PPI Reclaiming successes and failures

amersall

notamoneygrabber wrote: »

thanks amersall i understand where u are coming from but we put in a SAR to them asking for a list of loans that had ppi on them although we did not get a SAR as such because they returned our £10 cheque they do us a list from some sort of records they keep which was more conclusive than the one we got from our branch.
so thanks again we sit and wait till mid august

You should get the goodwill amount that they give then, fingers crossed x.

amersall

Less previous rebate paid £2937.02. (going to investigate that as I don't recall getting any rebate!!)

They could have given the rebate when the loan was passed over for collection, you need to find out what the balance was when this was passed over and when the rebate was given.

2nd question is therefore why the whole amount is not being offset against the balance outstanding (which is £3,487.49) instead of just £404.93. I am thrilled that I'm getting a payout, but now I will have to pay tax on it, and then send the balance to the creditor.

When you win redress the whole PPI amount is taken off the loan balance, this should have reduced the amount that you now owe and the 404.93 could be the remaining balance.

Even if the whole redress you are getting back was given to the loan, you would still have to pay the tax on the 8%.

They go on to say "As your account is still open (???), .... your loan will be credited with £404.92 to put your loan in the position it would have been had you not taken PPI. ... The remaining amount ....will be sent to you in the form of a cheque, ... £2976.54"

The account is still open as you are on a plan to pay this back, when they take the 404.92 back and the whole PPI amount, this will put the loan ( or it should ) back to zero balance, you need to contact them and ask if this is the case.

Top-ranking_Bug

amersall wrote: »

They could have given the rebate when the loan was passed over for collection, you need to find out what the balance was when this was passed over and when the rebate was given.

When you win redress the whole PPI amount is taken off the loan balance, this should have reduced the amount that you now owe and the 404.93 could be the remaining balance.

The account is still open as you are on a plan to pay this back, when they take the 404.92 back and the whole PPI amount, this will put the loan ( or it should ) back to zero balance, you need to contact them and ask if this is the case.

Thanks, Amersall, for your reply and your patience.
The current balance outstanding is £3,487,49 which is paid monthly via CCCS to NCO (who have bought the debt from Egg).

So I am still confused as to why Egg are only taking £404.92. (Sorry, anything to do with figures leaves me quivering in a pool of fear. :eek: If it hadn't been for my daughter showing me what to do after reading about it on this site and using the templates provided, I wouldn't have done it at all! )

amersall wrote: »

Even if the whole redress you are getting back was given to the loan, you would still have to pay the tax on the 8%.

I do understand I have to pay the tax, I had no problem there! Or there won't be once I've trawled through the website to find out how to do that - thank you in advance for help rendered on that score when I find it! :T

[Deleted User]

Top-ranking_Bug wrote: »

I do understand I have to pay the tax, I had no problem there! Or there won't be once I've trawled through the website to find out how to do that

Just contact your tax office and inform them of the amounts involved. You can either pay the amount as a lump sum, or arrange to pay it over a period as part of your PAYE.

Top-ranking_Bug

Moneyineptitude wrote: »

Just contact your tax office and inform them of the amounts involved. You can either pay the amount as a lump sum, or arrange to pay it over a period as part of your PAYE.

Now that's total efficiency! I didn't even have to trawl the website! Thank you so much, Moneyineptitude!

I shall say it again, in case there are newbies on line: YOU CAN DO THIS! You don't need to pay a PPI Claims company to do what YOU CAN DO YOURSELF! Just follow the excellent advice on this forum and go for it!

lazydaizy

Is it true?

M&S are not paying on credit card PPI because they are exempt?

I have square eyes after spending hours on this and other sites looking for people that have had success claiming against M&S and not found any.

I am a huge M&S fan and gutted they are being so awful.

I have had a charge card since 1998 which was converted to a credit card in 2004 (i think) which I complained about at the time but only thought to look for PPI since all your lovely advice from Mr Lewis.

I wrote off using your template and I've just had a knock back, two days late but dated over a week before the letter arrived.

I've been off seriously ill for over 2 years and clearly never claimed.

What should I do?

Help.

[Deleted User]

lazydaizy wrote: »

M&S are not paying on credit card PPI because they are exempt?

They are not "exempt", they weren't regulated prior to 2005 and so complaints from prior to this time are not subject to FSA guidelines

lazydaizy wrote: »

I wrote off using your template and I've just had a knock back, two days late but dated over a week before the letter arrived.

On what basis did you complain and what reason did they give for not upholding?

lazydaizy

Moneyineptitude wrote: »

They are not "exempt", they weren't regulated prior to 2005 and so complaints from prior to this time are not subject to FSA guidelines





On what basis did you complain and what reason did they give for not upholding?

Can I first say an enormous thank you for responding. Its a huge help.


They say


· The sale of this Insurance is deemed to be ‘non-advised’,so no advice could have been given to you regarding the merits of the policy.

ITS TRUE I FILLED IN A FORM FOR MY CHARGECARD INSTORE BUT I WAS APPROACHED BY MEMBER OF STAFF AND ASKED IF I WANTED THECARD. I CLEARLY DON’T REMEMBER TOO MUCHAS IT 13 YEARS AGO.



· As you completed the application in an M&Sstore no M&S money representatives were present so no advice could havebeen given to you by our staff about the merits of this policy.

· The full cost of the insurance was outlined onthe application from. ‘The premium rate is 66p per £100 of the outstandingbalance’ which you could have queried before signing

· In the Payment Protection section of theapplication form, you have ticked the box to select PPI, written your name,written your date of birth as the insured person, and ticked to say that theinsured person is the main applicant. Therefore, it would appear that you read and understood the PPI sectionof the application and desired the policy to be applied. This also demonstrates that PPI was optional.

· Were you have signed the Payment Protection itstates ‘We strongly recommend you take cover by ticking the box’. This shows PPI was optional.

· Details regarding the PPI and the account termsand conditions were attached to the application form, especially at ‘Fordetails see condition 7 of the ‘Terms and Conditions’ section and Additionalinformation, as directed on the application form itself.

· Further details were sent to you that showed thefull costs, terms and conditions, benefits, exclusions, and situations underwhich a claim could be made. You couldhave queried these at anytime.

· Policy documents were issued to you detailingthe benefits exclusions and cancellation rights. These should have been consulted by you toensure the cover was suitable.

· By signing the overall credit agreement, youconfirmed you were happy with the content of the application form including PPIterms and conditions.

· The policy has been charged on a monthly basisfor 13 years and clearly detailed on your monthly statements. You could have contacted us at any time toquery or cancel the policy.

· None of our literature have ever suggested thatour customers applications for credit would be affected in any manner by takingPPI.

· We sent you updated policy documents on aregular basis and also wrote to you during September 2003 to inform you that wewere transferring your Chargecard account to a Credit Card Account. This letter confirmed that any existing PPIwould be transferred to the Credit Card account.

YES, AND I WENT INSTORE AND COMPLAINED SAYING I DIDN’TWANT ANOTHER CREDIT ACCOUNT AND THEY TOLD ME I HAD NO CHOICE AND FROM THE STORETHEY CALLED THEIR HEAD OFFICE AND I SPOKE TO SOMEONE ON THE PHONE THAT TOLD METHE SAME THING.



· We again wrote you in 2007 to make you aware ofsome of the changes to your PPI policy. You did not contact us at this time to question or cancel the policy.

· You could not claim for problems arising out ofany pre-exsisting medical conditions, as fully explained on application and infollow up literature. You should havenot taken the insurance.




Here is what they say

[Deleted User]

lazydaizy wrote: »

Here is what they say"The sale of this Insurance is deemed to be ‘non-advised’,so no advice could have been given to you regarding the merits of the policy".ITS TRUE I FILLED IN A FORM FOR MY CHARGECARD INSTORE BUT I WAS APPROACHED BY MEMBER OF STAFF AND ASKED IF I WANTED THECARD. I CLEARLY DON’T REMEMBER TOO MUCHAS IT 13 YEARS AGO.

This will have been a regular member of staff rather than an advisor. Filling in the form yourself would therefore be deemed a "non-advised" sale, as M&S point out.

As for complaining that you didn't want your chargecard converted to a credit card (in 2003) that's a completely separate complaint to one about PPI.

You can't approach the FOS about this (being pre 2005) and I'd say there is little to be gained by asking M&S to reconsider their stance, although that remains an option..
I think you may have to accept that this is the end of the road.

klflosser

lazydaizy wrote: »

Is it true?

M&S are not paying on credit card PPI because they are exempt?

I have square eyes after spending hours on this and other sites looking for people that have had success claiming against M&S and not found any.

I am a huge M&S fan and gutted they are being so awful.

I have had a charge card since 1998 which was converted to a credit card in 2004 (i think) which I complained about at the time but only thought to look for PPI since all your lovely advice from Mr Lewis.

I wrote off using your template and I've just had a knock back, two days late but dated over a week before the letter arrived.

I've been off seriously ill for over 2 years and clearly never claimed.

What should I do?

Help.

I claimed PPI mis-selling with M & S. similarly I had a charge card early on and they would not refund on this. However, I did manage to get the past 6 years on my credit card refunded. They didn't offer to start with but after a further letter agreed to. Perhaps it depends on reasons for mis-sell? I was self employed with pre existing health issues.
Hope this helps.