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barclays overdraft protection ppi??
dotcotton
Posts: 8 Forumite
Hi all, i was wondering if anybody could give me a bit of advise with regards to overdraft protection on my barclays account.
Back in 2005 i upgraded my basic bank account to a current account with a £700 overdraft (v silly of me i know!) over the phone. anyway i have also been paying Overdraft protection ever since. So im wondering now if this is the same thing as ppi and if so is it possible i could reclaim?
Thanks in advance!
Back in 2005 i upgraded my basic bank account to a current account with a £700 overdraft (v silly of me i know!) over the phone. anyway i have also been paying Overdraft protection ever since. So im wondering now if this is the same thing as ppi and if so is it possible i could reclaim?
Thanks in advance!
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Comments
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Hello there
I am not too sure on overdraft protection, is this for the actual account, like for example £10 a month for a premier account which gives the benefit of theft etc? I am unsure of this.
There are standard accounts that are free but not sure if there are any benefits, which you would have on various accounts.
I would though contact them on this and ask them what the protection involves for the overdraft, or wait for opinions from others on this one, good luck.The one and only "Dizzy Di"
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Yes di, it is PPI, and it is perhaps one of the least understood of all the products out there.
Both the (constant) monthly premium, and the potential monthly claim benefit is dependent not on the overdraft balance from time to time but on the overdraft limit. The potential benefit is a constant 10% of the overdraft limit payable per month during a valid claim period (in uvver words a straight seventy quid a month to our dot darn the East End
). As for no questions asked well I am sure we no better 
.
That makes it arguably more useful than credit card PPI as the cover is there whether or not you are using your overdraft, but nevertheless it is a product that was "pushed" until quite recently I think when I notice it seems to have been dropped "for new applications". In fact for quite some while after the FSA told the banks to stop selling single premium loan PPI at the end of January 2009, it was the only type of PPI that was sold in the branches (other than Mortgage PPI sold by the mortgage specialists).
It is dated 2007 but I think this is the policy document in the backwaters of the Barclays website via the Google link here.
There is in fact another page headed Barclays Overdraft Payment Protection Policy Document here but the page itself is not the policy. The link right at the bottom to download a sample policy document no longer works
I am sure as a historical product it is at least as prone as other types of PPI to successful PPI misselling claims.0 -
2sides2everystory wrote: »Yes di, it is PPI, and it is perhaps one of the least understood of all the products out there.
Both the (constant) monthly premium, and the potential monthly claim benefit is dependent not on the overdraft balance from time to time but on the overdraft limit. The potential benefit is a constant 10% of the overdraft limit payable per month during a valid claim period (in uvver words a straight seventy quid a month to our dot darn the East End). As for no questions asked well I am sure we no better .
That makes it arguably more useful than credit card PPI as the cover is there whether or not you are using your overdraft, but nevertheless it is a product that was "pushed" until quite recently I think when I notice it seems to have been dropped "for new applications". In fact for quite some while after the FSA told the banks to stop selling single premium loan PPI at the end of January 2009, it was the only type of PPI that was sold in the branches (other than Mortgage PPI sold by the mortgage specialists).
It is dated 2007 but I think this is the policy document in the backwaters of the Barclays website via the Google link here.
There is in fact another page headed Barclays Overdraft Payment Protection Policy Document here but the page itself is not the policy. The link right at the bottom to download a sample policy document no longer works
I am sure as a historical product it is at least as prone as other types of PPI to successful PPI misselling claims.
Hi all
I have just put in a claim to see if i can get my overdraft protection back as I never asked for it.
It was just put on about 8 yrs ago i only canceled it last year as my local manger said it was no good for me as i had not been working for the last 6 yrs because of the birth of my daughter and it was a waste of my money.
HAS ANY ONE ELES PUT IN A CLAIM.0 -
Im in the same situation where ive been paying £4pm for about 10+years!!! So long ago I cant remember when I took out the overdraft!
Im about to claim this back and wanted to know how you started the process? Ive still got my template letters when I claimed back my bank charges, so I will probably ask how long I have been paying the £4PPI and go from there.
jack0 -
I'm also in the same boat with this Overdraft Protection charge, £8 a month whether I use the overdraft or not - I've found an old statement from 1998 and I was paying it then!
Has anybody successfully claimed this back?0
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