PPI Reclaiming Discussion Part 5

stressedbusymum

Another question for anyone in the know.

I have overfraft protection with my barclays current account. I am finally out of this overdraft so wish to cancel the protection as you have to pay for it whether you are in the overdraft or not.

I phoned up to be told i couldnt do it over the phone i would have to go to a branch. Went to my local branch and asked the cashier, she said she is not authorised to do it, i would have to book an appointment with the manager. This will involve looking at my account in great detail.

Question is can they force me to keep it?
Can they take my overdraft off me if i go ahead and cancel the protection?

My meeting is next tuesday morning and im not looking forward to it. Surely if they call you non stop to take out the cover it should be simple to cancel over the phone.

benjamin99

Hello everyone. Sorry to bother you but I have today received a settlement cheque from Barclays Bank and have some questions on the refund calculations. If anyone could help me, I would appreciate it.

I have made a claim against Barclays Bank in early May. I took out a loan in March 2004. I was a freelance worker at the time and should not have been missold PPI. Nevertheless, I have defaulted on my loan from December 2005 but since has been with the debt management agency and paying off my loan.

I have received a letter dated 30th May from Barclays Bank with a cheque. I wanted to know if they calculated PPI amount and the interest due on it correctly.

The summary of my loan agreement was as follows (loan amounts shown in green and PPI in red):

APR 10.9%

Cash loan 15,000 Premium Loan 3,017.89
Total charge for credit 4,356 876.11
Total amount payable 19,356 3,894
Monthly repayment 322.60 + 64.90=£387.50
Number of repayments 60

Barclays have calculated the refund as follows:-
A Original PPI Claim 3017.89
(this is the cost of the PPI policy, which was added to your loan)
B Interest incurred due to PPI 629.82
C 8% per annum simple interest 1097.53
D Less previous claims 0
E Less early settlement 0
F Less any other refunds made 0
G PPI refund due=(A+B+C)-(D+E+F) 4745.24

They have added A and B and said that £3,647.71 will be made towards my outstanding debt and sent me a cheque for £1,097.53, which is the interest calculated at 8%.

My questions are:
1. Should they have added the total carge for credit for the PPI of £876.11 (shown in red above) to the PPI premium in A?

2. With regard to the calculation of interest at 8% on the figure A (shown in blue above), should this run from the date when the loan was taken out i.e. 19th March 2004 up until the date of the settlement letter of the Barclays Bank i.e. 30th May 2012?

Your help will be greatly appreciated and my best wishes to everyone who is reclaiming PPI.

Regards, Benj

Jayjames

Moneyineptitude wrote: »

No point using a Claims Management Company at all. They have no special expertise in complaining about old loans. You have to do all the research yourself.
You do need legitimate reasons for complaint.
You do need account numbers and (if older than six years) proof that you paid PPI (statements etc)

YOU DO NOT NEED someone to put a stamp on the envelope containing your complaint who then charges 30% (plus VAT) for the "service"

I am going to look into doing it solo, one more question though. What if you dont have account/ref numbers of the loans. I do have the account number that the direct debit come out of if thats any good?

[Deleted User]

Jayjames wrote: »

I do have the account number that the direct debit come out of if thats any good?

Write a Subject Access Request (SAR) letter to the Bank and see what it turns up. It costs £10 and should provide all details they have on file for you for at least six years, sometimes more. They have 40 days to comply.
Here is an excellent template letter which you can adapt to your needs;
https://forums.moneysavingexpert.com/discussion/1475553

Remember, this is more than any CMC would do for you. You would still have to do all the research yourself.

ButtonMoons_2

Hiya,

I have had a number of credit cards and loans over the years and not sure if I paid PPI or not, but assume that I have done in the past.

I don't have the account details of all of them but know the suppliers and could perhaps get more details by checking an experian report.

Can I approach these companies speculatively to find out even though these date back over 10 years? I know they don't have to keep records behyond 6 years but the majority would have been live in the past 6 years.

So basically do I need to know before I contact these companies that I have paid PPI and have all the account details to make the claims?

Any advice anyone could give would be really helpful, thanks.

MoneySavingMuppet

I'm looking for advice on whether I was missold PPI on my MBNA platinum credit card. I've checked the main advice page but can't find an answer to my particular circumstances.

If I remember right, I got a letter through the post to my work address offering the card, with a form to fill in and send back. Getting the card was guaranteed as I'd been "specially selected" (aye, that'll be right).

I have no idea if the form had a tick box for PPI or not. Assuming it did, and assuming I ticked the box, would a claim for repayment be hopeless?

Jayjames

Thanks for your help, can you use the same SAR letter for credit card company's ?

[Deleted User]

Jayjames wrote: »

Thanks for your help, can you use the same SAR letter for credit card company's ?

Yes, you can write a SAR letter to any institution which holds your financial/personal information.

ben80

Can anyone give me advice please...

A Little History
I have had a Virgin (MBNA) credit card for about 5 1/2 years now, I have been on reduced payments with Virgin for 3 years as part of a DMP... will clear the balance in Feb of next year!! I can't remember if I took out the card online or over the phone, but I certainly don't remember choosing PPI and would not have chosen it if I had the choice as my work illness benefits are quite good and my parents would be supportive in an emergency. I know I had PPI on the card for about a year before cancelling it (I called after 8 months and was told I shouldn't cancel it 'just in case' but then 4 months later I called again and had it stopped).

The question...
I believe PPI was mis-sold to me as I did not want it or need it and I wasn't consulted as to whether I should have it... though if I bought online, it could have been a pre-ticked box?

I have my account number etc., but can't find the credit agreement (don't think I signed one?) or any statements (I just had online statements and I can't access them now as I have a reduced payment arrangement in place - that apparently limits my online access. They have begun to send me paper statements as of this month)

I would like to reclaim the PPI insurance that I believe was missold. I think my course of action should be to submit a Subject Access Request so that I can get my credit agreement (if they have it) and all the statements they have. Then I'll know the exact amount of PPI that was charged and be able to be specific in the amount I request to be refunded. Is this the right thing to do? Am I right in thinking that a Subject Access Request would give me my credit agreement and statements (along with all the other stuff)?

I'd appreciate any help anyone can offer.

(Also, this may sound stupid, but I don't have a cheque book so would send a Postal Order... I've never done one before, so who should I make it out to, "Virgin Credit Cards?" Or do I leave it blank? I really don't know?

Sorry for such a long-winded post!

hidip

Hi, and thankyou for your reply regarding my sons position with the Bank regarding his ppi and redundancy, yes the loan was cleared with the returned ppi, but he got the 8per cent interest paid into his bank account.I shall be writing to the bank today, on his behalf, and will let you know the outcome........thanks again.....