PPI Reclaiming successes and failures

allofushere

smitchy73 wrote: »

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?

thanks Smitchy73, i ve had the card for 9 years, the ppi from jan 2008 - june 2011 was £1154 in total (only have statements for this period) so I do think that this, plus 51/2 more years worth of ppi could be £2432 as offered. (extra £38 was credit int)

smitchy73

allofushere wrote: »

thanks Smitchy73, i ve had the card for 9 years, the ppi from jan 2008 - june 2011 was £1154 in total (only have statements for this period) so I do think that this, plus 51/2 more years worth of ppi could be £2432 as offered. (extra £38 was credit int)

I think from here you'd be best to try and find out if when the monthly payment was made it paid off that months ppi charge and therefore no interest at the card rate was being charged on it, some cards have made this change now, but I don't know it it was always the case. If this isn't the case and it was added to your balance and therefore attracted interest, then you should be entitled to the card interest at the prevailing card rate as per the FSA guidance.

My calculations taking in what you had for about 3.5 years(42 months) would work out at about £27 per month, multiply this over the whole 9 years and it works out at about £2900 so what they're giving you is still a bit short.

I'd definately question this, and i'd even go as far as even checking with the FSA in regards to what you're due, CC's are the worst for working out whats due back. They'll tell you how it should be worked out and if LTSB are in the wrong, they may even contact them for you if you get someone really nice.:D

allofushere

smitchy73 wrote: »

I think from here you'd be best to try and find out if when the monthly payment was made it paid off that months ppi charge and therefore no interest at the card rate was being charged on it, some cards have made this change now, but I don't know it it was always the case. If this isn't the case and it was added to your balance and therefore attracted interest, then you should be entitled to the card interest at the prevailing card rate as per the FSA guidance.

My calculations taking in what you had for about 3.5 years(42 months) would work out at about £27 per month, multiply this over the whole 9 years and it works out at about £2900 so what they're giving you is still a bit short.

I'd definately question this, and i'd even go as far as even checking with the FSA in regards to what you're due, CC's are the worst for working out whats due back. They'll tell you how it should be worked out and if LTSB are in the wrong, they may even contact them for you if you get someone really nice.:D

My balance in years prior to 2008 was probably around 2-6k while the last 3 years or so its been higher around 6-9k which would account for a slightly lower average resulting in £2432 rather than £2900 so im happy that the premium calculation is as near as dammit. But I will get on to LTSB about the ppi being taken first each month.

Thank you very much for the help. Its appreciated.

debtgrenade

Hi all.
I had some good news today. received an offer from the Co-op bank totaling just a whisker under £2000!!
I sent them my complaint on 4th August, so they have dealt with it pretty sharpish, considering the 16 week wait i had braced myself for with clenched fists, butt and jaws. they say they will launch the money to me within 20 working days of them receiving my offer acceptance form, needless to say my hand was in the red royal mail postbox within an hour of receiving the offer.

the offer letter said i have to pay the taxman £83.00 from my payout. how do i go about making that payment to the taxman? anybody got any ideas or advice?
Thank you.

Mumbles74

Hi - I am glad to hear people are having success here. I was too when I received a letter from MBNA confirming that they were finding in my favour and paying me just over £2,200 for PPI on my credit card.

I logged onto my account tonight to find that they have already credited my account with the settlement fee but have ALSO reduced my credit limit by £1,900.

Is this commonplace or is it Sour Grapes from MBNA? I really could have used the settlement money as I am about to go through a short unpaid period while I change contracts.

Does this action meet with the Treating Customers Fairly guidelines? Any observations would be welcome - even if you can tell me that this is appropriate behaviour from MBNA.

Thanks

NB - my credit history recently has been wobbly but I have made several large payments to this account over the last 6 months.

di3004

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

Congratulations!:beer: that is so fab!:T

di3004

Oldbird wrote: »

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:

Brilliant!:T Congratulations!:beer:

di3004

debtgrenade wrote: »

Hi all.
I had some good news today. received an offer from the Co-op bank totaling just a whisker under £2000!!
I sent them my complaint on 4th August, so they have dealt with it pretty sharpish, considering the 16 week wait i had braced myself for with clenched fists, butt and jaws. they say they will launch the money to me within 20 working days of them receiving my offer acceptance form, needless to say my hand was in the red royal mail postbox within an hour of receiving the offer.

the offer letter said i have to pay the taxman £83.00 from my payout. how do i go about making that payment to the taxman? anybody got any ideas or advice?
Thank you.

Hi there

First of all well done and Congratulations!:beer:
I assume you would have to make direct contact to the HMRC then, they have worked it out for you as well, don't see that done very often.
See what others have to say and what they had done, good luck.

di3004

Mumbles74 wrote: »

Hi - I am glad to hear people are having success here. I was too when I received a letter from MBNA confirming that they were finding in my favour and paying me just over £2,200 for PPI on my credit card.

I logged onto my account tonight to find that they have already credited my account with the settlement fee but have ALSO reduced my credit limit by £1,900.

Is this commonplace or is it Sour Grapes from MBNA? I really could have used the settlement money as I am about to go through a short unpaid period while I change contracts.

Does this action meet with the Treating Customers Fairly guidelines? Any observations would be welcome - even if you can tell me that this is appropriate behaviour from MBNA.

Thanks

NB - my credit history recently has been wobbly but I have made several large payments to this account over the last 6 months.

Hi and welcome and well done on your success :beer:

Sorry if i have mis read, do you mean they have awarded the refund towards the credit card?
It seems that they may do this if the card is still an active account, but then I have never had dealings with the MBNA, where I'm sure someone will post up who have dealt with them and share their own experience of how their own worked out with this business.

Good luck.

Mumbles74

di3004 wrote: »

Hi and welcome and well done on your success :beer:

Sorry if i have mis read, do you mean they have awarded the refund towards the credit card?
It seems that they may do this if the card is still an active account, but then I have never had dealings with the MBNA, where I'm sure someone will post up who have dealt with them and share their own experience of how their own worked out with this business.

Good luck.

Hi. Yes, for clarity, the card is still active and my award was used to reduce my outstanding balance. At the same time my credit limit was slashed. Had they issued settlement by cheque I suspect my credit limit would have been unchanged.