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Capital One PPI claim help
Rowan19900
Posts: 1 Newbie
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
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Comments
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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)I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
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.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
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.0 -
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 smallSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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....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.0
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