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  • FIRST POST
    • xsazax
    • By xsazax 17th Oct 16, 1:20 PM
    • 6Posts
    • 1Thanks
    xsazax
    PPI Credit Card help please
    • #1
    • 17th Oct 16, 1:20 PM
    PPI Credit Card help please 17th Oct 16 at 1:20 PM
    I was looking for some help.

    In 2005 i had a credit card out with BOS. i decided to investigate if i had PPI, i filled out all the forms and spoke to them on the phone, to which they said i had PPI out on the credit card. I received a letter saying i was not entitled to anything as they believe they verbally explained to me PPI. I contested and went to financial services ombudsman. This morning i received a letter saying i can expect a payout from BOS with in 8 weeks.. great.

    Here is my problem, how will i know if i am going to receive the correct amount. I don't have any of the paperwork as it was back in 2005. All i know is i had a credit card in 2005 that was £1500, i paid PPI for 18 months, the credit card went into debt recovery in 2008, i was young and couldn't pay it back. I eventually paid off everything in 2015.

    Should i just accept whatever the bank offers me back? Do i qualify for the 8% interest that i am hearing so much about? If so what time period is that over?

    An help greatly appreciated.
Page 1
    • Moneyineptitude
    • By Moneyineptitude 17th Oct 16, 1:29 PM
    • 17,229 Posts
    • 7,771 Thanks
    Moneyineptitude
    • #2
    • 17th Oct 16, 1:29 PM
    • #2
    • 17th Oct 16, 1:29 PM

    Here is my problem, how will i know if i am going to receive the correct amount.
    Originally posted by xsazax
    Unless you have statements showing the amounts of PPI you paid, you can't personally check. However, unless the bank's records are also incomplete, you will indeed receive back all you paid with interest added on top.

    The one "fly in the ointment" is that you say the account defaulted. If the Bank wrote off any monies (as part of a debt management programme for example) then these amounts can be offset against any refund you receive.

    If you paid back the whole amount owed then your redress will be unaffected.
    • xsazax
    • By xsazax 17th Oct 16, 1:55 PM
    • 6 Posts
    • 1 Thanks
    xsazax
    • #3
    • 17th Oct 16, 1:55 PM
    • #3
    • 17th Oct 16, 1:55 PM
    Thanks

    Yes i paid back the whole lot so BOS were completely satisfied. Just hard knowing what to receive with out knowing all the ins and outs, i might just accept what is offered, anything is a bonus really as i didnt even know i had PPI in the first instance
    • Nasqueron
    • By Nasqueron 17th Oct 16, 2:07 PM
    • 2,953 Posts
    • 1,597 Thanks
    Nasqueron
    • #4
    • 17th Oct 16, 2:07 PM
    • #4
    • 17th Oct 16, 2:07 PM
    The refund method is defined, if they know the balances they can do an exact amount else they can reconstruct based on average spending for any records you or they have. 8% simple (not compound) interest is applicable on every refund on a year by year basis
    • xsazax
    • By xsazax 17th Oct 16, 2:32 PM
    • 6 Posts
    • 1 Thanks
    xsazax
    • #5
    • 17th Oct 16, 2:32 PM
    • #5
    • 17th Oct 16, 2:32 PM
    That's good to hear, i'm so new to this but what i'm understanding there is no way they can get round it, what i paid out is what i will get back? and i should receive it with 8% interest?

    Another question regarding the interest, will the interest be over the 18 months of paying PPI or is it the length of time i had the credit card?

    If i was to contact the bank to ask for the records would i be able to receive them?

    I really should just be patient i know, i find all this PPI an interesting topic.

    Thank you all for your help
    • Nasqueron
    • By Nasqueron 17th Oct 16, 2:48 PM
    • 2,953 Posts
    • 1,597 Thanks
    Nasqueron
    • #6
    • 17th Oct 16, 2:48 PM
    • #6
    • 17th Oct 16, 2:48 PM
    That's good to hear, i'm so new to this but what i'm understanding there is no way they can get round it, what i paid out is what i will get back? and i should receive it with 8% interest?

    Another question regarding the interest, will the interest be over the 18 months of paying PPI or is it the length of time i had the credit card?

    If i was to contact the bank to ask for the records would i be able to receive them?

    I really should just be patient i know, i find all this PPI an interesting topic.

    Thank you all for your help
    Originally posted by xsazax
    They have to pay back what you paid, plus the associated 8% annual interest + with credit cards any other interest that you paid as a result of the PPI

    See the official policy here:

    http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html#redresscc

    If the bank has records they will pay it back based on that - you can ask for copies of the records but it will cost you £10
    • Crazydennie
    • By Crazydennie 25th Oct 16, 9:46 PM
    • 71 Posts
    • 471 Thanks
    Crazydennie
    • #7
    • 25th Oct 16, 9:46 PM
    • #7
    • 25th Oct 16, 9:46 PM
    The one "fly in the ointment" is that you say the account defaulted. If the Bank wrote off any monies (as part of a debt management programme for example) then these amounts can be offset against any refund you receive.
    Originally posted by Moneyineptitude
    Does this still apply if the debt is statute barred?
    I'm Ever hopeful!
    • dunstonh
    • By dunstonh 25th Oct 16, 10:09 PM
    • 85,089 Posts
    • 50,114 Thanks
    dunstonh
    • #8
    • 25th Oct 16, 10:09 PM
    • #8
    • 25th Oct 16, 10:09 PM
    Does this still apply if the debt is statute barred?
    Originally posted by Crazydennie
    statute barred doesnt mean you no longer owe the money. it means they will not come after you for it through the courts. PPI redress payments can be offset against statute barred debts.
    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 a Financial Adviser local to you.
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