This is a story on how i got 75% of my refund for paying for this service for the last 21 months. And this is only because I DIDN'T PAY MY BALANCE IN FULL FOR THAT AMOUNT OF TIME and THAT I DIDN'T NOTICE THIS CHARGE FOR THAT LONG which can be argued that it is totally my fault for signing up for the product and that I hadn't notice a charge so i should just suck it up. My total that I paid after I had put all the data into an excel sheet was $1080 CAD.
13-08-03
13-09-03 11.70
13-10-03 15.88
13-11-03 21.00
13-12-03 33.95
14-01-03 35.80
14-02-03 6.18
14-03-03 23.37
14-04-03 89.09
14-05-03 60.37
14-06-03 85.27
14-07-03 61.37
14-08-03 71.38
14-09-03 52.19
14-10-03 47.93
14-11-03 61.50
14-12-03 55.21
15-01-03 76.53
15-02-03 73.87
15-03-03 55.12
15-04-03 71.22
15-05-03 71.18
$1080.11
YES I HAVE BEEN A VERY CARELESS CREDIT CARD USER but that is not the point. Most people feel that because of their spending habits or bad credit history they should just ignore this charge and cancel it for future charges and not ask for any refund. I would say a BIG VERY HUGE NO to this. You are entitled to this money back and if you are already paying extremely high interest on the unpaid amount why should you be subject to this extra charge.
1. Payment Protector Premium is an insurance product that you sign up for and is only offered on credit cards (according to lady on the phone). This is either done at the bank when you are applying for your credit card or someone phones you after for this product and you sign up over the phone.
2. Once you've wrapped this idea around your head ask yourself why on earth would you sign up for something that's ridiculously expensive unless someone MISSOLD YOU THE PRODUCT or you are really dumb. If you want your money back i would stick with the former.
3. BE POLITE AND CONTENT in your phone call. Although you are livid that you have paid so much and your heart is thumping and adrenaline is rushing through your body make sure NOT TO BECOME LOUD AND RUDE.
This is how my experience with Payment Protector Premium went recently.
i phoned the number mentioned on the bill and chose options to speak to someone regarding cancelling the policy.
Me: Hi I called to speak to someone regarding this charge that has been recurring on my bill every month.
Agent: Yes. I'd just like to confirm some things for security purposes. SECURITY CHECK. Now How Can I help you.
Me: So I don't know why I am being charged this.
Agent: It is insurance that you must have signed up for. It covers payment of your bill if you lose your job upto $10,000.
Me: I don't know why I would need that because i have a insurnace policy with Great West Life that i have had for the last 5 years and that covers me for all incidental, critical illness. And when i signed up for this I didn't have a job anyway because I was a student so i don't know why i would sign up for something that is not relevant to me.
Agent: It also gives you health coverage upto $2000.
Me: but i already have had health insurance through Great West Life for the past 5 years. I am unhappy about this charge because i have been a loyal CIBC customer and I don't think this is a fair charge.
Agent: You must have signed up for this in the bank or on the phone?
Me: I don't remember signing up for this service and it wouldn't make sense for me to sign up in the first place since I already have coverage through Great West Life.
Agent: What i can do is cancel this coverage and give you refund for the last 3 months as a gesture of good will?
Me: I have paid for quite a long period of time for some charge i didn't even know about and I don't think 3 months refund is fair?
Agent: OK let me speak to my supervisor if you can hold on a few minutes?
MUSIC
OK So I spoke to my supervisor and we can give you refund for the last 6 months as a gesture of good will?
Me: I guess 6 months is better but still.
Agent: There is nothing else i can do. I can only do last 6 months as a gesture of good will?
Me: Yes but still you understand where i am coming from right. I just feel a bit like I have been charged for something i shouldn't have. it doesn't seem something I would ever sign up for.
Agent: But last 6 months is all that I can do.
Me: What is the amount coming to.
Agent: Ok let me calculate....... long pause... it is coming to $400?
Me: I gues you can cancel the insurance policy from further charges and issue me that refund for the last 6 months but I am stll not happy though with these charges.
Agent: ok I will do that. if you like I can get someone from CIBC to give you a call back sometime.
Me: Ye thank you "Agent". You have been very good but i am still unhappy though because i feel like i shouldn't have been charged for this in the first place. I'd be grateful if you could get someone to give me a call back.
Agent: yes. is there anything else i could help you with.
Me: No, that'll be all "Agent".
Next Day I get a call back from CIBC headoffice from one of their executive supervisors. I couldn't asnwer the phone because i was on another call. So I phoned that specific person back but she wasn't in office so I was put through to someone else.
Agent: He asked if he could be of any help. Did SECURITY CHECK.
Me: I explained to him my situation.
Agent: I am sorry i can not do anything but "executive supervisor" is dealing with your file. if you can phone back before 4PM EST tommorrow she'll be able to help you.
Me: (Almost felt like he tried to avoid my situation) Yes I can do that but i am very busy tommorrow. i was wondering if you could leave a note for the "executive supervisor" to let her know that i did call back and if she could call back tommorrow if she gets time but I'll try to call her aswell.
Agent: ok i will leave a note for her. is there anything I could help you with.
Me: No that was it really, thanks very much.
The Following day I recieved a call from the "executive supervisor". And this is how our conversation went.
Executive Supervisor: Hi. This is "executive supervisor" from CIBC calling you regarding the insurance on your credit card.
Me: Hi "executive supervisor". Yes.
Executive Supervisor: SECURITY CHECK. We have been going through your file and we can give you a total refund of $750.
Me: But I feel like I should get full money back because it is an unfair charge. I don't know why I would sign up for this. Almost seems like it was mis represented if I did sign up for it.
Executive Supervisor: At the moment we can give you $750. But if you'd like the full refund we'll have to gather evidence to prove this this was missold to you. that's going to take more time and if it goes against you, you will not be liable for any refund.
Now at this point I had to consider my option. I know that there is no audible evidence they would have for me signing up to this policy since it was done at the bank. The only thing they'd be able to dig up is my credit card file with my signature on it for this policy. But then again they can not prove that this was mis sold to me because of my circumstances. But I thought to myself whether it is worth it for me to take on all that hassle for $300 more. So I agreed to a refund of $750. A 75% win for me i guess :)
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