GM card ppi

lucielle

We are in the very early stages of trying to reclaim ppi charges on the GM card. We have just gone through the statements and got a total for the ppi. However we noticed there are billed finance charges and billed deferred finance finance charges. Can anybody explain what these are and if they are reclaimable. Or are they part of the overall ppi?

L

marshallka

lucielle wrote: »

We are in the very early stages of trying to reclaim ppi charges on the GM card. We have just gone through the statements and got a total for the ppi. However we noticed there are billed finance charges and billed deferred finance finance charges. Can anybody explain what these are and if they are reclaimable. Or are they part of the overall ppi?

L

The billed finance charges and deferred finance charges are usually charges for getting the finance in the first place. If any relate to the PPI then you could try and reclaim I assume. Good luck

lucielle

These charges appear regularly from when the card was opened in 2003 to the present.
L

marshallka

lucielle wrote: »

These charges appear regularly from when the card was opened in 2003 to the present.
L

These charges are if you have a promotional rate with a card for instance. A good explantion here....

Upon opening a new credit account, or with in-store special offers, "defered interest" (or deferred finance charges)is often used as an incentive to encourage shoppers to spend more(6-12 months same as cash or no interest for twelve months) It means that for a period of time(usually 6-12 months) the balance on your card has accrued interest, but that interest has not been charged to you on your statement. Usually the deferred interest will be listed at the bottom of the statement on the very last page. The amount of accrued interest on your balance since the beginning of the offer will be a one time charge, but after that monthly interest on your remaining balance will be charged on each statement.