Ppi

harry7075

Hi all. I have a credit card via Barclaycard. I've had the card for at least 16 years and when I took it out I was adviced to get PPI. I recently tried to claim the PPI back but was told the product wasn't mis sold. So two questions a) Should I reject this decision? b) Can I stop the PPI, I have alarge balance on the card (unfortunately)

opinions4u

(a) It was sold pre-regulation. So I doubt there's any record of reasons for sale. I doubt you can pursue a claim so old, but it may be worth asking them to prove the reasons for selling you the product.

(b) Ring them up and say "cancel it please". Then they will cancel it.

For clarity, why do you think it was mis-sold, and why has it taken you 16 years to come to this conclusion?

harry7075

It was mis sold as I was adviced I would be refused the card if I didn't take it out. The reason it's taken so long until? Up unti about 6 months ago I used to pay the balance every month. Will they tell me to settle the balance if I ask PPI to be cancelled.

di3004

Hi there

If you go over to the PPI reclaiming thread, there are posts where lots have made successful reclaims on ppi since late 90's etc, however, they may only refund the last 6 years if you do not hold any paperwork prior to that.

It may be worth you posting over on the ppi thread here.
http://forums.moneysavingexpert.com/forumdisplay.php?f=169

If you did not receive the final decision, you could try challenging it.

YorkshireBoy

harry7075 wrote: »

The reason it's taken so long until? Up unti about 6 months ago I used to pay the balance every month.

So you've repaid your card in full each and every month for 16 years? Didn't it ever cross your mind in all that time that you didn't actually need PPI, or at least question what you're questioning now?

Will they tell me to settle the balance if I ask PPI to be cancelled.

No, they won't (and can't, under your agreement) do that.

harry7075

YorkshireBoy wrote: »

So you've repaid your card in full each and every month for 16 years? Didn't it ever cross your mind in all that time that you didn't actually need PPI, or at least question what you're questioning now?No, they won't (and can't, under your agreement) do that.

Really don't need the smart remarks Yorkshire boy. If you knew anything about credit card PPI you'd know that you don't pay PPI if you settle the balance each month. So I never paid PPI and hence never needed to question the matter of PPI! My circumstances have changed, hence I can't settle my balance in full each month now and therefore PPI has now been added.

Thank you though for the other bit of advice!

jonesMUFCforever

harry7075 wrote: »

Really don't need the smart remarks Yorkshire boy. If you knew anything about credit card PPI you'd know that you don't pay PPI if you settle the balance each month. So I never paid PPI and hence never needed to question the matter of PPI! My circumstances have changed, hence I can't settle my balance in full each month now and therefore PPI has now been added.

Thank you though for the other bit of advice!

Funny I thought PPI was calculated monthly on the outstanding balance and charged that month - did you not pay anything for 16 years?

harry7075

If you read the original post you would see that was the case. Some people are fortunate enough to be able to do so. I paid the balance off monthly. Only used card sparingly, I was luckily enough to be able to do so. Why do people find it so hard to grasp that some people do? But quite readily accept that others have £18k debt on their credit cards and indeed treat that and credit card payment default as the norm?

jonesMUFCforever

harry7075 wrote: »

If you read the original post you would see that was the case. Some people are fortunate enough to be able to do so. I paid the balance off monthly. Only used card sparingly, I was luckily enough to be able to do so. Why do people find it so hard to grasp that some people do? But quite readily accept that others have £18k debt on their credit cards and indeed treat that and credit card payment default as the norm?

Wher does it say in post 1 that OP paid any PPI premium?
He says that he had PPI insurance but does not say that he paid anything.

My point was that he would be paying something every month even if he cleared his balance.He would see this on his statement and I would have to ask why it has taken him until now to question this.

harry7075

Obviously read it well who made the original post?

YorkshireBoy

harry7075 wrote: »

If you knew anything about credit card PPI you'd know that you don't pay PPI if you settle the balance each month.

I must admit I've never purchased it, but my understanding is it costs, for example, 79p per £100 of statemented balance, ie as soon as the statement is produced the premium is added there and then because, after all, they have no way of knowing if you'll clear the full statemented balance by it's due date at that point in time.

Are you saying that it's only charged to the account if you don't pay the previous statement in full?...ie, from the moment you start to carry a revolving balance. Therefore it's only charged from, for example, the second and subsequent statements?