Capital one ppi reclaim

kevg1980_2

Hi all,

Can anyone give me some advice on this as it is all a bit new to me.

I took out a capital one credit card in 2007.

I was a self employed driving instructor at the time (2003-2010) and was struggling a little bit in the climate and needed the credit card to help me with finances and due to being self employed i didn't have a very good credit rating.

However after speaking to a friend they told me about ppi and i have looked at this and noticed that i have been paying ppi since getting this card.
I'm not financially astute so just took the card and can't remember if i did or didn't agree to anything. The fees that i paid monthly were just part of having a credit card i presumed as this was my first card.

My friend is saying that this ppi was miss sold as, if my business folded i wouldn't have been able to make a claim as i was self employed.

Is this true? Do i have a case to reclaim?

I still have the credit card but have been in employment since 2010 in my new job, does this affect what i can or cant reclaim.

I notice the questionnaire template shows i have to put down changes of self employment to employment so does this mean they will only repay the time i was self employed.

I have never received a yearly statement but recently got my yearly ppi statement off capital one which i found very strange, almost as if they are encouraging me to look into it or at least point out that i am registered as self employed yet still paying ppi.

I know there are ppi faqs but i can't seem to find the answer i am looking for and hope i might get some good advice from here.

dunstonh

My friend is saying that this ppi was miss sold as, if my business folded i wouldn't have been able to make a claim as i was self employed.

On what basis is your friend saying that? Most PPI does cover self employed. Does the capital One PPI not?

I notice the questionnaire template shows i have to put down changes of self employment to employment so does this mean they will only repay the time i was self employed.

jumping the gun on what you may or may not get back is not ideal at this stage. If your complaint is successful you will get back what you are entitled to get back. How they view your complaint and the evidence that exists will affect that.

I have never received a yearly statement but recently got my yearly ppi statement off capital one which i found very strange, almost as if they are encouraging me to look into it or at least point out that i am registered as self employed yet still paying ppi.

A yearly summary is not strange and not encouragement for you to complain. Its just a breakdown of what you have.

kevg1980_2

dunstonh wrote: »

On what basis is your friend saying that? Most PPI does cover self employed. Does the capital One PPI not?


jumping the gun on what you may or may not get back is not ideal at this stage. If your complaint is successful you will get back what you are entitled to get back. How they view your complaint and the evidence that exists will affect that.



A yearly summary is not strange and not encouragement for you to complain. Its just a breakdown of what you have.

I am not jumping the gun, i am just asking for a little bit of advice on this and wondering if my change in circumstances will affect any reclaim.

My friend is basing it on the fact that they know someone who reclaimed ppi due to being self employed as the ppi was basically worthless to an self employed person.

As i said i was unaware of the ppi and thought it was part of the package for the card. I was unemployed for around 4-5 months and didn't make a claim as i wasn't aware of it.

In hindsight it was silly for me to not look into it, but i have never had loans, cards etc in the past so having an insurance that will pay for something you have borrowed is all new to me.

It just seems a bit strange that i have received my first yearly statement about ppi 5 years after first taking out the card which is again why i asked.

I got the feeling it was as though they were trying to highlight it to me to get everything cleared amongst their customers. And to be honest it was this statement along with the adverts on tv all the time that have got me to query this.

dunstonh

My friend is basing it on the fact that they know someone who reclaimed ppi due to being self employed as the ppi was basically worthless to an self employed person.

That is correct with a minority of PPI plans. Some either had no protection for self employed or had very restricted terms that are now considered to be too restricted. most though did cover self employed fine. if you are going to complain about on that basis then it may be worth finding out if you were covered first.

As i said i was unaware of the ppi and thought it was part of the package for the card. I was unemployed for around 4-5 months and didn't make a claim as i wasn't aware of it.

Doesnt mean it was mis-sold. I seem to recall that most Capital One cards were sold on direct to provider basis. i.e. You never spoke to anyone but you completed an application where you chose what you wanted. Cap One have a very low overturn rate at the FOS and do handle complaints fairly. Although if they dont have many "sold" cases and they have no "advised" cases then you wouldnt expect many overturns.

And to be honest it was this statement along with the adverts on tv all the time that have got me to query this.

Fine to query it and it may still lead to complaint. However, you need to identify your reasons for complaint first unless you plan to put in a hit and hope complaint or fraudulent complaint (not saying you are but over half of PPI complaints are).

kevg1980_2

So the advice would be to get my original documents and find out if i was covered then take it from there?

I am not planning on the "hit and hope" but as i wasn't aware of this i think i would like to pursue it.

My wife recently took out a short term loan at the bank and they spent a good while talking about the in's and out's off ppi, i certainly never had anything like this.

I know they are probably being extra careful now.

The amount i would reclaim would probably be a small amount, a couple of hundred pounds, but its more the principle on my behalf rather than the cash incentive.

dunstonh

My wife recently took out a short term loan at the bank and they spent a good while talking about the in's and out's off ppi, i certainly never had anything like this.

Most of Cap One's cards were not sold but bought. Bought does not have to comply with the same level of requirements as sold.

So the advice would be to get my original documents and find out if i was covered then take it from there?

Either a copy of the application or policy document or just ask them outright if they cover self employment or not.

jay-1

It would be worth seeing if they do cover it and if there are any exclusions to self empoyment cover . I posted on another thread that Tesco PPI included self employment cover only to then read the small print and it said the company would have to of ceased trading and formally wound up to be able to make a claim.

kevg1980_2

I'll have to try and track down my paper work then. I don't think i have it though.

So it looks like i'll have to contact them

kevg1980_2

Just found this on their website


Accident and Sickness Cover
If you suffer an accident or sickness which prevents you from working for at least 30 consecutive days

Unemployment Cover
If you become unemployed through redundancy (if employed) or business failure (if self-employed) for at least 30 consecutive days.
Business failure refers to an instance when the business in which you were self-employed, ceases totally and permanently as a direct result of an inability to pay its debts when they were due. You must have provided accounts to cessation and your last tax return must have been placed with your local tax office

Life Cover
If you die during the period of cover
This cover is subject to exclusions all of which are detailed within our current Policy Document, however for details on your individual policy you will need to contact us on 08444 815 834**

dunstonh

For self employment, the typical criteria is that you cease trading, cease paying class 2 NI and sign on. If the provider starts asking for more things then you are entering the realms of unfair requirements. Such as the one jay-1 mentions.

edit: posted before above post was made. Additional added:

I would consider those terms too restrictive on unemployment. So, go with self employment not covered or not reasonably covered due to too harsh a restriction. You will probably have to end up with the FOS for them to decide but they dont like restrictions which are too heavy.

kevg1980_2

Plus this website on capital one ppi reclaims. Which seems to give some good advice and seems to suggest i do have a claim.

dpaclaims. co.uk/capital-one-ppi-claims.html[/url]

How Capital One mis-sold Payment Protection Insurance
Many of the banks including Capital One undertook similar tactics to mis-sell PPI and most people who have it were actually mis-sold in some way, even if you know you have PPI and took it intentionally there is every chance that you could get compensation if you are not 100% satisfied with the product and can show that you were mis-sold.
PPI was mis-sold to hundreds of thousands of people across the country, Capital One account for around 40% of the total amount of PPI complaints made in the UK each year, DPA specialise in Capital One PPI complaints and most of those who come to us were mis-sold PPI in similar ways.
The most common reasons for being mis-sold PPI by Capital One are:
1. The sales person implied that PPI was compulsory
2. The sales persons implied that having PPI it would benefit the application for personal finance
3. PPI was added to the account without the holders knowledge or consent
4. The policy holder was retired, unemployed or self-employed at the time of purchase
5. The policy holder had additional insurance that would cover the repayments if needed and this was not discussed or PPI was added anyway
6. The policyholder was outside of the age restrictions on purchase, 18-65.
7. PPI was purchased in conjunction with a long term loan and it was not pointed out that PPI covers a much shorter period, typically 12-24 months and so the holder would not be covered for the life of the policy.
8. The sales person did not make it clear that PPI was optional and could be purchased elsewhere
9. The terms and conditions were not detailed to the holder and policy exclusions including back and stress related time off work was not discussed.
If any of the above common reasons for being mis-sold PPI by Capital One are true in your case then it is time to claim back your compensation.