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    • jasper123
    • By jasper123 9th Oct 17, 7:54 PM
    • 11Posts
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    jasper123
    PPI from 1990
    • #1
    • 9th Oct 17, 7:54 PM
    PPI from 1990 9th Oct 17 at 7:54 PM
    Hi - I recently submitted a request direct to my bank to enquire whether I had PPI on the first ever credit card I owned. They came back pretty quickly telling me I had PPI against the card with a policy start date of 1990 to policy end date 2002. Next to these dates it states Insurance Premium £21.30.

    At the time I was in the Armed Forces so wondered whether this was an example of being miss-sold PPI as I was covered by my employer for illness.

    I'm not sure if the £21.30 is a one off payment or a monthly payment and I'm also not sure if someone can claim PPI that far back?

    Sadly, as with a lot of people, I have no paper work.

    Any advice would be great.
Page 1
    • Moneyineptitude
    • By Moneyineptitude 9th Oct 17, 8:00 PM
    • 18,889 Posts
    • 10,114 Thanks
    Moneyineptitude
    • #2
    • 9th Oct 17, 8:00 PM
    • #2
    • 9th Oct 17, 8:00 PM
    PPI on credit cards was a proportion of the outstanding balance, not a fixed monthly sum.

    If all you paid was £21.30 between 1990 and 2002, you won't have much to refund.


    However, it'll have 27 years of interest!
    • jasper123
    • By jasper123 9th Oct 17, 8:13 PM
    • 11 Posts
    • 0 Thanks
    jasper123
    • #3
    • 9th Oct 17, 8:13 PM
    • #3
    • 9th Oct 17, 8:13 PM
    Thanks for your reply Moneyineptitude.

    I do believe my credit card was well used during that period :-) so I'm not sure what the Insurance Premium relates to.

    I guess I could look forward to possibly £50 with all that interest ;-)
    • Moneyineptitude
    • By Moneyineptitude 9th Oct 17, 8:17 PM
    • 18,889 Posts
    • 10,114 Thanks
    Moneyineptitude
    • #4
    • 9th Oct 17, 8:17 PM
    • #4
    • 9th Oct 17, 8:17 PM
    I'm not sure what the Insurance Premium relates to.
    Originally posted by jasper123
    Only the bank can answer that..
    • dunstonh
    • By dunstonh 9th Oct 17, 8:43 PM
    • 89,857 Posts
    • 56,522 Thanks
    dunstonh
    • #5
    • 9th Oct 17, 8:43 PM
    • #5
    • 9th Oct 17, 8:43 PM
    My credit card is well used each month. Often going onto two pages of transactions. I clear it each month. it is not the volume of transactions that matters. It is what you borrow outside of the interest free period that matters. If you clear the amount owed you pay nothing that month.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • jasper123
    • By jasper123 9th Oct 17, 8:52 PM
    • 11 Posts
    • 0 Thanks
    jasper123
    • #6
    • 9th Oct 17, 8:52 PM
    • #6
    • 9th Oct 17, 8:52 PM
    Thanks dunstonh - if only I was that saintly! I was a 20-something with holidays and clothes on my mind :-)...can't even begin to imagine I was ever so organised as to pay off my monthly balance. Clearly, I have changed my ways! Honest! :-)
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