Have I A Claim

[Igotts]

Can someone please tell me if I should claim against my PPI Provider?
The situation is that I was involved in a car accident which registered me disabled and I made a successful claim on my credit card protection plan.
I was told that this protection PPI would repay my credit card in the event of an accident, but I was not made aware that I would have to maintain my PPI monthly payments while receiving my income payments.
This resulted in me having to maintain £81pm payments while my claim was in payment, with the result that I was unable to clear my outstanding payments leaving me with around £1400 outstanding after my final 12 month payment.
Unable to join another scheme due to me having a pre-existing disability now locked in to existing plan. Can anybody help?

[pompeyfaith]

Re: Have I A Claim

Making a claim if you have claimed on the policy does not exclude you if it was missold.

To find out if it was missold Apendix 4 common failings of this FSA policy statement 10/12 will tell you:

http://www.fsa.gov.uk/pubs/policy/ps10_12.pdf

If you where missold what will happen is any money you recieved for the injury claim will be taken off the final redress.

The above link will also explain the various methods used in settling missold claims

Good Luck

[Caspar]

Re: Have I A Claim

So while you were maintaining your £81 pcm payments, how much were they paying out on your behalf?

[Paul210]

Re: Have I A Claim

So while you were maintaining your £81 pcm payments, how much were they paying out on your behalf?

Any benefit paid out by the policy will be deducted from any premiums + interest to be refunded in the event of a successful claim, if you claimed on the policy for some time then its not implausible that the policy may have paid out more than the value of any premiums that you paid in, it might be worth doing some quick maths along the following lines:

A. number of months had card protection x amount of average ppi premiums per month (unless have statements in which case use total of actual premiums for each month)

and

B. number of months claimed on policy x payment policy made towards card.

If B is greater than A by a significant sum (i.e. more than any applicable interest is likely to be) then the lender will reject the claim on the grounds that the insurance was fit for purpose and was utelised to receive a greater benefit than premiums paid, in this case its likely that FOS would take same view.

If need help calculating premiums paid and interest then try and find Bill K (usually on this forum somwhere, I know he has magical spreadsheets to assist in this) and am sure if you ask nicely he'd be happy to help.

[Igotts]

Re: Have I A Claim

The purpose of the PPi was to repay my credit card in full after 12 months I was still ill ,not leave an outstanding amount of £1400. That is what I was told the benefits would be

[Paul210]

Re: Have I A Claim

The purpose of the PPi was to repay my credit card in full after 12 months I was still ill ,not leave an outstanding amount of £1400. That is what I was told the benefits would be

It's worth double checking your policy information but to my knowledge the policy would make a pament to the card of 10% of the putstanding balance for a period upto a maximum of 12 months, usually on card protection the balance is only cleared in the event of death. I've had copies of both the sales scripts and process and policy docs from capital one and nowhere has it ever stated clear balance if off for 12 months. Either you were misinformed by a cap one agent (provable if can recover copy of call recording or transcrpt, have you requsted this from Cap One?) or you have misunderstood.