Payment protection

Basho1511

I have had a credit card with A&L for many years, I lost my job a few years ago and fell behind on payments so set up an agreement to pay off a certain amount a month. I never remember being told about or agreeing to payment protection (although it was many years ago). Years down the line (and now working) I am still paying off this credit card at the agreed amount a month, £17.00 (approx) a month of this is going towards payment protection. Wondering if it is worth my time claiming regarding this, but having also claimed against the ridiculous bank charges (and obviously losing) I am thinking is it worth the hassle if it always goes in favour of the big cats ??

di3004

Basho1511 wrote: »

I have had a credit card with A&L for many years, I lost my job a few years ago and fell behind on payments so set up an agreement to pay off a certain amount a month. I never remember being told about or agreeing to payment protection (although it was many years ago). Years down the line (and now working) I am still paying off this credit card at the agreed amount a month, £17.00 (approx) a month of this is going towards payment protection. Wondering if it is worth my time claiming regarding this, but having also claimed against the ridiculous bank charges (and obviously losing) I am thinking is it worth the hassle if it always goes in favour of the big cats ??

Hi and welcome

I take it that at the time you lost your job you was not aware that you were also paying for PPI?
If you was then you would have made a reclaim, and if you did then it would have covered your monthly payments due to being unemployed at the time.

Personally if this is one of the reasons, you should give it a go, because in this case they obviously added it without your knowledge, because if you had known then you would have made a claim.
And of course its added to the debt of the loan and worthless to you now while in a payment arrangement.

I would now complete the FOS questionnaire, send it to whoever was responsible for selling you the product, these questionnaires were issued by the financial ombudsman service (FOS) and in replacement of the first template reclaiming letter.
You will find the questionnaire on the link added - further down the page as Stage one.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Its also recommended to keep a copy as well.

They have 8 weeks in full to give a decision, and sometimes they ask for more time which is fine, or ask that you send more info, but if they do not give a favourable response by the final decision, your able to complain to the FOS by then completing the FOS complaints form as found on the FOS website, or you can ring them to arrange for them to send one through the post.

Make sure you explain your situation in full.

Hope this helps, and if you can manage to post by recorded delivery, this is your proof of posting.

Good luck.;)