PPI Reclaiming Discussion part 4

cappo

cagey26 wrote: »

I have a brief question about credit card PPI - can anyone me please?
If Barclaycard were to decide to uphold a PPI misselling complaint on a credit card that is still active, do they just go back 6 years, or do they go back to the start of the PPI policy?
Thank you
KG

Welcome to the forum KG.:D:)

cappo

smitchy73 wrote: »

The point is they reconstruct your card balances from when ppi was first added to it, until when it was paid off or now, depending on whether you still have a balance.
The first time ppi was added to your account, this will be taken off the balance that was showing at the time, along with what the interest charge on the ppi amount, then for the next payment/charge they do the same, they also keep a running balance of the ppi refund to yourself from this. This keeps going until the last payment or present day. As they reconstruct your account, if you end up with a credit balance, you will get 8% simple interest on that period.
If your card is older and had a high balance you will get a nice return. This is how like one of our regulars ended up with a refund of over £33k just the other day:D
The FSA handbook for the banks guidance is to put you into a position you would've been in if you hadn't had ppi in place throughout your card history.

Hope this helps:D

Hi ya smitch my man how are you getting on mate?:beer::beer::beer::beer::beer::beer:

Faragher1

Apologies if this has already been discussed, but this is my first time. I have a question relating to a PPI offer that we have just received from HSBC. They have offered us just over 5K on a loan that my husband took out. On several occasssions he had nearly paid it off and then extended it, and so basically the amount covers PPI paid on 4 loans + 8% interest. Should we just accept this amount or should we push for more (ie bank charges and debit interest on the account over this period, as we have been in serious financial difficulty during the period of these loans). We are still awaiting the result of another PPI complaint relating to our mortgage. Should we just accept their figures on this and push for the refund of bank charges and debit interest on the account when (if?) we get the offer relating to mortage PPI. Its very tempting as we are strapped and £5k is a lot. Any advice appreciated. Thanks

cagey26

cappo wrote: »

I'd say KG it depends on how helpful the bank are, i've now had HSBC now uphold my credit cards but have said there only going back 6 years so i've rejected there offer and sarred them to (try) to get the info going back the full 12-14 years i've had the card, good luck.

Thanks Cappo for the amazingly speedy and informative response and for the welcome
KG

Red_peppers

dilus wrote: »

But will be joining an elite group

cappo wrote: »

There is that dilus

cappo wrote: »

It's worth a try what they won't expect you to do is to keep pushing, if you know you've been misold,go for it.:T:)

Stop it now! Your all making me blush!:D

Well it's better than doing nothing so I will give it a go.

Talking about my other claim, I received a big fat no from Firstplus, so I sent a letter drafted by Amersall, Di, cappo, Niggly etc. Not heard anything yet but when getting out the letter earlier, I noticed they have sent me a pre paid return envelope. I thought it was for the FOS! So I assume they were ready for me to fight back!

I paid £1.23 to send my letter, not very money saving, or observant
:rotfl:

di3004

Red_peppers wrote: »

How about this:

Thank you for your letter dated 13th September 2011.

I am disappointed that you have chosen not to uphold my complaint about my Payment Protection Insurance (PPI) policy.

I am particularly interested in your findings as to whether the policy was suitable for me. I am a self employed business owner, as such I would continue to pay myself regardless of how long I was off work. I believe I had no reason to be paying for this insurance due to already being protected.

I would like you to reconsider my complaint and provide me with, within 14 days,written concrete evidence of what you believe was a fair sale.

I will refer my complaint to the FOS after 14 days.

Love from Red peppers


How does this look?
Any edits and amendments will be appreciated.


Helen xx

Fab letter, well done and the best of luck. :T:T xx

di3004

Faragher1 wrote: »

Apologies if this has already been discussed, but this is my first time. I have a question relating to a PPI offer that we have just received from HSBC. They have offered us just over 5K on a loan that my husband took out. On several occasssions he had nearly paid it off and then extended it, and so basically the amount covers PPI paid on 4 loans + 8% interest. Should we just accept this amount or should we push for more (ie bank charges and debit interest on the account over this period, as we have been in serious financial difficulty during the period of these loans). We are still awaiting the result of another PPI complaint relating to our mortgage. Should we just accept their figures on this and push for the refund of bank charges and debit interest on the account when (if?) we get the offer relating to mortage PPI. Its very tempting as we are strapped and £5k is a lot. Any advice appreciated. Thanks

Hi there

Well done!:beer:

How did they word the letter? was it a goodwill offer or did they say it was upheld and they will calculate inline with the FOS guidelines?

beverleykim

beverleykim wrote: »

Lloyds TSB Offer

Hi all, have been away recently, so catching up on posts. Really pleased to see so many successes.

My offer from Lloyds arrived today - it was for a credit card, but I am unhappy with the figures quoted and would like some advice please. I rang them this morning and said that I thought they had made a mistake with regard to the interest, and they said if not happy it would have to go through to the FOS which obviously will take quite a time, so please can you have a look at the figures and let me know what you think?

Refund of premiums = £5,714.72
Refund of interest at 8% = £63.44
Interest at 8%, calculated up until October 2011 = £38.10

Total = £5,816.26

The credit card is still running with a high balance but the PPI only run from September 2004 until I cancelled it in May 2006, so no PPI since 2006.

Interest seems extremely low, don't you agree?

Bev

Hi All

Sorry to bump my own post, but I really could do with some advice with regard to accepting the above offer or not. I either accept (but feel the interest is too low) or I have to decline their offer and go to the FOS and could then lose the offer?

Thank you.

Bev

di3004

beverleykim wrote: »

Hi All

Sorry to bump my own post, but I really could do with some advice with regard to accepting the above offer or not. I either accept (but feel the interest is too low) or I have to decline their offer and go to the FOS and could then lose the offer?

Thank you.

Bev

Hi Bev

I am not the one for calculations, but am aware credit card ppi interest works differently to that of loan ppi.
I think Niggly, Ian or maybe Tifosi will be along at some point over the weekend and check them out for you.

Good luck on this and well done!:beer:

smitchy73

cappo wrote: »

Hi ya smitch my man how are you getting on mate?:beer::beer::beer::beer::beer::beer:

cappo my friend, i'm doing fine, just milling away on here, back to work and feeling alot better, apart from being awake at stupid hours on a saturday morning.

How you doing?:D