For as long as I can remember I’ve had a monthly entry on my bank statement that was called ‘O/D Protection’.
I thought this was a compulsory part of having an overdraft and for a time I was occasionally dipping into the overdraft so protection seemed like a good idea.
It wasn’t until my bank changed the title of this to ‘Payment Protection’ that it caught my attention.
What with all the automated sales call about PPI I keep receiving I thought my bank had taken it upon themselves to mis-sell me some without me even knowing about it.
I spoke to my bank and they explained that, (a) The ‘Payment Protection’ is what used to be referred to as ‘O/D Protection (b) It wasn’t compulsory and (c) It was effectively a PPI policy.
It was at this point that I remembered my recent credit card PPI claim that the Ombudsman has upheld.
If my credit card PPI claim had been upheld on the grounds that it was mis-sold then quite clearly I have a case against my bank for a PPI policy I didn’t realise was optional AND I wouldn’t have been able to claim on due to my self employment status.
The original O/D Protection was applied to my account in 1998 and has cost me approximately £4 per month and is still running (they’ve said they can’t cancel it until a dispute is settled… which seems odd if they’re probably going to have to give me all my money back anyway – with interest).
So that’s 13 years at £4 per month = £624
I think I have a pretty strong case but I now have to go through the standard procedure for making a PPI claim which means form filling and joining the back of the queue of the thousands of other people currently claiming!
I doubt I’ll see a refund this side of Christmas but it just goes to show that mis-selling has indeed been a scandal and it wasn’t always called PPI (Payment Protection Insurance).
Check your bank statements, check your other financial commitments such as credit cards and loans and then visit the very helpful Financial Ombudsman Service website to find out if you’d qualify for a refund and a simple DIY guide to making a claim.
If you have the time, it’s not too difficult to do yourself.