Have Cancelled My PPI

wossie

I cancelled all my ppi policies before all this came out,and took out cheaper ppi to cover my cards.
Is it still possible to make a ppi claim on the cancelled policies?
One policy that i cancelled by phone continued to run.
I was also under the impression that if you had such policies that the ppi issuer were getting in contact with the policy holder,this is what i have been hoping for.
What happens if a claim on ppi is made ?, are the accounts stopped,so they can no longer be used?

magpiecottage

wossie wrote: »

I cancelled all my ppi policies before all this came out,and took out cheaper ppi to cover my cards.

Then it seems that no missale took place as you clearly consider the cover to be worth having. It is good that you are now saving money (assuming like for like cover) but the fact that one firm might charge more than another is not ground for complaint.

Is it still possible to make a ppi claim on the cancelled policies?

Of course not. Once it is cancelled it no longer insures you.

One policy that i cancelled by phone continued to run.

You are probably entitled to a refund on premiums taken after that call.

I was also under the impression that if you had such policies that the ppi issuer were getting in contact with the policy holder,this is what i have been hoping for.

They would not do that unless there was a reason to. What do you think that reason would be?

What happens if a claim on ppi is made ?, are the accounts stopped,so they can no longer be used?

That would depend on the terms and conditions of your policy - only you can get those out and read them.

DrSqueeze

If the original PPI policies were missold, then you can make a complaint and ask for a refund (plus interest) of the premiums you paid. This also applies to the one you asked them to cancel but they didn't.

Have a look at the guide for more info: http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance?utm_source=forum&utm_medium=clicks&utm_campaign=resourcebar

As far as I'm aware, only certain companies are contacting some customers who haven't made complaints - it would be unwise to wait and see if this happens, it's quicker and easier to make a complaint yourself.

As for the accounts themselves, if the PPI was missold then it's removed from the loan or credit card - which then normally continues without it.

magpiecottage

DrSqueeze wrote: »

If the original PPI policies were missold, then you can make a complaint and ask for a refund (plus interest) of the premiums you paid.

That is correct but the fact that the OP has replaced them suggests no missale took place.

david39

DrSqueeze is correct.

Some companies are investigating all ppi contracts and contacting customers where they think they were mis-sold, even if the customer has not made a claim. Barclaycard is one of those, I understand.

Incidentally, my wife has a Barclaycard that originally was issued by another firm which Barclaycard took over. Her original card account did not have ppi but somehow, in the changeover, Barclaycard started charging for ppi. We asked for a copy of the original contract and it clearly showed that ppi was offered and rejected. Barclaycard have acknowledged the error and made an offer which we have accepted.

This was not actually mis-selling but only came to our notice because of the mis-selling controversy - my wife never read her CC statements in the past but scrutinizes them avidly now!

DrSqueeze

magpiecottage wrote: »

That is correct but the fact that the OP has replaced them suggests no missale took place.

True, hence the "if", but we don't know enough about the sale and what was said to persuade the customer to take them out. For example, if someone is told they "must" have the PPI sold by the bank in order to get the loan, but then discovers that was untrue, then surely they were still missold that particular policy even if they feel similar cover is valuable.

wossie

I changed ppi cover to a cheaper policy i think around 2 years ago, was sick of paying the £50 odd a month for nothing each cc card was adding each month.
I have had these cards for 10 plus years, i dont remember how the ppi cover came about its always been there its always been for me anyway part and parcel of taking any credit for at least the past 20 years.Its something i have never even thought about untill now.

DrSqueeze

Have a read through this section which is specifically about credit cards, you might find something useful : http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance

It might be worth thinking about your new PPI arrangements as well. Did you take that out after careful consideration of your options, and therefore it's the right thing for your circumstances, or did you take it out simply because you felt it was necessary to replace the PPI you were about to cancel?

I'm not suggesting you make any changes, simply review it.

wossie

I took out the new policy just simply to replace the expensive cc cover.

wossie

As you can see from my posts im not savvy with financial matters , i just go with the flow, which is why i ask the question.

DrSqueeze

wossie wrote: »

As you can see from my posts im not savvy with financial matters , i just go with the flow, which is why i ask the question.

No problem, but do have a read through the credit card section. There's lots of useful information there which will help you work out whether it was missold.

http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance