PPI Reclaiming successes and failures

offcumden

h0pusp0pus wrote: »

good afternoon everyone right some sort of good news from santander regards my burtons menswear store card i rang them just now and have been told that a letter has been sent to me with an offer and a cheque will be issued to me once i accept

i have had the burtons menswear card dating back to 1996 i think my top amount i owed at anyone time was £2000 and the interest rate roughly 29% the main amount of the balance was cleared back in roughly 2001 2002 although i didnt close the account until about 2009

im to get all premiums paid back

8% interest

and a good will gesture (what ever that is)

but she said the total would be £1150 or there abouts does this seem a bit low to anyone else??

i know when i had the large balance i was paying at least £17.99 in ppi per month which i figure if i had that balance over four years it would add up to £1000 just in ppi payments so surely interest would add up to more than that over 14 years right??

Running £17.99 from 2/11/99 for 4years to date I GET £1,898.88

h0pusp0pus

tifosi wrote: »

Hmm

Yes, does sound low

Should be -

PPI payments
Compound interest charged on PPI payments
8% on total of above

If we take your example of a £17.99 premium and say that was charged at 29.9% for 3 (being generous) years =

£21.44 in compound interest

= total of £39.43

So, chances are (going on your "started 1996, main balance almost cleared by 2002" comment) you would have had around 24 (2 years) - 48 (4 years) x £40 (rounding it off), which would equal £960 (24x) or £1920 (48x) in premiums and associated interest

The above is being quite generous I would imagine, and makes no allowance for premiums and interest incurred on the remaining balance after

So

If its £960 taken at (again, being generous) 2004, that would give you 7 years at 8% on £960 = £537.81 = Total of £1497.81

or

If its £1,920 taken at (again, being generous) 2004, that would give you 7 years at 8% on £1,920 = £1075.62 = Total of £2995.62

So it appears as though they are taking the michael with that figure, but my caculations above are VERY simplistic and based on guess work - need the statements to be spot on, and also would welcome comments from our more learned members as to whether the above makes the slightest bit of sense!

Calculator for compound interest can be found HERE

thanks for your calculations matey does make it sound a bit on the low side she is sending me a break down of the figures for me to look at before they issue me a cheque so ill let you know how it breaks down over the next couple of days when i get it through the post

when i had my mbna abbey credit card refund i remember that

my original ppi premium payments was £245

i had the card since 2004 and was given interest from that date to current date and that equaled roughly = £850

so the santander offer does sound low to me not unless she ment the ppi payments = £1150 and 8% interest and the good will gesture will be added on to that i shall have to wait and see

amersall

They may only go back 6 years if you have no proof that you paid ppi on this card previous.
This could be why it is low?.

If it is going back to the start date,you need to ask them why this is so low.

h0pusp0pus

amersall wrote: »

They may only go back 6 years if you have no proof that you paid ppi on this card previous.
This could be why it is low?.

If it is going back to the start date,you need to ask them why this is so low.

hi amersall in my original turned down letter the woman wrote that she could see from my records that i was indeed paying ppi insurance from when i took on the store card back in 1996 giving me a specific date of when i took it so i presume this would be evidence enough that i was paying it back then and its on some computer some where in their office, i also sent them some old statements although this didnt date back quite as far as my first month of taking the card out

she did say i could ring if i had any queries regards the refund dont get me wrong im not ungratful as to get a result from santander regards a store card is a rarity and i hope this will help some of the others who have been turned down will benifit from my case being upheld but i want to make sure that the amount refunded is correct if you see what i mean

i have been very lucky so far and have been refunded roughly £7000 of my money refunded which has wiped out over half of my debt i would of prob had this debt till the day i died if it wasnt for everyones help and advice on this forum

h0pusp0pus

cor its quiet in here today isnt it lol

amersall

Aint it just :D:D

amersall

h0pusp0pus wrote: »

hi amersall in my original turned down letter the woman wrote that she could see from my records that i was indeed paying ppi insurance from when i took on the store card back in 1996 giving me a specific date of when i took it so i presume this would be evidence enough that i was paying it back then and its on some computer some where in their office, i also sent them some old statements although this didnt date back quite as far as my first month of taking the card out

she did say i could ring if i had any queries regards the refund dont get me wrong im not ungratful as to get a result from santander regards a store card is a rarity and i hope this will help some of the others who have been turned down will benifit from my case being upheld but i want to make sure that the amount refunded is correct if you see what i mean

i have been very lucky so far and have been refunded roughly £7000 of my money refunded which has wiped out over half of my debt i would of prob had this debt till the day i died if it wasnt for everyones help and advice on this forum

Yes, i would look into this too,at the end of the day this is money you would have used for something else and not ppi .

amersall

Wonder if anyone can help?. i have 6 loans and no paperwork what do i do next?.

h0pusp0pus

make up cup of nice strong tea and nibble on a choccy hob nob lol

di3004

Hi folks

I have been lurking

Right amersall, where shall we start on yours then?:rotfl::rotfl::rotfl:

A cuppa tea would be nice h0pusp0pus :j2 sugar's please.:rotfl::rotfl::rotfl: