PPI Reclaiming Discussion Part 5

[Deleted User]

Fozzy2677 wrote: »

Sorry for such a long post but just want a bit of hand-holding!

It's ridiculous that a credit card transfer from February THIS YEAR is being treated as a mis-selling complaint. Ring them and ask why it has resulted in this
(However, be aware that if you have agreed to payment protection so recently then the Bank will have very thorough records to refer to)

Fozzy2677

I may of been paying it years ago when I first had card but I didn't agree to it then and deffo didn't agree to it this year! unfortunately I don't have any paperwork from last time as when I recently moved house I shredded anything over two years old. Should I fill in questionnaire? I'm worried as I can write what I 'remember' to be true but if I provide information conflicting with what they hold will my entire case be thrown out?

Ginger_Scarlet

Ruthybabes wrote: »

How long did it take them to pay out on your legacy Barcalycard? I am claiming from 1993 as well. Did they pay back to when you took out the card in 1993? Looking forward to your reply. I applied at the beginning of February and have had 2 letters so far, their still looking into the claim.

Once they made the offer within the 8 week period they're allowed, it took 2 weeks for the money to land in my account! Yes, they paid back to 1993.

ah1604

amersall wrote: »

You are only signing full and final for the loan number on the letter, to put your mind at rest ring and ask what is happening to the rest.

Phoned up today was told claims all done seperate and the declaration was just for the said claim,asked for update on other claims couple more are in the system and letters should be going out soon.

So will be giving them my autograph first thing in the morning:D

Thanks Amersall and Di3004

thebaron1

Thanks cappo,

here are the details you asked for -

Calculation date - Month 67
Credit card APR - 20.7%

PPI cost (per £100 of credit card balance) - £0.34
interest is calclated monthly (Not Daily)


COMPENSATION CALCUALATION:

Total PPI premiums for 67 months plus - £297

Historic interest paid on all the premiums (at 20.7%) - £443

8% p.a. simple interest on those PPI premiums paid that, if they had not been paid, would have made the customer's credit card balance, for those months, positive.

Gross simple interest - £0.00

Total compensation - £740

I hope this helps, Thanks very much

dilus

thebaron1 wrote: »

Thanks cappo,

here are the details you asked for -

Calculation date - Month 67
Credit card APR - 20.7%

PPI cost (per £100 of credit card balance) - £0.34
interest is calclated monthly (Not Daily)


COMPENSATION CALCUALATION:

Total PPI premiums for 67 months plus - £297

Historic interest paid on all the premiums (at 20.7%) - £443

8% p.a. simple interest on those PPI premiums paid that, if they had not been paid, would have made the customer's credit card balance, for those months, positive.

Gross simple interest - £0.00

Total compensation - £740

I hope this helps, Thanks very much

Hi thebaron1,
Have been waiting for you to post this with interest. Not having the precise date that the PPI was instigated is a touch awkward but having looked at your figures I would say that they are not trying to pull the wool over your eyes.
You were paying PPI for a maximum of 30 months, without having the actual start date it makes it difficult to calculate but based on 30 months that is £24.66 per month. This is what they are offering you, you have not received any 8% interest because at no point would the card have been in credit without the PPI in place, I am taking from this that the card had a fairly large outstanding balance on it for the duration, if you know this to be fact then the offer seems Ok to me, hope this helps. One good thing is at least you don't have to pay any tax on the 8% as you have not got any The £740 is yours to do with as you wish

justgettingby

Hi everyone, I have scanned the forums and pages but I am still unsure as to the time limits allowed to make a claim.
I have had a credit card with RBS for over 20 years during which time I have been paying PPI. I'm sure that it was implied that I must take it as insurance at the time. If I can claim it back then this would help me enormously. I'm sure I was self-employed at the time.
2 issues: 1 - I cannot find any original documentation ( I may still if I dig out the Pram Shed ) 2 - The credit card number has changed a couple of times due to loss or being compromised although the balance has always been continuous and therefore the PPI.

I noticed someone recently has posted some success dating back to the early 90s but the advice on the credit card main page implies chances of the claim being accepted are low.

Could someone advise whether it is worthwhile making a claim or do they not consider claims from that long ago ? What do I do if the account number has changed. Do I have to make a claim for each card number ?

Any advice would be greatly appreciated.

Neil.

magpiecottage

amersall wrote: »

It was the broker who sold you the loan, as this was 2004 you will not be able to go to FSCS as they only deal with claims post 14th Jan 2005.

You could put the claim into Ge money but they will only give you the same response that they already have, you need to ask Ge who the insurer was and put the mis sell claim into them, they may so no and if they do, ring the FOS they may be able to help with the insurer..

The insurer is not liable either - the only exception would be if it subscribed to the General Insurance Standards Council's code of practice at the time and the broker did not.

magpiecottage

Macca10 wrote: »

I am a nurse working in the NHS so have an excellent package to cover sickness redundancy etc.

You say it is excellent but actually it is limited to full pay for six months (with no prospect for overtime if you rely on it) and half pay for six months. It also does NOT pay you an income if you are made redundant. No employer would insure you against redundancy. They MIGHT provide a lump sum but that is discretionary and would not stop the policy paying out.

Looking back I cannot believe that I paid out so much to the bank when I need not have done so.

That is the nature of insurance - it seems expensive if you are lucky enough not to need to make a claim.

When I changed mortgage to another bank it wasn't even offered.

That is a commercial decision of the other bank but does not mean the first one has done anything wrong.

Is this something I can look to claiming? The original letter says that they they strongly recommend I take out PPI and being my first mortgage I did as I was advised.

That sounds like generic guidance rather than advice. However, the Good Practice Notes issued by the Mortgage Code Compliance Board went so far as to advocate advisers getting borrowers to sign a disclaimer if they did NOT take it - so it seems to be consistent with good practice. The reason for this is that if you could not keep up repayments you risked losing your home.

So, contrary to what others may say, your complaint landed on my desk I suspect I would reject it.

amersall

ah1604 wrote: »

Phoned up today was told claims all done seperate and the declaration was just for the said claim,asked for update on other claims couple more are in the system and letters should be going out soon.

So will be giving them my autograph first thing in the morning:D

Thanks Amersall and Di3004

You are welcome.