I refused PPI and was charged higher interest by Lloyds.

popeye21

When I applied for a Lloyds TSB credit card I refused to accept the PPI, as I am self-employed and could see from another card that it was a con. I was told by Lloyds that the interest rate was only applicable in the offer with PPI and that without it I would be charged a higher rate. As I intended to pay off the outstanding balance I accepted. Now years later I have paid much more interest and unlike previous cards I have lost out as I claimed back the PPI off those. Is there any way of claiming for higher interest as a result of refusing PPI?

meer53

If you paid off the balance, how have you paid more interest ?

You had the chance to refuse their offer and go elsewhere, but you didn't. Don't think you have a case really.

popeye21

As I applied for the card years ago circumstances change and I didn't pay off the balance so was charged interest at a higher rate. If I had accepted the lower interest rate with the PPI, I would have been able to reclaim the PPI, so I have lost out as I have paid higher interest rates. As for refusing and going elsewhere, if that was relevant, then surely the banks and credit card companies would use that excuse to avoid paying out on PPI claims.

meer53

popeye21 wrote: »

As I applied for the card years ago circumstances change and I didn't pay off the balance so was charged interest at a higher rate. If I had accepted the lower interest rate with the PPI, I would have been able to reclaim the PPI, so I have lost out as I have paid higher interest rates. As for refusing and going elsewhere, if that was relevant, then surely the banks and credit card companies would use that excuse to avoid paying out on PPI claims.

"Claiming PPI" doesn't guarantee a refund of any premiums paid. You have to prove that you were missold the PPI in the first place so you wouldn't have automatically received anything back from them. You claim may well have been rejected.

You agreed to the higher interest rate so i can't see why you would think you get anything back

SnowTiger

If OP had taken out PPI they may have paid a lower interest rate on the card and now be able to claim back the PPI payments they made plus 8% interest.

Frustrating.

PeacefulWaters

So you're trying to claim for not being mis-sold PPI?

What has this country become?

jonesMUFCforever

Credit cards charge the same rate whether you have PPI or not so I agree OP you do not have case here.

grumbler

jonesMUFCforever wrote: »

Credit cards charge the same rate whether you have PPI or not...

Not necessarily. As, generally, PPI reduces the risk for the lender, the interest rate can reflect this.
E.g. in other countries mortgage interest rate is lower if one takes a similar insurance for the mortgage.

jellie

SnowTiger wrote: »

If OP had taken out PPI they may have paid a lower interest rate on the card and now be able to claim back the PPI payments they made plus 8% interest.

Frustrating.

I find it very frustrating that I always refused to take PPI and no-one ever told me I would be refused the loan/credit card/whatever if I didn't take it. :rotfl:

popeye21

meer53 wrote: »

"Claiming PPI" doesn't guarantee a refund of any premiums paid. You have to prove that you were missold the PPI in the first place so you wouldn't have automatically received anything back from them. You claim may well have been rejected.

You agreed to the higher interest rate so i can't see why you would think you get anything back

As I am self-employed the policy would have been worthless, so I would have been paid. I think your missing the point - because I could see that I would be paying for something that was worthless I have paid more. If I hadn't noticed the con I would have been able to claim back my PPI plus interest at 8% and would also have paid less interest on my credit card balance.

andyfromotley

You were offered a product at a particular price and accepted. No deception, no misleading, nothing.

Your reasoning is ridiculous.