PPI Reclaiming Discussion Part 5

Firemunchkin

I am not sure if this is the right place to post this but I wanted to alert as many people as possible.

I have been successful in my Egg PPI reclaim (no, that's not the bit I wanted to alert everyone to!) - but my cheque hasn't arrived in the time frame they told me it would. I've made two phone calls to chase it up. The first call I was told there had been a problem with the company who generates their cheques for them but that they didn't know when it would be resolved. On the second call I was told that the problem had been resolved but that there was such a backlog of cheques that there are still delays in sending them out. I was assured that all cheques would be sent out by Friday this week.

I complained that I am losing interest for every day I don't get my money (and explained that after all I was awarded interest up to a certain date, by delaying giving me my money the interest calculated is no longer accurate). I was then told that my original cheque will be sent out but I will also get a separate letter outlining an interest adjustment payment (with the same acceptance form as before) and that a separate cheque for that adjustment will be sent out to me.

In my case this will not be a huge amount, but for others this amount could be significant.

The interesting thing was that they said they would put me on the list of customers for whom this applied - indicating that the customer needed to request it.

I don't know if all this will happen yet (will update you as and when, but could take a few weeks) but in the meantime I urge everyone who has had a delayed PPI reclaim cheque to get in touch and demand the interest adjustment payment as well. It seems that if you don't ask you won't get.

Hope this is helpful!

peanutbutter_cups

hi all
got a stupid question to ask
when they work out the 8% intrest to refund is it per month or per year?? tryin to work some stuff out and want to know rite figures( so i know how many friends toes to borro)

nee666

peanutbutter_cups wrote: »

hi all
got a stupid question to ask
when they work out the 8% intrest to refund is it per month or per year?? tryin to work some stuff out and want to know rite figures( so i know how many friends toes to borro)

8% per year.....

[Deleted User]

nee666 wrote: »

8% per year.....

No, it's calculated on a daily basis.
A delay of three weeks in my redress payment forced the bank to re-calculate the interest I earned to include this period.
You are paid 8% simple interest on a sliding scale .

-taff

Sometimes I think banks think they can con us out of our own money and they get away with it.

Yes? So you let a claims company do exactly the same thing?

I have now claimed through Prestige PPi Claims, it did not cost me nothing to do upfront...

No mention of how much after though eh?

nee666

Moneyineptitude wrote: »

No, it's calculated on a daily basis.
A delay of three weeks in my redress payment forced the bank to re-calculate the interest I earned to include this period.
You are paid 8% simple interest on a sliding scale .

Ha ha yes to clarify, simple interest 8% per year, calculated daily, :T

peanutbutter_cups

hi money and nee
thanks for the replys but im still confused on the 8% per day/month/ yr lol
with my first welcome loan i paid £392.94 in ppi from 14 oct 03 to feb 04 as i then topped up the loan with another loan from them(silly i know) so on the above amount what am i looking at? any ideas how i work it out?

[Deleted User]

peanutbutter_cups wrote: »

with my first welcome loan i paid £392.94 in ppi from 14 oct 03 to feb 04 as i then topped up the loan with another loan from them(silly i know) so on the above amount what am i looking at? any ideas how i work it out?

You'll get a refund of all the PPi you paid plus 8% simple interest (calculated on a sliding scale) for the whole period they had your money.

peanutbutter_cups

sliding scale??(told u im thick lol)

[Deleted User]

peanutbutter_cups wrote: »

sliding scale??(told u im thick lol)

Yes, think of it like a bank account where you are slowly withdrawing a set amount each month. The interest amount falls each month as the balance diminishes. Hence a sliding scale.

If I were you, I'd stop counting your chickens and wait for the Bank to possibly uphold your complaint and they'll work it out for you...:D