PPI Reclaiming successes and failures

The_Marksman

DaisyDayDreamer wrote: »

We have received letter from FOS regarding our mis-sold ppi from Co-Operative Bank which advises that they are making an offer as a gesture of goodwill, with no admission of liability to settle our complaint. The FOS go on to explain that the Co-Operative Bank will be writing to explain the precise terms of its proposed settlement, however it has told FOS that it will be based on the general approach that the FOS takes when they decide a consumer has been mis-sold. They will now wait 14 days before the bank will go ahead and take 8 weeks to calculate the compensation. We sent our first communication out in October 2010 so it looks like it will take a year to come to a close.
Barclaycard have said they will settle by 31st August (weeks ago, heard nothing since)
BlackHorse we are still waiting to hear anything back.
A long slow process but we are making positive steps now.:j
A big hooray to those who have had their complaints upheld and good luck to those still waiting!

Good Luck on your progress & hope you hear uphelp on them all

IANC

The_Marksman wrote: »

its said to be a 6 year time barring but it is more the case of when the consumer of the miss-sell becomes aware. I believe some people have been successful back from the 90's. I had a loan with Egg 2000 which they rejected and i wrote back stating the above and they are re-investigating although im not getting my hopes up.

hope that helps, its worth a stamp or too!

Good Luck

I think in most cases the confusion relating to the time barring is that it is supposed to be any financial product that was repaid within the last 6 years rather than the start date of it being within the last 6 years.

So if you had a loan that started in 1995 and was repaid in late 2005 (ie within 6 years ago), the institutions are more than happy to repay to the start date of the loan.

This is a grey area and some lenders are using this confusion to their advantage.

Some lenders are repaing PPI even on agreements that finished longer than 6 years ago, to try and keep valued customers.

karenann

Hi all

I recently claimed from Santander for a store card I had with Debenhams in 1997. When I saw all the publicity about misselling of PPI I checked all my cards and was surprised to see that I was paying insurance for this. I sent off the letter asking to see my credit agreement and sure enough I did not tick the box (I never take out this insurance).

Anyway I sent off the forms to Santander at the end of May and on Friday I received a letter saying that the Cover had been added to my account when it was opened and that this was an administration error as I had clearly not requested it. They have said that they are refunding the interest applied to the account where charged on these premiums and as a gesture of goodwill we have also applied a "loss of cash" compensation at the rate of 8% per annum so they are sending me as follows:

Premiums: £3748.92
Interest: £2558.79
Loss of Cash payment - £2,014.33

My question is this: If I have received a loss of cash compensation at 8%, and an interest payment of £2,558, what rate has the interest been paid at, The interest I have paid on the card is 29.9% per annum so would this be the rate they have given me back? (I am not sure how this is worked out)

Thanks for any help

The_Marksman

karenann wrote: »

Hi all

I recently claimed from Santander for a store card I had with Debenhams in 1997. When I saw all the publicity about misselling of PPI I checked all my cards and was surprised to see that I was paying insurance for this. I sent off the letter asking to see my credit agreement and sure enough I did not tick the box (I never take out this insurance).

Anyway I sent off the forms to Santander at the end of May and on Friday I received a letter saying that the Cover had been added to my account when it was opened and that this was an administration error as I had clearly not requested it. They have said that they are refunding the interest applied to the account where charged on these premiums and as a gesture of goodwill we have also applied a "loss of cash" compensation at the rate of 8% per annum so they are sending me as follows:

Premiums: £3748.92
Interest: £2558.79
Loss of Cash payment - £2,014.33

My question is this: If I have received a loss of cash compensation at 8%, and an interest payment of £2,558, what rate has the interest been paid at, The interest I have paid on the card is 29.9% per annum so would this be the rate they have given me back? (I am not sure how this is worked out)

Thanks for any help

sorry, im not sure on your question..... lol :rotfl:

but

:rotfl::j:beer: WELL DONE :beer::j:rotfl:

HappyDale

maryspecial wrote: »

How happy i am for you happydale!! I spent all last night reading about recent successes. I have one in with halifax but its all been a bit quiet. Am home from hol and ready to chase things up. We have had a few loans with ppi on them thru alliance and leicester. Decided last night to approach them but as theyre in my oh (think thats other half??!!) name i cant phone up and that seems to be enough for a&l. Decided to email them but did it thru website. Can i ask who you emailed your complaint to? And did you have all your details?

And once again congrats!:T

Hello, yes i emailed them through santander website. Yes i had my account number,thats all:j This was from a loan from March 1999 then another loan from September 2000.

Good luck with your claim, i am sure Santander will sort this out for you:)

h0pusp0pus

karenann wrote: »

Hi all

I recently claimed from Santander for a store card I had with Debenhams in 1997. When I saw all the publicity about misselling of PPI I checked all my cards and was surprised to see that I was paying insurance for this. I sent off the letter asking to see my credit agreement and sure enough I did not tick the box (I never take out this insurance).

Anyway I sent off the forms to Santander at the end of May and on Friday I received a letter saying that the Cover had been added to my account when it was opened and that this was an administration error as I had clearly not requested it. They have said that they are refunding the interest applied to the account where charged on these premiums and as a gesture of goodwill we have also applied a "loss of cash" compensation at the rate of 8% per annum so they are sending me as follows:

Premiums: £3748.92
Interest: £2558.79
Loss of Cash payment - £2,014.33

My question is this: If I have received a loss of cash compensation at 8%, and an interest payment of £2,558, what rate has the interest been paid at, The interest I have paid on the card is 29.9% per annum so would this be the rate they have given me back? (I am not sure how this is worked out)

Thanks for any help

firstly well done for your result

could i ask did u have paper work to show all the statements you paid back to 1997?

i had a burtons mensware card back in 1996 saddly i only have statements dating back to 2001

they have only offered me £1170 as they say they cant locate anyone even pre 2005 on how much i paid in ppi so they have taken an average of 2.50 a month

Malcolm44

Hello guys, been reading the forum for ages
I applied for PPI repayment last October like many of you on here, on a credit card I got from RBS in 1983 and was still paying PPI on it till I started this process (with the help of the hints and form off here). RBS initially came back with the "£700 good will gesture". I forwarded it to the FOS and waited. Now did not hear anything from them, so e-mailed them to see what was happening. They sent a reply stating that it was with their claim team and being progressed. That was till last saturday when I recieved a letter from the FOS stating the that RBS advises that they are making an offer as a gesture of goodwill, with no admission of liability to settle my complaint.

My questions are:
Do I now come into the "we will get round to it after all the previous ones are cleared" bracket, or is it still to be settled by end of August?
Who would have an idea on how much I should be looking at accepting? (28 years of paying monies on sometimes a limit of £10,000 was a lot)


thanks in advance for your help

maryspecial

HappyDale wrote: »

Hello, yes i emailed them through santander website. Yes i had my account number,thats all:j This was from a loan from March 1999 then another loan from September 2000.

Good luck with your claim, i am sure Santander will sort this out for you:)

Thanks happydale! I might put it through again tonight with whatever account numbers I have. I got an automated response this morning saying not to email account numbers but hey theyre closed accounts now so what the hell. My husband is not good at the whole phone thing and they wont talk to me cos its in his name!!
Thanks again to everyone on here!!

HappyDale

maryspecial wrote: »

Thanks happydale! I might put it through again tonight with whatever account numbers I have. I got an automated response this morning saying not to email account numbers but hey theyre closed accounts now so what the hell. My husband is not good at the whole phone thing and they wont talk to me cos its in his name!!
Thanks again to everyone on here!!

No problem Mary. I am also not very good on the phone, only spoke to them twice. Good luck again:)

IANC

karenann wrote: »

Hi all

I recently claimed from Santander for a store card I had with Debenhams in 1997. When I saw all the publicity about misselling of PPI I checked all my cards and was surprised to see that I was paying insurance for this. I sent off the letter asking to see my credit agreement and sure enough I did not tick the box (I never take out this insurance).

Anyway I sent off the forms to Santander at the end of May and on Friday I received a letter saying that the Cover had been added to my account when it was opened and that this was an administration error as I had clearly not requested it. They have said that they are refunding the interest applied to the account where charged on these premiums and as a gesture of goodwill we have also applied a "loss of cash" compensation at the rate of 8% per annum so they are sending me as follows:

Premiums: £3748.92
Interest: £2558.79
Loss of Cash payment - £2,014.33

My question is this: If I have received a loss of cash compensation at 8%, and an interest payment of £2,558, what rate has the interest been paid at, The interest I have paid on the card is 29.9% per annum so would this be the rate they have given me back? (I am not sure how this is worked out)

Thanks for any help

Without the details of each monthly insurance payment, it is impossible for us to calculate.

But basically I think they have applied the interest rate of the card to the premiums.

I'm guessing that you have asked about the rate because the 8% payment is quite large in comparison to the interest rate.

The 8% interest is applied to the current date rather than to the date the card was cancelled/repaid, whereas the interest (29%) is only applied whilst there is a balance outstanding on the card.

The above is all utter garbage however if your card is still running and has a large balance