PPI Reclaiming successes and failures

scottishmum_2

Hi Everyone,

So I was checking my CC this morning and noticed that £1082.65 had been added to my card by the bank. I called to bank to find out what this was and they told me it was a PPI refund!

This was the first I had been told that my claim being upheld!

So I carried out some simple maths! 6 years at a minimum of £20 =£1440 and thats without the interest!

I instantly phoned the PPI department expressing this.... I am waiting on someone calling me back.

I am right, am I not - I should be recieving more funds that what they have gave me! Im so angry that they are trying to short change me!

tifosi

scottishmum wrote: »

Hi Everyone,

So I was checking my CC this morning and noticed that £1082.65 had been added to my card by the bank. I called to bank to find out what this was and they told me it was a PPI refund!

This was the first I had been told that my claim being upheld!

So I carried out some simple maths! 6 years at a minimum of £20 =£1440 and thats without the interest!

I instantly phoned the PPI department expressing this.... I am waiting on someone calling me back.

I am right, am I not - I should be recieving more funds that what they have gave me! Im so angry that they are trying to short change me!

Yes,

you are quite right


Example -

£20 paid 6 years ago at 15% APR compounded = £46 (principal+interest)

£20 paid 1 year ago at 15% APR compounded = £23

(principal+interest)

The above created via this calculator

and I would imagine your CC APR was more than 15%?

So,

even if you were to say £30 a month average (allowing for interest) over 6 years = £2160

Is the card only 6 years old?

only_mee

Why credit your card aswell?

scottishmum_2

tifosi wrote: »

Yes,

you are quite right


Example -

£20 paid 6 years ago at 15% APR compounded = £46 (principal+interest)

£20 paid 1 year ago at 15% APR compounded = £23

(principal+interest)

The above created via this calculator

and I would imagine your CC APR was more than 15%?

So,

even if you were to say £30 a month average (allowing for interest) over 6 years = £2160

Is the card only 6 years old?

Yes - I got the card not long after I turned 18! Im nearly 25 now so 6 years! Thank you for your help!

The way I see it if you are going to uphold a claim then refund the right amount, do give a half baked amount! They have already put their offer on my credit card! I thought they were supposed to send you a cheque. Mind you I havent even had the offer letter in yet, so angry! I am going to fight this one! :mad:

michelle45_2

Just opend the mail and Lloyds have agreed to pay me 4562.00 :Trefund on my credit card ppi. Thought I was going to have a long wait for the calculations as I was told it would take 10 to 12 weeks, only waited 4 weeks.

Does anybody know how long they take to refund this money to my account. There was no acceptance slip just if I was unhappy to contact FOS and they will be paying this money into my bank account. I feel the need of a holiday after all this.

Only another 5 loans with Lloyds to be sorted out. These claims went in on 9 June.

scottishmum_2

only_mee wrote: »

Why credit your card aswell?

I don't know, I was certain that they had to refund you by cheque!

scottishmum_2

michelle45 wrote: »

Just opend the mail and Lloyds have agreed to pay me 4562.00 :Trefund on my credit card ppi. Thought I was going to have a long wait for the calculations as I was told it would take 10 to 12 weeks, only waited 4 weeks.

Does anybody know how long they take to refund this money to my account. There was no acceptance slip just if I was unhappy to contact FOS and they will be paying this money into my bank account. I feel the need of a holiday after all this.

Only another 5 loans with Lloyds to be sorted out. These claims went in on 9 June.

Congratulations!! :beer:

IANC

scottishmum wrote: »

Hi Everyone,

So I was checking my CC this morning and noticed that £1082.65 had been added to my card by the bank. I called to bank to find out what this was and they told me it was a PPI refund!

This was the first I had been told that my claim being upheld!

So I carried out some simple maths! 6 years at a minimum of £20 =£1440 and thats without the interest!

I instantly phoned the PPI department expressing this.... I am waiting on someone calling me back.

I am right, am I not - I should be recieving more funds that what they have gave me! Im so angry that they are trying to short change me!

I'm willing to bet that is just return of premiums and 8% interest during the time since you sent them your complaint until the day they paid the compensation.

Ie the account wasn't in credit after PPI refunds during their calculations and therefore you don't qualify for the 8% over the 6 years.

I don't think that they have offered you any contractual interest at all (the interest that is charged on the card)

Call them and tell them that you want a breakdown and if contractual interest hasn't been added that you want it or you will go to the FOS.

It seems that CC companies are relying on people not being financially aware enough and are paying compensation without giving them the interest back, hoping that some of them won't challenge them.

scottishmum_2

IANC wrote: »

I'm willing to bet that is just return of premiums and 8% interest during the time since you complained until now.

Ie the account wasn't in credit after PPI refunds and therefore you don't qualify for the 8% over the 6 years.

I don't think that they have offered you any contractual interest at all.

Call them and tell them that you want a breakdown and if contractual interest hasn't been added that you want it or you will go to the FOS.

The breakdown they provided me with over the phone was

Premium Refund: £729.31
APR Refund: 391.91
Rebate Refund: 13.43

From that breakdown I can see that there has been no contractural interest added.... am I right?

Thanks

precious12

michelle45 wrote: »

Just opend the mail and Lloyds have agreed to pay me 4562.00 :Trefund on my credit card ppi. Thought I was going to have a long wait for the calculations as I was told it would take 10 to 12 weeks, only waited 4 weeks.

Does anybody know how long they take to refund this money to my account. There was no acceptance slip just if I was unhappy to contact FOS and they will be paying this money into my bank account. I feel the need of a holiday after all this.

Only another 5 loans with Lloyds to be sorted out. These claims went in on 9 June.

That was a really quick response from them may i ask you when you made this claim as i am still waiting for a desicion since mid may for 2 CC they told me 16weeks.In answering your question about how long to wait for the refund to hit your account i have 4,500 waiting to be refunded into my account they told me 7 days for me to contact them if not happy and then 21days for the money to go into account which in total is 28 days but someone put on this thread this morning that they were told 35 days and they now have gone over the time by another 8 days and he is still waiting so who knows please keep me posted when you finally get your payout they have been dragging this out with me sine october 2010