PPI Reclaiming Discussion Part 5

ZeroGravitas

bumblingbee wrote: »

I know that this is out of the 6 year period that is mentioned.

Sorry, just noticed this. Someone else might be clearer, but I think this could be a stumbling block. But if it's a problem for you, it'll be a problem for a claims company too. They don't have any special powers to get around the rules.

jay-1

4kix wrote: »

new condition. 15.8
if we owe you any money in connection with any transactions,interest or charges on your account we may use that money to reduce any arrears you owe under this agreement. If we intend to do this we will tell you when we offer to make payment to you. We will also follow any relevant guidance in a code of practice that applies to us, or as required by our regulator or another similar body.

It means if you were to successfully reclaim PPI/ bank charges that they will use this money against any outstanding debt whether written off or not.

nikig1

Hi all. I have just received a letter from Barclaycard with an offer of £1310.24. I am so happy

The letter states that they can use the money to pay off anything I owe them. Does that mean they can use it to clear my credit card?

I hope it does mean that because that will mean that my credit card will be paid off and I will get a cheque for the remainder

I just want to thank everyone on here for their help and for making the process seem less daunting

One down, three to go. Just waiting to hear from Natwest, HFC and capital one.

nee666

nee666 wrote: »

Letter in the post off capital one, an offer of £1500, wasn't expecting that, my current card has no ppi, there paying out on an old card ( late 90s) :j

Nearly £2500 with the interest :j

Tired07

Good evening all

I'm fairly new to this forum and hoping for some advice (I assume this is the correct "thread to post on"?).

Basically I'd not really thought too much about PPI, but we're getting our loft converted and I had cause to clear out the attic, which involved sifting through reams of old paperwork going back 12 years to decide what I should chuck out. Amongst that I discovered that:

a) I took out a £1000 loan with HSBC in June 2003 (over 18 months) at an interest rate of 7.9% (total payble = £1061.47). As part of that loan I also took out their "Credit Protection Insurance Loan" at a total cost (over the 18 months) of £137.99. This seems a fairly substantial wedge for a £1000 loan. From my bank statements it looks like I repayed the loan over the full 18 month period.

b) As part of a PC World purchase in the summer of 2002 (for somewhere between £350-400 - the paperwork is confusing), I took on a finance deal with HFC Bank (which then became Household Bank in May 2003). It was interest free for 9 months, but for whatever reason I didn't pay it off within that period and began monthly payments in April 2003 which included an "ICC protection premium". The payments continued each month until I settled the account in September 2003. I didn't pay a huge amount for the insurance, it looks like it was 1/30th of the outstanding balance each month beginning in April 2003. A quick tot-up and it looks like I paid about £10 in total for the insurance.

I'm assuming that both are akin to PPI, despite having different titles? They both appear to be there to protect me in the event of unemployment etc.

My problem is that I remember very little about the loans and certainly don't recall how the insurance was sold to me. I was in my early 20s at the time and not quite as tuned into financial common sense. With that in mind I can't really articulate why I feel the insurance was missold.

I was thinking that I should approach it from the point of view that I was in a steady job (civil servant), steady relationship, with a decent joint income (certainly enough to continue to make the payments in the event of being made unemployed). So, with that in mind the seller of the insurance should have realised that this insurance wasn't really necessary for me. I was banking with HSBC at the time I took these loans, so they at least would have been aware of my financial circumstances.

I've had a look at the paperwork. I have signed agreements for both insurance policies as part of the loan paperwork.

So, I'd be really grateful for some advice. Firstly as to whether it's worth making claims and secondly how I go about phrasing the questionairres in view of my memory blanks surrounding how the policies were sold.

Thanks.

nee666

My dads had a refusal off capital one today, there saying he ticked the box when he took the card out in 1999, when you look at the copy of the form the tick in the box for ppi clearly looks different to the rest of the ticks, is this one of there pre ticked forms?
Do we write back pointing this out or send it to the fos?

nee666

nikig1 wrote: »

Hi all. I have just received a letter from Barclaycard with an offer of £1310.24. I am so happy

The letter states that they can use the money to pay off anything I owe them. Does that mean they can use it to clear my credit card?

I hope it does mean that because that will mean that my credit card will be paid off and I will get a cheque for the remainder

I just want to thank everyone on here for their help and for making the process seem less daunting

One down, three to go. Just waiting to hear from Natwest, HFC and capital one.

They will clear your credit card & send you the difference
N

booshy01

Hi all, hope I have posted this correctly, further to my post 24/09/12, I am trying to complain about mis sold PPI on a natwest credit card. I have completed the complaint form, they replied stating they could not progress as I had not stated my reason for complaint. I sent a further letter explaining again, they replied to this in the same way.I phoned them and again explained my reasons and once again today got the same letter stating they could not progress as I had not specified my complaint. The reason I have given is that my employment fully covered me for illness for a minimum of 12 months and I would have received redundancy pay therefore PPI was not required. I also requested that the cover was cancelled on many occassions over several years but again they did not cancel it. What is it that RBS want me to say? thanks

dunstonh

nee666 wrote: »

My dads had a refusal off capital one today, there saying he ticked the box when he took the card out in 1999, when you look at the copy of the form the tick in the box for ppi clearly looks different to the rest of the ticks, is this one of there pre ticked forms?
Do we write back pointing this out or send it to the fos?

Most Cap One cards were taken out online or via mailshots. No salesperson involved. So, its hard to be mis-sold when sales rep is involved.

The problem with his argument that he didnt tick the box (which is what you are hinting at) is that any normal person seeing a transaction they did not authorise on their statement would contact the card provider. Maybe straight away. Maybe a month later. The longer it is left, the less credible that looks. Your dad has left it over 150 months to raise this. That doesnt look at all credible.

The bottom line is that he can go to the FOS if he wants. However, the FOS overturn rate on Cap One is just 11%. So, statistically he is unlikely to be successful.

markdavey

dunstonh wrote: »

the FOS overturn rate on Cap One is just 11%. So, statistically he is unlikely to be successful.

Is this overturn rate public information and if so, where can it be found?