Reclaiming CapitalOne CC PPI - Do I have a case?

miln0039

Hi All!

Just joined up here and interested to read all about these PPI cases.

I would like to outline my circumstances very quickly and seek an opinion on whether or not I have a valid PPI claim, as I am unsure.

I took the card out in late 2008 when I was just free of University and had just started a new job - I am now a Chartered Accountant. I was sold PPI on the phone and (especially given my financial training) I naively thought that all sounded brilliant and signed up. However, what wasn't explained to me was that if I paid off my credit card balance every month (which I have done every month since I've been with them) that the PPI policy probably was not suitable for me and as such I shouldn't have been sold it.

I am tempted to make a claim, but equally, if I am completely barking up the wrong tree I do not want to appear to be a "chancer" or trying to claim when not entitled - especially given my job and qualification!!!

If anybody could give me any pointers that would be much appreciated!!

Cheers,
Alex

[Deleted User]

miln0039 wrote: »

what wasn't explained to me was that if I paid off my credit card balance every month (which I have done every month since I've been with them) that the PPI policy probably was not suitable for me and as such I shouldn't have been sold it.

Not sure why you think you shouldn't have been "sold" PPI if you always pay off your card each month?

The PPI would only actually be charged if your card had an outstanding balance. If you religiously pay off your card every month, you'll never pay PPI.

Never paying PPI will mean that you will never receive a refund.

miln0039

Moneyineptitude wrote: »

Not sure why you think you shouldn't have been "sold" PPI if you always pay off your card each month?

The PPI would only actually be charged if your card had an outstanding balance. If you religiously pay off your card every month, you'll never pay PPI.

Never paying PPI will mean that you will never receive a refund.

The PPI is charged each month on the total balance at the end of the month. I then pay this off in full prior the due date.

I'd heard / read from another source that this sort of arrangement would mean a PPI policy was not the correct policy to have in place.

Again, if I have misinterpreted something I apologise for wasting your time!

dunstonh

I'd heard / read from another source that this sort of arrangement would mean a PPI policy was not the correct policy to have in place.

That source is wrong. Insurance is to cover the unexpected. Not to cover the expected. Someone who cleared it each month can do so out of earned income. If they dont have an income, they may not be able to clear it. Being in employment is a good reason to take it out.