How is PPI monthly premium calculated?

mattmax

Hi,

I have just had my PPI claim upheld by Barclaycard. I had a credit card and 2 other linked cards from 1996 to 2004.
I have no statements for the period and neither do Barclaycard.

So how do they calculate how much I was paying as my monthly premiums? Is there a benchmark they use?

Over the 96 months that I had the card they calculated it at the grand total of £213.19 which equates to £2.22 per month. This seems very low to me.

I have asked them to look at the calculation again.

All advice welcome.

SonOf

So how do they calculate how much I was paying as my monthly premiums?

They will have your premium history.

Over the 96 months that I had the card they calculated it at the grand total of £213.19 which equates to £2.22 per month. This seems very low to me.

You only pay card PPI if you borrow on the card (i.e. dont pay it off that month). So, if you only borrowed occasionally, you would not pay much.

Did you borrow for the full period or just some months?

mattmax

Hi Sonof,

The card was always used each month, but obviously amounts would vary month to month. It was too long ago for me to be able to say even relatively closely how much was borrowed and that is my problem.
Can I request my premium history from them? Are they obliged to provide history if asked?

SonOf

The card was always used each month, but obviously amounts would vary month to month.

It wasn't the usage that triggered the PPI premium. PPI was only paid if you didn't pay the outstanding balance that particular month. If you paid the balance in full that month, you would not pay any PPI. If you paid 50% of the balance, you would pay PPI against the 50% borrowed. If you paid it in full the following month, then no PPI would be paid that month.

Can I request my premium history from them? Are they obliged to provide history if asked?

You can ask them but they may only give you the total.