PPI Reclaiming successes and failures

janeyg45

hi is it 8% per annum or 8% added each month. I thought you were supposed to put back in a position as if no ppi had been added . I am sure i will have paid more interest than this
monthly ppi for the kast year has been £102 per month
again many thanks for your help

dilus

janeyg45 wrote: »

hi is it 8% per annum or 8% added each month. I thought you were supposed to put back in a position as if no ppi had been added . I am sure i will have paid more interest than this
monthly ppi for the kast year has been £102 per month
again many thanks for your help

Hi janeyg45, you are being put back to a position you would have been in had the PPI not been added in the first place. You only get 8% interest as and when the card is in credit. This 8% is a form of compensation based on the fact that if your card was in credit at any time, any excess money you could have invested in a high interest savings account. As the card was never in credit you would have had NO spare money to invest in said account so hence NO 8% interest has been paid.
They are giving you back ALL PPI paid plus the card interest that you have had to pay on said PPI.
Why should they pay you interest on a card that you have borrowed on for the whole term, you only get 8% interest on the occasions that you have paid the card off in full, hope this explains it better

janeyg45

hi
thanks, I understand that I am not entitled to extra 8%
just trying to work out how they have worked out interest on the ppi premiums as interest to these was added each month over the six years.
will they send me a breakdown. I am not even sure they have gone back the whole time I have had the card.
again many thanks for you help
:j

amersall

terence13 wrote: »

Thanks Amersall. Will give them a call tomorrow. Failing this if I request SAR would this hold information dating back to then or can they still quote that it goes too far back.

Thanks again for answer to Barclaycard query as well. Will wait and see how long they take to get back

You could try a SAR,but it is a long time that has passed,but if you can afford the tenner,then you have nothing to lose.

dilus

janeyg45 wrote: »

hi
thanks, I understand that I am not entitled to extra 8%
just trying to work out how they have worked out interest on the ppi premiums as interest to these was added each month over the six years.
will they send me a breakdown. I am not even sure they have gone back the whole time I have had the card.
again many thanks for you help
:j

Hi janeyg45, If you take the premium of £4332 divided by 72 months = £60.16 x 14.9% = £69.12 x 72 months = £4,976.64
They are paying you £5,871 in total
I think the APR was monthly and it could have varied over the 6 years.
You can always ask them for a detailed breakdown as I am by no means an expert when it comes to credit card interest and how it's applied from bank to bank

caroleann2112

Although I have not received the cheque yet I have received confirmation from Clydesdale Bank that they are going to pay my PPI back - just over £12,000. I am absolutely delighted !!

So I would say to anyone who is still deciding about applying to go for it. I wouldnt go through any of those companies that advertise it, if you can help it. I did it myself with just a couple of forms from this website and 2 postage stamps - one to the Clydesdale Bank and one to the FOS. Can I also say that I am arrears with the bank with an unfortunate incident in 2004 and the loan is nearly paid off in May 2012 (obviously I can now clear it now). So please dont think you can't apply if you are in arrears or if the loan is still ongoing.

The only thing you need is patience (this has taken nearly eight months to sort out which I keep reminding myself whilst waiting for the cheque to arrive).

sams_dad

Just seen one of my barclaycard payments has been transferred to my account for £699 sent off my 8k one at same time no joy there hopefully be in there this week just be intrested to see how long they take to pay my big one back from goldfish

ginger64

Hi,

Just an update really for all those waiting for cheques off Halifax and Lloyds TSB. I had two letters (one off each of them) Halifax was early November and Lloyds.TSB early December, telling me they were both upholding my ppi complaint and I would get my money within 30 days time. They were for Credit cards. Anyway Lloyds TSB's money came on Saturday - couldn't believe it really as some people on here have been waiting ages so thought I would be too, it did say it would be with me by 19th Jan, one week earlier than I received it , but I'm not bothered I got it in the end - especially surprised as this is one of my debts on a DMP and I thought the money would go to the company who are controlling my DMP.

Now the Halifax one I'm still waiting for so after trawling the intranet I eventually found the CEO's e-mail address and fired an email off. Got a phone call from a guy called Simon the next day who said he was investigting it and that he had found out it was being held up by the insolvancy department as I am on a DMP with this one to. He said he wasn;t sure what the hold up was but would sort this out urgently for me as it had now been 60 days and this was unacceptable. He left me his number but said to give him a couple of days to sort it out, so if I haven;t heard anything by Wednesday I'm phoning him, hopefully this will be sorted this week.

so if anyone has been waiting ages perhaps an email to the CEO might help as calls to the number on the letter didn't do much other than apologies and we have escalated it for you were all I ever got.

dopeydina

Nettsie wrote: »

I wrote to Halifax on 26 November 2011 enclosing a cheque for £2 and requesting [FONT=&quot]a copy of the terms and conditions that were applicable to the agreement on for the loan I took out on 17 February 1999[/FONT]. I then sent a reminder on 9 January enclosing a copy of the original letter, [FONT=&quot]. The cheque was cashed before end November. However I am still waiting for a reply to either letter.:(

My next step will be to send a recorded delivery letter giving them 2 weeks to respond before I contact the Ombudsman. Does that seem like a good plan?
[/FONT]

I wrote to Halifax with a SAR and they cashed my £10 cheque almost immediately however, then told me they didn't hold any information about me. It is possible that my account was too old as it has been closed for some time now. They said I would get my £10 refunded. After 3 phone calls, 4 letters (the last one was a complaint) and a 20 WEEK wait, I finally got my refund at the weekend!

I would say, don't give up but be prepared to battle every step of the way, good luck!

Nancyknits

What were you reclaiming: PPI (Credit Card)
Who was the provider: Lloyds TSB
How much did you get back: £4,668.55
Did you get it back after a letter or did you go to the Financial Ombudsman: One phone call to the PPI Claim Line at LLoyds TSB
And then write your brief reclaim tale
My card was originally applied for in branch back in 2003 and as I was doing a balance transfer to clear an old card the clerk advised that I had to have PPI as It was part of the product , application duly completed and posted off , I closed my card off in 2010 and when I originally spoke to a branch member re claiming she rudly said "Well you did sign the forms and obviosuly ticked the box , not very helpfull to say the least " ,So I did not persue a claim until Novemner 2011 , I did not want to give up so decided to ring the claim line at LLoyds TSB and today I have received a letter confirming upheld and payment of £4,668.55 will be paid in due course ,:j
Am delighted so anyone out there don't give up and be fobbed off by frosty branch staff , My claim for Barclaycard Credit Card PPI was declined so if now with the FOS , who have now confirmed that some claims are taking up to a year to be resolved, but that is ok with me .
I would like to thank this site and all the user's who post am very happy to say the least :rotfl:xxxx