PPI Claim
I took a credit card out in 2011 just for online shopping and using on holiday and I pay the money straight back as soon as I get billed monthly. However, I have PPI and have made enquiries and it was mis sold but with me paying very little each month because I don't have many outstanding payments on my card is it worth going ahead with the claim?
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What were the circumstances of you purchasing the PPI?
It was just for online shopping and I had it over the phone. I found out I was mis sold it because I am entitled to full sick pay from my job. Like I said though, I pay it all off every month so the ppi payments are pretty low
If you believe it was mis-sold then you should make a claim, yes.
Check the criteria here to see if you are in a position to clam: http://www.fsa.gov.uk/consumerinformation/product_news/insurance/payment_protection_insurance_/claim-back-ppi
I'd say about two of the mis sold criteria apply
A claim is far more complicated than that, I had full sick pay and fulfilled numerous other criteria and it was still turned down.
Also I get full sick pay and a partner could have handled payments
If you do apply don't go through a company, it's easy done yourself and they fleece you!
Sick pay is the least likely reason for a claim to be upheld as the policy benefits will almost always outweigh this.
Proving that the policy was forced on you for a monthly policy (as is the case of the OP) is difficult to prove also as it's not attached to a loan, showing it was optional by default. Also the fact it could be cancelled at any time without impacting anything and there would be no disproportionate rebate means it's also difficult to prove it was mis-sold.
Basically for monthly policies, unless you were self employed and had taken out unemployment cover as part of the PPI, it will be very difficult to prove it was mis-sold.
Surely that makes the credit card mis-sold as well if the brokers say you needed to take out the PPI to get the credit card.
See above. That is one of the most difficult arguments to prove, especially for a monthly policy. Unless, and this is highly unlikely, you have something in writing which confirms this was said to you.
I got 7 grand back from it
Ditto - I got £3.2k from my card provider though it did have to go the FSO. And they were not who I intially took the card out with, which made my claim, in their eyes initially even more tenuous - hence the FSO's involvement. As for the company who "sold" me the PPI in the first place, they paid up too without a quibble.
Was it a single premium or a monthly policy? There is a big difference between the two which most people don't realise when trying to claim.
You may get compensation, but as I say, it wouldn't have been based on the fact that you were coerced into taking the policy out, that is very hard to prove. For single premiums, typical uphold reasons are because the policy doesn't match the term of the loan, the total cost including interest was not made clear etc.
I know what I'm talking about here as I've worked for the FOS and now working for the FSCS.