Can I claim past PPI on a credit card if I cancelled the PPI recently?

SpecialEd

Hi guys,

I'm new to this forum and so I apologise in advance if this question has been covered before.

Let me fill you in briefly on my query:

I took out a credit card with Bank of Scotland (in a branch) a few years back. When I took out the card, PPI was added to my payments. The person who opened my credit card account glossed over this part of the description, and certainly did not make me aware that there were alternative products on the market. In fact, I didn't even realise I was paying PPI until I started to really struggle financially in the last few years and went to the bank to ask for help or advice.

The bank, already bailed out by the government at this point, refused to offer me any help in the form of a loan or overdraft/credit limit extension, and left me feeling very helpless with my spiralling debt... but they did tell me that if I wanted, I could cancel the PPI on my credit card, which was about £15 a month if I recall.

I was surprised to learn I was paying this, and cancelled it immediately. This was a couple of months ago.

This was my first credit card and I'm the first to admit I was extremely naive in taking it out, it got me in a lot of trouble which I'm still working my way out of.

Having heard the news recently about the banks' decision to ring-fence cash to cover PPI claims, I wondered if I was eligible to claim my money back. I'm hoping I've come to the right place to discover if this is true!

Many thanks in advance for any advice you can give.

Cheers

Ed

di3004

SpecialEd wrote: »

Hi guys,

I'm new to this forum and so I apologise in advance if this question has been covered before.

Let me fill you in briefly on my query:

I took out a credit card with Bank of Scotland (in a branch) a few years back. When I took out the card, PPI was added to my payments. The person who opened my credit card account glossed over this part of the description, and certainly did not make me aware that there were alternative products on the market. In fact, I didn't even realise I was paying PPI until I started to really struggle financially in the last few years and went to the bank to ask for help or advice.

The bank, already bailed out by the government at this point, refused to offer me any help in the form of a loan or overdraft/credit limit extension, and left me feeling very helpless with my spiralling debt... but they did tell me that if I wanted, I could cancel the PPI on my credit card, which was about £15 a month if I recall.

I was surprised to learn I was paying this, and cancelled it immediately. This was a couple of months ago.

This was my first credit card and I'm the first to admit I was extremely naive in taking it out, it got me in a lot of trouble which I'm still working my way out of.

Having heard the news recently about the banks' decision to ring-fence cash to cover PPI claims, I wondered if I was eligible to claim my money back. I'm hoping I've come to the right place to discover if this is true!

Many thanks in advance for any advice you can give.

Cheers

Ed

Hi Ed and welcome

For the reasons you have its a possible reclaim and with not being aware of it either.
Even if you cancelled it you can still make a reclaim on the ppi and interest you have paid.

All you do is complete a reclaim questionnaire as on step 3 below, send to the head office or complaints dept - of whom sold you the account, keep a copy as well and allow 8 weeks for a decision, good luck.
http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance#step3

SpecialEd

thanks very much Di, i'll be filling in that form asap! :beer:

JLL

Glad you asked this question as i have the same story. I went on reduced payments for 6 months due to my husband being made redundant. When he got a new job we struggled to make the payments but we did, then i noticed an amount going on to the card every month. i phoned MBNA up they didn't know what it was and i spoke to a manager. Eventually i found out what it was, so i cancelled it.

I have a barclaycard that i hadn't used for about 2 years. Then when i did use it £12 a month started going on it so i phoned them up and cancelled it, i don't ever remember taking it out and surely after 2 years they should have asked me if ii still wanted it if i had taken it out, but that's banks for you.

This morning i have wrote my first letters to MBNA and Barclaycard. So fingers crossed for both of us.

marshallka

OP, where you say it was glossed over by the person that sold the credit card and they did not make you aware of alternatives..... then you say, you were suprised to learn you were paying it..... were you not aware at the time that it was insurance? I would not put that in your complaint TBH because it sounds like you were "coaxed" into buying the insurance and then you did not know it was included so this could sound confusing.