PPI Reclaiming successes and failures

IANC

Niggly wrote: »

If its simple interest then it will be roughly 3 x the 8 % interest as thats a third of 24 % roughly (£4392). Just a quick thought if its compound WELL.........

I will run some sums.

n:beer:

Sober IANC in the house :rotfl:

The contractual interest is based on the outstanding balance every month as stated by someone earlier.

But if the minimum payment was made (as most people do), then the payment would have to be compounded which is why Dodoni (sp) ended up with over £17k interest. This would only work if the card was maxed and therefore the oustanding balance remained pretty constant.

However. if the balance fluctuated, so would the PPI premium.

If the balance were cleared every month, it would revert to simple interest.

I will not accept anything less than compound on my credit card, as the balance just grew to the Maximum and stayed there for best part of a decade, with me overpaying and reducing the balance over the last 3 years.

I have estimated by CC claim to be around £4k-£5k with no compound interest and £14k-£16k with compound interest.

Niggly wrote: »

I was right

However imagine this scenario your average payment is £39. So 8 years ago you make a payment and the card stays in debit for the whole period. The first offer they make is £39 plus 8% simple (£24.96).

You say I will have the interest on that please at 24.9% simple so they offer you 77.68 plus the previous offer.

However if the card has been in debit for those 8 years they have taken 24.9% of the £39 each month as the £39 is on the account until you clear it. The truth is its never cleared in most cases.

The compound interest over 8 years monthly on £39.00 single payment is £241.11.

Thts 4x the original offer made

Hmm I wonder what I would be looking for:rotfl:

N

Exactly.

You must be put back in the position if you hadn't paid the PPI, so you have paid 24.9% on every premium, every month and therefore you should get it back.

Then obviously plus your 8% less tax.

amersall

Egg_Chaser_12 wrote: »

Thanks Di,

is this despite them saying it is there final responce?
If I did tick the box, which I don't remember doing, how can i word my complaint?

Hi there, as this is their final response,you need to send this to FOS,
the bank will not deal with you now,put as much info in the questionnaire as you can for the FOS,also enclose a copy of the response from the bank.

ginger5092

Hi everyone

Just giving you an update

Have fought the Bank Of Scotland for over a year regarding mis-sold PPI on my credit card,bearing in mind that the Advisor told me at the bank " you probably wont get accepted for this card if you dont take this cover"

Wasnt easy,lots and lots of hassle and " dont want to know " from the people at this Establishment,but thought go for it alone and if it gets silly,send it to the Ombudsman

I recently posted that they had accepted that indeed, they were wrong and an offer was in the post.

From 2001 till 2007,the time that I had the card, I calculated that I had paid £2778 in PPI payments which was verified after I sent a SAR request.

Today I received a cheque for £7100.44

Not gloating people,what I am saying is fight,fight,fight

Dont forget,this is our money which they deceptively took and they are accountable for this so dont give up ,ever

amersall

ginger5092 wrote: »

Hi everyone

Just giving you an update

Have fought the Bank Of Scotland for over a year regarding mis-sold PPI on my credit card,bearing in mind that the Advisor told me at the bank " you probably wont get accepted for this card if you dont take this cover"

Wasnt easy,lots and lots of hassle and " dont want to know " from the people at this Establishment,but thought go for it alone and if it gets silly,send it to the Ombudsman

I recently posted that they had accepted that indeed, they were wrong and an offer was in the post.

From 2001 till 2007,the time that I had the card, I calculated that I had paid £2778 in PPI payments which was verified after I sent a SAR request.

Today I received a cheque for £7100.44

Not gloating people,what I am saying is fight,fight,fight

Dont forget,this is our money which they deceptively took and they are accountable for this so dont give up ,ever

:j:jBrilliant :j:j well done :money::money:

citibird27

ginger5092 wrote: »

Hi everyone

Just giving you an update

Have fought the Bank Of Scotland for over a year regarding mis-sold PPI on my credit card,bearing in mind that the Advisor told me at the bank " you probably wont get accepted for this card if you dont take this cover"

Wasnt easy,lots and lots of hassle and " dont want to know " from the people at this Establishment,but thought go for it alone and if it gets silly,send it to the Ombudsman

I recently posted that they had accepted that indeed, they were wrong and an offer was in the post.

From 2001 till 2007,the time that I had the card, I calculated that I had paid £2778 in PPI payments which was verified after I sent a SAR request.

Today I received a cheque for £7100.44

Not gloating people,what I am saying is fight,fight,fight

Dont forget,this is our money which they deceptively took and they are accountable for this so dont give up ,ever

Congratulations, what a result!:T

Quite rightly, the money was yours...and imagine what they have earned over the years by mi selling and sharp practice, am delighted for you!:)

Egg_Chaser_12

I will forward everything to the FOS, including my reasoning for feeling the PPI is mis-sold.

I orignally siad I wasn't offered the Card with or with out the PPI.
My concerns are that the compound interest was added to the PPI, and I don't believe this is clear. My thoughts are that if you purchase something and pay it off the next statement then interest should not have been added. but it has time and time again, this was never made clear to me throughtout my ownership of the card.
surely this counts as mis-sold?

Dizzywithmoney

ginger5092 wrote: »

Hi everyone

Just giving you an update

Have fought the Bank Of Scotland for over a year regarding mis-sold PPI on my credit card,bearing in mind that the Advisor told me at the bank " you probably wont get accepted for this card if you dont take this cover"

Wasnt easy,lots and lots of hassle and " dont want to know " from the people at this Establishment,but thought go for it alone and if it gets silly,send it to the Ombudsman

I recently posted that they had accepted that indeed, they were wrong and an offer was in the post.

From 2001 till 2007,the time that I had the card, I calculated that I had paid £2778 in PPI payments which was verified after I sent a SAR request.

Today I received a cheque for £7100.44

Not gloating people,what I am saying is fight,fight,fight

Dont forget,this is our money which they deceptively took and they are accountable for this so dont give up ,ever

Congratulations - doesnt it feel good when you get it back!!!

lou-28_2

On Wednesday I contacted Satandar about an Alliance & Leicester loan I finished paying in 2006. I wasn't sure I paid a PPI but they confirmed I did so I complained on the grounds that I wasn't given an option to opt out and at the time I had enough savings to cover unemployment.

If successful I had no idea how much to expect as I don't have any paperwork on it but thought maybe £700-£800.

This morning I got a letter from them saying my complaint was being upheld and have offered me £2,037 so I have replied today accepting their offer.

That will pay off my two credit card debts so I'm really pleased.

I have also complained to Halifax for the PPI on our mortgage as we never signed up for it but I am feeling less confident. Even though I have written proof we never signed up for it because we had PPI with another insurance company we didn't realise this as we had no clue about the PPI's we were paying for and attempted to make a claim through Halifax in 2007 when my partner was made redundant.

We cancelled the claim a few days later though so never got a pay out but I'm worried that because we attempted to claim they might turn our complaint down.

What do you think?

amersall

lou-28 wrote: »

On Wednesday I contacted Satandar about an Alliance & Leicester loan I finished paying in 2006. I wasn't sure I paid a PPI but they confirmed I did so I complained on the grounds that I wasn't given an option to opt out and at the time I had enough savings to cover unemployment.

If successful I had no idea how much to expect as I don't have any paperwork on it but thought maybe £700-£800.

This morning I got a letter from them saying my complaint was being upheld and have offered me £2,037 so I have replied today accepting their offer.

That will pay off my two credit card debts so I'm really pleased.

I have also complained to Halifax for the PPI on our mortgage as we never signed up for it but I am feeling less confident. Even though I have written proof we never signed up for it because we had PPI with another insurance company we didn't realise this as we had no clue about the PPI's we were paying for and attempted to make a claim through Halifax in 2007 when my partner was made redundant.

We cancelled the claim a few days later though so never got a pay out but I'm worried that because we attempted to claim they might turn our complaint down.

What do you think?

Well done on your win :j:j:j:j
As this is mortgage ppi,i am not best placed to see if you have any claim with this.
Dunstonh is good with Mortgage ppi and i am sure he will come along and help.

amersall

Egg_Chaser_12 wrote: »

I will forward everything to the FOS, including my reasoning for feeling the PPI is mis-sold.

I orignally siad I wasn't offered the Card with or with out the PPI.
My concerns are that the compound interest was added to the PPI, and I don't believe this is clear. My thoughts are that if you purchase something and pay it off the next statement then interest should not have been added. but it has time and time again, this was never made clear to me throughtout my ownership of the card.
surely this counts as mis-sold?

You are right with interest if you have a clear balance,i would have thought there would be no interest on this.