Credit Card Protection Insurance

Miss_Havisham

I signed up for the Nat West 3 year version in 2009 and funnily enough it's due for renewal now. The paperwork I've received has a section of very small print telling me that out of the renewal price of £90, only £2 odd goes to Nat West and the rest goes to CPP LTD as payment for their "intermediary services".

Does this mean what I think it means - that the actual insurance costs only £2 odd and the other £88 odd is purely CPP's commission, or do CPP add any other value from which I would benefit ?

Apols if I'm being over-suspicious, it's just that I'm like a dog
with a bone when it comes to small print and might be over-analysing it !

Thanks for any advice

Miss H

YorkshireBoy

Miss_Havisham wrote: »

Does this mean what I think it means - that the actual insurance costs only £2 odd and the other £88 odd is purely CPP's commission

Totally the wrong way round!

The people providing the insurance are CPP, and NatWest's 'kickback' (purely for acting as introducers) is £2.

Just out of interest, why do you think you need it?

Fruit_and_Nut_Case

Miss_Havisham wrote: »

I signed up for the Nat West 3 year version in 2009 and funnily enough it's due for renewal now. The paperwork I've received has a section of very small print telling me that out of the renewal price of £90, only £2 odd goes to Nat West and the rest goes to CPP LTD as payment for their "intermediary services".

Does this mean what I think it means - that the actual insurance costs only £2 odd and the other £88 odd is purely CPP's commission, or do CPP add any other value from which I would benefit ?

Apols if I'm being over-suspicious, it's just that I'm like a dog
with a bone when it comes to small print and might be over-analysing it !

Thanks for any advice

Miss H

I'd have thought it would be the other way round; £2 commission for NatWest and £88 for CPP. I suspect that you could get the equivalent coverage elsewhere rather cheaper.

alanq

Which? suggests that these products are best avoided.
http://www.which.co.uk/news/2012/01/card-protection---money-products-to-avoid-277361/

meer53

I can think of far better things to spend £90 on !

Miss_Havisham

Thanks, you've convinced me not to renew. I've never needed to claim on it, so it's s*d's law...

Miss H

ktlou28

Hi I took out in 1999 a barclaycard and was led to believe by an advisor in a branch of barclays that i had to take the card protection plan to enhance my chances of getting the application agreed , i was only 19 at the time and to be honest was none the wiser. As it happens I have been paying it ever since but have only recently found out through this amazing webite that its optional and it appears I was missold the product. Plus the Cpp covers you for fraud , stolen identity and loss of important documents and cards etc but I have all this cover on my bank account anyway and have done since 1998 so it was never a suitable product for me to have! What are my chances in getting the premiums paid back?

meer53

ktlou28 wrote: »

Hi I took out in 1999 a barclaycard and was led to believe by an advisor in a branch of barclays that i had to take the card protection plan to enhance my chances of getting the application agreed , i was only 19 at the time and to be honest was none the wiser. As it happens I have been paying it ever since but have only recently found out through this amazing webite that its optional and it appears I was missold the product. Plus the Cpp covers you for fraud , stolen identity and loss of important documents and cards etc but I have all this cover on my bank account anyway and have done since 1998 so it was never a suitable product for me to have! What are my chances in getting the premiums paid back?

I'd say your chances of a refund are nil. You have the option to take out the cover, then renew or cancel, it's up to you to decide whether you want the cover or not.