Do you use CPP credit card protection?

[Graham Orm]

Just heard the second half (missed the beginning) of an article on Radio 4 (about 12.30 11/11/13) stating that it's a rip off and anyone who has it is eligible for compensation back to 2005. Full refund of anything paid plus 8% interest.

 

[Graham Orm]

http://www.bbc.co.uk/programmes/b03gvqm1

 

[Graham Orm]

Just spent 40 minutes on the phone with them asking why I haven't had my 'claim letter'. I spoke to a semi literate young lady who I am sure had the best intentions but sounded like she probably needs help chewing her food to be frank. For me the highlight of the conversation was when she introduced a whole new word to the English language. She explained that her job was 'awaring' people of the situation.

The gist of what she was rambling about is that customers will be invited to vote as to whether they think it's a good idea to receive compensation for being mis-sold insurance that simply duplicated the cover given by the card supplier or bank.
Should the customers vote 'yes' they do want compensation #-o :roll: then a process will be rolled out for people to claim. This will go well into next year. The claim centre number is 08000 834393. Hopefully you will get through to Griselda who's function is awaring people.

 

[Drudgeon]

Funnily enough they wrote to me a few weeks back stating that they would be looking to compensate me and I should expect another letter telling me more within 6-12 weeks,

A vote on whether we would like compensation or not???? I really have heard it all now.

 

[Graham Orm]

Funnily enough they wrote to me a few weeks back stating that they would be looking to compensate me and I should expect another letter telling me more within 6-12 weeks,

A vote on whether we would like compensation or not???? I really have heard it all now.

Sounds like stalling tactics to me. They will end up giving most of the money back that they took plus 8%, surely that can't leave them in a healthy situation.

 

[devonwoody]

I got back nearly £700 last month from barclaycard. (included simple interest at 8%, they said they would go back further if I could provide paperwork because they only went back to 2003.

 

[Baldhead]

I am at a loss as to whether I used CPP or not? I always pay off my credit card bills each month so I assume there will nothing I can claim, or am I wrong?

Baldhead

 

[Graham Orm]

I am at a loss as to whether I used CPP or not? I always pay off my credit card bills each month so I assume there will nothing I can claim, or am I wrong?

Baldhead

CPP are a company that sell insurance against your card being stolen or lost. You fill in a form with the details of all your cards and if it's on the form when lost or stolen and they cover any losses thereafter. You would remember doing that. What has just been disclosed is that they were simply duplicating the cover that you already had automatically through your card supplier. I've been with them since 2002 so am looking forward to all my premiums back and 8% on top.

 

[RogerS]

Does the CPP thing go back to when they started as I did have c over with them in the early days.

 

[dm65]

Have a look here - http://www.financial-ombudsman.org.uk/p ... s/ppi.html

I used their form for previous loans and will only say I did better than expected :wink:

Do this yourself, ask for advice here if needs be - DON'T pay one of the claim companies as they will get more out of it than you

I sent the form off and just waited, got a reply to say it was being investigated and then they made me an offer (mother in law was interrogated a bit though, but still got paid out)

 

[Graham Orm]

Does the CPP thing go back to when they started as I did have c over with them in the early days.

Yes they will pay out back to 2002 if they have a record of you and beyond if you can show paper work

 

[mind_the_goat]

Is it just me that feels really hacked off that having avoided buying unnecessary loan and credit card insurance (yes I was smug about it) , those that did walk into the trap are being rewarded for it?

 

[RogerS]

Is it just me that feels really hacked off that having avoided buying unnecessary loan and credit card insurance (yes I was smug about it) , those that did walk into the trap are being rewarded for it?

So according to your line of reasoning, anyone who is a victim of fraud ...well, it's there own fault. Why not extend it to victims of burglary? Or other crimes.

 

[Graham Orm]

Is it just me that feels really hacked off that having avoided buying unnecessary loan and credit card insurance (yes I was smug about it) , those that did walk into the trap are being rewarded for it?

That's an odd viewpoint MTG. I never took out PPP on any loan or card because I thought, as you did that it was a con and couldn't for the life of me understand why others didn't see it. However the CPP thing isn't the same, it offers instant protection on all your cards with just one phone call. Not having to remember who to ring for each card, this includes RAC cards Caravan Club, Fishing licence, trade cards you name it all on one phone number. For me that alone seemed worth £30 per year. On top of that they gave key protection. I have a metal fob on my keyring with a post box address on it. If the keys are found the finder is instructed to put them in the post and they will come back to me.

To say that people are being rewarded for being duped is unfair. The 'bad guys' have been caught and the folks are getting their goods back. If you had your bike stolen and the thief was caught and you got it back would you feel like you had been rewarded for being stupid enough to get it stolen?

 

[Sheffield Tony]

Is it just me that feels really hacked off that having avoided buying unnecessary loan and credit card insurance (yes I was smug about it) , those that did walk into the trap are being rewarded for it?

Ahh, It's ok. Many of them need the cash to help pay for all the extended warranties and the insurance associated with their mortgage, the British gas boiler cover and all the others that saw them coming :wink:

But no. I'm happy the charlatans have been made to give the money back. If only some similar misfortune could hit the PPI reclaim hotline operators too.

 

[Graham Orm]

But no. I'm happy the charlatans have been made to give the money back. If only some similar misfortune could hit the PPI reclaim hotline operators too.

Ha! that will be a day we all celebrate!

 

[mind_the_goat]

It does seem that you can get your money back even if you entered into the agreement with eyes open, and I'm sure many people did this. There is no way to tell if you were coerced into the agreement. On that basis I could claim previous years house insurance back as there was no legal requirement to have it but my mortgage company strongly suggested I should get it, and clearly I didn't need it.
I'm not suggesting the banks deserve any sympathy but the amounts involved in payment protection seem huge and could perhaps have been better spent on business loans or mortgages.
I think it was the suggestion of a decent rate of interest being added that set me off, looks like an excellent savings plan to me. To extend the Bike metaphor, it would be like getting your bike stolen, after leaving it unlocked, but then getting it back with new wheels, tires and a Shimano xtr drive train.

Feeling a bit trollish today

Now where' s that mobile phone warranty form

 

[devonwoody]

It was only simple interest, I would like to have had compound interest