New to this

barnymac

Hi all

I've just found out about this PPI thing and questioned it using the template on this website, thank you for that. From what i've been reading there is at least a 90% success rate with these mis-selling complaints, so to be honest I'm just waiting for a successful response.

The question I have is; all the time I'm waiting for the money, plus the 8% interest, I have a credit card bill, that i pay the minimum on, but charges 27%. The PPI claim would easily cover the whole credit card bill, but until it's settled I'm being hit with £60 a month interest. is this reclaimable as well? I ask this as some of the banks have 'returned people to the financial position that they would have been in, had the PPI not been sold'

If further info is required, please ask and I'll give.

di3004

barnymac wrote: »

Hi all

I've just found out about this PPI thing and questioned it using the template on this website, thank you for that. From what i've been reading there is at least a 90% success rate with these mis-selling complaints, so to be honest I'm just waiting for a successful response.

The question I have is; all the time I'm waiting for the money, plus the 8% interest, I have a credit card bill, that i pay the minimum on, but charges 27%. The PPI claim would easily cover the whole credit card bill, but until it's settled I'm being hit with £60 a month interest. is this reclaimable as well? I ask this as some of the banks have 'returned people to the financial position that they would have been in, had the PPI not been sold'

If further info is required, please ask and I'll give.

Hi there and good luck with this.

I think a proportion of this maybe refundable, but would rather if someone could confirm this.

With my credit card ppi, as this was paid off a few years ago, I recently won a case through the FOS, and they repaid everything on PPI, plus interest, which was a proportion of this.

When Turbo returns, he should be able to have a look at the calculations for you and try to work something out, he normally posts on the above Reclaiming discussion thread, he should be back soon.;)

This was the comment below what the FOS sent me by email:

By reference to the credit card interest that you have paid, I mean only that which pertained to the PPI premiums. Although the premiums are payable monthly, on credit card PPI sometimes it happens that the premium is added to the credit card for a period of time, before you actually make your monthly credit card payment (and you also pay that premium). Hence depending on how this works the PPI premium can attract a small amount of interest charges each month.

Essentially the business should refund all PPI premiums you have paid, together with any interest payments you have made to the card while the premiums had been added to your card balance. It should also pay you interest at 8% on the sum, but please note the interest is 'simple' interest rather than 'compound' interest, which means the interest here is only calculated on the sums refunded, and you are not paid interest on interest. This is slightly different therefore to how interest is calculated on your bank current account.

barnymac

Thanks Di, 2 weeks ago I didn't know I could claim anything back. Now I'm going to investigate every penny. They said i was lazy never to throw out any paperwork, going to justify my lack of actions now :j .

di3004

barnymac wrote: »

Thanks Di, 2 weeks ago I didn't know I could claim anything back. Now I'm going to investigate every penny. They said i was lazy never to throw out any paperwork, going to justify my lack of actions now :j .

You go for it hun and there is nothing lazy about it.:D
Good luck and post anytime.

Di
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