Definitive answer required: can ppi be hidden amongst Credit card interest charges?
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primley47
Posts: 6 Forumite
Hi, read this somewhere! Is it true that ppi was hidden away in credit card interest per month in some case unbeknown to the credit card holder.
I have looked at 2 different credit card statement and not been able to qualify the charge and this is when no cash expenditure has happen. I take the standard annual interest divide it into 365 days the multiple it with how many days are between each payment and statement to get the relevant interest that month. The I multiply that result with the balance after the payment and new purchases to get the amount of money that should be charged and this differs from the amount charged! I understand that x pence was charged per £100 of debt and that the charge is commonly 70 to £1 or maybe 60 pence per £100 debt and the amount charge is always more than my figures. Is it daily weekly or less that ppi is charged!
This baby need to be put to rest so, please, can anyone help me please!
I have looked at 2 different credit card statement and not been able to qualify the charge and this is when no cash expenditure has happen. I take the standard annual interest divide it into 365 days the multiple it with how many days are between each payment and statement to get the relevant interest that month. The I multiply that result with the balance after the payment and new purchases to get the amount of money that should be charged and this differs from the amount charged! I understand that x pence was charged per £100 of debt and that the charge is commonly 70 to £1 or maybe 60 pence per £100 debt and the amount charge is always more than my figures. Is it daily weekly or less that ppi is charged!
This baby need to be put to rest so, please, can anyone help me please!
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Comments
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Credit card PPI appeared on every monthly statement itemised on a separate line. However, it was only charged if the account retained a balance.Hi, read this somewhere! Is it true that ppi was hidden away in credit card interest per month in some case unbeknown to the credit card holder?
It could not be (and was not) "hidden".
I hope that is "definitive" enough for you?
If not, you have just eight days to somehow show otherwise to your old credit card providers. Your complicated calculations are seemingly in vain I fear.
Good luck doing that.0 -
As above, it’d show as a separate transaction as something like ‘cardholder protection plan’.
PPI being ‘hidden’ is a CMC marketing lie.helpful tips
it's spelt d-e-f-i-n-i-t-e-l-y
there - 'in or at that place'
their - 'owned by them'
they're - 'they are'
it's bought not brought (i just bought my chicken a suit from that new shop for £6.34)0 -
If a credit card company was brazen enough to fraudulently "hide" extra charges in the interest why would they go to the bother of using this money to pay for a PPI policy (which they never tell the customer about) - surely they'd just keep all the extra charge for themselves.0
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Thank you for the replies so far!0
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Is it true that ppi was hidden away in credit card interest per month in some case unbeknown to the credit card holder.
No. It is impossible for PPI to be hidden in the interest. It is just not possible. The consumer credit act does not allow it and it is not feasible or logical when you know how these things work.0 -
Could you have either taken out cash or made a gambling transaction, which incurs interest from day one, and even if you pay the balance in full each month.Will incur interest on that interest.Life in the slow lane0
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