PPI Is Putting Me In Debt

carspectre

Afternoon All

I wonder if anyone can shed some light on this subject.
I have had various credit cards over the years and also still do
And over those years ive done balance transfers from one card to another say for instance to get interest free for so long etc,most have had PPI and most i have opted for the minium payment and gets paid by derect debit as this is esier for me as i work away from home some cards are paperlesss statments,being truthful even with a paper statement i barely look at them as i know they are at least getting the minium payment so something must be coming of the balance.
However this is not the case,lets say for instance you have a £1,000 credit limit and you have a balance of £990 the bank takes your minium payment from the £990 then they take there PPI payment out of the new balance which in turn puts you over your credit limit which then you get charged £12 over limit fee and it just repeats itself,i really cant remember out all of the cards ive had over the years that this was explained to me on how PPI actually worked,that it would actually put you in debt just paying the minium payment I know it always takes longer to pay the debt of but didnt relise it puts you in arrears.
Is it possible to put a PPI claim for this and the bank charges or is it just my own stupid fault

Regards D

[Deleted User]

Why don't you cancel the PPI if paying it causes you to go over your limit?

The PPI won't put you in arrears, but paying less than they are actually charging obviously will.

You can certainly complain about the original mis-selling of your PPI if it was in fact mis-sold.

Bank charges are not reclaimable unless you meet the Bank's "hardship" criteria and, even then, the Bank is under no obligation to refund anything.

You might be wise to post about your problems with financial management over on the "Debt Free Wannabe" board rather than here. Go to the link below;
http://forums.moneysavingexpert.com/forumdisplay.php?f=76

carspectre

Thanks for the link Moneyineptitude i worded the heading wrong by stating PPI putting me in debt
I was just unaware that paying the minium payment with PPI encluded didnt bring your balance down it actually adds to your balance,
So if your sitting just below your limit it will put you over your credit limit which i didnt relise
So yea i suppose in some cases it may put people in debt paying for PPI and not fully understanding the agreement like myself
The PPI was cancelled on the cards when i eventually relised what was happening.
Once again appologies for the wrongful heading.

Regards D

-taff

Paying a minimum balance with interest added every month will increase your debt, never mind the added PPI.