Capital One PPI claim help

Rowan19900

Hi , I phoned up Capital one last week regarding a PPI claim as I found a letter regarding the PPI on my old account. I had the account from 2010 to 2015 and I worked out I spent around £4200 over the course of the 5 years . I phoned up today to chase up my claim and they said they worked it out at £24.50 .... Would anyone say this is right as it seems wrong to me? Thanks

dunstonh

If you have evidence you paid £4200 then supply it to them.

it maybe that they dont have a full record. or that you didnt borrow on the card every month for that period (i.e. if you paid it off most months)

[Deleted User]

Rowan19900 wrote: »

I found a letter regarding the PPI on my old account. I had the account from 2010 to 2015 and I worked out I spent around £4200 over the course of the 5 years

If you came to this calculation on the basis solely of this letter you found (rather than actual statements), then you really have very little evidence at all.

Credit card PPI was not a fixed sum every month and was not paid at all if the account had no outstanding balance.

If you can provide solid evidence that you paid £4,200 then you should supply this to the lender, otherwise the Bank will rely on their own records (or lack of same) when calculating your redress.

Nasqueron

Dunstonh/moneyineptitude

I think what the OP means is that he spent £4200 on the cards and wants to know the PPI amount they are offering is correct, not that he spent £4200 on PPI

Rowan

PPI was only paid when you had a balance on the card. Typically it was around 70-80p per £100 of debt.

£4200 on cards over 5 years (just going on averages) is £70 a month

That would be about 60p a month of PPI which would be £36 - that of course assumes you never paid off the balance in full and had the same amount of balance every month which is nonsense.

However, if you did only spend £4200 over the 5 years and did only carry small balances then yes the PPI refund will be small

antrobus

Nasqueron wrote: »

....I think what the OP means is that he spent £4200 on the cards and wants to know the PPI amount they are offering is correct, not that he spent £4200 on PPI...

I agree. That's how I read it.

So paying a grand total of £24.50 worth of premiums over 5 years would be perfectly believable.