PPI Reclaiming successes and failures

shooter1122

I complained to Capital One regarding a Credit Card taken out in Aug 2003 that had PPI on it. This was taken out on line.

I got a reply stating that I chose to take out PPI and as I was eligible they would not be making a refund.

The I took this websites advice and went to the FOS who have recently written back stating that they have gone through the information provided and agree with Capital One. They did say there was a data trail and that I used a drop down box to say yes to PPI..

I have no recollection of this and cannot prove whether I did or not. I did think that they used tick boxes and not drop downs for this.

My request is should I request an ombudsman to look at this and does anyone have advice on this and how I can word my reply. I am up against a time restraint of next week to reply so any help would be greatfully received.

-taff

shooter1122 wrote: »

My request is should I request an ombudsman to look at this and does anyone have advice on this and how I can word my reply. I am up against a time restraint of next week to reply so any help would be greatfully received.

I wouldn't bother.
Just write back as advised in your letter, you're not happy, and would like it to be looked at by an actual ombudsman.

Bear in mind though, capitol one would have supplied the FOS with whatever it needed to have come to this decision, and your memory is likely to be faulty so the chances of an appeal are likely to result in the same failure, so don't bank on being upheld.

[Deleted User]

shooter1122 wrote: »

I complained to Capital One regarding a Credit Card taken out in Aug 2003 that had PPI on it. This was taken out on line.

I got a reply stating that I chose to take out PPI and as I was eligible they would not be making a refund.

As this is classed as a "non-advised" case in which no bank staff were present when you chose to purchase the PPI, no complaint of mis-selling can be made. You simply mis-bought.
I think you've exhausted all the possible avenues and, if you do refer it for an Ombudsman, you'll wait for several months more to receive yet another confirmation of the Bank's original decision.
Sorry.

dunstonh

shooter1122 wrote: »

I complained to Capital One regarding a Credit Card taken out in Aug 2003 that had PPI on it. This was taken out on line.

I got a reply stating that I chose to take out PPI and as I was eligible they would not be making a refund.

The I took this websites advice and went to the FOS who have recently written back stating that they have gone through the information provided and agree with Capital One. They did say there was a data trail and that I used a drop down box to say yes to PPI..

I have no recollection of this and cannot prove whether I did or not. I did think that they used tick boxes and not drop downs for this.

My request is should I request an ombudsman to look at this and does anyone have advice on this and how I can word my reply. I am up against a time restraint of next week to reply so any help would be greatfully received.

It is very hard for an online application to be mis-sold. Very easy to mis-buy but consumer protection exists against being sold or advised. Very little protection exists for mis-buying.

You are wasting your time referring it to an ombudsman. Capital One process is known to the FOS. So, you have their evidence vs none from you. That is on top of the fact it wasnt sold to you. You bought it.

betty_boop_48

I’m awaiting a reply from capital one!!! We had ppi attached in 2003 the card was taken out in 2002 we had no knowledge of this!!! My husband had a heart attack last December and we never tried to claim because we had no idea we had ppi! Since looking into this further it seems capital one had our employment status as unknown also had a late payment in december due to being in hospital called and explained the situation and they never informed us then we had ppi!!!

amersall

Peahead36 wrote: »

Hi

I am a regular visitor to this site but this is my first time posting. It's been great seeing all of you with successful claims. I have received a letter from Halifax saying that they uphold my complaint and are refunding my premiums in full but I totally disagree with the amount. I have accepted as partial settlement but would be grateful for help on how to calculate at the correct amount should be so that I can compare it with whatever they come back with.

Details
In 2005 I took out a 10k loan with PPI of just under 3.8k added. My monthly repayments were 275.50 for 60 months. I settled the loan 24mths later with a second Halifax loan.

They are offering me 441 of premiums plus 88 interest paid and interest at 8%. Total offered for loan 1 is 815 pounds. They have also offered 276 for loan 2 as an excess balance I would not have paid if it wasn't for the ppi.

This seems very low to me, especially as I only received a rebate of 120 when I settled the loan and I calculate the monthly premium that I paid due to the ppi to be 75.

Can anyone refer me to a calculator/spreadsheet that could help me to work this out.

Thanks

How did you work out the monthly PPI amount that you paid? the £10,000 loan would have had interest on and this would have made the loan payment on its own a substantial amount without the PPI, you need to find the exact PPI monthly amount that you paid, you can then work out what the PPI actually was and take it from there.

Peahead36

amersall wrote: »

How did you work out the monthly PPI amount that you paid? the £10,000 loan would have had interest on and this would have made the loan payment on its own a substantial amount without the PPI, you need to find the exact PPI monthly amount that you paid, you can then work out what the PPI actually was and take it from there.

Hi

I worked out the monthly amount this way:

The total cost of the 10K loan with interest was £11,997. The cost of the PPI was £4,536 with interest making the total cost of the loan £16,533. Divided by my 60 monthly repayments this was £275.50. If I didn't have the PPi my total loan of £11,997 would have cost me £199.95 - £75 less a month.

I also worked it out applying the % for the total loan (without interest) and got the same amount. Let me know if you guys think I've worked it out wrong.

P

amersall

Peahead36 wrote: »

Hi

I worked out the monthly amount this way:

The total cost of the 10K loan with interest was £11,997. The cost of the PPI was £4,536 with interest making the total cost of the loan £16,533. Divided by my 60 monthly repayments this was £275.50. If I didn't have the PPi my total loan of £11,997 would have cost me £199.95 - £75 less a month.

I also worked it out applying the % for the total loan (without interest) and got the same amount. Let me know if you guys think I've worked it out wrong.

P

Hi, if you actually paid the 24 months payments to the loan, you may have signed for the loan and the 1st payment was taken a month (sometimes 2 months later) and you paid this off at the 24th month before the 24th month payment was taken,then these factors all add to the actual redress.

You should get back (as you said) the PPI months that you actually paid less the rebate and the 8%, if your calculations are correct then they owe you more, you need to get the full breakdown of the redress.

hissy1701

Hello there,

This is my first post please go easy on me!!!

I have recently followed the advice for reclaiming PPI from my bank, and they have made me an offer, but my question is should I accept the offer?

The state that the amount they are offering repays the PPI with an element of gross interest.

Thanks in advance for your help.

[Deleted User]

hissy1701 wrote: »

should I accept the offer?

Without any details, how can anyone here venture an opinion?

If you're happy with the amount offered, then accept.