If you have had old credit cards, and you believe that they might have had Payment Protection Insurance (PPI) on them, or you do not know if they did, or if the credit cards themselves are still open or are now closed – you can certainly look at making a claim to see if a refund is due to you.
The vast majority of people, particularly people who have had credit cards in the 1990s and early 2000s, they will have facilities which they may no longer use, or were using those facilities during this particular time to make large purchases. Therefore PPI was applied without the client of the Bank necessarily knowing. Of course, if this was the case then PPI was applied and there is good potential for a recovery, should this information become available.
Unfortunately, for most people they are unable to recall if the PPI was applied to any facilities that they had, and they are indeed unaware if PPI was taken from the account especially if they no longer have any paperwork or account details. If this is the case, then this makes up the vast majority of individuals, as very few people have old credit card information or statements, and they certainly cannot remember the 16 digit number, even with the cards that they have at present.
We have been dealing with Bank complaints since the late 1990s. As such we are able to (unlike most) test the credit card companies to make sure that they have thoroughly reviewed your records on your behalf. We do not require any information other than your name and an address that they may well hold on record for you to ascertain whether the PPI was applied or not. If it was applied then we can act on your behalf and look at making a full reclaim for you.
The reclaim, if successful, would include any PPI premiums that you have paid, together with interest which is charged throughout the duration of the PPI to date (calculated at the prevailing rate of interest of that particular credit card) which in some cases is quite high. Therefore any refunds in relation to credit cards can be quite considerable. The other element that we can obtain within the refund is the compensatory interest which is an 8% compounded rate upon the PPI premiums paid and also the interest that is being refunded for the duration of the PPI up to the date when a claim is settled. Again, this can add considerable levels to any particular refund, depending upon the amount calculated for the PPI or interest.
Of course, there is a whole host of other types of facilities that could have attracted PPI, from loans through to mortgages, car finance and hire purchase (HP), all of which we can look at, regardless of whether there is any specific information that you hold, whether you know account numbers, or even have any recollection if PPI was applied or not.
We work on a purely “No Win No Fee” basis and therefore if there is no refund, for whatever reason, (in particular if you have no details as a result of not finding the PPI) then of course there is no fee to pay so you are therefore protected, should there be no PPI following our investigations. It is therefore so important for you to wrack your brains and remember any credit card facilities that you had, or indeed have, and make sure that they are checked to see if PPI was applied or not.