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Barclaycard - policies missold but no premiums ever collected

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Hello,

I requested a ppi check form Barclays and I was surprised to receive a reply that there were two policies running from 1994 to 2004.

I just received a follow up letter saying that although the policies were missold no premiums were ever collected.

Have others had this same experience? It's just that how would I know if premiums were taken from my monthly interest payment?
It seems strange that a policy should be in place for 10 years with no premiums being collected.

Thank you for any benefit of experience you may be able to offer.

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    It's not that strange. If you cleared in full each month, or didn't use the card, then you wouldn't have paid PPI.

    PPI wasn't included in monthly interest. It was shown separately.
  • salesaddict
    salesaddict Posts: 488 Forumite
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    It's not that strange. If you cleared in full each month, or didn't use the card, then you wouldn't have paid PPI.

    PPI wasn't included in monthly interest. It was shown separately.

    Thanks for your reply. I thought that part of the mis- selling was that the ppi was split out of the interest payment afterward, without the customer seeing it. I would have been paying off the cards on a monthly basis back then.
  • dunstonh
    dunstonh Posts: 116,707 Forumite
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    Have others had this same experience?

    yes. loads have. Its a common outcome.
    It's just that how would I know if premiums were taken from my monthly interest payment?

    They wouldnt be taken from your interest payment. That is not possible.
    It seems strange that a policy should be in place for 10 years with no premiums being collected.
    PPI is only paid if you borrowed money outside of the interest free period.

    edit due to cross posting:
    I thought that part of the mis- selling was that the ppi was split out of the interest payment afterward, without the customer seeing it.

    No. That has never been the case. If you paid PPI, it would have its own entry on the statement.
    I would have been paying off the cards on a monthly basis back then.

    Which means you wouldnt have been paying PPI during that period then.
    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.
  • salesaddict
    salesaddict Posts: 488 Forumite
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    dunstonh wrote: »
    yes. loads have. Its a common outcome.



    They wouldnt be taken from your interest payment. That is not possible.


    PPI is only paid if you borrowed money outside of the interest free period.

    edit due to cross posting:


    No. That has never been the case. If you paid PPI, it would have its own entry on the statement.



    Which means you wouldnt have been paying PPI during that period then.

    Thank you very much for your reply. It's very much appreciated. Also what I meant was I would have been paying the minimum payment each month.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    I would have been paying the minimum payment each month.
    So present your proof of this to the Bank, whose records mean they believe otherwise.

    PPI was never "hidden" in the interest, that's a myth sponsored by Claim Companies. If you paid it, the PPI would have been itemised separately each month on your statements.
  • salesaddict
    salesaddict Posts: 488 Forumite
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    So present your proof of this to the Bank, whose records mean they believe otherwise.

    PPI was never "hidden" in the interest, that's a myth sponsored by Claim Companies. If you paid it, the PPI would have been itemised separately each month on your statements.

    Understood now, thank you.
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