PPI insurance on capital one

johanne

Bit complicated but last year i moved out of my parents house and as i knew i wouldnt get a 0% on purchases credit card my dad got one with me as an additional card holder.... (hes never used it though... only i do) as the 0% period ends soon we just arranged to get a capital one platinum card with the 0% till sept 07 on balance transfers so i could transfer the remaining balance and avoid the deadly interest....

The card come today and i just got my dad to ring up to activate it.... but how can i put it nicely?.... hes erm... "easily convinced" and doesnt always listen properly.... and hes just been flogged the PPI insurance :eek: :eek: :eek:

Due to my horrified looks and protests he says he'll just cancel it when the papers come as you get 30 days to cancel it... but just read the website and the cover starts from the day you ring to activate it... so will they charge from today till its cancelled? So will i have a transaction on the card other than the balance transfers so it will sit on there racking up interest?

Ohhh i knew something wouldnt go right with it :rolleyes:

grumbler

Egg's wording for this is:

You can change Your mind and cancel Your Policy within 31 days from the date of receipt of Your Policy document.... Provided no claim has been made, We will refund back to Your card account any premium that We may have charged to Your card for this period.

My guess is that this reflects some common practice for PPI cancellations, although I am not sure ..

frosty

My husband has recently received a capital one card,then a letter arrived saying thankyou for taking out PPI insurance,my husband swears he didnt take it out,so I made him phone up and cancel it,they said there would be no payment taken from his account.