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    • epicbagel
    • By epicbagel 14th Sep 17, 10:49 AM
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    epicbagel
    Overdraft PPI - Reclaim overdraft fees + PPI fees/interest?
    • #1
    • 14th Sep 17, 10:49 AM
    Overdraft PPI - Reclaim overdraft fees + PPI fees/interest? 14th Sep 17 at 10:49 AM
    I just received a successful PPI reclaim payment with Barclays for £52. I was paying 40p a month since 2010 until last month for PPI cover on my £5k overdraft. At the time, there was no way to opt-out of taking the PPI when the overdraft was being set up.

    Over those 7 years, I've paid out interest and charges on this overdraft - I'm always quite a bit into the overdraft, so fees range typically from £30 to £80 a month. Over those 7 years, I've paid around ~£4k in fees etc (note: fees to use the overdraft, not the PPI itself).

    Can these fees also be reclaimed as part of the PPI claim? That is, should the fees I paid to use the overdraft + interest paid on the overdraft be paid back alongside my PPI claim?

    There's a number of posts on here, but they more-so relate to refunding these fees in cases of financial hardship etc.

    Many thanks.
Page 1
    • dunstonh
    • By dunstonh 14th Sep 17, 11:26 AM
    • 89,542 Posts
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    dunstonh
    • #2
    • 14th Sep 17, 11:26 AM
    • #2
    • 14th Sep 17, 11:26 AM
    At the time, there was no way to opt-out of taking the PPI when the overdraft was being set up.
    If that was true, your complaint would not have been upheld. Where it is not optional, you cannot be missold. more likely you were told it was not optional when it was.

    I'm always quite a bit into the overdraft, so fees range typically from £30 to £80 a month. Over those 7 years, I've paid around ~£4k in fees etc (note: fees to use the overdraft, not the PPI itself).
    So, the fees themselves have nothing to do with the PPI as you would have paid them anyway.

    Can these fees also be reclaimed as part of the PPI claim
    in your case, no because of the above answer.

    You could make a case for the interest on each 40p to be refunded. However, the interest part of the redress is there for that purpose. So, your £52 will be part interest, part redress (refund)
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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