PPI - To claim or not to claim

Puzzledbubbles

HI All,

Im hoping you can help with this one.

Just been browsing and remebered i was sold ppi on a cc back when i was a student, I wasnt working 16 hours a week so it was in effect miss sold.

Just sat and typed up the letter, asked hubby to read through and he doesnt think its a good idea for me to apply for it.

Now before we start hubby bashing (he is useless bless him but i think he has a point this time)

There is a total of around £150 that ive paid in PPI (from the statements that i still have) this was over a four month period (again, only statements from June to Nov and i cancelled it in the Nov 06 so there is porbably about £300 in total.

Plus the interest i think realistically there is a chance i would get about £500.

But hubby is worried if i push it i will loose the great interest rate that is still on there from my student days (1.094% on purchases and 2.095% on cash withdraws)

Now we arent spending on this anymore and are working to pay it off to clear it all down paying over the minimum. But if we loose this interest rate then the monthly interest will go through the roof and we will be worse off.

Any comments welcome and if you want to vote to help us (well me) decide it would be great!!

Thanks

Puzzled

SarahNeedle1872

Bumpety Bump

LilacPixie

Puzzled

youknow your financial situation better than I do. would you be able to get a balance transfer at a lower rate if they do decide to hike up the rates??

Also remember cc companies can change their rates at any time, only last month virgin and egg both hike rates up to 25.9% on some customers, you don't really have to give them a reason.

I think i would be inclined to send the letter and put anything against reducing some of the balance while looking to see if there was a better dealout there for you.

Puzzledbubbles

Hi Lilac,

i cant get any better deals, im in the postion that i dont want to apply for anything else for about 6 months to give my file some time to calm down if that makes sense.

Thanks for the advice, im thinking that if i was successful then i would just put the amount straight on to the card and leave it there, but im really not sure whether its worth it, to jump from just over 1% to 15% which i think is tha average at the mo would cause me huge problems and i dont count on the mabks good faith to leave my rate as it is if i ask for some money back,

Decisions decisions ........

Puzzledbubbles

thanks for the bump Sarah, much appreciated xxxx

LilacPixie

out of interest who is the card with?? I was presuming the rate you quoted was the monthly rate not the annual rate.

Puzzledbubbles

Hi Lilac,

Its with LLoyds, that is the annual rate of interest, it was a student cc that has continued at a great rate as i went on to do a post grad (also rang them up and said that as a loyal customer i hoped that as a graduate my rate would stay the same and they confirmed)

Although its up for review in June time i think (if i remember rightly my account is reviewed annually but im not 100% positive)

Puzzled x

LilacPixie

The reason i asked was i had a halifax CC from my student days and on the statement it quoted the monthly rate bot the apr and it figures sounded similar.

mines was purchase 1.527% and cash withdrawals 2.075%

That works out at 19.9% and 27.8% ish hence my decision to do a BT.

Puzzledbubbles

hmmmmmm, ive checked on the statement and it just states the figures as above.

I know that on the last bill i only paid £48 interest on a balance of £3900 which makes sense at just over 1% interest but not sure if that is monthly or not.

Now im all confused, lol

weebit

those figures are definately monthly rates. it should say somewhere on your bill the annual rate

LilacPixie

£48 interest per month on a balance of £3900 means an APR of 13.1% ish.