PPI Reclaiming successes and failures

Montes_mum

Another question is you don't mind. I had a car loan back in 1994 through ford finance which i would say without doubt had PPI. Do you think I could claim on this and they would still have my terms and conditions?
Thank you all once more

tifosi

MoosMum wrote: »

Hi,
Had offer letter from Bank of Scotland for Preference Account today! Thanks to all on forums for help.
I'm really confused about the offer though -
Offer letter headed up quoting Credit Card Number **** **** **** ****
It gives in the Appendix an explanation of how the redress will be calculated (which is in line with the FOS requirements for CCs which I have seen on here, thanks)
BUT it then goes on to say that -

'as your credit card product was a Preference Account, the PPI premiums, when added to the account, do not attract any interest. Therefore, when reconstructing your account, we are not required to refund any standard interest, as the PPI has not caused any additional interest on your account. Any amount of 8% per annum simple interest applicable will not be affected by this and will be calculated normally'

But surely I will have been charged more interest each month on the balance as the PPI will have accrued over the years?
I had the account for 10 years, PPI totalled 5k , average of 43 pm.

When the account closed in 2007 it had a balance of 9k which has been cleared in full.

Grateful for any explanation and help - I'm think I'm going to accept the offer and wait and look at the figures but I'd like to have some idea of what to expect.

Hi,

apologies if someone else has commented on this already - I havent seen anything

Anyway, if they claim the PPI was not interest bearing this would mean that interest would not have been charged at any time no matter how much the premiums built up - I personally find this somewhat unlikely (though when it comes to the bank I am always sceptical!)

The other thing to be considered is obtaining ffrom them (if you havent got this already?) a copy of the terms and conditions for your credit card (and any amendments made during the life of the card) that clearly show the order in which payments would be applied to the balance

The reason being, if you have (for instance)

£500 balance transfer
£1000 purchases
£200 cash withdrawals
£90 PPI premiums

sat on the card, and the payment order works out that the PPI premium is paid first, that means that if you make a payment of £100, £90 will be paid off the PPI and £10 of the next level item, so instead of clearing £100 of interest bearing balance, you will have obnly cleared £10 and that other £90 will be charged interest

So, even if the PPI itself is not interest beearing it ccould have cost you interest!

MoosMum

tifosi wrote: »

Hi,

apologies if someone else has commented on this already - I havent seen anything

Anyway, if they claim the PPI was not interest bearing this would mean that interest would not have been charged at any time no matter how much the premiums built up - I personally find this somewhat unlikely (though when it comes to the bank I am always sceptical!)

The other thing to be considered is obtaining ffrom them (if you havent got this already?) a copy of the terms and conditions for your credit card (and any amendments made during the life of the card) that clearly show the order in which payments would be applied to the balance

The reason being, if you have (for instance)

£500 balance transfer
£1000 purchases
£200 cash withdrawals
£90 PPI premiums

sat on the card, and the payment order works out that the PPI premium is paid first, that means that if you make a payment of £100, £90 will be paid off the PPI and £10 of the next level item, so instead of clearing £100 of interest bearing balance, you will have obnly cleared £10 and that other £90 will be charged interest

So, even if the PPI itself is not interest beearing it ccould have cost you interest!

Thanks for the advice - I don't have the t&cs so I'll give them a ring and get hold of them.
I think I'll go ahead and accept the offer - I've seen from other posts that by accepting you are accepting the principle and can argue about the interest later - do you think that's the best course of action?

DrSqueeze

nutty_nat wrote: »

Help please

I have just found an account no for a loan we had with the Black Horse it was settled in full in May 2002 and had ppi attached to it. Do you think it would be okay to put in a claim? Can anybody help with the address that I would send the questionnaire too, thank you.

Hi,

If you have reasons for feeling that the PPI was missold, then by all means make a complaint.

The address I used was:

PPI Complaints
Black Horse Ltd
St William House
Tresillian Terrace
Cardiff
CF10 5BH

Useful link: http://www.blackhorse.co.uk/Motor/PPIComplaints.html

DrSqueeze

stumpcutta1 wrote: »

Well its been a long time coming but I had an offer yesterday to refund all my payments plus interest ..totalling £2554 !!!! result, now for Lloyds.......

Excellent - well done! :beer:

DrSqueeze

Montes_mum wrote: »

Another question is you don't mind. I had a car loan back in 1994 through ford finance which i would say without doubt had PPI. Do you think I could claim on this and they would still have my terms and conditions?
Thank you all once more

If you have grounds for feeling the PPI was missold, then you can make a complaint.

Whether they will still have the paperwork from 1994 is a bit of an unknown, the only way to find out is by contacting them. The further back you go, the less likely it is - but some firms seem to keep records for longer than others. Do you have any documents yourself?

Montes_mum

DrSqueeze wrote: »

If you have grounds for feeling the PPI was missold, then you can make a complaint.

Whether they will still have the paperwork from 1994 is a bit of an unknown, the only way to find out is by contacting them. The further back you go, the less likely it is - but some firms seem to keep records for longer than others. Do you have any documents yourself?

No I don't have original paperwork, but I do have bank statements that go back to 1996 which shows the loan was 'run' through Direct Line Financial Services. A quick google search seems to suggest this is now owned by RBS. I have the reference number from these bank statements. Would you think I should contact ford, direct line or RBS in the first instance.
Thank you so much again for taking the time to reply

DrSqueeze

Montes_mum wrote: »

No I don't have original paperwork, but I do have bank statements that go back to 1996 which shows the loan was 'run' through Direct Line Financial Services. A quick google search seems to suggest this is now owned by RBS. I have the reference number from these bank statements. Would you think I should contact ford, direct line or RBS in the first instance.
Thank you so much again for taking the time to reply

My pleasure.

I think with cars the best place to start is usually the dealer, as they probably sold the finance and the associated PPI. If you don't get any joy from them, try Direct Line / RBS.

There's a thread here which might help: https://forums.moneysavingexpert.com/discussion/3337578

kerso173

Does anyone have the CEO of EGG's email address. I have had a rejection after less than two weeks. I strongly feel the PPI box was pre ticked as i would not have asked for PPI owing to my generous benefits through work and the fact i could not have afforded the extra money every month. Thanks for any help.

amersall

MoosMum wrote: »

Hi,
Had offer letter from Bank of Scotland for Preference Account today! Thanks to all on forums for help.
I'm really confused about the offer though -
Offer letter headed up quoting Credit Card Number **** **** **** ****
It gives in the Appendix an explanation of how the redress will be calculated (which is in line with the FOS requirements for CCs which I have seen on here, thanks)
BUT it then goes on to say that -

'as your credit card product was a Preference Account, the PPI premiums, when added to the account, do not attract any interest. Therefore, when reconstructing your account, we are not required to refund any standard interest, as the PPI has not caused any additional interest on your account. Any amount of 8% per annum simple interest applicable will not be affected by this and will be calculated normally'

But surely I will have been charged more interest each month on the balance as the PPI will have accrued over the years?
I had the account for 10 years, PPI totalled 5k , average of 43 pm.

When the account closed in 2007 it had a balance of 9k which has been cleared in full.

Grateful for any explanation and help - I'm think I'm going to accept the offer and wait and look at the figures but I'd like to have some idea of what to expect.

Well done on your win:T:T
I had a preference account and they are right,you dont pay interest on your ppi payment,you only pay interest on your balance owing,if i am correct the ppi will show as another payment on your statement and is not included in the balance that you pay interest on.