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    • di3004
    • By di3004 16th Jun 09, 11:00 PM
    • 42,529 Posts
    • 56,679 Thanks
    di3004
    • #2
    • 16th Jun 09, 11:00 PM
    • #2
    • 16th Jun 09, 11:00 PM
    Today I received a cheque for £750 from Tesco Loans/RBS after succesfully following Martin's advice!

    Tesco actually denied all wrong doing, and I was only doing it for a punt since I thought the cost of a stamp was worth it anyway, but the £750 "goodwill" seems pretty fair to me!

    Originally posted by Leonard H Martin

    Congratulations Leonard, this is great news, well done.
    The one and only "Dizzy Di"
  • Natalie6999
    • #3
    • 17th Jun 09, 7:51 PM
    • #3
    • 17th Jun 09, 7:51 PM
    I have spoken to FOS today, there are meetings going on between FOS & Tesco PF as FOS have had many requests to check refunds of PPI from Tesco & have found in many cases that there are discrepancies with the way that FOS say the refunds should be calculated & how Tesco are calculating them, leading to reduced refunds.

    FOS are trying to sort this out, so if you have received a refund from Tesco, make sure you have got back as much as you are entitled to & if you are not sure, contact FOS as you may be due to a further refund.

    Tesco are disputing this but if we don't all fight back they will probably win.
  • pinknico
    • #4
    • 17th Jun 09, 8:02 PM
    • #4
    • 17th Jun 09, 8:02 PM
    Thanks for that Natalie, I have just sent my TPF complaint to the FOS as they tried to fob me off with £60 when it should be well over £200.
    DS1 12/10/04
    DS2 13/07/06
    DD1 06/12/07
  • marshallka
    • #5
    • 18th Jun 09, 9:00 AM
    • #5
    • 18th Jun 09, 9:00 AM
    If you look at this

    Tesco Payment Protection Policy Summary

    This section contains full details of our Payment Protection Insurance for loans customers who took out the policy prior to the 17th March 2009.

    It goes on to state

    Termination of Contract

    If You cancel Your policy after the first 30 days following the Commencement Date, You are required to give the Insurer 30 days written notice. Once this notice is given You will be entitled to a refund of part of Your insurance premium provided You have not made a successful claim.
    Since the amount the Insurer might have to pay in the event of a successful claim is greater at the beginning of the term than at the end the Insurer does not calculate Your refund on a pro rata basis. Instead the Insurer uses a formula called the Rule of 78, which reflects the way the risk changes over the loan. Below is a table, which explains what proportion of premium you would receive as a refund for 2 example loan terms.
    http://www.tescofinance.com/personal/finance/finance/loans/policy-doc-ppi.html

    Now I assume this is for all loans prior to the 17th March 2009 as it states but cannot be sure and it looks like tesco were using the Rule of 78 in their calculations of the refunds of PPI and this was actually abolished in 2005 for ALL new loans so anyone that took a loan after that date should not have had it applied.

    If you took your loan after 2005 but settled after 2007 then you should not have had it applied and if your loan was over 10 years then this is the only one that can still apply rule of 78 at settlement. (But this has to have been a regulated agreement as the OFT asked that all lenders ceased using on unregulated loans anyway)
    http://www.independent.co.uk/money/loans-credit/punishment-eases-for-early-payers-of-debt-492393.html




    The reform will apply immediately for new borrowers. Existing ones who have loans for terms of 10 years or less, and want to settle early, will not benefit until 2007. Those with loans for longer than 10 years will not be covered until 2010.


    It seems that some of you have had this wrongly applied I think and then tesco are paying you back the wrong amounts for the PPI refunds.
    Last edited by marshallka; 18-06-2009 at 9:05 AM.
  • Natalie6999
    • #6
    • 26th Jun 09, 11:30 AM
    • #6
    • 26th Jun 09, 11:30 AM
    I spoke to my adjudicator at FOS who has told me that the discussion with Tesco/RBS re settlements is still ongoing as Tesco/RBS don't want to play fair.

    Their argument is that the refunds have been on a goodwill basis & so don't have to follow the FOS guidance on settlement calculations, Fos don't agree with their view on this & are involving their legal team & possibly the Chief Ombudsman.

    My Adjudicator has told me that he will give me a ring when an outcome is known & I will let you all know when I hear from him.
  • pinknico
    • #7
    • 26th Jun 09, 12:45 PM
    • #7
    • 26th Jun 09, 12:45 PM
    Maybe if T esco don't want to pay the right amount they will have to let the FOS adjudicate on the complaints and let the FOS come to a decision that does not involve a goodwill gesture but the right amount plus compensation.
    DS1 12/10/04
    DS2 13/07/06
    DD1 06/12/07
  • michaelboyd2
    • #8
    • 26th Jun 09, 2:40 PM
    • #8
    • 26th Jun 09, 2:40 PM
    Congratulations. I think I need to look into this for my sister.
    • di3004
    • By di3004 26th Jun 09, 2:51 PM
    • 42,529 Posts
    • 56,679 Thanks
    di3004
    • #9
    • 26th Jun 09, 2:51 PM
    • #9
    • 26th Jun 09, 2:51 PM
    Congratulations. I think I need to look into this for my sister.
    Originally posted by michaelboyd2

    Good luck to your sister as well Michael, what a lovely brother you are, if you need any help, give us a yell.
    The one and only "Dizzy Di"
  • Gary1982
    Tesco claims
    Hello im doing a claim for my ppi at the moment well saying that ive been waiting 16 weeks now and all im getting from them is we are waiting on more information from other departments, does anyone have any help?? ive been calling them but find it so hard to get anyone to pick the phone up in my eyes this has been going on to long......what do you think??

    Many thanks
    Gary
  • Sunnyk
    Hello im doing a claim for my ppi at the moment well saying that ive been waiting 16 weeks now and all im getting from them is we are waiting on more information from other departments, does anyone have any help?? ive been calling them but find it so hard to get anyone to pick the phone up in my eyes this has been going on to long......what do you think??

    Many thanks
    Gary
    Originally posted by Gary1982

    gary,

    I was in a similiar position, with letter stating that they are awiting informaiton from other departments.
    I went straight to FOS and within a week they called to say Tesco has agreed to pay redress.

    I had a letter form FOS last week, which basically stated the methods used for compensation and if iagreed on the use of these methods. I signed and sent the document back recorded delivery on Monday, so now just waiting for TEsco calculaiton and offer.

    if i were you, go to FOS direct stating your displeasure at the lenght of delay.
    Current debt:
    Barclay Card - £4900, Creation Card - £7000, American Express - £2400, Nation Wide Card - £3600, Black Hourse Loan - £10500, Car Finance - £5k.
  • PH68
    I claimed PPI mis-selling on my 2 Tesco loans (one closed, one still live).
    Tesco stated in the letter both loans had mis-sold PPI.
    They have refunded me all the PPI + the usual 8% Interest. All in-line with FOS guidelines


    Their calculations for the PPI were correct compared to my calculations.
    The interest calculations were just a few £ out compared to my own calculations.
  • Gary1982
    help again
    Would you have the number for the FOS also what phone number are you using for tesco ppi??
  • StevenC
    Did anyone have that number from FOS?
    • amersall
    • By amersall 3rd Jan 12, 7:19 PM
    • 16,435 Posts
    • 18,444 Thanks
    amersall
    Here are the numbers.
    http://www.financial-ombudsman.org.uk/contact/index.html
    http://www.tescobank.com/personal/finance/loans/contact.html

  • mandyloub
    Thanks to Martins advise I also have a cheque coming through but wondered if anyone knew how long tthis can take?
  • Kleky
    Ppi?
    Hi, should it be obvious that you had PPI in that it would state this on the bills/statements, unless it was factored into the re-payments?

    Many thanks

    Ian
    • Moneyineptitude
    • By Moneyineptitude 5th Jun 14, 11:25 AM
    • 16,793 Posts
    • 7,444 Thanks
    Moneyineptitude
    Hi, should it be obvious that you had PPI in that it would state this on the bills/statements, unless it was factored into the re-payments?
    Originally posted by Kleky
    With credit cards, PPI appears on every monthly statement on a separate line. For loans, it will appear on the original signed agreement. If, as you say, the PPI was "factored into the (loan) repayments" this is a solid mis-selling reason.

    You will, of course, need to be sure you had PPI before you make any complaint about it.
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