PPI Reclaim

Shas21

Sorry I am new to this and just want a bit of advice on reclaiming PPI.

I had a credit card which is now cleared and account closed, but i have just come across a statement and it shows PPI premium on it. I didn't take out PPI ! I believe this was added to my account without my knowledge or authority.
I was made redudant in 2004, and didn't secure another job for approx. 6 months after being made redundant. However I ran into severe financial hard times and I advised the credit card company that I was made redundant but unfortunately my account ran into huge arrears which i simply could not afford to rectify (having 2 small dependants) and eventaully they transferred by account to debt collectors. The account has now been paid in full (maybe about 5-6 years ago)
I am thinking about sending a letter to the credit card company advising that i beleive that i have missold PPI. My reasons are as follows: (1) that i didnt take out PPI in the first place, i was never advised or given any information on it by the company ( i believe they went on ahead and added it) and (2) if i had PPI why did same not kick in when i was made redundant - one can only assume that i was not elegible therefore rendering PPI insurance useless to me and not fit to meet my needs.

Would anyone have any advice? or what i should put into my letter to the credit card company?

thank you in anticipation

opinions4u

You're probably best posting in the reclaiming section.
http://forums.moneysavingexpert.com/forumdisplay.php?s=&daysprune=&f=169

i was never advised or given any information on it by the company

What did you think the premium charged to your account every month was?

if i had PPI why did same not kick in when i was made redundant

Did you make a claim?

How did you take out the credit card (branch, phone internet)?

Shas21

Hi,
To be honest, I dont think I ever noticed the premiums before; i probably presumed it was some sort of interest (rates were quite high) - I was always more interested in what i needed to pay per month. I was clearing out and came across an old statement and then I spotted PPI premium on it, which I thought was strange because I know myself that i wouldnt have taken it out - i always thought PPI was a rip-off; so I know I would definately not have taken it out. (I worked in a financial inst. who also sold PPI with loans - so thought it was a rip-off)

In relation to second query, I didnt make a claim because I never thought I had PPI in the first place. But surely when I contacted the credit card company to advise them that I was made redundant and this was the reason for the arrears, they should have advised me that I had PPI and tried at that stage to help me or sent me an application pack, instead of me going into severe financial hardship and my account in time being transferred to a debt collector, which was an absolute nightmare?

I think I may have applied for the credit card over the internet. If not, then it may have been a flyer application form that came in post. I am not 100% sure, it was a while ago.

Do you think i am wasting my time?

opinions4u

Do you think i am wasting my time?

No. You might well succeed.

But if they can show that you ticked the box on a self-service application, rather than them adding it later, you may not win.

The FOS have been more supportive of customers where an opt-out box needed to be unchecked.

I worked in a financial inst

Don't mention it in any complaint. It could be used to say you should have been aware.

And read your statements more closely in future!

Shas21

Many thanks for your advice.

They know where I worked obviously from the application form in any event, but i won't mention it in complaint, if I do decide to proceed.

jelajelavic

Although it is more likely to be a successful claim with an opt out was in place there is still a chance because people can still opt in and have been misold. There are a number of circumstances that render PPI void and therefore you would have never been able to claim. The FCA has a number of buckets of these categories, for example self employed. If you were self employed you could never claim, therefore should have never been sold PPI and therefore should claim.

At the end of the day, it is worth complaining, as what is the worst that can happen? You may get some money out of it and it wont take that long. Also if you get rejected, appeal. The banks are paying out for some people who were initially rejected as the FOS is not happy with the way the claims were handled and dismissed when they were valid. Also a number of banks are now paying out claims even if there is a small chance they could have not been mis-sold because of the costs of going through the redress process and appeals made to the FOS.

To the cut a long story short, complain, you wont lose anything but you might get the premiums you paid back, plus interest, which is at a good rate of 8%.