PPI Reclaiming Discussion Part 5

X4nder

OK, I'm not an expert!

I thought the PPI premium would be a percentage of the outstanding CC balance, not a flat £18.50 every month? You don't pay PPI on a CC if you're in credit, only if you have a debit balance on there between months? Also the Premium should vary because you might have a £10 balance or a £10,000 balance and your monthly minimum payments would be wildly different in those cases (what PPI usually covers).

However the interest on that balance (18.50) would be your card's interest rate at the time the PPI premium was deducted. So probably varies over the last 14 years.

-Xand

amersall

I agree with X4ndr.
Only the Credit card company can tell what the amount of interest for this will be.
If the bank have records going back to 2001, they may not. You will get the interest from the date the bank are able to go from.

brown1950

brown1950 wrote: »

Anyone with an answer to my question :-

How much interest is paid on a PPI premium of £18.50 from 2001 ?

Any answers ?

amersall

You had 2 replies. the 2 above the post you just made.

Dollymix12

I'm getting frustrated with Lloyds, I had a PPI complaint refused in 2012 and didn't take it any further but 6 weeks ago they called to say they were reinvestigating, asked me loads of questions (the same ones I had already answered in 2012) and now I'm still waiting to hear back from them! I've called a few times to ask what's happening and they said they are still investigating!! Why is it taking so long?? When they called me they had just paid out on 2 others they refused at the same time and they didn't even ask any further questions for those. I was paid out because I have had 2 jobs since I was old enough to work a PPI policy wouldn't pay out if I was redundant from one and I have always had adequate sickness benefits of at least 6 months plus. Just wondering why I would still be waiting for a outcome when the others have been decided quickly

-taff

They have up to eight weeks ot investigate. Remeber that they may not uphold your complaint this time either, or they may...it's not a guaranteed outcome of success.

amersall

Originally Posted by brown1950 View Post
Anyone with an answer to my question :-

How much interest is paid on a PPI premium of £18.50 from 2001 ?
Any answers ?

You have had 2 answers.

OK, I'm not an expert!

I thought the PPI premium would be a percentage of the outstanding CC balance, not a flat £18.50 every month? You don't pay PPI on a CC if you're in credit, only if you have a debit balance on there between months? Also the Premium should vary because you might have a £10 balance or a £10,000 balance and your monthly minimum payments would be wildly different in those cases (what PPI usually covers).

However the interest on that balance (18.50) would be your card's interest rate at the time the PPI premium was deducted. So probably varies over the last 14 years.

-Xand

I agree with X4ndr.
Only the Credit card company can tell what the amount of interest for this will be.
If the bank have records going back to 2001, they may not. You will get the interest from the date the bank are able to go from.

Dollymix12

Thanks Taff, I think my main issue with it is that they had 8 weeks originally and all the info that I have given them again, wouldn't it be a case of checking why they defended last time and rechecking the info they have against this to see if their original reasons were valid, I struggle to see why it would take a further 8 weeks

dunstonh

Dollymix12 wrote: »

Thanks Taff, I think my main issue with it is that they had 8 weeks originally and all the info that I have given them again, wouldn't it be a case of checking why they defended last time and rechecking the info they have against this to see if their original reasons were valid, I struggle to see why it would take a further 8 weeks

The problem was that a failing was identified in the process and they cannot rely on information that was supplied before in case it was tainted.

It takes time because of volume.

Dollymix12

dunstonh wrote: »

The problem was that a failing was identified in the process and they cannot rely on information that was supplied before in case it was tainted.

It takes time because of volume.

Think I'm just being impatient, don't think I will get it back from this one but it would have only been a couple of hundred anyway. I'm just waiting to pay some debts with one I got back a few weeks ago so thought I would wait and pay anything I get off against it hence the impatience lol