Capital One PPI Claim
PPI Claim Form
Have you ever had PPI with Capital One?
If you answer "No" to any of the below questions, there's a very good chance Capital One mis-sold you PPI:
Capital One should not have added PPI to your agreement without your permission.
Capital One should have given you the unpressurised option of having PPI.
PPI would not have been needed from Capital One if you had pre-existing PPI cover elsewhere.
Capital One should have explained the cost of PPI to you at the point of sale.
If over 50% of your PPI premiums were paid in commission to Capital One and this was not explained to you, the "Plevin" ruling means you were mis-sold.
Again, Capital One should have given you the option of having PPI or not.
Your right to cancel PPI within the cooling off period should have been explained to you by Capital One.
To start your Capital One PPI claim, follow our simple 4 step guide above.
My Claim Solved have had great success in reclaiming PPI for customers against Capital One and so far we have reclaimed over £42m* for our clients in PPI mis-selling.
If you were mis-sold PPI by Capital One, and the claim is successful, you would be entitled to a full refund of PPI premiums you paid to Capital One, a full refund of interest charged and compensation interest at 8% per annum on the above sums.
Don't Delay! If you would like to start your PPI Claim against Capital One, complete the form at the top of this page.
* PPI refunds obtained through our claims service, amount is prior to our fees plus VAT and any income tax.
Many consumers may have been mis-sold PPI (Payment Protection Insurance) by Capital One, PPI may have been attached to a customer's policy by Capital One, in some cases without their knowledge. Capital One may have rejected a credit application if PPI was refused by the customer.
Capital One PPI wasn't all bad, it was intended to protect borrowers' from being unable to make repayments if they were unable to work due to illness or injury. The problem was how PPI was mis-sold by Capital One.
There are many examples of Capital One mis-selling PPI, some customers were not even made aware by Capital One that PPI was attached to their policy, and if the customer was made aware that PPI had been attached, they were not told by Capital One that it was optional.
A new PPI mis-selling factor called "Plevin", which means if over 50% of the PPI premiums you paid were set out as commission to Capital One, and this was not explained to you at the point of sale, then you would be due compensation from Capital One.
Capital One has a significantly shorter history than many other "well known" banks. It was founded back in 1988 by Signet Financial Corporation, who later on decided to split its credit card business into a separate subsidiary company named Capital One, led by a man named Mr Richard Fairbank.
In the early 1990s, Capital One relied mainly on Credit Cards being their "core product", meaning nearly all of their revenue came from Credit Cards alone. Towards the late 1990s and early 2000s, Capital One branched out into retail banking, aiming to reduce their risk from the "monoline" credit card business. They used their knowledge and customer database to enter into automotive financing.
Over the following years, Capital One then started to acquire other businesses, with their first big addition being Hibernia National Bank in 2005. They later acquired North Fork Bank in New York and Chevy Chase in Washington DC, with the last of their big additions being ING Direct, where they were hoping to boost their online banking foothold. ING Direct were the leaders in online banking in the US. The above additions have taken the bank to be the well-known brand we all know today, Capital One.
Capital One's 3 core products:
- Credit Cards
- Savings Bank
- Automotive Financing
Capital One still holds their "flagship" subsidiary, chartered in McLean, Virginia, United States. This is the bank's original business, and still their highest earning of their 3 core products.
Being the 2nd most valuable of their core subsidiaries, Capital One is a federally chartered savings bank. Upon acquiring Hibernia National Bank in 2005, they started to offer deposits and loans, with which they started to become a household name.
The last of their 3 core products, and the least profitable of the three acquisitions, is automotive finance. Trading as Capital One Auto Finance Inc., they provide automotive finance loans in order for client's to purchase a vehicle. Capital One hold a very high share in the automotive finance market, being the 3rd largest company in the United States to be offering such a product.
Capital One also trade as Capital One Services Inc., which serves as an accounting and administrative service to their other subsidiaries.