Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • salesaddict
    • By salesaddict 8th May 18, 12:40 PM
    • 486Posts
    • 3,852Thanks
    salesaddict
    Barclaycard - policies missold but no premiums ever collected
    • #1
    • 8th May 18, 12:40 PM
    Barclaycard - policies missold but no premiums ever collected 8th May 18 at 12:40 PM
    Hello,

    I requested a ppi check form Barclays and I was surprised to receive a reply that there were two policies running from 1994 to 2004.

    I just received a follow up letter saying that although the policies were missold no premiums were ever collected.

    Have others had this same experience? It's just that how would I know if premiums were taken from my monthly interest payment?
    It seems strange that a policy should be in place for 10 years with no premiums being collected.

    Thank you for any benefit of experience you may be able to offer.
Page 1
    • zx81
    • By zx81 8th May 18, 12:42 PM
    • 17,636 Posts
    • 18,780 Thanks
    zx81
    • #2
    • 8th May 18, 12:42 PM
    • #2
    • 8th May 18, 12:42 PM
    It's not that strange. If you cleared in full each month, or didn't use the card, then you wouldn't have paid PPI.

    PPI wasn't included in monthly interest. It was shown separately.
    • salesaddict
    • By salesaddict 8th May 18, 12:48 PM
    • 486 Posts
    • 3,852 Thanks
    salesaddict
    • #3
    • 8th May 18, 12:48 PM
    • #3
    • 8th May 18, 12:48 PM
    It's not that strange. If you cleared in full each month, or didn't use the card, then you wouldn't have paid PPI.

    PPI wasn't included in monthly interest. It was shown separately.
    Originally posted by zx81
    Thanks for your reply. I thought that part of the mis- selling was that the ppi was split out of the interest payment afterward, without the customer seeing it. I would have been paying off the cards on a monthly basis back then.
    • dunstonh
    • By dunstonh 8th May 18, 12:49 PM
    • 93,353 Posts
    • 60,851 Thanks
    dunstonh
    • #4
    • 8th May 18, 12:49 PM
    • #4
    • 8th May 18, 12:49 PM
    Have others had this same experience?
    yes. loads have. Its a common outcome.

    It's just that how would I know if premiums were taken from my monthly interest payment?
    They wouldnt be taken from your interest payment. That is not possible.

    It seems strange that a policy should be in place for 10 years with no premiums being collected.
    PPI is only paid if you borrowed money outside of the interest free period.

    edit due to cross posting:
    I thought that part of the mis- selling was that the ppi was split out of the interest payment afterward, without the customer seeing it.
    No. That has never been the case. If you paid PPI, it would have its own entry on the statement.

    I would have been paying off the cards on a monthly basis back then.
    Which means you wouldnt have been paying PPI during that period then.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • salesaddict
    • By salesaddict 8th May 18, 12:54 PM
    • 486 Posts
    • 3,852 Thanks
    salesaddict
    • #5
    • 8th May 18, 12:54 PM
    • #5
    • 8th May 18, 12:54 PM
    yes. loads have. Its a common outcome.



    They wouldnt be taken from your interest payment. That is not possible.


    PPI is only paid if you borrowed money outside of the interest free period.

    edit due to cross posting:


    No. That has never been the case. If you paid PPI, it would have its own entry on the statement.



    Which means you wouldnt have been paying PPI during that period then.
    Originally posted by dunstonh
    Thank you very much for your reply. It's very much appreciated. Also what I meant was I would have been paying the minimum payment each month.
    • Moneyineptitude
    • By Moneyineptitude 8th May 18, 1:51 PM
    • 20,590 Posts
    • 11,450 Thanks
    Moneyineptitude
    • #6
    • 8th May 18, 1:51 PM
    • #6
    • 8th May 18, 1:51 PM
    I would have been paying the minimum payment each month.
    Originally posted by salesaddict
    So present your proof of this to the Bank, whose records mean they believe otherwise.

    PPI was never "hidden" in the interest, that's a myth sponsored by Claim Companies. If you paid it, the PPI would have been itemised separately each month on your statements.
    • salesaddict
    • By salesaddict 8th May 18, 5:47 PM
    • 486 Posts
    • 3,852 Thanks
    salesaddict
    • #7
    • 8th May 18, 5:47 PM
    • #7
    • 8th May 18, 5:47 PM
    So present your proof of this to the Bank, whose records mean they believe otherwise.

    PPI was never "hidden" in the interest, that's a myth sponsored by Claim Companies. If you paid it, the PPI would have been itemised separately each month on your statements.
    Originally posted by Moneyineptitude
    Understood now, thank you.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

60Posts Today

1,944Users online

Martin's Twitter
  • RT @bbcthehour: "Mental health and debt is a marriage made in hell" @MartinSLewis told the Senedd when people are more vulnerable they're m?

  • RT @justindeaville: @MartinSLewis I looked it up when we last went. It's ball speed. And it's about O.3 seconds to cross the court. @Martin?

  • Amazing how empty the #Wimbledon court is for the mixed doubles even though there's a Brit playing. The bars outside are rammed though

  • Follow Martin