Understanding my statement: PPI or CPP

edited 30 November -1 at 1:00AM in Reclaim Bank & Credit Card Charges
5 replies 1.3K views
funkydunkfunkydunk Forumite
4 Posts
edited 30 November -1 at 1:00AM in Reclaim Bank & Credit Card Charges
Hi all, new to the forum. Had a look around to see if I can see an answer (have found so many just searching from outside) but cannot, hence the post.

I am struggling to understand what is on my card. I have read that CPP costs approximately £35 per annum but my card statement shows monthly payments for payment protection that vary and total much greater than the £35 per annum I have seen suggested. Is this all covered by the CPP claim or is there a PPI element here also?

Apologies if this is already answered and thanks in advance.

Replies

  • maggy50maggy50 Forumite
    783 Posts
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    The varying amounts of PPI will be associated with the balance on your account .

    If your balance on your card is fully paid off monthly then PPI would not be shown, once you have a balance that accrues without being paid a percentage of PPI is charged . Someone correct me if I am Wrong but that is my understanding on why there are varying amounts monthly.
    Light travels faster than sound.

    This is why some people seem as bright until you hear them.
  • maggy50 wrote: »
    The varying amounts of PPI will be associated with the balance on your account .

    If your balance on your card is fully paid off monthly then PPI would not be shown, once you have a balance that accrues without being paid a percentage of PPI is charged . Someone correct me if I am Wrong but that is my understanding on why there are varying amounts monthly.

    so this element is not CPP (which i deinitely have due to receiving forms) but PPI?
  • -taff-taff Forumite
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    If you CPP is £35 a year, then yes, any other protection type worded payment that's charged monthly and changes according to your balance is PPI.
  • maggy50maggy50 Forumite
    783 Posts
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    funkydunk wrote: »
    so this element is not CPP (which i deinitely have due to receiving forms) but PPI?

    Yes if you have a payment protection element payable on your account it is PPI , did you not know this was on your account ?
    Light travels faster than sound.

    This is why some people seem as bright until you hear them.
  • maggy50 wrote: »
    Yes if you have a payment protection element payable on your account it is PPI , did you not know this was on your account ?

    assumed it was the CPP, so no. I don't even recall taking it out.

    went paperless statements and am trying to access the ones over 6 months but not letting me at the moment. Need to get into the habit of downloading each month.
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