PPI Reclaiming Discussion part 4

D1955

A couple of weeks ago I had an offer from my credit card provider - which was for repayment of all premiums and and interest plus 8% for the last six years. The account however has been open for 15. Several good people advised I should go back and ask them to review. I decided to do this and had the response last night - they said "we have the right to refuse any claim for damages where the cause of the loss alleged was more than 6 years ago" and no we won't increase our offer.

I spoke to the FOS this morning who said that they were using the Statute of Limitations and that if I wanted to challenge this them I should do this through them.

Just wondered if anyone has had a similar experience and if it was worth another letter - I am in no rush and the difference would be substantial - so although I don't want to wait another 18 months it would be worth doing so. On the positive side I don't think I would be getting 8% interest anywhere else at the moment!!

Any advice/comments/suggestions would be much appreciated.

manc

bugsy161 wrote: »

PPI would have been £200.34 with interest of £19.88 = £220.22.

By rights they should add the compounded interest since July 2007 but that would only be if it was a FOS ruling. They are more likely to add the statutory 8% as it works out cheaper for them. This would give you a total of about £277.

Cool- Thanks for that!
Now I know roughly what to expect!:)

Anyone any ideas of how long Lloyds take to pay up once the acceptance letter is signed?

bugsy161

BGJAM wrote: »

Hi we have got a ppi claim that as gone to ombudsmen. keep receiving letters saying waiting to be passed to adjudicator. does anyone know how long this takes? thanks!!!

Hey Di and Amersall.......................I better not answer this one!!

bugsy161

D1955 wrote: »

A couple of weeks ago I had an offer from my credit card provider - which was for repayment of all premiums and and interest plus 8% for the last six years. The account however has been open for 15. Several good people advised I should go back and ask them to review. I decided to do this and had the response last night - they said "we have the right to refuse any claim for damages where the cause of the loss alleged was more than 6 years ago" and no we won't increase our offer.

I spoke to the FOS this morning who said that they were using the Statute of Limitations and that if I wanted to challenge this them I should do this through them.

Just wondered if anyone has had a similar experience and if it was worth another letter - I am in no rush and the difference would be substantial - so although I don't want to wait another 18 months it would be worth doing so. On the positive side I don't think I would be getting 8% interest anywhere else at the moment!!

Any advice/comments/suggestions would be much appreciated.

Your card provider will try and get away with what they can and, although what they offer may be tempting, look at the potential bigger picture .
I took my credit card PPI complaint to the FOS and, after 2 and a half years, I won.
Lloyds have to pay me back 23 years PPI payments (from 1987), plus compounded interest, plus statutory 8% interest, plus refund any charges, plus interest, added as a result of the PPI, and pay me £200 distress and inconvenience money.
They also have to recalculate all the monthly payments I made, after the PPI plus interest have been removed............... so never, ever give up.
In the end it is your choice, just wanted to share my experience with you.

D1955

Many thanks Bugsy - will update when I have any news

di3004

bugsy161 wrote: »

Hey Di and Amersall.......................I better not answer this one!!

I know.........:eek:, yours have been the longest wait so far.:eek:

evie_g_2

Hi Susan ED,
Must have just missed you last night! On reading your post today I suddenlt thought that the address in Chiswick sounded familiar....sure enough it's exactly the same address that Santander gave me for GENWORTH, who they said was the insurance company. When you ring the number for them (0870 4004801) a recorded message states "Welcome to GE Money" - so in fact it is GE Capital's own company, or a branch of it at the very least! The FOS have now written to Lighthouse, who apparently were the underwriters, in Gibraltar. Fingers crossed!

marshallka

D1955 wrote: »

A couple of weeks ago I had an offer from my credit card provider - which was for repayment of all premiums and and interest plus 8% for the last six years. The account however has been open for 15. Several good people advised I should go back and ask them to review. I decided to do this and had the response last night - they said "we have the right to refuse any claim for damages where the cause of the loss alleged was more than 6 years ago" and no we won't increase our offer.

I spoke to the FOS this morning who said that they were using the Statute of Limitations and that if I wanted to challenge this them I should do this through them.

Just wondered if anyone has had a similar experience and if it was worth another letter - I am in no rush and the difference would be substantial - so although I don't want to wait another 18 months it would be worth doing so. On the positive side I don't think I would be getting 8% interest anywhere else at the moment!!

Any advice/comments/suggestions would be much appreciated.

FOS can get round the statute of limitations act the same way as you would in a court. Its the same rules as section 32 of the LImitiations act in that FOS would look at it that if you only just became aware of the complaint then this is your date of knowing you had been missold and not the 6 years ago.

Section 32 says

32 Postponement of limitation period in case of fraud, concealment or mistake

(1) Subject to [F1subsection (3)][F1subsections (3) and (4A)] below, where in the case of any action for which a period of limitation is prescribed by this Act, either—
(a)the action is based upon the fraud of the defendant; or
(b)any fact relevant to the plaintiff’s right of action has been deliberately concealed from him by the defendant; or
(c)the action is for relief from the consequences of a mistake;
the period of limitation shall not begin to run until the plaintiff has discovered the fraud, concealment or mistake (as the case may be) or could with reasonable diligence have discovered it.

amersall

bugsy161 wrote: »

Hey Di and Amersall.......................I better not answer this one!!

:p Go on be a devil but dont use any naughty words

:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

marshallka

evie_g wrote: »

Hi Susan ED,
Must have just missed you last night! On reading your post today I suddenlt thought that the address in Chiswick sounded familiar....sure enough it's exactly the same address that Santander gave me for GENWORTH, who they said was the insurance company. When you ring the number for them (0870 4004801) a recorded message states "Welcome to GE Money" - so in fact it is GE Capital's own company, or a branch of it at the very least! The FOS have now written to Lighthouse, who apparently were the underwriters, in Gibraltar. Fingers crossed!

Are FOS actually allowed to intervene with Insurers based in GIB? Have they said they can? I thought that most companies based in GIB are untouchable?