Capital One loan insurance
In 2007 Capital One were fined for mis-selling payment protection insurance. The fine was handed out by the Financial Services Authority (FSA) and came as a result of an investigation into Capital One’s PPI sales practices. It was discovered that between January 2005 and April 2006, 335,000 customers who purchased PPI cover did not receive policy documentation. This would mean, in effect, that these customers would not be fully aware of the terms, conditions and exclusions of the cover they had taken out.
Capital One loan insurance was not the only cover caught up in the PPI scandal. In fact, many businesses were investigated by the FSA and it seems mis-selling was a widespread issue across the financial sector. Since 2005, 1.5 million customers have registered a PPI claim with the FSA and it is likely many more claims have been settled in-house by banks.
If you believe your Capital one loan insurance was mis-sold you could start your claim today by calling our claims team on 0207 471 2000. We have already helped thousands of customers to make successful claims and we also assist customers in claiming back bank charges unfairly applied to credit cards for late payment and over the limit fees.
An investigation by The Office of Fair Trading (OFT) in 2006 found that some credit card providers were charging up to £35 on each occasion a customer exceeded their credit card limit or made a late payment. Following a thorough review the OFT announced it believed £12 was the maximum charge that should be levied. This charge took into consideration the cost of staffing, postage and some contribution to IT systems. Since the investigation, most banks have dropped their fees to the £12 threshold, but you can now make a complaint regarding charges applied in the past. To find out more call our claims team today.
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