Has anyone had experience of ESTIMATED PPI premiums?

carelessmoney

This is my first post, made somewhat in desperation! Apologies in advance as it's a very long story of difficult negotiations regarding PPI paid on a storecard over a 10 year period (1996-2006).


When the company in question finally admitted that PPI had indeed been paid, I asked what sort of money was involved and I was given a precise amount of over 4K; as I was new to PPI claims, I was not aware of how PPI refunds were calculated, so I assumed that this was the sum of the premiums I had paid.


Several months later, after protracted correspondence, the Company admitted (in weasel words) that the PPI policy had been miss-sold and an offer was made to me - this offer was substantially below (1K +) the amount stated verbally to me.


After several more letters & phone calls, the Company has still made no attempt to explain this discrepancy. However I also asked for a detailed breakdown of the PPI premiums I had paid and finally this has been provided, showing that my offered refund is based on estimated PPI premiums over the whole 10 year period based on just two months actual premiums paid - not surprisingly the two months on which the estimates are based on are very small amounts!


I do not have any statements to prove otherwise but I know that for much of the period I owed substantial amounts on the card. I could provide cheque/bank statement details showing many payments but this of course would not show the total amount owed at the time or what proportion of the payment was PPI or indeed whether I was paying the minimum off or more.


Is there anyway I can challenge the estimates given to me or request that they search for more than just two months' data? All this, as I am now under pressure to accept the 6 month deadline on the offer made to me.


Any advice much appreciated!

dunstonh

Is there anyway I can challenge the estimates given to me or request that they search for more than just two months' data?

It is a matter of evidence.

The FOS require the firm to average the premiums over the period based on the premiums paid during the period that can be evidenced. This can lead to some people getting substantially more than they paid and others getting less but without any evidence to show that the balance was higher during the unprovable period, that is the method required to be used.

carelessmoney

... thanks for the prompt reply. Given that I do not have card statements from that period, I guess I will have to accept whatever is offered albeit based on a not very statistical sample of less than 2% of my payments. An important lesson - not to de-clutter when moving house! Any further advice gratefully received...