how is PPI worked out on an amount?

dizzy517

I wonder if someone can help?

At the beginning of sept i spent on a credit card i hadn't used in over a year, so had no previous balance. My statement came through dated 19/09 and there was an additional amount on it for repayment cover. I don't ever remember requesting it but was told i had in 2001, so have now cancelled it, which takes 30 days, and asked for proof. I paid off the full amount i'd spent, excluding the repayment cover, within a week of the statement date. I have now received my next statement and they have charged repayment cover again! They told me, because i hadn't cleared the full balance including the repayment cover the previous month, they charge on the amount of the opening balance from the last statement, regardless of the fact i had paid this! The way i see it i have been charged 2 lots of repayment cover on an amount that was on there for less than 3 weeks. Is this right and am i entitled to claim it back?

melorablack

They charged you repayment cover based on your balance. You didn't clear the balance so they charged you it again because there is still an outstanding balance. Thats how the repayment cover works.

The insurance normally takes 30 days to cancel it so as you didn't clear the balance you could be charged repayments cover again for that month.