Credit card Payment Protection Insurance

Annual statement

Your questions

• What is Payment Protection Insurance (PPI)?
• What is a PPI annual statement and why am I getting one?
• Do I have to do something with it?
• My personal details are incorrect, what do I do?
• I don’t want PPI anymore, how can I cancel it?
• I don’t think I’m eligible for this cover, what should I do?
• Who do I speak to if I have a question about my policy?
• My policy summary says that I didn’t receive advice or a recommendation when I bought it. I did, I was advised that I should take out this insurance to cover the payments for my credit card – why is this different?
• Where can I get a copy of the policy wording?

Answers

What is Payment Protection Insurance (PPI)?

PPI is an optional insurance policy that could pay off your Yorkshire Bank credit card balance if you die, have an accident, become ill or are made redundant, subject to eligibility. Terms and conditions apply. See your policy documents for more information.

If you make a successful PPI claim, it will:

Pay your outstanding balance, up to £25,000, if you die.

OR

If you can’t work because of accident, sickness or unemployment, pay 10% of your outstanding balance each month until one of the following:

• You return to work
• The balance on your credit card is cleared
• 12 monthly payments have been made

What is a PPI annual statement and why am I getting one?

PPI statements are a regulatory requirement for customers who have credit card payment protection insurance. They tell you about the type of cover you have and what the cost of this insurance has been over the last 12-months.

They also include the cost of the insurance per £100 of benefit, which lets you compare the cost with other insurance providers.

Do I have to do something with it?

No, it’s for information only, but we recommend you keep it in a safe place in case you need it in the future.

My personal details are incorrect, what do I do?

Call us on 0800 678 3320. Sometimes we can’t update certain pieces of information over the phone. We’ll let you know what to do if this happens.

I don’t want PPI anymore, how can I cancel it?

Just call us on 0800 678 3320. We’ll cancel your cover right away. Please be aware that it can’t be reinstated.

I don’t think I’m eligible for this cover, what should I do?

To be eligible for this cover, at the time you took the plan out you needed to be:

• Aged 18 years or over but under 64
• Work at least 16 hours a week
• Live in the UK
• Be the principal cardholder.

If you don’t think that you’re eligible, we can cancel your cover for you. Call us on 0800 678 3320 to arrange this. Terms and Conditions apply. See your policy document for more information.

Who do I speak to if I have a question about my policy?

Please refer to your policy documents as first reference, if it's relation to whether you can make a claim you should phone the Aviva Claims line on 0800 919 023 (Monday to Friday 9-5pm) or for Policy Queries call 0800 678 3320 (24 hours a day, 7 days a week).

My policy summary says that I didn’t receive advice or a recommendation when I bought it. I did, I was advised that I should take out this insurance to cover the payments for my credit card – why is this different?

If you started your policy in 2008 or before, we would have provided advice. Since 2009 Yorkshire Bank moved to a non-advised sale process. This means that we would have provided you with all the relevant information to make your own decision to take out this insurance. How the policy was sold doesn’t affect the cover it provides in any way.

Where can I get a copy of the policy wording?

PPI for credit cards policy wording (PDF, 304 KB)

If you wish to register a complaint, please contact us:

In writing: Write to Customer Engagement Manager, Clydesdale Bank PLC*, Guildhall, 2nd Floor, 57 Queen Street, Glasgow, G1 3ER

By phone: 0800 055 6655.

* Yorkshire Bank is a trading name of Clydesdale Bank PLC which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register No. 121873