PPI Reclaiming successes and failures

tifosi

dander wrote: »

Hope so too! I'd definitely say they had room to be a bit harder to get with my claim - and with the fact they did an overcharges refund as well without being asked - I wonder if they've decided that's it's quicker and cheaper to just pay up rather than make people jump through hoops.

I suspect my claim went in at least a month ahead of yours though but hopefully you won't be too far behind. :beer:

Hi Dander

Congrats!

Do you mind me asking what sort of balance you had on the card?

Also, how long ago did you send the claim off?

Cheers

dander

tifosi wrote: »

Hi Dander

Congrats!

Do you mind me asking what sort of balance you had on the card?

Also, how long ago did you send the claim off?

Cheers

Well, I've had the card since 2002 and it's varied hugely in that time - anywhere between £5k and nothing at all. The final figure included more than £3.5k which was made up of the compound interest - so I think what's really made a difference with mine is how far back my ppi payments went.

Xanadu20

di3004 wrote: »

That's good news Rich, well done!:beer:
I am not the one for calculations, but without the interest I worked out it like this (approx) 30 x 12 month = 360
360 x 6 years = £2160 total paid, so depending on the rate of the PPi as well, but it soon adds up.
and whatever the interest on top, as I understand this differs to loan PPI, but sure someone will clarify on this for you soon, the best of luck.;)

Ha, thanks, it was more about if they include interest at the rate i was paying it on the card, if that makes sence.

So my CC was 18% would i get that as well as the 72 x 30 and 8%. havent really seen to many posts reference Credit cards

Rich

Niggly_2

di3004 wrote: »

lmao well we are trying :rotfl::rotfl::rotfl::D

To put you out of your misery

YearYear DepositsTotal DepositsYear InterestTotal InterestTotal Sum
1 £ 360.00 £ 360.00 £ 15.99 £ 15.99 £ 375.99
2 £ 360.00 £ 720.00 £ 47.19 £ 63.18 £ 783.18
3 £ 360.00 £ 1,080.00 £ 80.99 £ 144.17 £ 1,224.17
4 £ 360.00 £ 1,440.00 £ 117.59 £ 261.77 £ 1,701.77
5 £ 360.00 £ 1,800.00 £ 157.23 £ 419.00 £ 2,219.00
6 £ 360.00 £ 2,160.00 £ 200.16 £ 619.16 £ 2,779.16

tifosi

dander wrote: »

Well, I've had the card since 2002 and it's varied hugely in that time - anywhere between £5k and nothing at all. The final figure included more than £3.5k which was made up of the compound interest - so I think what's really made a difference with mine is how far back my ppi payments went.

Hmm

Could be looking good for me then

FOS informed me RBS have agreed to pay out (I posted this about a week ago) - as soon as I received the letter from FOS I signed the acceptance, scanned it and emailed it to the FOS adjudicator who promptly emailed me a copy of the letter he was sending me stating he had passed my acceptance to RBS

RBS had said they could only pay to 2003 as thats all they had records for, but I came up with all the statements back to 1999 (account started 1997) and emailed scans of those to the FOS to pass to RBS :cool:


Like you, my balance varied massively from around 1k to in excess of 10k, but held around the 5k - 7k mark from 2002-2005

Heres hoping when it comes it will be well worth having

:cool:

precious12

stoutman5 wrote: »

That's no problem Marko - per chance, have any of your letters included the wording

" we want to ensure any potential redress paid to you is correct & this may take a little time " ?

If so, I think this may be rather significant. When did you put your complaint in with LLoyds TSB?

i received an email from lloyds with that statement in june what does that mean it is so frustrating having to wait so long i have been waiting since october 2010 and have now started emailling them once a week

congrats to all those successfull claims so far:beer:

dander

tifosi wrote: »

Could be looking good for me then

Sounds like it to me! Reckon you should get a fair chunk more than I did. :j

Xanadu20

di3004 wrote: »

LOL that's how I worked it.:D

I take it Rich the £30 was the payment you was making in total every month on the Credit Card, where obviously the PPI was in that amount?

Sorry the £30 was the PPI an approx added each month by mint, i kept the card around the same level each month for a long time ( stupid i know) but i would pay minimum + 30 (for PPI) so the PPI never really differed since around 2003.

I guess the reason i asked was because i didnt know if you would get interest back on the PPI at the same rate as you would be charged on your credit card. For example my card is around 18%.

Sorry if its a daft question.

Rich

dander

Xanadu20 wrote: »

Sorry the £30 was the PPI an approx added each month by mint, i kept the card around the same level each month for a long time ( stupid i know) but i would pay minimum + 30 (for PPI) so the PPI never really differed since around 2003.

I guess the reason i asked was because i didnt know if you would get interest back on the PPI at the same rate as you would be charged on your credit card. For example my card is around 18%.

Sorry if its a daft question.

Rich

Quote from my offer letter "Compound interest on premiums, based upon interest rate charged on credit card" - there is a disclaimer about "where we have full details of the interest rate charged..." blahdeblahde. That's Mint too.

tifosi

Xanadu20 wrote: »

Ha, thanks, it was more about if they include interest at the rate i was paying it on the card, if that makes sence.

So my CC was 18% would i get that as well as the 72 x 30 and 8%. havent really seen to many posts reference Credit cards

Rich

The way I understand it (and this is shown by D's post above), you should get

A) Premiums paid
The interest amounts charged on these premiums by the CC
C) Amount arrived at by compounding the interest (e.g: interest charged in May 2009 on interest charged in April 2009, and so on)

D) 8% interest on the total amounts of A+B+C from the date the amounts were charged



I actually wonder whether it would be worthwhile paying a decent accountant to come up with a true figure on any credit card PPI claimed?