PPI Reclaiming successes and failures

Craig191

I don't think Lloyds r paying any card interest. Think I'll take the money and complain to the FOS. If u think bout it, the balance on ur credit card would show what u have spent and would include PPI premiums. If they r giving that money back then they will have to show this refund on the card balance from the start of ur card. In effect ur card balance should show what it would b if u never had the PPI.

smitchy73

Craig191 wrote: »

Thanks diz.
It simply state the difference between actual and revised balance of £5300. The bout £100 in simple interest. Seems like Lloyds aren't paying the card interest, hopefully this amount will come from my card balance then to my pocket,cause it wouldn't be fair 2 give u it with 1 hand and demand it back still on your card.

Thanks everyone

The revised balance should include the interest charged at card rate, as this is the difference between what you did pay and what you should've paid, therefore putting you back into the position you'd be in if there had been no ppi.
The simple interest is only payable if your account has gone into credit when they are restructuring your account without ppi.

Hope this helps.:D

smitchy73

allofushere wrote: »

hi I had my offer today and i dont think i have received any interest either. Are you going to complain further?

See the post above in regards to the card interest and redress.

Hope this helps:D

smitchy73

Craig191 wrote: »

I don't think Lloyds r paying any card interest. Think I'll take the money and complain to the FOS. If u think bout it, the balance on ur credit card would show what u have spent and would include PPI premiums. If they r giving that money back then they will have to show this refund on the card balance from the start of ur card. In effect ur card balance should show what it would b if u never had the PPI.

Craig if you're in any doubt about your redress you have to go to the FOS now, you can't just take the money as if you take the money you have accepted their redress and that is in full and final closure to your complaint, this is why when they sent the acceptance form you either have to fill it in and send it back rejecting the offer or if you don't they assume you're accepting it(well some banks are doing this) others you send they form in regardless if you're accepting or rejecting the offer.

See the post above regards interest.

allofushere

smitchy73 wrote: »

Craig if you're in any doubt about your redress you have to go to the FOS now, you can't just take the money as if you take the money you have accepted their redress and that is in full and final closure to your complaint, this is why when they sent the acceptance form you either have to fill it in and send it back rejecting the offer or if you don't they assume you're accepting it(well some banks are doing this) others you send they form in regardless if you're accepting or rejecting the offer.

See the post above regards interest.

Forgive me if I seem a bit dim but am i right then with the following:

• LTSB have offered me £2470 which is made up of ppi premiums only
• The interest I have paid over the years on thiese premiums is not being paid therefore its assumed it will come of my existing cc balance
• i can either accept this, or complain to the FOS to be paid this amount in cash .

I am confused now as to what my balance will be on my cc after this. Will the balance have reduced by £2470? And will it be further reduced by the interest refund??
Confused . com........

stellawench

Thankyou thankyou thankyou Martin.
I took your advice and have just recieved £4100 from barclays bank. I have always had barclays loans and always paid them back in full. However during the middle of my last loan I became sick and had to claim on my PPI. However, I was told that because it was a pre existing condition I was not entitled to claim on my PPI. This had never been explained to me when taking the loan out and although disappointed I let it go and struggled to pay off the remainder of the loan. I managed it however and carryed on.
Then watching you on GMTV I decided to write to them again and complain.
I have just recieved a letter telling me that not only are they paying me back the PPI from the latest loan, but they have also decided to give me back PPI on all loans ive ever had with barclays.

What a result I wasnt really disputing these loans and they go right back to 1999. The only thing I said on my letter to them was that I had never been told about pre existing health conditions when I took out any of my loans with barclays.

I also got an appology with it !!

Although £4100 is not a huge amount compared to what some people are getting back, it is certainly going to change our lives.

So thankyou Martin once again for sticking up for us and sharing your knowledge.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

l.new

hi, been browsing on this forum for a while now,had a credit card with abbey for years when they changed to santander i was changed to mbna, one day was moaning to my husband that even though i was paying monthly DD the account was never getting anywhere card quite max out silly really, i know !!after looking at my statment's PPI was killing me couldn't even remember signing for it as done application over the phone, was never told i could cancel,have been in employment for twelve years would get company sick pay,so first off cancelled PPI and then without telling hubby(just incase he thought i had lost the plot)after reading this forum, sat down and and wrote a hand written letter,just telling them how anoyed i was,and if they didn't give my money back would be going to the FOS. Then received a letter to say they would be looking in to my case and would reply within four weeks then thurs this week got a letter saying my case uphold they paid my credit card off and a cheque will arrive within 28days all together just under£6000 O.M.G i'm still in shock :j:j:j:j

smitchy73

allofushere wrote: »

Forgive me if I seem a bit dim but am i right then with the following:

• LTSB have offered me £2470 which is made up of ppi premiums only
• The interest I have paid over the years on thiese premiums is not being paid therefore its assumed it will come of my existing cc balance
• i can either accept this, or complain to the FOS to be paid this amount in cash .

I am confused now as to what my balance will be on my cc after this. Will the balance have reduced by £2470? And will it be further reduced by the interest refund??
Confused . com........

It's hard to know for sure what they are paying you back, I think that although they are saying it's your premiums, you must've been paying alot of ppi charges for alot of years, I simplay work it out at about £40 per month for five years or £20 a month for ten years in ppi charges to get that amount of just a refund.

If this sounds right to you then you are due interest then I'd go back to them and ask them plainly why you are not being refunded the prevailing card interest in your redress as per FSA guidance says, the 8% simple interest is negligble so no need to argue the case about that bit of it.

As for the amount, do you have statements etc?

Something else popped into my head there as well, some cards when you make your monthly payments, the minimum payment is put to the ppi charge first then late charges etc, before paying a minimum of 1% or £5 of your balance as well as the monthly interest. So if the ppi is paid with your monthly minimum payment then there possibly wouldn't have been any interest charged, but I would then argue you should get 8% interest on that ppi charge from when it was paid.

I hope you're still with me?

smitchy73

l.new wrote: »

hi, been browsing on this forum for a while now,had a credit card with abbey for years when they changed to santander i was changed to mbna, one day was moaning to my husband that even though i was paying monthly DD the account was never getting anywhere card quite max out silly really, i know !!after looking at my statment's PPI was killing me couldn't even remember signing for it as done application over the phone, was never told i could cancel,have been in employment for twelve years would get company sick pay,so first off cancelled PPI and then without telling hubby(just incase he thought i had lost the plot)after reading this forum, sat down and and wrote a hand written letter,just telling them how anoyed i was,and if they didn't give my money back would be going to the FOS. Then received a letter to say they would be looking in to my case and would reply within four weeks then thurs this week got a letter saying my case uphold they paid my credit card off and a cheque will arrive within 28days all together just under£6000 O.M.G i'm still in shock :j:j:j:j

Well done, sounds like a great result. I'll bet your OH is well chuffed with this result.

Welcome to the forum and don't be a stranger.:D

Oldbird

Thank you so much. I completed your form with only minimal information, posted it off to RBS and waited..... and waited...... then yesterday I got a letter telling me they were going to pay me £4,300 plus another £200 and another £300 in separate letters. I'm stunned. Thank you again. It was so easy. Now I think I'm going after Bank of Scotland for ppi on a credit card they had charged me. If I can do it anyone can!:rotfl: