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Card protection insurance.
tbkasia
Posts: 1 Newbie
in Credit cards
I had card protection insurance which was sold to me some time ago (years) by NatWest bank, from a phone sales person. I agreed at the time thinking it would be a good idea to protect myself from card fraud & identity theft.
Some time later I received a letter from the bank credit card company advising I had gone over my credit limit (2750 pounds). You can imagine the shock as I do not use the card, although I did owe around 800 pounds outstanding balance. I cant remember the original balance as I have not received a balance for ??????? time.
When I phoned the credit card company I was told I was making regular payments on my credit card. I had no idea about this & had not authorized this to the best of my knowledge. It appears that the payments for the card protection sold over the phone had been set up on my credit card.
Am I a victim of miss sold insurance? Can I claim this back?
It seems strange that a financial institution should sell me financial protection & then set it up to create a financial dilemma!
Does anyone else have a similar experience I can learn from?
Some time later I received a letter from the bank credit card company advising I had gone over my credit limit (2750 pounds). You can imagine the shock as I do not use the card, although I did owe around 800 pounds outstanding balance. I cant remember the original balance as I have not received a balance for ??????? time.
When I phoned the credit card company I was told I was making regular payments on my credit card. I had no idea about this & had not authorized this to the best of my knowledge. It appears that the payments for the card protection sold over the phone had been set up on my credit card.
Am I a victim of miss sold insurance? Can I claim this back?
It seems strange that a financial institution should sell me financial protection & then set it up to create a financial dilemma!
Does anyone else have a similar experience I can learn from?
0
Comments
-
How have you been miss sold?
You say you agreed to the product and presumably therefore knew it wasnt free. Where did you think the payments were coming out of? Did you not check bank and credit card statements?0 -
Why do you think that you were missold?
They offered it to you and you bought it because you thought it was a good idea.
As agreed, they kept charging you.
The fact that you were not receiving paper statements is an absolutely separate problem.0 -
Where did you think the money was going to go out from.
No miss selling here I'm afraid, you took it out because you thought it would be a good idea.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
No - you willingly entered into a recurring mandate with one of te many companies tha offered such a service. Of course, anyone who had the capability of keeping a separate note of their cards and phoning te company concerned to advise of the loss saved a fortune by doing it themselves.0
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