PPI reclaim Capital One

FranJC

Hello this is my first post on this forum so apologies if this question has already been covered. I am following the advice on this site in order to reclaim PPI charges on my Capital One credit card which I have had since 1998. Capital One have sent me a copy of my original signed agreement which clearly shows that I ticked the "No" box for "please enrol me in Capital One's Payment Protection Scheme". I have stupidly been paying the PPI charge every month although I ticked the No box all those years ago. I have always paid the card off in full every month. Has anyone else been in the same boat as me,
e.g. paid PPI although they ticked the No box, and if they have made a successful reclaim, how many years did their claim go back? I'm wondering if I could claim right back to 1998; I have online statements for the last 12 months only but hopefully Capital One should have them right back to 1998. Any advice/comments gratefully received! Many thanks.

dunstonh

Capital One have sent me a copy of my original signed agreement which clearly shows that I ticked the "No" box for "please enrol me in Capital One's Payment Protection Scheme".

That doesnt mean anything though as the vast majority of Cap One PPI sales were post sale. Typically over the phone afterwards.

I have stupidly been paying the PPI charge every month although I ticked the No box all those years ago.

Why stupidly? as a product, it can do a fair job and be highly suitable for some people.

I have always paid the card off in full every month.

In which case, you would never have paid a penny in PPI. So, why do you think you have?

e.g. paid PPI although they ticked the No box, and if they have made a successful reclaim, how many years did their claim go back?

Firstly, forget the application. That doesnt matter. Secondly, if you have never paid PPI then you have nothing to complain about.

FranJC

Thank you for your quick response. I have paid PPI every month as it is always included in the bill. See below which I have cut and pasted direct from the moneysaving expert site.

'Can I reclaim' queries

I always paid off my card in full – can I reclaim?Yes. Insurance is usually added to your account based on the final monthly balance before repayments so you could have been paying for the insurance even if you cleared your account each month.

Many thanks

dunstonh

I have paid PPI every month as it is always included in the bill.

PPI is usually only paid if you do not repay the balance in full each month.

See below which I have cut and pasted direct from the moneysaving expert site.

'Can I reclaim' queries

I always paid off my card in full – can I reclaim?Yes. Insurance is usually added to your account based on the final monthly balance before repayments so you could have been paying for the insurance even if you cleared your account each month.

Which is inaccurate for most cards. Have you checked your statements to see if you have paid PPI rather than relying on a potentially incorrect article?

FranJC

Yes I have checked my statements and each month the cost of the PPI is itemised and definitely included in the total balance which I have paid off every month. Over the last 12 months I have paid £71.84 in PPI; so going back to 1998 it would definitely be worth claiming. I do not recall ever being sold PPI over the phone after taking out the card; it is something that I would have declined.

Thanks again.

dunstonh

Ok, that is unusual.

Cap One are good at complaint handling. So, put in your complaint. However, be aware that the FOS do accept their phone script. So, you typically need good complaint reasons. The FOS only uphold around 10-20% of Cap One complaints.

samjsilver

Hi Guys, Was wondering if anyone else has had a very low offer from Capital One and what to do to refuse the offer.

Ive had the account since Sept 2004 and although it did have a huge credit limit I find an offer if £104.61 rather low.

Is this realistic? Im not sure what the calculation is.

Any advice would be great

Sx

dunstonh

Ive had the account since Sept 2004 and although it did have a huge credit limit I find an offer if £104.61 rather low.

Credit limit is irrelevant. It is how much that was borrowed on the card and for how long that matters.

Is this realistic?

We dont know how much you borrowed on your card (borrowed means the amount not paid off each month). You do. Premiums are based on the amount you fail to repay each month. Someone that clears their balance each month will pay nothing in PPI. Someone that mostly clears it each month will pay very little. Someone that borrows long term on the card will pay a lot.