PPI Reclaiming successes and failures

mw19

Hi all,

Had a NatWest credit card, with payment protection. Cancelled the
payment protection on 6th may 2011, and proceeded with a claim.
Followed the process laid out on MSE, and requested a copy of the terms and conditions from the original agreement. (originally taken
out in 1991). Still have not received a copy of the T&C`s.
Have just received a letter from Royal Bank of Scotland 22nd july 2011 stating, Quote : having finished thier review of my claim, and as a gesture of goodwill, and without admitting liability, the bank is prepared to make me an offer of £592.09.

broken down as follows : refund of premiums paid between 15th september 2001 and 6th may 2011 - £342.29
and compound interest on premiums - £226.04

Does this mean nothing can be claimed prior to september 2001 ?

Do you think i should persue this claim further ?

Any advice would be greatly appreciated

Regards Mark

IANC

MattyA wrote: »

Agreed - but it all seems a little too contrived to me.

BBA action / JR .......Bad Bad Banks, then when the banks lost...it seems that whatever the banks say is taken as gospel now by FOS.
I have had it on three or four seperate occassions now.
Like you say - why would they bite the hand that feeds ,even though it cost them a reputed £60million + in court fees in the recent action....?

If anyone can work out this 8% - or at least knows what it should be applied to in relation to credit card PPI claims I would love to chat to.
MBNA say it is only due when the total of the PPI premiums is more than the outstanding balance on the card.
Fine - however they are happy to refund the associated interest applied to the premiums compounded which obviously outweighs the balance of the card much more quickly than the value of the PPI premiums on their own.
Therefore my point is the 8% should 'kick in sooner' - no can do say MBNA ....FOS say this sounds about right?

How can it be correct is my question when they charged me PPI premiums and added interest to them.

I want this back and when the cumulative total is more than the outstanding balance I want 8% on top of this in compensation for being denied the use of this money.

Am I missing something here?

All comments greatly appreciated.

Matty

Hi Matty

The whole point of a refund of PPI is that you haven't been disadvantaged.

The PPI premiums were added to your credit card and suffered the prevailing rate applicable to your card for the duration that there was still an outstanding balance.

People seem very happy when they get their premiums back with associated interest, however that still means that you are disadvantaged because you have not had use of that money/been able to invest it in the meantime.

In compensation claims, the courts award a statutory level of interest which is 8%, and is believed too be suficient to cover this consequential loss of being deprived of capital.

This is why institutions use this figure.

Therefore, in order to ensure you are not disadvantaged, you should receive the following.

Return of premiums + Associated Interest + 8% for every monthly payment from the date that it was paid until now.

That is what I will fight for if I am offered less.

klflosser

mw19 wrote: »

Hi all,

Had a NatWest credit card, with payment protection. Cancelled the
payment protection on 6th may 2011, and proceeded with a claim.
Followed the process laid out on MSE, and requested a copy of the terms and conditions from the original agreement. (originally taken
out in 1991). Still have not received a copy of the T&C`s.
Have just received a letter from Royal Bank of Scotland 22nd july 2011 stating, Quote : having finished thier review of my claim, and as a gesture of goodwill, and without admitting liability, the bank is prepared to make me an offer of £592.09.

broken down as follows : refund of premiums paid between 15th september 2001 and 6th may 2011 - £342.29
and compound interest on premiums - £226.04

Does this mean nothing can be claimed prior to september 2001 ?

Do you think i should persue this claim further ?

Any advice would be greatly appreciated

Regards Mark

I had a similar gesture of goodwill for NatWest credit card. However on mine they only went back 6 years. I wrote to them and said I had all the statements going back to the start of the card in 2003 but they wouldn't budge and said if I didn't like it go to FOS. I knew this would be very protracted and was not a large sum so accepted their offer.
That was 10th June and still waiting for payment direct to cc. They say 28 working days. :mad:

h0pusp0pus

di3004 wrote: »

Hi there

Wishing you luck on your reclaiming.

Everyone reclaim and mis selling reasons differ, and it seems that they are rejecting complaints if they were not regulated when the policy was sold, so it could be the fact that some were sold the product pre Jan 2005 where the FSA came into regulating financial businesses, and the Financial ombudsman service (FOS) are only able to investigate complaints if the business was regulated at the time you taken out the policy.

However, if this reclaim fails, call the FOS anyway who will possibly suggest taking if the underwriter/insurer direction.

Good luck.

i had a burtons menswear store card which is now owned by santander i had to show proof of no national insurance premiums being paid when i took out the card in 1996 which i managed to get hold of and santander are refunding my money however not the amount it should be i might add only using records from 2005 instead of 1996

h0pusp0pus

h0pusp0pus wrote: »

i had a burtons menswear store card which is now owned by santander i had to show proof of no national insurance premiums being paid when i took out the card in 1996 which i managed to get hold of and santander are refunding my money however not the amount it should be i might add only using records from 2005 instead of 1996

oops sorry di i didnt relise it was you that posted that lol you prob already know my case lol

tifosi

Hi,

I have now been told by FOS that they have granted ALL firms (banks) 8 weeks to process redress payments!

How wrong is that?

4 weeks was IMHO a complete joke, now they're given them 8 weeks?

Not bl**dy good enough, getting a letter off to my MP and anyone else that will listen

It was only the end of last week I was told 4 weeks, now 8 - what next?



So, if you're a new claimant, the banks are allowed -

16 weeks to process a final decision
Then, (IF they agree) a further 8 weeks to pay out??!!

Thats 6 months in total!

Is it just me, or does it seem like the tail is wagging the dog here?



Oh, and again............if Alliance and Leicester can process a payment in 3 working days from receipt of a signed letter (having taken just 2 weeks from initial complaint to send a letter with the actual offer figures, as opposed to expecting anyone to sign away without an amount being stated)

WHY cant they all bne expected to do this?


Note that I'm poosting this at 0430am as I cant sleep due to being so blo**dy angry!

tifosi

Right, have just sent the following to my MP

I would encourage all those that feel as disgusted as me at the new 8 week payment / 16 week resolution timelines to do the same -





I wish to raise my disgust at the current situation regards the Financial Ombudsman/Financial Services Authority handling of Payment Protection Insurance complaints.


Some background to the current situation:

The FSA have recently granted a temporary increase in the timeline given to firms to deal with PPI complaints from the normal 8 weeks to 16 weeks (this is due to reduce to 12 weeks for complaints after 1st September).

This extension was granted (to HSBC, RBS and Lloyds banking groups) due to the backlog of complaints created by the banks placing PPI cases on hold (whilst it was alleged that these were only select cases, there is strong evidence on consumer forums that the banks placed a blanket hold on all cases) during the Judicial Review brought about by the British Bankers Association.

The banks involved in the JR were told at all time sby the FOS/FSA that they were not allowed to place cases on hold during the JR, but ignored this clear instruction whilst the FSA/FOS took no action against them for this blatant disregard.

Now the banks involved in the JR (with the exception of Santander who dropped their involvement in the JR) have effectively been rewarded for their flagrant abuse of the FOS/FSA rules by being allowed double the time to give a final response to customers (it should be noted that whilst the intention is that they are given a reasonable length of time to fairly investigate each claim, it is again clear from consumer forums that they are not acting in an appropriate manner and often fail to consider the most obvious of clear cut cases, such as denying PPI was present on a loan even when a complaint included a copy of the loan document showing the PPI premium)

My own situation

I have had a complaint registered with RBS since December 2009, which RBS turned down despite very clear reasons for complaint.

This complaint was then sent to FOS for assessment in July 2010, and in late 2010 the FOS adujidicator agreed with RBS and failed to uphold my complaint.

I then appealed the adjudicator decision and asked for the complaint to be forwarded to the "final complaints team" (the "Ombudsman").

Due to financial hardship, I requested my complaint be fastracked and following the provision of evidence of hardship, this was agreed.

I then received several calls over March to June asking for further information, but recently had a call from a senior manager who had contacted RBS and RBS agreed to settle my complaint (note that at no point in this timeline, despite my case being fastracked in January, did the complaint reach the Ombudsman)

Last week, I had confirmation of this in writing from FOS and FOS requested that I sign an agreement for RBS to settle, without figures being given (but on the understanding I could challenge the amount if I was unhappy once it was paid)

At this time, (last Thursday) FOS also informed me (in writing) they considered 4 weeks to be an acceptable timeline for RBS to now provide a figure and make payment of the settlement.

Yesterday (Monday 25th) I called RBS to enquire about the possible figure, along with their estimated timeline to pay the settlement, only to be told by RBS that they are allowed 8 weeks from receipt of my signed agreement to pay out.

I then took issue with this via email with the FOS, who then informed me they have extended the timeline for all banks to settle payments to 8 weeks.

I am sure you can understand my frustration at this, 4 weeks was already an unnaceptably long time for a bank to calculate a refund and process payment but 8 weeks is just completely beyond the pail when RBS have such large technological and human resouces at their disposal.

I cannot see any way in which this timeline can be considered acceptable - I have already waited some 18 months to get to the position where RBS agree to pay, to endure a further 2 months is just too much.

I have seen evidence that Santander - who as stated dropped out of the JR - regularly take just 1 - 3 weeks to process a complaint from receipt of the initial complaint to payment direct to the complainants bank account - this being the case, why can all banks not be held to this example when Santander have already been shown to receive some of the highest volumes of complaints in this matter? (this, I believe, demonstrates that the other banks are not applying adequate resources to processing complaints)

Looking at this again from a new complainants point of view, anyone starting a new complaint now would first endure 16 weeks to achieve a final response, followed by a further 8 weeks to receive payment - a total of 6 months - again, I cannot see how this timeline can be justfied when Santander are processing compalints from start to payment in just 1-3 weeks.

I apologise for the length of this email, but I'm sure you can appreciate the detail contained in it was neccessary to fully illustrate the ludicrous approach being adopted by the body that is supposed to be protecting consumers from the banks unnacceptable behaviour.

I now implore you to use whatever means you have at your disposal to bring this issue to the attention of those that can action the changes required to bring about a fairer and speedier resolution for all PPI complaints.

mcginn_2

I put in a claim for my PPI on my Mortgage with Abbey (now Santander). Originally they sent me a letter back saying that I did not have a policy with them, although I put my policy number on my claim, they quoted a different one when they replied. I called them and told them they were wrong, they apologised and said that they would look into it again but the outcome would be the same....... about a week later I got a letter to say that they would refund me £9600! I accepted this as I was suprised to get it. About a week later the money was paid into my bank account. I had been paying for 12 years and this was around £6k pay back and the rest on interest. Thanks to this website!! :j

tifosi

mcginn wrote: »

I put in a claim for my PPI on my Mortgage with Abbey (now Santander). Originally they sent me a letter back saying that I did not have a policy with them, although I put my policy number on my claim, they quoted a different one when they replied. I called them and told them they were wrong, they apologised and said that they would look into it again but the outcome would be the same....... about a week later I got a letter to say that they would refund me £9600! I accepted this as I was suprised to get it. I had been paying for 12 years and this was around £6k pay back and the rest on interest. Thanks to this website!! :j

Congrats, what a fantastic amount!

:T

How long ago did you put the original claim in?

nutty_nat

tifosi wrote: »

Tell them they are talking out of their backsides, I have calimed on a loan from 99' and many others on here have claims older than that from A+L


Call their helpline and play dumb (dont let on you have already written) and just ask if they can check for a loan with your name, date of birth and address:

[FONT=&quot]0845 600 6014 [/FONT]
[FONT=&quot]and for PPI complaints its option 2 then option 4 then option 2[/FONT]

[FONT=&quot]Best of luck[/FONT]

Hi
Thank you for your information.

I tried the no you gave above this morning are A&L loan finished in 2000, the lady tried to trace mine but nothing could be found. I was told that the accounts that were closed before Santander took over did not get there details passed over. I was told i could try writing in but was not given much hope for that.