Capital One PPI reclaim help needed please

rachyrach2k

Hi everyone,

I'm in the middle of trying to reclaim the PPI for my Cap 1 credit card. Here is the letter I wrote:

Dear Sirs,


I refer to the above credit card account account. I understand that Payment Protection Insurance was purchased as part of the credit agreement. I now believe that I was mis-sold the insurance for the following reasons:

• You have been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance and I do not believe that my policy was sold in my best interests.
• At the time of taking out the insurance, I was not asked if I had any pre-existing conditions and you had not advised me that any pre-existing conditions would render me unable to claim for these pre-existing illnesses.
• Your salesperson did not fully advise me on what the insurance would or would not cover, neither was I advised of how long the policy was actually in force for.
• I was not asked if I had another policy elsewhere which would cover me for this.
• I feel that I was pressured into taking the loan as your salesperson implied that they would strongly recommend me taking out the insurance.
• Furthermore and perhaps most importantly, I never received a policy booklet outlining the terms and conditions.

I believe that all of the above rendered me unable to make an informed decision as to whether the policy was suitable for my needs (clearly it was not due to the fact that I had pre-existing conditions).

Unless you can satisfactorily justify to me that the selling of the payment protection insurance was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date.

This is the response that I received:

Dear Rachyrach,

Thank you for writing to us about the PPI that we have added to your account.

Your comments are correct in that Cap One were fined by the FSA regarding the sale of PPI. As part of our resolution to the issues identified by the FSA, we wrote to all the affected customers and offered them redress that enabled them to either retain their policies or cancel them at no cost to themselves.

I'd like to assure you that your account was not one of the ones affected so we have not contacted you about this.

We sold the PPI to you when you requested it when you applied on the internet for an account with us. We then sent you documentation to tell you that PPI was optional. You ticked and signed this to agree to taking out PPI. Cap One is authorised and regulated by the FSA for the sale of insurance. We are therefore required to ensure that our marketing material is clear, fair and not misleading. PPI is optional and this is made clear to you within our marketing material.

Cap One is not authorised to provide advice in relation to insurance products. Cap One would not therefore have made a recommendation that you should take out PPI, or advised you that the product was suitable. (????)

You received the full policy document, which included full terms and conditions and policy summary prior to the conclusion of the contract. This contains a full list of exclusions and outlines the cost of this policy. You received a 30 day cooling off period in which you could cancel the policy free of charge.

As we have sold you the PPI correctly and in accordance with your request we will not be refunding any of the premiums.

Any advice on what I should next?

Many thanks for reading this post

rachyrach2k

****bump****

jonesMUFCforever

Your letter basically waffled and a lot of the points were irrelevant to you.
They think you are trying it on and basically from reading that letter that would be my opinion too.
Whenever you purchase anything you have a responsibility to ensure that it is suitable for you - if you did not get a policy why did you not ask Cap 1 for one sooner?
Are you sure it was mis-sold or are you jumping on the bandwagon?