Level of evidence needed to make a claim and can overdraft interest on PPI premiums

Semi96

I would be grateful for advise on reclaiming PPI payments from my bank, particularly the level of evidence needed. I've looked through many of the existing treads but non I have read through answers my question exactly. My apologies if the points I raise have already been dealt with in an existing thread.

I've been putting off claiming for ages but now, having found the some of the original documents relating to it, I've decided to at least have a go. In my case, the PPI insurance came as part of the Midland Bank's Meridian multi service account. This comprised of linked, current, saving and flexi loan accounts, as well as an overdraft facility. There was no PPI on the overdraft but there was on the flexi loan. When I was persuaded to change to the Meridian account in the January 1990, I was given the clear impression that the flexi loan came with payment insurance and that was that; I had no choice in the matter.

I first used the flexi loan a year after I opened the Meridian account. At the time, I had decided to by a new car and used all £3,500 available to me from the flexi loan account to help fund the purchase. Subsequently I paid the loan back at the required minimum rate of £140 and have continued to fund purchases with it ever since. Initially the monthly PPI premiums were £9.80. In April 1992 they increased to £11.20, then, in October 1994, to £11.47 and finally to the current rate of £11.73. However, I don't know the exact date when this final increase occurred, just that it was prior to January 2001.

I'm not sure what records the bank has on my account or for how long they keep them. From those I've found so far, I can show every PPI premium that I have paid from today as far back as the beginning of 2001. I can also show when I first used the flexi loan in January 1991 and how much the premiums were. I can do this because I found all my statements from the first quarter of that year. Luckily, these had been kept with the original flexi loan agreement, rather than with the other statements from the 90's - I have still to find the rest of these. I recall placing the first quarter's statements in the same file as the agreement because, as it was the first time I had used the loan, I was keen to check that the first repayments taken from my account were correct. In fact, it was the first time I had used any form of loan, which made me especially eager to make sure that everything was in order.

In addition to the account statements, I have found several letters from my bank that show exactly when my PPI premiums increased over time. Finding and going through these old documents has all taken a lot of time and effort. Do you think it will be necessary to find all the rest of my bank statement prior to 2001 and up to the time when I first used the flexi loan in 1991, or will what I have now be sufficient to make a successful claim?

The PPI premiums were, and are still are, taken automatically from my current account each month and for many years have been subject to interest payments. This is a consequence of my using an authorised overdraft facility. Other than a few days each month, when funds are paid in, my current account is in debit. This means that I am always charged interest on the PPI payments, currently at a rate of 19.9%. Can I claim this interest back and if so, how can I calculate what I am owed, especially as the overdraft interest rate has varied over time? I can show, from the statements I have found so far, that overdraft interest has been charged on every monthly PPI premium from January 1991 to date. The three statements dating from 1991 show that overdraft interest was not charged on the PPI premiums relating to these months because I was not overdrawn at the time.

Thrugelmir

Semi96 wrote: »

This is a consequence of my using an authorised overdraft facility. Other than a few days each month, when funds are paid in, my current account is in debit.

Your account management not the banks has caused this issue. So self inflicted.

Semi96

Thrugelmir wrote: »

Your account management not the banks has caused this issue. So self inflicted.

Thank you for your rapid reply. So it looks as if I've lost out on the overdraft interest but what about the level of evidence?

By the way my use of the authorised overdraft is a consequence of how the Meridian Account operated. No account fee was due so long as you had a balance that was more than £1000 credit or debit. Between these limits you were charged £10 per month to operate the account. For many years I kept a balance well in access of £1000 but found the interest on it fell over time until it made sense to make use of the overdraft facility and keep most of my money in the associated savings account which paid higher interest.