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Barclaycard Payment Protection Plan...I've only just noticed!!!
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Geenie
Posts: 1,213 Forumite
in Credit cards
I am sitting here stunned at how stupid and unaware of my finances I am after going through my CC bills this morning with a fine tooth comb. It is only from finding this site a few weeks ago that I have really taken stock of where my money is going and what to look for, and I have only just now realised that I have been paying towards a payment protection plan every month on my Barclaycard bill. The last 12 months alone they have taken out £150 without me realising or being aware I had signed up to one!!!
I have gone through all the statements I have from Jan 06 and it is on every month and varies....sometimes as little as £9 one month and others over £20!!! How is this???
I rather stupidly had a clearout of paper work some months back so have no statements before Jan 06, so can't see when it started as have been with Barclaycard for about 5 years I think.
I always paid off my bill every month fully by DD and rather stupidly took no notice of the fine detail of what was on the bill until now......I have had a couple of late payment fines in the past 5 years, but this was down to Barclaycard changing the dates they took money out of my account by DD, as never seem to stick to the same one, and before my money had gone in on the 3rd of every month. I have now stopped DD because of this problem and pay myself so never late.
What I would like to ask firstly is if this Plan is the same as the PPI that people mention on here and are trying to claim back, as I have no recollection of ever asking for this plan and until now was unaware I was paying it? I feel they have been underhand in getting money out of me because I pay up all the time and don't get charged interest or other fees.
I know this is down to my stupid self for not looking at my outgoings, but can I ask Barclaycard to stop it as have no need of it as my payments to them are secure and not dependant on employment, and how do I go about this?
Many thanks Geenie....... and apologies for long post and if in wrong place, but I want to kick myself so hard at the moment.
I have gone through all the statements I have from Jan 06 and it is on every month and varies....sometimes as little as £9 one month and others over £20!!! How is this???
I rather stupidly had a clearout of paper work some months back so have no statements before Jan 06, so can't see when it started as have been with Barclaycard for about 5 years I think.
I always paid off my bill every month fully by DD and rather stupidly took no notice of the fine detail of what was on the bill until now......I have had a couple of late payment fines in the past 5 years, but this was down to Barclaycard changing the dates they took money out of my account by DD, as never seem to stick to the same one, and before my money had gone in on the 3rd of every month. I have now stopped DD because of this problem and pay myself so never late.
What I would like to ask firstly is if this Plan is the same as the PPI that people mention on here and are trying to claim back, as I have no recollection of ever asking for this plan and until now was unaware I was paying it? I feel they have been underhand in getting money out of me because I pay up all the time and don't get charged interest or other fees.
I know this is down to my stupid self for not looking at my outgoings, but can I ask Barclaycard to stop it as have no need of it as my payments to them are secure and not dependant on employment, and how do I go about this?
Many thanks Geenie....... and apologies for long post and if in wrong place, but I want to kick myself so hard at the moment.
"Life is difficult. Life is a series of problems. What makes life difficult is that the process of confronting and solving problems is a painful one." M Scott Peck. The Road Less Travelled.
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Comments
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The premium will vary according to your outstanding balance on that particular month, usually it will be x number of pence per £100 etc.0
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Yes it's what is referred to on here sometimes as 'PPI' (payment protection insurance).
You can cancel it at any time you like, just call the number that's on your statement. Most will have a 30 day notice period though, so expect another charge on your next statement.
If you want to go down the route of reclaiming the charges then the person you speak to when you cancel the cover should be able to tell you when it was applied to your card.
I don't know specifically about Barclays but elsewhere it's very unlikely you'd get any refund at all over the phone so it's up to you whether or not you raise the issue of a refund when you cancel, or whether you do it writing.
I'd definately phone to cancel it though so that you don't have to wait for a letter to reach them (or pay for recorded delivery etc).0 -
You can cancel it at anytime. Just give them a call
Cost is 79p per £100 on your statement balance. It doesnt matter if you pay in full you still get charged the PPI premium. Thats why I always recommend that people check their statements (credit card and otherwise) carefully.
It would normally be arranged when you applied for the card. There used to just be a tick box on the application form but nowadays you need to sign seperately for both the credit card application and also for the ppi application.0
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