a grand over the course of 3 and a half years. I don't usually look at statements - only the minimum repayment part.
I made lots of financial mistakes when I was younger and one of them was running this card up - however I always paid the minimum fee every month and never at any stage was I 'bankrupt'.
I started paying it off just 3 months ago and I've already fought it down to £336, so I'm about 2 thirds the way there!
But on looking at my last statement to see what the balance was I saw that not only am I paying interest but also 'Payment Protection' to the tune of about £8.90 a month. This isn't something I would have knowingly signed up for - I've been in full time employment for the whole time and even for the short spell that I wasn't working I still had enough money to pay it!
How is it calculated? Like many bank accounts I don't get paper statements for my credit card from Natwest. I think there might be quarterly ones somewhere though thinking about it.
I can talk from experience, I had a credit card with PPI, cancelled PPI later on (about 4 years ago) as I realise i did not ask for it, dragged all statements out 3 months ago and worked out had been charged £2.5k in total on this. wrote to the bank who responded with the we are looking into. 2 weeks ago a letter came through with yes I had been missold and this resulted in a offer of £8.5k.
So do it, but be aware they have a nice stipulation that they can use any money given to clear down other debt you may have with them.
So do it, but be aware they have a nice stipulation that they can use any money given to clear down other debt you may have with them.
Just to update this...
It has taken them 7 weeks to come back to me and decline my claim.
They do not believe it was mis-sold as it is mentioned in the small print of the T's and C's.
I thought it should have been offered as an option at the time of signing up for the credit card? And not something I automatically opted-in for?
Either way I am now going to go to the extent of going back through 3 years of statements and calculate exactly how much I did end up paying for PPI.
Their advice is for me to now write to the financial ombudsman, but how long will it take for any action following that proceedure?
Any advice would be appreciated!
It has taken them 7 weeks to come back to me and decline my claim.
They do not believe it was mis-sold as it is mentioned in the small print of the T's and C's.
I thought it should have been offered as an option at the time of signing up for the credit card? And not something I automatically opted-in for?
Either way I am now going to go to the extent of going back through 3 years of statements and calculate exactly how much I did end up paying for PPI.
Their advice is for me to now write to the financial ombudsman, but how long will it take for any action following that proceedure?
Any advice would be appreciated!
C.A.R. said:
Just to update this...
It has taken them 7 weeks to come back to me and decline my claim.
They do not believe it was mis-sold as it is mentioned in the small print of the T's and C's.
I thought it should have been offered as an option at the time of signing up for the credit card? And not something I automatically opted-in for?
Either way I am now going to go to the extent of going back through 3 years of statements and calculate exactly how much I did end up paying for PPI.
Their advice is for me to now write to the financial ombudsman, but how long will it take for any action following that proceedure?
Any advice would be appreciated!
It will take a long long time. I sent mine off in March and got a telephone call from the ombudsman last month saying they were going to investigate. I think at least a year is the norm. It has taken them 7 weeks to come back to me and decline my claim.
They do not believe it was mis-sold as it is mentioned in the small print of the T's and C's.
I thought it should have been offered as an option at the time of signing up for the credit card? And not something I automatically opted-in for?
Either way I am now going to go to the extent of going back through 3 years of statements and calculate exactly how much I did end up paying for PPI.
Their advice is for me to now write to the financial ombudsman, but how long will it take for any action following that proceedure?
Any advice would be appreciated!
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