credit card query

emmee3

I have a LTSB credit card and am charged payment protection on it each month. question is that I was already retired when I took this out . would it pay out if needed as I'm not working? or am I wasting my money.

Martinslovechild

Did you see Martin's programme on Ch.5 on Wednesday evening - 'It Pays To Watch' ? It covered PPI in lots of detail.

Did they ask you at the time you took the card out whether PPI would be suitable for you given that you're retired? If not, it sounds like you've been mis-sold PPI, in which case it's worth writing a letter to Lloyds TSB asking for a refund of your premiums paid to date on the basis that the product was never suitable for you in the first place, and additionally asking them to stop collecting PPI payments in the future.

If Lloyds say 'No', then write to them again repeating the same message, but this time saying that should they decide not to refund, you will take your claim to the Financial Ombudsman. If they say 'No' a second time, then write to the Financial Ombudsman (it's free and well worth doing as the success rate is around 67%). It's going to cost you the price of 3 stamps and you may end up getting a refund of all the PPI premiums paid so far.

Good Luck.

Martinslovechild

By the way - also have a look at the It Pays To Watch website which gives lots more detail on PPI, including a step-by-step PPI Reclaiming Guide.

You can find the information at http://www.itpaystowatch.co.uk/main-story/loan-ppi

emmee3

Thanks for your advice Martin. I will do that... I have only today seen your reply as I can never get back to where I've posted,, I'm a novice you see. Thanks again