Vrgin Credit Card PPI/PPC is there a difference?

GDogg

Hi hope some can help,

I took out a virgin MBNA crtedit card back in 2005 and was given Payment Proitection Cover with this. I'm have recently check statement and i';m paying about £35 a month on top of credit card bill. I have been self empolyed for the duration of owning this card and not sure if i would be covered by this payment protection. When i spoke with MBNA they said i was but i'm not so sure. So could someone please tell me if there is a difference between payment protection cover and PPI and do you think i will be able to make a claim?

Thanks G

amersall

Hi there, yes this is the same.Look here for reasons for mis sell.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#checklist
And if any apply to you, then make a claim.

rbarry_2

Hi GDogg.

I'm afraid I can't offer much help, but I can empathise with you as I'm in the early stages of trying to ascertain where I stand with Virgin/MBNA.

I have just finished what seemed an almost endless series of phone calls with automated and manned transfers over the last hour, in almost exactly the same set of circumstances as you; self employed, credit card taken out in 2004 etc.

The last number that eventually got me through to the correct department after a bit of option pressing was 0800062621.
I was informed that PPI and PPC are completely different forms of protection; the operative claimed PPI's were linked to loans and PPC's were linked to credit cards. When asked what the differences were, he was unable to tell me. However, he assured me I can claim for health related problems as well as unemployment issues through this policy, even though I'm self employed.

As I understand it, my business would have to be deemed legally unable to trade. But not to worry, as a different advisor had earlier assured me that he has known of cases where you can make a claim, start to trade once again and take out another PPC (PPI). Of Course that is utter nonsense!

If it's the case that you are unable to satisfy all of your creditors, I guess as self employed you would have to declare yourself bankrupt. If the credit card company is one of those unpaid creditors then your policy will cover the debt. What if you hadn't taken out the policy? Who would pay the debt then...no one. So are you effectively paying for a policy that can only cover your debt once you have no means at your disposal to pay it, so opting to pay for a policy that covers your credit card provider, rather than yourself. The case could be argued that the debt is yours, and you are morally obliged to make sure that debt can be covered in event of your financial ruin. But, if you are not obliged to pay the premiums for such an insurance policy in the first place, why should you have to pay for a policy that can only protect the credit card company and not you? If the policy were compulsory under their T & C's then fair enough, but it isn't.

To get back to the possibility of whether this policy has been mis-sold to me or not. The representative I was speaking with suggested I may want to see the application I made for the credit card back in 2004, and I am waiting for that to arrive which could be after xmas now. I can't remember if it was an on line application or a proper paper form. I imagine it was a form so I should be able to see the way the form was laid out.

I think my only legitimate claim would be if the form inferred that PPI (PPC?) was compulsary, or if it was included in the application by default, rather than having to tick a check box to "opt out".

If you or anyone else is/was in a similar position and can offer any further advice to GDogg or myself, I would be very pleased to hear from you.

All the best for Xmas and New Year,

Rick.