Card Protection Insurance

Cherrybmbshell

I rang my bank today (HSBC) to ask if we had any kind of PPI on our joint account, managed loan or credit card. The gentleman we spoke to insisted we didn't have any PPI on anything but there is "card protection insurance" on the credit card. I asked him what this was as I wasn't aware of it and he explained it was an insurance should I ever be unable to pay. I had no idea this insurance was on the credit card, in the past we've fell behind on payments when we've been short of money and charged for it.

Can anyone tell me if this is the same as PPI and something I can claim back off HSBC or if it's something I can do nothing about?

Thanks,
Cath

sm82

I think that this is PPI. I'm in the midst of doing a PPI claim with HSBC over this. I'd taken out Cardguard (which isn' t the same!) when I took out my credit card with them a few years ago. I'd seen the charges at the bottom of my cc statement saying "insurance premium", as well as paying cardguard a one off payment, I just thought it was part of the same thing - just in some small print thingy I hand't spotted. However when the PPI scandal broke and I read a bit more about this, I realised that this could be PPI? Still skeptical I rang HSBC and asked them to look into the matter (as I couldn't remember specifics). I was rather shocked at getting a letter yesterday saying that yes I did have PPI on the account! I'd never asked for it, or as I recall ticked any box requesting it. So I'm going to make a complaint regards this.

-taff

Yes, it is PPI.
No, you can't claim it back. You make a complaint.
http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance

McKneff

You say you had no idea this was on the card????

The payment would have been on every cc statement that you had recived. How could you not have known about it.

BC_KT

You'll want to get some clarification from HSBC on what exactly it covers; "card protection insurance" generally is a policy provided by CPP which covers against lost or theft of cards which is an annual or in some cases 3-yearly charge, whereas "insurance if you are unable to pay" is PPI which is usually a monthly fee; it sounds like there might have been a mix up in his explanation, I'd say give a ring back and clarify what you actually have.

aim4tsky

Hi

New Here and might be in the wrong place to post if so please forgive me, although....

While attempting to clear out some old credit card / banking documents
dating back to the mid and early 2000 I came across a letter from a Credit Card company dated November 2006 saying and I quote...

'Thank You for your recent enquiry about payment protection insurance (ppi) on your account... We have now cancelled the insurance as you asked. This means that we won't charge any more insurance premiums on your account and you are no longer protected by the insurance.'

Not being aware of this and merrily going along thinking I never had any PPI does this mean I should be looking at making a claim against this credit card company.

-taff

That's up o you.
You don't claim though, you complain. Read through the link below.
http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance

Alos, you need verifiable evidence that it was missold, you can say you felt pressured into having it, but it won't be enough.

aim4tsky

hi taff

Thanks for your prompt reply and the link..:T

I will take your advice and 'Complain' when I have all the facts
and post any developments later.

Carling

Sorry for jumping in, but I took out a creditcard with HSBC in 1996/1997, given to me as part of opening a student account. I closed the account in 2004ish. I called them last year and asked about if I ever paid PPi and I was shocked that I had paid PPI on this card, as I knew about Card guard I also paid. They sent me a form which I completed and returned, but they wrote back saying various reasons why they refused to uphold my claim and my case was closed. Then out-of-the-blew they wrote to me a few weeks back, claiming that they had reviewed my case again and overturned their original decision and have made me an offer, but its not clear, so i am trying to correspond with them to get more details.... Can I ask when did you take out the card? from what I understand anyone who took out a card with Midland bank around the same time as me, they didn't get asked to sign a separate agreement for CPI and this is why they have to pay back. (They haven't said this in their letters, but I've seen it on a couple of other forms..) I hope this info helps...