PPI

[val-south]

Does reclaiming PPI mean asking back the extra money you have paid per purchase over the time you have used your credit card to buy goods?
Or is it money taken by the bank for the administration of the card whether you have used it or not?

[ubasses]

It is the premiums for an insurance policy taken out to protect the repayments, only if you have been missold it.

[woofgang]

PPI stands for Payment Protection Insurance. The intention of it is to cover your credit card payments if you become unable to do so from sickness or accident. It was also sold to cover mortgages as well.

[bednobs]

as ubasses says, neither of the things you mention

[carrot99]

Information on reclaiming

http://www.moneysavin...im/ppi-loan-insurance

You shouldn't have to reclaim as any lender who sold you PPI should contact you to make sure you were happy with the PPI you took out.

[boxtops]

Carrott, it doesn't actually work that way - you have to claim from them, they aren't offering you the money back if you don't.

val - as stated by others - the PPI is the extra premium you paid on your statement each month to cover the insurance. There was no extra charge added to each of your purchases. If you look at your statement you will see PPI added. Nothing to do with card administration, only the insurance.

[carrot99]

I'm actually right Boxtops - about 2 years ago I saw an article that said that the government had directed lenders to contact borrowers, so I sat back and waited.

In February this year I was contacted by the only people I'd ever had to take PPI out with. They sent me a brief multiple choice form giving reasons why PPI might have been mis-sold and I had to tick the reasons that applied to me. A couple of months later I received the full amount of PPI paid and interest.

I did tell them I had frequently taken out loans and that they were the only ones I'd ever had to have PPI with and they could probably have checked this on my credit history. This may have supported my claim that I had been mis-sold.