PPI Reclaiming Discussion Part 5

cappo

Darkdestroyer wrote: »

Hi,

I'm new to the forum. I would like to know how a refund on credit card ppi is calculated?
I have been offered a refund broken down as follows:
Refunds of payments PPI cover £3142.53
Refund of interest charged on PPI premiums £2643.05
8% simple interest per annum £254.14

Could you advise if this calculation is correct as the simple interest / interest charged on PPI premiums seems low after looking at one of your posts on contractual interest? Barclaycard claim from 2004.

Thanks Kim

Hi dark destroyer our main calculations man Dilus will probably be along later, i'm sure he won't mind me suggesting he look at this for you later on.

TrAr

Hi everyone,

I have finally started the ball rolling with regards to reclaiming the PPI on a credit card that I took out with HSBC in 2006. I didn't realise I had PPI until I noticed the payment on a statement a while ago. I took the credit card out at the same time as I opened my student account, and at the time had a temporary part time job through an agency.

I wrote to HSBC on 2nd March using the template letter from MSE requesting a copy of my T&C's, I included a cheque for £1 as suggested on the website. They cheque cleared on 12th March. The letter I sent them states that I await their response within 12 working days but I still haven't heard anything from them. Do you recommend I chase them up with a phone call, or should I just move on to the next step without the T&C's?

Thanks

Tara

[Deleted User]

TrAr wrote: »

should I just move on to the next step without the T&C's?

All you need are the account numbers and valid reasons to complain. MSE should remove that advice to seek the terms and conditions before complaining (although I accept it's normally a cheaper method than a SAR to get some relevant details)

Thebutcher

Hi Everyone

After many weeks of deliberating and even considering using a reclaimcompany I have taken the plunge and started the claims myself. It’s onlythrough reading all of these threads that i have the confidence to take theseguys on myself. I have been looking over current and closed accounts that Ibelieve could lead to some payback of the money grabbers. I have sent severalSAR letters off to various closed Credit card companies. Lloyds, Cap One, Eggand Citi. Also a claim has gone to Freedom Finance which is now being lookedafter by I believe Fscs. This is for PPi sold on a loan of £20000 for whichthey added on £3264 for the finance. Didn’t give me the option of saying no, Ibelieved it came as part and parcel of the loan. Even though the PPi onlycovered for the first 5 yrs. I’m paying for it for the life of the loan which can’tbe right. Anyway will keep you all posted on my progress and hope it will helpsomeone else

gilldee

hi again plz help! we have an offer from Blackhorse Finance its for £240!! we believe it should of been more as it was based on us having taking out 3 loans which were front loaded, the first loan was on 18/10/99 for £1500 £84.65mth (ppi payed was £203.86) finished in 2000. then on the 11/12/2000 £2000 £84.33mth (ppi payed was £321) finished in 2007. then on the 16/03/2001 £7000 £199.44mth (ppi payed was£1418.85) finished in 2007. we have been on the phone again to ask why we havent gettin all the ppi and they have said because we claimed for a few mths on 1 of them and as a good will gesture thats what theyve offered us £240 all together!! Surley we should get more back? or are they right? thanks x

cappo

gilldee wrote: »

hi again plz help! we have an offer from Blackhorse Finance its for £240!! we believe it should of been more as it was based on us having taking out 3 loans which were front loaded, the first loan was on 18/10/99 for £1500 £84.65mth (ppi payed was £203.86) finished in 2000. then on the 11/12/2000 £2000 £84.33mth (ppi payed was £321) finished in 2007. then on the 16/03/2001 £7000 £199.44mth (ppi payed was£1418.85) finished in 2007. we have been on the phone again to ask why we havent gettin all the ppi and they have said because we claimed for a few mths on 1 of them and as a good will gesture thats what theyve offered us £240 all together!! Surley we should get more back? or are they right? thanks x

Hi Dee as i said to Kim (dark destroyer) Dilus should be on soon, hopefully he'll have a look at these for you.

[Deleted User]

gilldee wrote: »

hi again plz help! we have an offer from Blackhorse Finance its for £240!! we believe it should of been more as it was based on us having taking out 3 loans which were front loaded, the first loan was on 18/10/99 for £1500 £84.65mth (ppi payed was £203.86) finished in 2000. then on the 11/12/2000 £2000 £84.33mth (ppi payed was £321) finished in 2007. then on the 16/03/2001 £7000 £199.44mth (ppi payed was£1418.85) finished in 2007. we have been on the phone again to ask why we havent gettin all the ppi and they have said because we claimed for a few mths on 1 of them and as a good will gesture thats what theyve offered us £240 all together!! Surley we should get more back? or are they right? thanks x

Can you give us more information about their actual offer? You say they said you claimed "for a few months" on one of the loans, but what have they said for the rest? Did they uphold the other complaints?

upsidedowngirl

Hello everyone

I'd be very grateful for some pointers in reclaiming on my credit card.
I took it out about 1997 and PPI was added from the start. I cancelled it a couple of years ago and the account is still open.
It's sooooo long ago that I cannot remember the application, although I know it was some leaflet I filled in with sadly little regard for anything other than being young and getting some extra money to have fun with! I was in a decent job with sickness pay, death cover and if redundancy came along I would get another job. Though any of those were way past the back of my mind!
If I did opt in, or not opt out, then what are the chances of a reclaim on the basis of not needing the cover? Also, It was on the statement but I never questioned it. I still have no idea what it covered. Less than a year before getting the CC I was in hospital for a couple of weeks on 2 occasions. Do these things still count so far back or do they just look from when the FSA started shaking things up much later?

Thanks for reading

gilldee

hi moneyineptitude, refund of PPI due £121.83 excess payment and interest £303.10 less previously accepted claim -£376.58 SUD TOTAL £48.35 statutory interest 8% untill 2012 £240.71 less Tax at 20% from 8% interest -£48.14... TOTAL ammount to recieve £240.92 we knew we had ppi on one of the accounts and claimed on that for 2-3mths because my husband was on sick money. thats the £376.58. they have made us this offer based on all 3 loans together because we payed one off when we renewed the other then again for the final one. does this help? thanks x

[Deleted User]

upsidedowngirl wrote: »

I know it was some leaflet I filled in with sadly little regard for anything other than being young and getting some extra money to have fun with!

Unfortunately, filling in a leaflet is not regarded as an "advised sale". Some credit card online applications had a pre-ticked box for PPI, but a leaflet box would have had to be ticked by the applicant.
Go here for details,
http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance#step2