Capital One PPI - no refund?

purplephoenix85

I've received an email in respect to cancelling my PPI with Capital One saying:

Having reviewed your account, I can see that you enrolled for this cover when you applied for your card in 2007.

We had sent you a policy document, which included the terms and conditions of the policy. This contained a full list of exclusions and advised the cost of the policy. You also had a 37 day cancellation period in which you could have cancelled the policy free of charge.

Also, since we added the payment protection insurance to your account, we've sent you statements. On your statement, we tell you how much payment protection insurance we're adding that month. The amount of insurance that you pay will depend upon your balance during that month.

Because you haven't questioned these charges before I can't refund any of the premiums that we've charged to your account.

If you have any other queries, please send us a further secure message.

I don't have or recall receiving any policy documents, as these would have been safely stored. As a young 20-something year old, I think I was an easy sell as it was my first credit card and I was convinced that it was mandatory and learned only recently via Barclaycard that obviously it's not as mandatory as they wanted me to believe.

My initial letter wasn't so much about the actual reclaim for PPI, more the cancellation of the policy itself. However, since it has stated that I can't be refunded, I was wondering if it would be worth pursuing to the Ombudsman? :huh:

purplephoenix85

^^ bump, any advice please?

amersall

Hang fire and Cappo or Dilus know all about Cap One and the fob offs,they will help you i am sure.

Smint1

I'd be interested to hear some feedback too as I'm sending a letter to Cap1 for a very similar scenario and expecting a similar initial response. I was sold PPI over the phone in 2005 for a card I currently still have open, was my first ever credit card and when i asked about PPI the guy on phone told me "to be honest everyone just takes it out anyway" - silly young me agreed :P

gman41

I have sent a claim form to Cap 1...6 weeks ago and still no responce!!!???

allybee101

I'll be interested to see what advice you get. I'm about to try and sort out my Capital One card too.

dunstonh

I just posted this on another thread so aplogise for duplication. However, it is relevant....

The FOS have just published stats for the last 6 months and only upheld 11% of PPI complaints against Capital One. That is one of the lowest ratios of any provider.

The reason for that is probably due to the fact that many people did not seek or get advice and were bought direct (DIY) with capital one. Misbuying or buyer remorse or try-it-on complaints are not grounds for getting redress.

farcove54

I have also just posted something on another thread about Cap One and the FOS
Kay

monstermuncher

dunstonh wrote: »

I just posted this on another thread so aplogise for duplication. However, it is relevant....

The FOS have just published stats for the last 6 months and only upheld 11% of PPI complaints against Capital One. That is one of the lowest ratios of any provider.

The reason for that is probably due to the fact that many people did not seek or get advice and were bought direct (DIY) with capital one. Misbuying or buyer remorse or try-it-on complaints are not grounds for getting redress.

I'd be interested to see the number of complaints, both that get to the fos and that they uphold.

It could be a number of things, such as upholding genuine complaints quicker so they're not being referred to the fos, or being particularly sneaky in their way of selling so that in can't be proved. I was reading about someone who had proof that they ticked 'no' on the application form, but Capital One were saying they'd taken it out on the phone but didn't have the call recorded, they really had to fight.

Maybe they throw more money at defending than the other banks? It might cost them more now, but would no doubt save them in the long term.

A percentage tells you very little.

dunstonh

I'd be interested to see the number of complaints, both that get to the fos and that they uphold.

I saw the list earlier and it was around the 5900 mark. So, it would indicate only around 600 odd were upheld. The list is on the FOS site so you can get an accurate figure if you want.

I was reading about someone who had proof that they ticked 'no' on the application form, but Capital One were saying they'd taken it out on the phone but didn't have the call recorded, they really had to fight.

Doesnt mean their recollection is correct. I have received complaints in the past that told me everything I did wrong and things I said were wrong but I had never seen them in my life before. One case I was still at school when the product was bought! The other I wasnt working at that office at the time and had never had any face to face contact with a customer. I had one person put in a complaint saying I didnt do a list of things but my copy file had proof that I had (solid proof). One of those three was genuine error in recollection. One was a fraudulent complaint to try and get compensation. The other I don't know.

Maybe they throw more money at defending than the other banks? It might cost them more now, but would no doubt save them in the long term.

The banks are rolling over more easily now (the FOS figures dont show that as the period of monitoring covers pre and post JR and the auto payout only happened post RDR)

monstermuncher

dunstonh wrote: »

Doesnt mean their recollection is correct. I have received complaints in the past that told me everything I did wrong and things I said were wrong but I had never seen them in my life before. One case I was still at school when the product was bought! The other I wasnt working at that office at the time and had never had any face to face contact with a customer. I had one person put in a complaint saying I didnt do a list of things but my copy file had proof that I had (solid proof). One of those three was genuine error in recollection. One was a fraudulent complaint to try and get compensation. The other I don't know.

That must be a horrible situation to be in.

I have little sympathy for banks, especially as so many of them profited massively from my personal mental illness, but that's a different matter to small businesses or sole traders.

I do think you get a bad name because of the confusion of what a financial advisor is. We once saw a supposed 'financial advisor' who had been recommended to us. He was a salesman tied to a specific company, tried the hard sell and bothered us for quite a while afterwards. The person who recommended him to us didn't know the difference between an independent financial advisor and a salesman, so I guess that's an assumption you'll always be fighting against