Credit card protection insurance

iron man

I reckon i was mis-sold this when i got my first creditcard in 2003. Got my letter back today to say my complaint was upheld. They gave me their final response and a good will gesture of €200. Anybody any ideas on what I should do? What would happen if I go to the financial ombudsman? Is it worth it?

They have given me 14 days to appeal.

What are other people doing? Are they getting more satisfaction?

BuffyBot

What were you looking for from them?

If it's a final response, then you have the option of going to the Financial Ombudsman, but you need to have a clear objective in mind. Was the €200 greater than what was deducted from you for the product?

You haven't really given enough information for people to guide you appropriately.

iron man

Sorry

During the summer when the ulsterbank system went down. i couldn t get my credit card bill payed for a couple of months. As the statements came out a i discovered that i had to pay interest (that's understood) anyways this was excused because of their system fault. I also discovered that i was paying this protection insurance. Its a percentage of of you owe outstanding each month if you don't clear your bill on time. I hadn't a clue what this was. after allot of calls i discovered that it was an payment protection insurance. I cant remember ticking the application box for this 10 years ago. so i cancelled it immediately, made a complaint and asked for a refund.

Short story

no Refund....
200 euro Good will gesture
Basically there is nothing they could do. I ticked the box and i was paying this insurance this past 10 years. I never noticed it that much on bills. maybe when i was a late with a payment. When i had a whopper of a bill in the summer boy did i notice it.

chris85

Ok so you did agree to the insurance ten years ago, you have been paying it, complained about it and got €200 out of them as goodwill gesture and now you want more.

I dont see the grounds for your complaint? It sounds like they have done more than enough.

iron man

yea im kinda thinking the same. the policy was supposed to cover Illness. Death, and unemployment.....

i think take it and run might be the best option...

BuffyBot

There is a distinct difference between agreeing to something and forgetting it, and it being mis-sold to you. Seems like you've got an offer out of them that is distinctly more generous than they need to be. I'd take it and enjoy it..

afatbollix

This sounds the same as the PPI in the UK at the moment. What the banks in the UK are having to do is refund the amount of PPI they took and interest on that amount since the customer were paying it and a fine on top.

Thats why its usually around the 5K you get back due mostly to the interest. Ive had 3 friends all in the UK get back around the 5k.

I'm not sure what the situation is in Ireland, Is this some thing that will come up soon that the banks will have to pay it back to there customers? Are they fobbing you off with 200 euro to shut you up and so you don't have any come back in a year when it comes out that you should of been paid it all back with interest?

iron man

was chatting to The F ombudsman today. Firstly they can only trace back 6 years... and they said that it is very strange that they are giving me a good will gesture....... im totallyconfused on what to do. in fact i think that they are not sure on what i should be doing either????????? they siad to fill the complant in and see what happens!¬!!!!

Where is Eddie Hobbs when i need him????

tindra

Hi
I've been paying card protection with CPP on a BOI credit card since I got it in the early 2000s. It wasn't something I was sold, the amount was just taken out every year. Does anyone know if this is in any way related to the PPI refunds which are being given out and would I be entitled to a refund?
Thanks.