Is A Payment Break Plan A Ppi?

waynebouk

Hi Guys Just Watched Martins Show On About Reclaiming Ppi`s And How People Are Wrongfully Sold This Insurance. I Was Hoping You Could Tell If My Payment Break Plan With My Once Was Monument Card But Now Barclays Card Still The Same, And If I Was Intitled To A Claim.

dhassen

what's with the Capital Letters? lol
I doubt a payment break plan is PPI, it's not insurance is it? Someone with a bit more know-how will be able to confirm though....

waynebouk

then can someone tell me what the hell this is then if its not insurance. as i have no idea what it is. my mother has just showed me her credit card statement this morning and this has been on it for nearly 5 years at 25 quid a month. plesae help:mad:

dhassen

god knows?! I've only heard of payment breaks where you maybe don't have to pay anything for say 3 months, but are still charged interest during those months. I don't know about one that you have to pay £25 a month for 5 years for?! I'd give the CC company a ring and ask them what it is, if it is PPI, then try and get it back.

ICan'tStandIt

waynebouk wrote: »

then can someone tell me what the hell this is then if its not insurance. as i have no idea what it is. my mother has just showed me her credit card statement this morning and this has been on it for nearly 5 years at 25 quid a month. plesae help:mad:

Payment Break Plan is not insurance as it does not pay out should you make a claim.

If you claimed because you lost your job for example, they would freeze the balance and not apply interest or charges and you wouldn't have to pay your minimum payment until you went back to work.

If you feel you were missold the product, you could still claim for a refund of some / all of the money you have paid for it. Write to the address on your statement.

Hope this helps.

missprint

Are you asking what PPI means? It means Payment Protection Insurance and you pay a monthly premium (in your mother's case £25) to 'protect' her in case she can't pay the minimum monthly repayments on her credit card because of loss of earnings or illness. It can be reclaimed if you believe this was wrongly sold to you in the first place. Did your mother understand what she was signing up for? You don't have to take out PPI, I never do.

waynebouk

thanks for the info i`ve printed out one of the draft letters from this site and posted it off lets see what happens.

waynebouk

got a response asking for a 10quid fee

CLAPTON

if you are doing a subject access request (SAR) then they can indeed ask for a £10 fee.

PROLIANT

Monument Visa do a payment break plan with their credit card, and their interest rate is better than some flavours of MBNA Visa! Currently @ 29.9% Apr.

waynebouk

so guys before i post of this cheque what is the possibility of getting my money back i mean is this a form of insurance or should i just ring them up and say cancel the plan and thats it. i`ve paid i think about 1300 on this thing.