PPI Reclaiming successes and failures

-taff

To investigate your complaint.
Don't know.
They might do either, although if they do uphold, they can use and redress against your outstanding cc debt.

You say you regularly use the cc. If you pay it off in full every month, the PPI return, if upheld, will be minimal.

donfanatico

-taff wrote: »

To investigate your complaint.
Don't know.
They might do either, although if they do uphold, they can use and redress against your outstanding cc debt.

You say you regularly use the cc. If you pay it off in full every month, the PPI return, if upheld, will be minimal.

Thanks for that, although I am somewhat confused by your answer.

To elaborate, we do have a couple of grand outstanding on it every month, we pay back a bit more than the minimum and they charge interest on the rest. Recently , we started paying more as we are working on going debt free and noticed the PPI payment added every month.

What I don't understand, I gues i have misunderstood. If they uphold the complaint, won't they pay back all of the Ppi charge at £18 odd per month, we have paid since 2004?

lowinpe

Plenty of success stories, not many failures so here's one for you all.

I've had a credit card with HSBC since I was 18 starting back in 1998, I've been aying PPI on it so I put a claim in a couple of months ago, it took them the full 8 weeks but I recived their verdict on Friday and was told that they are rejecting my claim on the basis that although they admit to not having any evidence to prove I was told, briefed and fully understood what I was signing up to, that their policy is not to ever mis-sell PPI to therefore they wouldn't have mis-sold it!! They also state that PPI appears on every monthly bill i've had since I started the credit card and I've never objected to it, I think this was in response to a comment I made about not even knowing that I had it.

So forwarding my claim to the Ombudsmen tomorrow.

Any advice or similar responses?

-taff

donfanatico wrote: »

What I don't understand, I gues i have misunderstood. If they uphold the complaint, won't they pay back all of the Ppi charge at £18 odd per month, we have paid since 2004?

PPI on a CC is worked out month by month according to what you owe. If you pay off the balance each month, i.e. completely pay it off, you don't owe any money, therefore no PPI is paid.

As you have a rolling balance on your card, if they uphold, they will pay back everything you've paid.

I was just pointing out that if you don't have a regular outstanding balance, you don't pay PPI, but you have, so you have

donfanatico

-taff wrote: »

PPI on a CC is worked out month by month according to what you owe. If you pay off the balance each month, i.e. completely pay it off, you don't owe any money, therefore no PPI is paid.

As you have a rolling balance on your card, if they uphold, they will pay back everything you've paid.

I was just pointing out that if you don't have a regular outstanding balance, you don't pay PPI, but you have, so you have

Ah ok, I understand now. PPI is not a fixed amount but a percentage of the balance. I thought that it is similar to let's say phone insurance where you pay the same amount monthly for the duration of the contract.

Thanks for that , much clearer now. so I guess they will pay us something, if upheld, but it is not simply 18£xX per months of cc held. Because I only saw last months statement I assumed it was always 18£

Debt_Doll

Hi

I posted on here a while ago to say I was waiting for Capital One to decide whether to uphold my PPI complaint or not.

They have now been in touch to say they are upholding it but are only offering £25 cos there is debt owing on the card (it went to a debt firm). That confused me as I wasnt aware of any outstanding debt so I contacted the firm mentioned and they told me I dont have any debt outstanding at all as I paid it all completely in 2009.

Does this mean Capital One haven't looked into this properly or should I just accept the £25 ?

Any advice would be appreciated. Thank you

-taff

they might have sold the debt at a loss to the firm.

Debt_Doll

-taff wrote: »

they might have sold the debt at a loss to the firm.

Maybe but I think the maximum balance ever on the card was £200 and the only reason it wasn't paid was that I was in hospital for a few months so all my bills were messed up cos I couldn't deal with them.

If it is a case of them selling the debt at a loss should I just accept the £25 ? I have spoken to Capital One and they have said they can't advise me cos they don't have records from 2009 on their system

Before I forget, I didn't say thank you Taff for answering my post so thank you

rockandroll2012

donfanatico wrote: »

Hi all, just a quick question, my wife realised she had been paying ppi on her CC for the last 8 years. We made a call to the bank last night to cancel and say that we had been missold the PPI and asked for a refund. The lady said she will pass on the details to the team dealing with this and they will be in touch in the next 7 days. So is this usually enough these days or do you actually have to write a letter as well?

Hello donafanatico,

My refund came from 3 loans I had from the Bank of Scotland and it only took one phone call. They took my complaint and claim over the phone and said I would hear from them within 7 days to confirm they were dealing with the issue and within 28 with their decision. They were true to their word and wrote offering me 11,700.

I now need to deal with
1. Preference account where i had credit care on the account from 1998 till 2006 when i discovered it and cancelled it and demanded my money back but it was refused. Will try to get that back again now.
2. HFC loan with PPI from 1998 till 2006 and the agreement says it was optional but i was told I had no chance of being accepted for the loan without it. I wonder if anyone has had luck with the HFC in this regard because I always found them to be a shower of crooks, charging 29% on the 7000 I borrowed... but needed their money then and have paid it all back now..
3. Nationwide MPPI from 2001 where it was not requested , or explained AND i never needed it as i have adequate employee SECURITY ( salary paid if ill or off work for a year)

Wish me luck!

Wishing you well dona and hope you have your refund before Christmas.

sazdaz123

:j great news having initially getting in touch with lloyds tsb almost eight months ago we were sure we were not going to hear from them. then on saturday morning 5 cheques have arrived totalling almost £7000 . totally out of the blue no offer letter beforehand or anything:)
absolutley stunned but wont believe it till they have cashed :j