Credit Card Insurance

daisy164

Hi folks

Hope I am posting this in the correct forum, apologies if not.

A friend of mine became a widow last year so has had to get to grip with financial matters this year as well as come to terms with the death through cancer of her husband, he was only 58.

She will be turning 60 next year and has decided to treat herself to a cruise with her friend. Apparantly they only accept credit cards on board the ship so she has taken one out with her bank Natwest. She has had this card for a few months and has never used it. She only plans to use it on holiday and will have the funds to clear it as soon as she returns.

She has very little income (£320 per month) so has asked me to help with her affairs and I was shocked to see £35 going out each month to CPP Limited. She had no idea what this was so called her bank and it turns out that it is insurance for her credit card against left etc. I am very unhappy about this as I personally feel that it is an unnecessary expense and the bank have taken advantage of somebody in a vunerable position as she had no idea what it was.

Can anybody back up my thoughts that this is a very unnecessary expense? Where do you think we would stand with getting this refunded? Wouldn't the bank provide some sort of cover if the card was ever stolen and she immediately reported it?

Any advice would be greatly appreciated.

Thank you

Paul_Herring

Depends on if it was 'missold.' If she doesn't work then it's likely she couldn't claim on said insurance, thus she doesn't need it.

Moggles_2

This insurance firm has cropped up on this board before. I believe it specialises in protection against identity theft, rather than payment protection.

Most of us buy this type of insurance in the process of applying for a credit card. Applicants are not under any obligation to buy insurance. It's a matter of ticking a box usually.

Anyway, she can save money at a stroke by cancelling this insurance ASAP. A phone call to NatWest customer services should be all that's required. Let us know how she gets on

Very best
M

di3004

daisy164 wrote: »

Hi folks

Hope I am posting this in the correct forum, apologies if not.

A friend of mine became a widow last year so has had to get to grip with financial matters this year as well as come to terms with the death through cancer of her husband, he was only 58.

She will be turning 60 next year and has decided to treat herself to a cruise with her friend. Apparantly they only accept credit cards on board the ship so she has taken one out with her bank Natwest. She has had this card for a few months and has never used it. She only plans to use it on holiday and will have the funds to clear it as soon as she returns.

She has very little income (£320 per month) so has asked me to help with her affairs and I was shocked to see £35 going out each month to CPP Limited. She had no idea what this was so called her bank and it turns out that it is insurance for her credit card against left etc. I am very unhappy about this as I personally feel that it is an unnecessary expense and the bank have taken advantage of somebody in a vunerable position as she had no idea what it was.

Can anybody back up my thoughts that this is a very unnecessary expense? Where do you think we would stand with getting this refunded? Wouldn't the bank provide some sort of cover if the card was ever stolen and she immediately reported it?

Any advice would be greatly appreciated.

Thank you

Hi there

So sorry to hear that your friend's sad loss, and good on you for helping her through all this.;)

I would write to the bank to request for more details on this credit card.
Has your friend the agreement on hand at all?

This should disclose all the details.
I am aware there is different types of insurance, which includes protection for theft etc and another also called PPI (payment protection insurance) and others similar.

I would check to make sure on this.

If however, its to protection for unemployment and your mate is not employed then this is worthless to her, and there are many reasons mis selling reasons, like loan ppi, I woulc check through Martin's link here for more info:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

And there is also another link for reclaiming on PPI, if you find that this is also what your friend was sold.
http://forums.moneysavingexpert.com/forumdisplay.html?f=169

Good luck and hope this gets resolved soon.;)

jonesMUFCforever

Whether the product is good or bad I offer no opinion - but £35 a month is obscene!!