Beginner to claiming back- please advise

MissShoes

Hi all,

Now I've been on the DFW wagon for a long while (albeit holding on by dental floss at times), I thought I'd investigate what everyone means when they say they are claiming back charges/PPI/getting a copy of the credit card agreement.

I watched the panorama thing last night (hated that money-grabbing couple- they didn't even try to pay back their debt!) and think it's jolted me into action.

So imagine the person with the least knowledge on this subject possible then advise in an appropriate level!

Basically- I have 11 creditors. What is PPI? What is CCA? What does everyone mean when they say thay are claiming back? Am I eligible for any of this/how do I find out? Is there a step by step thing I should follow or standard letters.

So in the dark sometimes it's untrue....but you lot are always lovely to me so I'm hoping some helpful DFWs will be along shortly to switch on the light.

Love Miss Shoes xxx

idlikemymoneybackplease

Hi miss shoes love the name I'm sure someone much more knowledgeable will be along soon but the idea is that any over limit charges bounced DD charges etc you have been charged over the last 6 years you can try to have refunded. At the mo most people seem to be on hold until the test case is over but it is still worth getting your claim in the Que. PPI is something else and I think you have to prove you have been mis sold the payment protection insurance although I may be wrong on that. Sorry in a rush must leave for work but there is another board on here about reclaiming your bank charges ask there they seem a nice bunch.

RAS

Ok

1. You can reclaim any charges that have been applied to your accounts for late payment etc. Unless you can show financial hardship, bank charges cases are on hold until the OFT court case, but credit cards, loans and catalogues are open for action.

http://www.moneysavingexpert.com/reclaim/oft-bank-charges

2. An even bigger issue is Payment Protection Insurance, sometimes call credit protection insurance. This is frequesntly added to loans , credit cards even catalogues supposedly to cover you if you lose yor income. In practice a very small percentage of cases are paid out and very often it is sold to people who could never claim. For example, T&Cs exclude the self-employed or those who have nnot been employed for x months before a claim is made and the insurance is sold to someone who is self employed. Even when someone is eligible, they could usually get stand alone insurance to cover them for a much lower premium. It is also common for the whole cost of the insurance scheme for the whole loan period to be added to the cost of the loan (front loaded) and interest charged on the combined sum. The OFT has recently slammed PPI and particularly front loaded premiums.

See here http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Consumer Credit Agreements are required for laons, credit cards and catalogue debts taken out after 1974. A precentage of debts taken out on this basis were not legally completed and the creditor is not able to pursue the debtor throught the courts without the legal documents (if the debtor knows the law).

Link: Factsheet | Getting a copy of your credit agreement, account details and a statement of account.

Burlesque_Babe

This will help with the acronyms

http://forums.moneysavingexpert.com/showthread.html?t=672601

MissShoes

idlikemymoneybackplease wrote: »

Hi miss shoes love the name I'm sure someone much more knowledgeable will be along soon but the idea is that any over limit charges bounced DD charges etc you have been charged over the last 6 years you can try to have refunded. At the mo most people seem to be on hold until the test case is over but it is still worth getting your claim in the Que. PPI is something else and I think you have to prove you have been mis sold the payment protection insurance although I may be wrong on that. Sorry in a rush must leave for work but there is another board on here about reclaiming your bank charges ask there they seem a nice bunch.

Charges I've incurred by going overlimit could be refunded? How far back could I claim for these- a year, 2 years? Thanks xxx

MissShoes

RAS wrote: »

Ok

1. You can reclaim any charges that have been applied to your accounts for late payment etc. Unless you can show financial hardship, bank charges cases are on hold until the OFT court case, but credit cards, loans and catalogues are open for action.

http://www.moneysavingexpert.com/reclaim/oft-bank-charges

2. An even bigger issue is Payment Protection Insurance, sometimes call credit protection insurance. This is frequesntly added to loans , credit cards even catalogues supposedly to cover you if you lose yor income. In practice a very small percentage of cases are paid out and very often it is sold to people who could never claim. For example, T&Cs exclude the self-employed or those who have nnot been employed for x months before a claim is made and the insurance is sold to someone who is self employed. Even when someone is eligible, they could usually get stand alone insurance to cover them for a much lower premium. It is also common for the whole cost of the insurance scheme for the whole loan period to be added to the cost of the loan (front loaded) and interest charged on the combined sum. The OFT has recently slammed PPI and particularly front loaded premiums.

See here http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Consumer Credit Agreements are required for laons, credit cards and catalogue debts taken out after 1974. A precentage of debts taken out on this basis were not legally completed and the creditor is not able to pursue the debtor throught the courts without the legal documents (if the debtor knows the law).

Link: Factsheet | Getting a copy of your credit agreement, account details and a statement of account.

Wow that's a great response, thanks.

Ok so front loaded means when you paid it all at the beginning- like I did with my Egg Loan? Sorry to sound naive- what's the problem with that? So is a debt unenforcible or the lender is unable to make you pay if you don't have a CCA? Wow the links are helpful...think I need a coffee before I attack these.

I have 1 loan, 1 overdraft and 11 credit/store cards. I think it'll take a lot of digging to get to the bottom of it! Has anyone experienced success when trying to recliam?

Thanks

Miss Shoes xxx

Burlesque_Babe

MissShoes wrote: »

Has anyone experienced success when trying to recliam?

Thanks

Miss Shoes xxx

yes - thousands of people - the downloads for the letters on MSE alone is over a million! I reclaimed 2 lots from the Abbey, 1 lot from Capital One and 1 (hard fought) amount from Citicards. Credit cards you can go for and progress all the way through the process, bank account charges you can get as far as appltinf to the courts as there is a hold on the process after that.

Have a look at the Reclaiming Charges board.