Mis sold NatWest PPI in credit cards 11+ years ago

chu_man_fu

Hello forum,

When I first took out my NatWest Mastercard and Visa (joint account) in 2001 (approx) I was sold PPI without realising it. I was young and foolish at the time and didn't realise what it was. At the begining of 2004 I had realised it was somthing I didn't need but didn't understand where it had come from. I called NatWest to complain and they told me that when I got my credit card there would have been a section where I could opt out of the scheme and not opt in. I told them I wanted to cancel it and they said that they couldn't because it was added on a year by year basis. I told them that I wasn't happy and I wanted it cancelled, the next year it had stopped.
I have checked and I have quite alot of my credit card statements dating back to 2001 with the details of my monthly protection costs and some with the actual annually feJe (£13 in one instance).

Do I qualify for compensation on thisL?

If I make a SAR will it be honoured with it being such a long time ago?

I can't find my payment policy number anywhere, how can I obtain this?

Any help would be gratefully recieved.

(some of the dates might be slightly wrong)

Cheers
Chris

dunstonh

Do I qualify for compensation on thisL?

You don't appear to have been mis-sold. More like you mis-bought.

If I make a SAR will it be honoured with it being such a long time ago?

Why do you need to do a SAR?
They will honour it as they are required to. However, that doesnt mean they will have the data you are looking for (whatever that data is).

I can't find my payment policy number anywhere, how can I obtain this?

Your credit card number.

chu_man_fu

What is the difference between Mis-sold and Mis-bought?
Tick to opt out isn't a very friendly selling technique.

dunstonh

What is the difference between Mis-sold and Mis-bought?

Mis-sold is when someone is involved in the sale of the product and they either say the wrong things (hard to prove), or set it up when it shouldnt be (easier to complain on) or the product is set up in a way considered bad (single premium with interested added - easiest of the lot to complain about).

Mis-bought is when no-one was involved and you bought something that you later realised you didnt want or possibly need.

Tick to opt out isn't a very friendly selling technique.

That method is considered bad and complaints have been upheld on that basis. You have a good memory to recall that from all those years ago.

chu_man_fu

dunstonh wrote: »

That method is considered bad and complaints have been upheld on that basis. You have a good memory to recall that from all those years ago.

Do you think it is worth complaining to NatWest about this or has too much time passed for me to be able to build a strong case?
If it is worth complaining, what is the level of compensation I could expect.

dunstonh

It is worth complaining. If successful, they would refund all premiums plus interest since inception or for as long back as the records go (if they dont go back to inception)