PPI Insurance

Ifyousayso123

I'm trying to investigate a little into the loans and credit cards my husband and I have had over the years to find out whether we've ever unknowingly paid ppi on an of them. Is it true that it would show up as a seperate debit out of our account or could it be hidden in a monthly payment?

-taff

It can only be part of a monthly payment if you had a loan with single premium PPI. Anything else is pretty obvious.

FreddieFact

Ifyousayso123 wrote: »

Is it true that it would show up as a seperate debit out of our account or could it be hidden in a monthly payment?

If you are just looking at bank statements then there may well just be a single monthly figure for a direct debit payment to a credit card account which represents the interest AND the PPI charges for the month. They would be shown separately on the credit card statement.

[Deleted User]

Ifyousayso123 wrote: »

could it be hidden in a monthly payment?

For loans, it's certainly possible to be paying a single monthly premium which includes both PPI and loan repayment. For credit cards, though, PPI is paid for every month there is a balance left on the card and appears as a separate line on the statement.

It's not true to say the PPI is "hidden" since it will have been signed and agreed to at the time of application. If you didn't know you had PPI then you'll have simply forgotten about it. It won't have been added without your permission.

dunstonh

Is it true that it would show up as a seperate debit out of our account or could it be hidden in a monthly payment?

Credit card PPi shows on each monthly statement it is paid. Loan PPI is built into the loan repayment (one of the reasons it is more likely to be upheld). Mortgage PPI is usually a monthly payment by direct debit (one of the reasons MPPI has less success on complaints).

FreddieFact

FreddieFact wrote: »

If you are just looking at bank statements then there may well just be a single monthly figure for a direct debit payment to a credit card account which represents the interest AND the PPI charges for the month. They would be shown separately on the credit card statement.

Just to clarify (memo to self: "Don't post after an evening of strong ale and Todd Rundgren") what I meant to say was that it depends on what records you and your husband have access to. If you have your monthly credit card statements it will show separately as it is added to your outstanding balance along with the interest and any transactions for that month.

However, if you only have access to your bank statements, there will only be a single payment shown each month, assuming you were paying by direct debit.

dazza12

Moneyineptitude wrote: »

It won't have been added without your permission.

Unless of course the financial institution in question is Beneficial/HFC. Blatant adding of PPI where it was not agreed to in branch and the mass shredding exercise in 2009/10 to hide the evidence.

Juren

dunstonh wrote: »

Credit card PPi shows on each monthly statement it is paid. Loan PPI is built into the loan repayment (one of the reasons it is more likely to be upheld). Mortgage PPI is usually a monthly payment by direct debit (one of the reasons MPPI has less success on complaints).

I am currently pursuing a mis-sold PPI on a personal loan with the Clydesdale, the only reason I spotted the PPI at all when looking back over all old paper work is because the PPI appears as a separate standing order on my bank statement, underneath the loan repayment (this loan goes back to 2002-2003, though, if that makes a difference).