PPI closed by provider

sanova76

Hi,

I've just received a letter to say they're closing PPI for my credit cards.

I rarely use my cc, always paid in full. But if I don't have PPI obviously I'm not protected for misuse/fraud?


Please advice what should I do?


Many thanks.

San

[Deleted User]

PPI has nothing to do with misuse/fraud, so you're obviously still protected for those things.

If you want PPI, you will need to buy your own separate policy.

sanova76

So PPI is basically insurance in case you're unable to pay due to illness/lost of job? Nothing to with refund/claim for your purchase?

Sorry, I'm not familiar with this because I rarely use my cc.

[Deleted User]

Yes, it's an insurance.

For purchase refunds, you go to the retailer.

SnowTiger

sanova76 wrote: »

Hi,

I've just received a letter to say they're closing PPI for my credit cards.

I rarely use my cc, always paid in full. But if I don't have PPI obviously I'm not protected for misuse/fraud?


Please advice what should I do?

You appear to misunderstand what PPI is.

Credit card and debit cards already come with a slew of free legal and contractual protection against fraud.

PPI is insurance that generally pays the minimum payment to a lender if you're not able to due to, illness, job loss, etc.

If you rarely use your credit card and always pay the balance in full it's probably not worthwhile for you to have PPI.

eskbanker

sanova76 wrote: »

So PPI is basically insurance in case you're unable to pay due to illness/lost of job? Nothing to with refund/claim for your purchase?

Sorry, I'm not familiar with this because I rarely use my cc.

....in which case it's probably been a complete waste of money for you to have been paying for PPI (assuming you're not carrying a balance)! If you'd realised this a few months ago, chances are that you could have launched a misselling claim if you were sold something inappropriate for your circumstances, but that's no longer possible.

If your reference to 'refund/claim for your purchase' refers to section 75 protection offered by credit card companies then this is your legal right rather than something you have to pay extra for....

sanova76

Thanks for the replies.