CPP Reclaims - Reclaiming mis-sold CPP Insurance

[Never-In-Doubt]

Re: Not sure if anyone can help me

Are CPP a separate company then? Should the reclaim be addressed to them rather than the bank you had the accounts with? Can you SAR CPP? Anyone got the address?

Lots of questions...

Yes CCP is a huge card protection plan that was prominent in the 90's. They started life attaching policies to Barclaycards and Access cards (old Joint Credit Card Processing @ Southend on Sea) which basically meant for like a tenner a year you'd get a silly key-fob and if you lost any of your cards then CPP would call all the card providers making it easier for you to cancel things whilst out and about.

The problem is, the wording on a lot of old applications suggest it is part of the bank (it is not).

CPP is primarily based in York, bout 4 minute drive from my main office. Bastards - go get em and go direct, no need to go via the bank as the bank will just pass it to them to deal anyway

Good Luck

[Never-In-Doubt]

Re: CPP Reclaims - Reclaiming mis-sold CPP Insurance

Title renamed again, to a more user and search engine friendly version

[tastyjane]

Re: CPP Reclaims - Reclaiming mis-sold CPP Insurance

Direct it is then Niddy pen poised .......... sadly excited

Jane x

[Never-In-Doubt]

Re: CPP Reclaims - Reclaiming mis-sold CPP Insurance

Direct it is then Niddy pen poised .......... sadly excited

Jane x

Yep just write in and literally say you believe you were missold this policy and wish to reclaim all premiums....

Obviously and as Ken advises, check the ruling and base your missale argument around the same reasons as to why they were punished....

---> CPP fined £10.5 million for widespread mis-selling and agrees to pay redress

[ken100464]

Re: CCP Reclaims, Seems a lot of people took this out ?

That's interesting, i can't remember if the payment came out of a credit card or the current account. I had several cards at the time. Does it matter whether it came out of a credit card or current account? Would this be subject to 8% interest like PPI reclaims?

They had your money. If mis-sold they cant claim it was lent to them and therefore just the premiums come back. They had use of your money for how ever long they had it. They will have charged the card interest rate on it unless it was a debit card.

However the difference here will be the size of the claims. 8% of diddly squat will be not much more than a few pints.

But whatever it is if you get it, be way better in your pocket than theirs.

[tastyjane]

Re: CPP Reclaims - Reclaiming mis-sold CPP Insurance

Well anything is better than nothing and I've been paying just short of £50 a year for 12 years. Even if its only a couple of quid every penny counts at home at the minute

If I draft a letter will someone check it over for me please?

Jane x

[vasarely]

Re: Not sure if anyone can help me

Yes CCP is a huge card protection plan that was prominent in the 90's. They started life attaching policies to Barclaycards and Access cards (old Joint Credit Card Processing @ Southend on Sea) which basically meant for like a tenner a year you'd get a silly key-fob and if you lost any of your cards then CPP would call all the card providers making it easier for you to cancel things whilst out and about.

The problem is, the wording on a lot of old applications suggest it is part of the bank (it is not).

CPP is primarily based in York, bout 4 minute drive from my main office. Bastards - go get em and go direct, no need to go via the bank as the bank will just pass it to them to deal anyway

Good Luck

Yes, I always thought it was a scheme run by the bank, they certainly made it look like that, although it claim to cover any cards you registered in the scheme. The later ID theft policy was sold to me over the phone by a bank employee so I naturally assumed it was run by the bank. Can't remember how I ended up enrolling in CPP, it's probably been 12 years.

[vasarely]

Re: CCP Reclaims, Seems a lot of people took this out ?

They had your money. If mis-sold they cant claim it was lent to them and therefore just the premiums come back. They had use of your money for how ever long they had it. They will have charged the card interest rate on it unless it was a debit card.

However the difference here will be the size of the claims. 8% of diddly squat will be not much more than a few pints.

But whatever it is if you get it, be way better in your pocket than theirs.

I thought it would be 8% compound interest over a number of years as with PPI reclaims, not just 8% of the overall amount paid into the policy, can you clarify this point?

[Never-In-Doubt]

Re: CPP Reclaims - Reclaiming mis-sold CPP Insurance

Well anything is better than nothing and I've been paying just short of £50 a year for 12 years. Even if its only a couple of quid every penny counts at home at the minute

If I draft a letter will someone check it over for me please?

Jane x

Yep fire it over when you do it and I'll check it for you.... you'll be wanting £600 + interest then which isn't bad....

[Never-In-Doubt]

Re: CCP Reclaims, Seems a lot of people took this out ?

I thought it would be 8% compound interest over a number of years as with PPI reclaims, not just 8% of the overall amount paid into the policy, can you clarify this point?

See this - allaboutFORUMS - View Single Post - Reference Information for Calculating Actual Redress

Loan PPI is redressed by refund of premiums (which includes PPI Interest) and 8% from date of EACH payment to the date of redress
And so are Credit Card Penalty Charges of course

BUT Credit Card PPI must be calculated as in example 6 Appendix 2 of FSA Handbook (page 115) as per post above.

* thanks Turboman

[tastyjane]

Re: CPP Reclaims - Reclaiming mis-sold CPP Insurance

Thanks Niddy, sent you a copy of my proposed letter Definitely worth the price of a stamp hey if they pay up nearly enough to F&F another credit card

Jane x

[ken100464]

Re: CPP Reclaims - Reclaiming mis-sold CPP Insurance

Can confirm Niddys post 40 now having seen the letter.

Barclaycard have applied 8% from the time of the charge.

In our case the interest is nearly as big as the premiums. But seeing as it they have had the money since before job was a lad it is understandable.

Like I say and cant quite believe I am saying this but well done Barclays.

[tastyjane]

Re: CPP Reclaims - Reclaiming mis-sold CPP Insurance

Right letter sent signed for; now I will wait....... exciting....

Jane x

[vasarely]

Re: CPP Reclaims - Reclaiming mis-sold CPP Insurance

See this - allaboutFORUMS - View Single Post - Reference Information for Calculating Actual Redress

Loan PPI is redressed by refund of premiums (which includes PPI Interest) and 8% from date of EACH payment to the date of redress
And so are Credit Card Penalty Charges of course

BUT Credit Card PPI must be calculated as in example 6 Appendix 2 of FSA Handbook (page 115) as per post above.

* thanks Turboman

Thanks very much, I will take a look, as this goes back some 12 years, interest should definitely make a difference.

[tastyjane]

Re: CPP Reclaims - Reclaiming mis-sold CPP Insurance

Hi all,

Today I have had a response from CPP as follows:-

I have reviewed your policy and can confirm that this policy was not sold to you by us here at CPP; our records show that the numbered policy was sold to you directly by our business partner, Capital One. It may help if I explain that we had an agreement with our business partners whereby they would offer our products to their customers. These details would then be transferred to us so that we could set up a policy as requested. I trust you will appreciate that this information was taken on good faith on the basis that the customers in question wished to take out a CPP policy.

As Capital One carried out the sale of your policy, I am unable to investigate the matter for you. As such, I am unable to comment on the substance of your complaint or make a decision as to whether the policy was sold to you in the correct manner. In view of this, I have forwarded your letter of complaint directly to Capital One, in order that they may complete a full investigation on your behalf and advise you of the outcome directly. For further information please contact Capital One using the details below.

Capital One will complete their investigation and provide you with a response.

There is a bit more about the FOS and how I can complain but in essence they have passed it on.

Now I wonder how I stand - I defaulted on my Capital One account in 2008 and the payments transferred to being taken from my current account - I have recently settled this credit card balance with Lowell's - I owed just over £4800 and I paid them £1000 in full and final settlement. Do you think Capital One will take this reclaim seriously or will they just think I am cheeky? Should I contact them directly? Are CPP right they have no obligation even though it was their product and they haven't been in contact me since I signed up over 12 years ago?

Any advice gratefully received.

Jane x