PPI Reclaiming Discussion Part 5

chelsea1804

Hi All

I'm after some advice if possible please

I got a credit card from Lloyds back in 1982. PPI was charged for 22 years until 2004. With the help of the FOS Lloyds have finally offered a refund. This includes a refund of all my payments - £12,130, and interest of £3,220

I'm wondering if their offer of interest is correct? I know it's difficult to calculate cost, as they vary from month to month, but based on some calculations i have seen on this site, i came up with interest of over £8,000 just between 2004 and present day. This was based on 8% and at no time would I have been in credit should the PPI not been charged.

Can anyone comment on whether there is a case to answer regarding the interest aspect. If I paid them more than £12,000 over 22 years, and then there have been 9 more years since the PPI stopped, surely they should be offering me more?

I look forward to your replies

MandyQue

I've got a form from Barclays to reclaim PPI from loans I had in the past. Problem is, I don't have any of the paperwork as they were some years ago now, so I can't fill in most of the form with account numbers, amount loaned etc. There are account numbers printed on the form already as Barclays contacted me about the reclaim, will they be enough? Surely they can trace the loans through their own system? It says I don't have to fill in the questionnaire at all for the review to go ahead so should I just send it back to them with the small amount of info I can give?

welshblackhorse

Tonight I had a phone call from a company who claim to reclaim PPIs . I told him to take a hike but it did start a train of thought.
Hubby and I have had credit cards with Barclaycard , Visa and Mastercard for over twenty years. I am pretty sure I can produce all the paper work as hubby and I have always been self employed (and therefore keep accounts )and still are.There is no way I can remember if we were given the option of PPI or if it was foisted on us but am I right in thinking that as we were and are self emplyed then the PPI would not cover us and that therfore the insurance was mis sold ?
Sorry if this has already been covered but its a long thread and Ive only just started !

amersall

chelsea1804 wrote: »

Hi All

I'm after some advice if possible please

I got a credit card from Lloyds back in 1982. PPI was charged for 22 years until 2004. With the help of the FOS Lloyds have finally offered a refund. This includes a refund of all my payments - £12,130, and interest of £3,220

I'm wondering if their offer of interest is correct? I know it's difficult to calculate cost, as they vary from month to month, but based on some calculations i have seen on this site, i came up with interest of over £8,000 just between 2004 and present day. This was based on 8% and at no time would I have been in credit should the PPI not been charged.

Can anyone comment on whether there is a case to answer regarding the interest aspect. If I paid them more than £12,000 over 22 years, and then there have been 9 more years since the PPI stopped, surely they should be offering me more?

I look forward to your replies

How did you work the 8% out? it is for each monthly PPI payment that you made, it is on a decreasing scale so the nearer redress date you get then the less the 8% is, if you worked out the 8% for each monthly PPI payment that you made from the date the card was taken out to the day they redressed and their calculation is wrong, get back in touch with them and show them your figures
and ask them to look at this again.

Sarros

Just been reading this not sure if this is relevant but thought I would post it anyway.

http://www.bbc.co.uk/news/uk-england-york-north-yorkshire-23524316

-taff

amersall wrote: »

How did you work the 8% out? it is for each monthly PPI payment that you made, it is on a decreasing scale so the nearer redress date you get then the less the 8% is, if you worked out the 8% for each monthly PPI payment that you made from the date the card was taken out to the day they redressed and their calculation is wrong, get back in touch with them and show them your figures
and ask them to look at this again.

The 8% on a credit card only works if you would have been in credit at any time
http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html

amersall

-taff wrote: »

The 8% on a credit card only works if you would have been in credit at any time
http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html

Thank you

Mimi007

My dad took a loan in 2001 with Barclays Bank without any prior knowledge that he was signing on to PPI. He has no documentation. He mentioned it to one of the staff at the bank recently but he was told he had no claims. Any suggestions on the way forward or it is a No No?

-taff

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

pay attention to the difference between closed and open accounts.

ahinds

hi
I had a ppi on a gateway building society mortgage now barclays I have given them the mortgage number the ppi certificate no and the cornhill insurance account no but do not have the policy no which barclays are insisting on how can I obtain this
Thankyou