PPI Reclaiming successes and failures

offcumden

I've just refound the Court Interest Calculator in Credit Card Charges: Full guide to reclaim £100s... :j:j:j

I used to use it years ago when I was reclaiming Bank Charges its really good and easy to use and if I remember correctly used to update your interest due on a daily basis.:money::money::money:

offcumden

di3004 wrote: »

Hi

Contact them again and tell them you have mis-understood, maybe you will get to speak to someone else who knows what is what, at the end of the day if you've paid 60 payments via PPI that is what you should get back plus the interest involved - as calculated/directed by the FOS instructions.
Where did she get one payment made from?

I would definately double check on this one first. Good luck.;)

Thanks Di
I've e-mailed Scott McLellan, one of the problems is that they've all had to take on so many new staff to handle all the complaints the chances are that we're going to get a newbie who doesn't know what we are talking about.
At last I've been able to find the MSE Court Interest Calculator so at least I'll have all the information I need to make sure I don't get ripped off. :mad::mad:
But Banks wouldn't do that would they ? :rotfl:

waterbaby2

Hope this is in the right place, and apologies if this has already been covered many times, but I’m quite ill and finding it difficult to read much, and what I have read has got me very confused, so I’d really appreciate some help please re ‘interest’:

- We’ve been offered a settlement figure by Capital One for credit card PPI, going back to 2000 (we now have written proof that my husband said he didn’t want PPI, but they put it on the account anyway) .
- We’ve no idea how much the premiums were, as my husband has thrown out all his statements apart from the last 6 months or so (it’s his card from many years before we met, but I’ve been helping him challenge it, as he finds finances very confusing.)
- They’ve offered £846.74 in premiums (which may or may not be right), but the bit that has really got me baffled is: only £20.99 in ‘associated interest’ (??) and £282.25 of ‘8% statutory interest’ which they claim ‘fully represents any offer which would be awarded by the Ombudsman’ .... I don’t understand - surely, his credit card charges about 27% APR so he should be getting back a lot more than that ? (They didn’t send any explanation of the figures, even though I’d asked them to send the calculations ).
- It’s difficult tp work out, because my husband also hasn’t a clue how much he’s paid off each month over the years – at some points it may have been the minimum, but over the last year or so, for example, he’s paid (very approximately):
£100 monthly payment – but with £55 interest and £20 PPI, only about £25 has come off his total debt ( leaving it still high). Are they trying to claim that his payments have paid off the PPI premium each month, so no interest was accrued? Yet if they hadn’t (wrongly ) added PPI to each statement, the extra amount of money (£20) would have been paid off his debt instead, so effectively he was being forced by them to ‘borrow’ that £20 at the 27%? I thought the idea was that they had to put him back into the position he would have been in if NOT charged the PPI? I hope this makes sense :-o

- They haven’t discussed our complaint at all, this offer was their first written communication, which they also say is their ‘final response’. So:

o Do we have a case for saying they’re offering him the wrong amount ? Or could they try and claim they don’t owe the higher 27% APR because his payments were enough to cover the PPI premium every month ?
o If we have a case, is there any chance of getting Capital One to look at it again, or would we have to go to the Ombudsman ?
o We urgently need this money of course, as we’re racking up extortionate interest on borrowing elsewhere - If we have to wait a year or more for the Ombudsman, is there a chance that they’ll say we’re not entitled to the APR interest anyway? (And horrible thought, could they turn us down completely as it’s such an old claim ie 2000-2011?) :eek:
o (PS what is the 8%, and should we be getting this on something as well ?)

Many thanks indeed for any advice you can give, and good luck to those who are still fighting!

fletchmeister

only_mee wrote: »

that doesn't make sense at all.

yes i know im more confused aswell he was basically telling me 2 different stories :mad:

fletchmeister

di3004 wrote: »

Hi

Now that is strange, I would contact the CEO about this and see what they have to say.
Do you have any copies of proof to send to them of the ppi?

Maybe they have got it muddled with someone elses, but its best to make sure.

Do you have the CEO email address by any chance many thanks in advance

tifosi

waterbaby2 wrote: »

- They’ve offered £846.74 in premiums (which may or may not be right), but the bit that has really got me baffled is: only £20.99 in ‘associated interest’ (??) and £282.25 of ‘8% statutory interest’ which they claim ‘fully represents any offer which would be awarded by the Ombudsman’ .... I don’t understand - surely, his credit card charges about 27% APR so he should be getting back a lot more than that ?

- They haven’t discussed our complaint at all, this offer was their first written communication, which they also say is their ‘final response’. So:

o Do we have a case for saying they’re offering him the wrong amount ? Or could they try and claim they don’t owe the higher 27% APR because his payments were enough to cover the PPI premium every month ?
o If we have a case, is there any chance of getting Capital One to look at it again, or would we have to go to the Ombudsman ?
o We urgently need this money of course, as we’re racking up extortionate interest on borrowing elsewhere - If we have to wait a year or more for the Ombudsman, is there a chance that they’ll say we’re not entitled to the APR interest anyway? (And horrible thought, could they turn us down completely as it’s such an old claim ie 2000-2011?)
o (PS what is the 8%, and should we be getting this on something as well ?)

Hi,

you are quite correct, the amount they are offering is quite clearly inadequate and wrong

You will see from several recent posts that most of the banks appear to be trying it on in this manner

You should receive:

The premiums paid

The contractual compounded interest charged on those premiums (so the 27% APR, or whatever the rate was) from the date they were charged to the date of settlement (due to the fact the card is still "live")

8% compensatory interest from the date each premium was charged to the date of settlement

All of the above combined would make a VERY tidy sum and certainly a LOT more than the amount they are offering

To give an example, a £20 PPI charge made in December 2000 on a card carrying 27% APR (assuming the balance had not been cleared to 0 since the charge) would equal (VERY approxmate - there are experts on thhe maths side here that would give a clearer picture) £277!!:eek:

So, if you were to mutiply the above by 132 (the number of months your card has roughly been running) it would be a VERY large sum

You obviously have to allow for the fact that many of the premiums would bear far less interest than the above due to being charged much later down the cards lifetime, but even if we based it on a quarter of the above -

277*132= 36,564 / 100 * 25 = £9,141

As I say, the above is based on VERY simplistic calculations, but it gives youy an idea just how much the interest over the years could have brought to bear on the cards balance

I would just write (without mentioning any figures) and ask that they reconsider the settlement offer as you believe they have not made due reference to compensation for the compounded contractual interest that has been charged on the accrued premiums

See what they say to that and come back here with the answer to get further opinion from the members

offcumden

(They didn’t send any explanation of the figures, even though I’d asked them to send the calculations ).
- It’s difficult tp work out, because my husband also hasn’t a clue how much he’s paid off each month over the years – at some points it may have been the minimum, but over the last year or so, for example, he’s paid (very approximately):
£100 monthly payment – but with £55 interest and £20 PPI, only about £25 has come off his total debt ( leaving it still high). Are they trying to claim that his payments have paid off the PPI premium each month, so no interest was accrued? Yet if they hadn’t (wrongly ) added PPI to each statement, the extra amount of money (£20) would have been paid off his debt instead, so effectively he was being forced by them to ‘borrow’ that £20 at the 27%? I thought the idea was that they had to put him back into the position he would have been in if NOT charged the PPI? I hope this makes sense :-o

- They haven’t discussed our complaint at all, this offer was their first written communication, which they also say is their ‘final response’. So:

o Do we have a case for saying they’re offering him the wrong amount ? Or could they try and claim they don’t owe the higher 27% APR because his payments were enough to cover the PPI premium every month ?

o If we have a case, is there any chance of getting Capital One to look at it again, or would we have to go to the Ombudsman ?
First impressions you certainly seem to have a case
If they are saying its their final response I think its highly unlikely they will consider it again
To my mind you will only get a fair deal if you take them to the ombudsman
o We urgently need this money of course, as we’re racking up extortionate interest on borrowing elsewhere -
They tend to make low offers in the hope you are so desperate for money you take their measley offer.
If we have to wait a year or more for the Ombudsman, is there a chance that they’ll say we’re not entitled to the APR interest anyway? (And horrible thought, could they turn us down completely as it’s such an old claim ie 2000-2011?) :eek:
Both scenarios Very unlikely to happen
o (PS what is the 8%, and should we be getting this on something as well ?)

Have a look at the calculator link I posted earlier, key in the info you've got and it will work it all out for you

Many thanks indeed for any advice you can give, and good luck to those who are still fighting![/QUOTE]
Good luck ;)

traz39

maryspecial wrote: »

Hi dawnie! Well done!! I have sent two e mails last week to santander and am watching the letterbox to hear result either way, santander certainly seem to be replying very quickly compared to the others. Not expecting much even if we win as it wasnt big ppi premiums but you never know?? Great to hear all the success stories!!
:T

maryspecial did they reply to those emails i have emailed the ceo last week but has yet had nothing back from

caroled_2

can i just ask you lovely clever people is it only on credit cards that you can get contractual interest on or is it loans as well?
have had a letter from hfc telling me they are doing calculations for settlement promptly ,so am waiting for postman as i type this!

KIMY

fletchmeister wrote: »

i am a newbie on here and i am after some advice.
At the moment i have 9 ppi cases in total 5 with hsbc and 4 with hfc, today i phoned hfc and went through to complaints and said that this had been going on since october last year and they were basically taking the mickey.
After a long drawn out conversation i was told that they sent me a 'FINAL RESPONSE' back on 21st june 2011 but was very sketchy, he would not tell me what was said in the letter but started saying that i would be refunded plus 8% of all ppi but then take away what i owed them so i said great that means ill get all because my loans were all paid off last year to which he replied no we owe you nothing as you didnt have ppi on any of the loans yet i have actual figures for 2 of the loans stating i had paid it somebody please help i am confused have i won or not

Was your claims with HFC with the Financial Ombudsman as mine has been with them for 14 months against HFC and l have been told they are waiting for offers and who they are disputing. I will be honest the way HFC have conducted themselves has been appaulling and although l am now getting impatient l think they will dispute mine. I am considering writing another complaint to CEO as l did this 2 months ago and got a letter back within seven days to say they are invesigating my claims and never heard anything as yet.
Dont give up as you will read on this site with the great advice you are given there can be light at the end of the tunnel.