Capital One offered me £25 but dont think this is right - what do I do?

MoiraT

I claimed PPI from Capital One for a credit card- the claim was upheld but last week I got a letter from them saying all I am due is £25. I have had the card for the last 16 years and PPI has been in place the entire time (without me knowing it). The amount seems really low considering how long I have had the card. What should I do? Has anyone else had the same experience with Cap One?

[Deleted User]

You'll need to provide them your evidence of why you believe it's wrong.

The PPI you were paying appeared on every statements.

[Deleted User]

MoiraT wrote: »

I got a letter from them saying all I am due is £25. I have had the card for the last 16 years and PPI has been in place the entire time (without me knowing it). The amount seems really low considering how long I have had the card.

Clearly the reason you "didn't know you had it" was because you barely paid it.
Understand that PPI on a credit card would have appeared on every monthly statement itemised on a separate line when your account had a balance. So if the PPI didn't appear on your statements you didn't pay it. This is generally the case if you pay off your outstanding amount each month.

However, if you have documentary evidence (statements) showing that you paid more than the Bank have refunded then you should challenge the refund.

Otherwise, enjoy your redress. Don't spend it all at once

MoiraT

I only have access to online statements which only show last year, however, I cant see any PPI payments coming off the account. It is very confusing.

[Deleted User]

MoiraT wrote: »

I only have access to online statements which only show last year,

PPI won't have been paid in the last year. Banks haven't offered it on loans and credit cards since around 2009.

There is no confusion, the Bank's records show you paid only a token amount (including interest) and you have no evidence to contradict this. The end.

SonOf

I have had the card for the last 16 years and PPI has been in place the entire time (without me knowing it).

The above is not quite clear

1 - You can have PPI on your account for 16 years and never pay a penny. You only pay PPI if you borrow on the card by not repaying the balance in full.
2 - You say you didnt know you had it. Yet if you paid it, it would have been on that monthly statement. So, maybe you didnt know you had it because you didnt actually pay it.

What should I do?

What is the £25 for? Its a round figure which suggests a goodwill/inconvenience style payment. Rather than a refund of premiums which statistically would most likely include pence and not be a round figure.

What does the Cap One letter say in respect of the payment?

MoiraT

SonOf wrote: »

The above is not quite clear

1 - You can have PPI on your account for 16 years and never pay a penny. You only pay PPI if you borrow on the card by not repaying the balance in full.
2 - You say you didnt know you had it. Yet if you paid it, it would have been on that monthly statement. So, maybe you didnt know you had it because you didnt actually pay it.



What is the £25 for? Its a round figure which suggests a goodwill/inconvenience style payment. Rather than a refund of premiums which statistically would most likely include pence and not be a round figure.

What does the Cap One letter say in respect of the payment?

I don't have the letter with me at the moment but in a nutshell it said that this is what i paid towards PPI. I did not pay the full amount off each month- for most of the 16 years my card had about £1000 on it.

As awful as it sounds I probably was not checking my statements thoroughly. I never looked at the interest or fees charges, only the transactions. I will need to dig everything out to have a proper look or ask Cap One to send me copies of everything. Are PPI payments ever one off payments? This is the only other thing I can think of is that they only charged me a one of PPI payment of £25 but cant see how that would make them money?

[Deleted User]

MoiraT wrote: »

Are PPI payments ever one off payments?

Not for credit card accounts.

MoiraT wrote: »

This is the only other thing I can think of is that they only charged me a one of PPI payment of £25 but cant see how that would make them money?

You need to re-read the redress letter you received. Was this a goodwill payment? Did they agree you were mis-sold? Was this perhaps not PPI, but a pre-2005 card protection policy?

All of these are questions only the Bank (or your redress letter) can answer.

One thing is certain, you won't be receiving any more money unless you can prove you actually paid more.

MoiraT

The letter said I had PPI dating from 2003 - so not a redress but PPI

MoiraT

Moneyineptitude wrote: »

Not for credit card accounts.

You need to re-read the redress letter you received. Was this a goodwill payment? Did they agree you were mis-sold? Was this perhaps not PPI, but a pre-2005 card protection policy?

All of these are questions only the Bank (or your redress letter) can answer.

One thing is certain, you won't be receiving any more money unless you can prove you actually paid more.

The letter said I had PPI dating from 2003 - so not a redress but PPI and they didnt say anything about missold but said they would uphold by complaint which was that I was missold.
Thanks for your advice, much appreciated.

[Deleted User]

MoiraT wrote: »

The letter said I had PPI dating from 2003 - so not a redress but PPI

Redress isn't a product. It's the refund they gave you.