Citibank having a flap about....

Mark_Ice

Credit Card Payment Protection asking me if the product was suitable for me and requesting I contact them.... Didn't really pay much attention but this is now the 4th letter in 2 months so something must be a tad wrong.

Question is, what wrong apart from them flogging me insurance I didn't want or need. They did offer it to me free for 30 days and once the paper work had turned up I could cancel if I didn't want it, but alas no paperwork arrived and I promptly forgot that and the fact they are rather pushy... when asked I initially said no thanks my union provides insurance for me then came the "are you sure, do you wanna call a friend" spill etc etc... after a while I just said yes for an easy life...

Any thoughts anyone, they have said I may be entitled to a refund if I meet curtain criteria but says nowt about the criteria

Confused....!

carlosfandango1st

Hi All,
I received a letter from Citi credit cards today re their payment protection insurance


basically the letter says...

"THIS LETTER IS IMPORTANT- IT CONCERNS THE CREDIT CARD PAYMENT PROTECTION INSURANCE SOLD TO YOU 08/02/05 AND RQUIRES YOU TO TAKE ACTION TO REVIEW WHETHER THE PRODUCT IS SUITABLE FOR YOU AND IF IT IS NOT YOU MAY BE ENTITLED TO A FULL OR PARTIAL REFUND.

(Paragraph about what the insrance is)

Following and internal review citi has become awate that you may have bought PPI following and emphasis by sales staff that you could cancel the policy within 30days once written terms and conditions had been sent to you. This emphasis may have been innappropriate.

We are therefor writing to you:

• to explain what the PPI you purchased covers
• consider it was appropriate for you at the time you brought it and
• you consider whether it remains appropritate or suitable for your present circumstances

If you consider it the PPI was not appropriate or no longger suitable you may call ******, we will investigate and take any action which may include a full or partial refund depending on circumstances."

Does anyone have any idea what this is about ?
I as going to attempt to reclaim these insurance piracies, sorry, policies on my cards anyway but this came as some suprise. Any advice on this would be greatly appreciated.

Many thanks

Carl

WiggleDaHill

I am in the same position. Got the letter. Confused into getting the PPI initially many years back and, after a failed attempt to avail of it when made redundent a few years back, cancelled it with no fuss. But I was paying inappropriate PPI for 17 months and think I should claim it back.
Any ideas?
Many thanks

Brian_Bullocks

Citi will get what's coming to them in their karma. Their share price has fallen from $55+ to under $4 (nearly $3 today)...they will soon be bankrupt :T ...prolly Barclays will take over their cards.

WiggleDaHill

Hardly worth me reclaiming then if they are sinking fast :-(

snapdragon69

It's because they (and others) miss-sold this product and so you may not really want/need it and can have a refund if you feel that's the case. :T

Thomas99

WiggleDaHill wrote: »

Hardly worth me reclaiming then if they are sinking fast :-(

Just watch, or listen, to the news next week....if they go under it will happen next week (unless the US Govt. rescues them like NRK).