PPI problem with Barclay BT!Caution
lyeping
Posts: 11 Forumite
in Credit cards
I'm not sure if anyone's aware of this problem but it happened to me and hubby. Just a note of caution to everybody.
We did a SBT with our Barclay card and didn't realised that our Payment Protection Plan will be classified as 'standard charges" which carry a standard APR of 14.9%. As you maybe aware, any payment made, will be paid first against any balance with the lowest APR, and so on and so forth. Which means, we're both now stuck with a GBP 50 ppi balance, accumulating @ 14.9% APR, until we pay off our BT amount. We were originally planning to pay this amount off within 2-3 years.
Hubby is trying to get Barclay to refund and cancel the PPI. Will post the results in the next few days.
We did a SBT with our Barclay card and didn't realised that our Payment Protection Plan will be classified as 'standard charges" which carry a standard APR of 14.9%. As you maybe aware, any payment made, will be paid first against any balance with the lowest APR, and so on and so forth. Which means, we're both now stuck with a GBP 50 ppi balance, accumulating @ 14.9% APR, until we pay off our BT amount. We were originally planning to pay this amount off within 2-3 years.
Hubby is trying to get Barclay to refund and cancel the PPI. Will post the results in the next few days.
0
Comments
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Out of goodwill, Barclay Card has agreed to reversed the PPI charges out of my husband's account and I've got my PPI charges converted to 2.9%. Department to speak to is customer loyalty which I have a feeling is also the 'card cancelletion' department. ::)0
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You could cancel and look at getting protection elsewhere if you think it is essential to have it. PPI from credit card issuers is not the cheapest - its a bit like taking buildings insurance from your mortgage lender, convenient but not competitive.0
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