PPI Reclaiming successes and failures

mrsbowie1

Hi All
I recently wrote to my bank re: PPI I had paid on a loan and credit card, the credit card taken out in 2002 and the loan in 2003. They have written back to me today - to say that as they both pre date November 2005 - they no longer retain records re: payments etc. They say that they don't believe I was mis-sold PPI as I signed for it, but that they cannot be sure that PPI was entirely suitable for me. For the credit card they are offering me £33.43 (even though I was paying PPI on this for 6 years, I assume they are calculating only from November 05 - 08). For the loan they are offering me the grand total of £256.31, again I'm assuming from Nov 05 - 08. They have sent me copies of both the CC and loan agreements and I note for the loan that I was paying £10.83 a month for PPI which factoring in the 8% would bring payments to well over £7k based on 60 mths repayment. Interestingly on the credit card application it shows that I had ticked a box not to pay PPI and that this was scored out and the other box ticked instead and circled (I remember being told by the bank at the time, although have no proof - that paying PPI was something I needed to do. The letter is dated Final Response. At the time of both applications I was employed as a civil servant and had good sickness and redundancy cover - so PPI was really never necessary. My question is - should I try once more with the bank - or do I need to go to directly to the Financial Ombudsman? And more importantly - if records no longer exist - am I causing myself a lot of bother for no return? Thanks in advance!

[Deleted User]

mrsbowie1 wrote: »

if records no longer exist - am I causing myself a lot of bother for no return? Thanks in advance!

The only way to be certain that there are no records is to send a Subject Access Request (SAR) letter to the bank enclosing £10 to cover the cost. If this returns nothing of use (and you have no documentary proof from your own archive) then your complaint is over as FOS cannot help if there are no records.

mrsbowie1

Thanks for your reply and sorry if this sounds silly - I'm really the inept one when it comes to all things financial But - it seems strange to me that the bank (and it is the one I continue to bank with) still has copies of both agreements dating back to 2002/2003 but no other information pertaining to payments. Also, as both the loan and CC were paid off in 2008 - after the data holding cut off date is it not acceptable to expect that they would at least still hold final statements to show that both the loan and the CC were paid off in full? Finally if the SAR returns nothing further - would the agreements in themselves not be enough to forward to the ombudsman? I assumed (possibly wrongly) that as both the loan and CC were taken out with my actual bank - they would know and have recorded successful payment of both. Sorry again, I understand my questions might be naive but I'm so frustrated by the fact that I was mis-sold PPI and that others seem to have received compo dating much further back. Thanks again.

[Deleted User]

mrsbowie1 wrote: »

Finally if the SAR returns nothing further - would the agreements in themselves not be enough to forward to the ombudsman?

No, because they don't prove you actually paid anything and, more importantly, are no indication that you were mis-sold. Send the SAR letter and see what comes back...

EMMAP

Is it possible to successfully claim PPI if you applied for a CC online?

I've had a letter from MBNA identifying me as someone who may be entitled. I've filled out the form honestly. Don't recall setting up PPI. Didn't even realise I had (and still have) it until I got this letter. Used to be in a spot of bother with my CC so got into the habit of never looking at my account or bills.

Anyway nothing ventured and all that, just wondered if any of you who have had successes applied online

[Deleted User]

EMMAP wrote: »

Is it possible to successfully claim PPI if you applied for a CC online?

It's only possible if there was a pre-populated box for PPI during your application; one you had to actively un-tick to deselect. Otherwise, a disputed online or postal application is deemed to have been mis-bought because no one actually sold it to you.
Do remember that the letter you received was simply an invitation to complain which allows the Bank to apply a time-bar against any future complaints you might make.

EMMAP wrote: »

Used to be in a spot of bother with my credit card

It's important to note that if you defaulted or had any portion of the debt written off as part of a debt management plan etc then the Bank are likely going to offset any redress (should it be awarded) against this unpaid debt.
http://www.moneysavingexpert.com/banking/setting-off

Sarros

Just received a letter from FSCS confirming we are eligible for compensation after being sold PPI on loan taken out in 2008. We sent the form outlining our complaint in September. Money is being paid direct into our bank account within the next 10 days. Total amount of redress is £6300, however due to FSCS rule we get 90% of this approx £5700. Over the last 6 months we have made 3 complaints of mis-sold PPI and have had all 3 upheld. Thats £12000. It has been so easy and straightforward. If anyone is considering making a complaint my best advice is do it yourself, be completely honest and only deal with the facts and most of all be patient because if it is discovered you have been mis-sold you will receive back what you are due. That is all our complaints dealt with now. So very happy at the moment:j

macdaddymac

Hello,
Had a claim upheld against American Express cc by the FOS, amex has offered a refund of all premiums +8% statutory interest on each premium charged per month regardless of if the account is in credit.
the FOS advised that the offer is not in line with approach taken by the FOS when they find PPI policy's to be mis-sold .

not sure what it all means , can anybody help?

thanks
mac

TitchyPixie

Moneyineptitude wrote: »

It's only possible if there was a pre-populated box for PPI during your application; one you had to actively un-tick to deselect. Otherwise, a disputed online or postal application is deemed to have been mis-bought because no one actually sold it to you.
Do remember that the letter you received was simply an invitation to complain which allows the Bank to apply a time-bar against any future complaints you might make.


_________________

I think is incorrect to state "Otherwise, a disputed online or postal application is deemed to have been mis-bought because no one actually sold it to you. " I disputed my PPI when I had applied via filling in a leaflet and all have upheld my complaints. The lack of detail on the leaflet is an important thing to stress as it did not fully inform me as to whether you would need it or not or whether it would cover you or not, dependant upon your employment status. I submitted an SAR to my credit card companies prior to claiming so I actually had a copy of the credit card appliction form in my possession when completing my PPI complaint form.

I would give it go and submit a complaint. Nothing to loose afterall.

amersall

macdaddymac wrote: »

Hello,
Had a claim upheld against American Express cc by the FOS, amex has offered a refund of all premiums +8% statutory interest on each premium charged per month regardless of if the account is in credit.
the FOS advised that the offer is not in line with approach taken by the FOS when they find PPI policy's to be mis-sold .

not sure what it all means , can anybody help?

thanks
mac

I thought I had answered this post the day you posted it looks like I did not
All it means is they are working out the 8% at a better ratio than FOS.
Well done on your win :beer: