Very Confused...

AngelaSinclair

Hi there,

I was very naive when I did a balance transfer over a year ago to a 0% interest credit card, even more naive when I then ended up using it for payments. I know now that's the stupidest thing to do, but as I say, at the time I was naive.

Anyway, when I took the card they woman told me that I'd best protect myself with payment insurance against illness and job loss through no fault of my own. It's costing me a whopping £52.43 a month.

As I've recently been educated in the ways and wonders of MSE I thought I'd ask for a little advice on this. It seems a criminal amount - I know it was probably stupid to take it at the time but I was so worried about perhaps being made redundant or taking ill and not being able to pay my bills that I thought I'd better be safe than sorry.

Is this basically a PPI situation? Can I, at the least, stop paying for it every month or, at the most, get any money back?

Thank you v v much in advance!

byebyedebt

Just ask them to cancel the insurance, your not tied in with them, its just a monthly thing. Easy.

di3004

AngelaSinclair wrote: »

Hi there,

I was very naive when I did a balance transfer over a year ago to a 0% interest credit card, even more naive when I then ended up using it for payments. I know now that's the stupidest thing to do, but as I say, at the time I was naive.

Anyway, when I took the card they woman told me that I'd best protect myself with payment insurance against illness and job loss through no fault of my own. It's costing me a whopping £52.43 a month.

As I've recently been educated in the ways and wonders of MSE I thought I'd ask for a little advice on this. It seems a criminal amount - I know it was probably stupid to take it at the time but I was so worried about perhaps being made redundant or taking ill and not being able to pay my bills that I thought I'd better be safe than sorry.

Is this basically a PPI situation? Can I, at the least, stop paying for it every month or, at the most, get any money back?

Thank you v v much in advance!

Hi there

If you think you were mis sold the ppi you can complain and try to reclaim.

For more information and templates, check out the link here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You can use the template to help you but write your own reasons, they have 8 weeks to respond in full.

Keep on at them until you receive the final response, where they should give details of the financial ombudsman service (FOS) if your not satisfied with the outcome of your complaint.
Post by recorded delivery.

Good luck.

AngelaSinclair

Ah, thanks, good to know I can cancel it and take a big chunk of my payments. I'll look into the mis sold situation. I also think I may have been mis sold insurance on a loan I took out to cover the amount of my student overdraft when HBOS cancelled it less than a year after my graduation date. I had to pay for a £1500 overdraft and repaid at around £140 a month for 24 months = £3360. I only ended up taking the loan out of sheer panic because they were telling my I had to take out a facility to cover the cancelled overdraft. I was only 24 at the time and trusted banks back then!

di3004

AngelaSinclair wrote: »

Ah, thanks, good to know I can cancel it and take a big chunk of my payments. I'll look into the mis sold situation. I also think I may have been mis sold insurance on a loan I took out to cover the amount of my student overdraft when HBOS cancelled it less than a year after my graduation date. I had to pay for a £1500 overdraft and repaid at around £140 a month for 24 months = £3360. I only ended up taking the loan out of sheer panic because they were telling my I had to take out a facility to cover the cancelled overdraft. I was only 24 at the time and trusted banks back then!

Hi Angela

You go for it, any insurance you think you have been mis sold then there is no harm in trying, even store cards etc.;)

Give us a yell if you require further help.

AngelaSinclair

Thanks v v much! I recently had a fraud claim nightmare with my bank, which I posted about on this site and with the advice from people on MSE I got the know-how, guts and support to fight it and sort it out. Which I did, thankfully.

So now that I understand how the whole banking system works I'm realising how much money I might have lost over the years!

It really, really is about them making money out of us and I still can't quite believe the sneakiness of it all!

di3004

AngelaSinclair wrote: »

Thanks v v much! I recently had a fraud claim nightmare with my bank, which I posted about on this site and with the advice from people on MSE I got the know-how, guts and support to fight it and sort it out. Which I did, thankfully.

So now that I understand how the whole banking system works I'm realising how much money I might have lost over the years!

It really, really is about them making money out of us and I still can't quite believe the sneakiness of it all!

Good one Angela.:T:T:T

I know we have to fight for what is ours and your doing the right thing. Keep on at them - and you will eventually win back what is yours, I wish you the very best of luck.;)