HELP -Barclays want proof of savings for PPI Claim

Mancitychick_2

hi can anyone advise me I have an ongoing claim for mis-sold PPI with Barclaycard, I was advised it would strengthen my application over the phone and when the form was sent to me it was partially completed by them, there was a box that was pre-ticked that said Yes I want PPI protection (I did not tick it). there was no opt out on the form.

I was made redundant during the time had PPI, I never made a claim on it, I was not working for some a few years too. however, I had savings during this time. Now the bank want proof of my savings, I took PPI out in 1996 but can only find statements of savings back to 2000, however they are large amounts of savings. do you think they will have to have proof of savings back to 1996 as I can't find any statements, or do you think that the fact I had large amounts of savings would be enough.? Please advise many thanks:o

-taff

If you said that you had enough savings to cover your debt, they will want to see evidence.
You can try giving them what you have, but don't be surprised if they don't accept it.

Mancitychick_2

hi thanks, I have proof during 2000 onwards and ppi was cancelled in 2007 but can't locate proof of saving from 1996. Do you think they will consider the proof from 2000 onwards?

magpiecottage

I have to say that if you had large amounts of savings it begs the question "why did you borrow the money?". After all, you would not have been earning anything like as much interest as you were paying.

dunstonh

Having sufficient savings to cover a couple of years expenditure is a good reason for complaint. It is also a reason that most fraudulent and dodgy complaints give as well. So, the lender is checking to see if what you say is accurate. Especially as most people with savings earning upto 5% p.a. would not borrow money on a credit card at 25-35% APR.

Why did you borrow money when you had the savings?

Mancitychick_2

To be honest I wasn't really aware of the benefits (or not) of having ppi cover, I was just told it would strengthen my application, and when the form came it already had it included an no opt out. I used the credit card over many years but kept my savings separate, in an isa, I know it's mad when I look back. I never even attempted a claim when I was made redundant, I still had ppi protection and was still paying when not working. I just wasn't made aware of the policy details at all.

Mancitychick_2

just wanted to update you, I have today been offered £5,350 by Barclaycard for miss sold ppi, very happy it was worth it in the end, I have already been successful with Marks and Spencer and won£2,300! Thanks for the advice, I glad I didn't give up