PPI Reclaiming Discussion part 4

smitchy73

bonzo820235 wrote: »

Hi
Has anyone come across my situation?

i have had my credit card 16 years up to now,i requested my agreement which was ticked for no ppi, so i made a claim
the complaint was upheld, ppi premiums plus associated interest
£3,206.00 plus 8% interest of £1.60 ?
this has been applied to my account already, it was not an offer

of course i am happy to recieve the money, but,i am sure i paid more ppi premiums over 16 years, i am not sure how they worked out the £1.60 8% interest either, i have not been asked to sign a disclaimer which i know others have, also i thought they would give me a breakdown of my ppi payments over the years, but they now say they will not enter into any further correspondence unless instucted by the fos.

it sounds to me they want me to take this further with the fos
am i right or wrong to think this

any advice or suggestions would be much appreciated

Hi bonzo, yeah you're right it doesn't seem alot for 16 years, as Di says query them and ask them for a full breakdown of how they get to that figure.
Don't be surprised about the 8% interest, thats not the one to be concerned about just yet, the main thing is to get your ppi charges for the term, along with any interest charged on those at the prevailing card rate, although some lenders, when you make your monthly payment is applied to ppi, then any late fee's, overlimit charges etc, then your monthly interest and lastly 1% or £5 off your balance, so if this is how they apply your monthly payments you wouldn't be charged any interest on your ppi, just doesn't reduce your account very much.
When they restructure your account, they put back the ppi to your account, and keep a seperate list of what your account would've looked like if ppi hadn't been there, the difference between the two is what you get back, if when they do this your account goes into credit(they owe you money) then you get 8% on this part but only that.
As mentioned before find out how they applied your monthly payment then get a breakdown, if they refuse advise them you will speak to the FSA(Not FOS) for further guidance.

Hope this helps.:D

chrisja1000

Firstly thank you for the amazing advice on this site, it has resulted in me receiving an offer for £1800 from HSBC. The confusing part is where to send the offer letter as it doesn't actually say in the letter but I have a return envelope for a Salford address so I'm a little confused as there complaints Dept is in Bristol!

Secondly my wife had a lot of debt up to the last 12 months and we have now reached a partial settlement with 5 of the 6 cards and paid the last off in full. Is there any point putting a PPI claim in to these companies, she is scared they will come back in for the rest of the monies owned. She paid at least three quarters of the debts off with Egg, barclaycard etc.

Once again thank you for the advice.

patricia50

Hi all,
Feeling really confused at the moment. I had claims for 2 Lloyds credit cards upheld and got figures last week and it said the money would be paid into the bank account that I had named. Reading posts on here some people have had their money in 7 days or less, some say its taken 21 days or more. Then people are saying they are sending cheques instead of bank transfers Does anyone know what Lloyds are doing because it seems to vary all the time.

cappo

patricia50 wrote: »

Hi all,
Feeling really confused at the moment. I had claims for 2 Lloyds credit cards upheld and got figures last week and it said the money would be paid into the bank account that I had named. Reading posts on here some people have had their money in 7 days or less, some say its taken 21 days or more. Then people are saying they are sending cheques instead of bank transfers Does anyone know what Lloyds are doing because it seems to vary all the time.

Hi pat it is a bit of a lottery, i think the banks are totally confused at the moment, i had my payout in about 3 weeks from LTSB but there not as bad as HSBC i had 4 upholds 5 weeks ago and i haven't even got my calculations yet let alone the money

cappo

chrisja1000 wrote: »

Firstly thank you for the amazing advice on this site, it has resulted in me receiving an offer for £1800 from HSBC. The confusing part is where to send the offer letter as it doesn't actually say in the letter but I have a return envelope for a Salford address so I'm a little confused as there complaints Dept is in Bristol!

Secondly my wife had a lot of debt up to the last 12 months and we have now reached a partial settlement with 5 of the 6 cards and paid the last off in full. Is there any point putting a PPI claim in to these companies, she is scared they will come back in for the rest of the monies owned. She paid at least three quarters of the debts off with Egg, barclaycard etc.

Once again thank you for the advice.

Hi chris when you say partial settlements do you mean you have done a full and final settlement of your debts, if you have then a full and final settlement is a repayment of your borrowings with the full agreement of the lender, they can't come after you again and yes if you have good reasons for a misale i'd put in a claim.


http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

saverjustice

marshallka wrote: »

Why would you use the words "without prejudice on a sar" ??

A legal phrase that allows parties to discuss and negotiate a settlement to a legal claim, without admitting liability. Any documents headed "without prejudice" cannot be used in evidence in any subsequent court case without the permission of both parties.

It is a legal phrase you use after legal action has commenced, there is no point putting it on anything prior to that unless you want them to think you are more likely to get legal with it but the financial services compensation procedures are meant to preclude the need for costly legal action.

irnbru74

Hi,

Does anyone know who I can complain to, I sent SAR to LTSB and was due to have info back by 27th and have received nothing from them! Postman has been and only get 1 post a day)
Thanks

debsclark17

Hi
Can any one offer any advice ? I made 2 claims for my Dad on PPI on credit cards. MBNA paid back £14k, £7k of this was 'Total amount of interest associated with the PPI Premiums'.
We also made a claim on Barclaycard (grounds of self employed and age now 68- is he still covered ?- which was a shot in the dark because we had no paperwork). We have just received reply from Barclaycard saying that 'they do not uphold the complaint' .
My question would we be able to go back to the ombudsman and say that the Interest associated with the PPI premium is unfair, i.e, they charge me £60 per month plus interest at 1.??? %, is this acceptable and legal. Any thoughts anyone ?
Cheers
deb

MoneyNon-Expert

I'd recently been made aware of making a claim to get back mis-sold PPI. My friend encouraged me to attempt to get my 'well earned' money back from 2 loans and a credit card dating back to about 2004(ish). These were with Nationwide, Alliance & Leicester and Virgin. I do recall A&L sending out paperwork about this some time ago (yrs!!), but I didn't action it at the time - can anyone please tell me if I'm too late to make a claim from any of these?
Any advice would be muchly appreciated.
KRs
S.

saverjustice

Go for it S