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PPI Reclaiming successes and failures
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I disagree with you on just about every point.
What about the key point number 2.
a) Was the debt sold or were AIC acting on behalf of the bank?
b) Can the debt be claimed back by the bank?
If it was sold and can be claimed back then the bank can offset. If AIC were just acting as third party collection, then it was not sold.
If it was sold with no claim back ability then the redress should come to you.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Let us know how you get on.dontlikemondays wrote: »I disagree with you on just about every point.
Do note that this is not a debate.
Probably better to continue any discussion of this on your original thread:
https://forums.moneysavingexpert.com/discussion/55389970 -
What about the key point number 2.
a) Was the debt sold or were AIC acting on behalf of the bank?
b) Can the debt be claimed back by the bank?
If it was sold and can be claimed back then the bank can offset. If AIC were just acting as third party collection, then it was not sold.
If it was sold with no claim back ability then the redress should come to you.
How do you know when it's been sold with a claim back facility. Does it state on original letter?0 -
You won't have been informed.dontlikemondays wrote: »How do you know when it's been sold with a claim back facility. Does it state on original letter?
Any such arrangement is between the Bank and the Collection Agency alone. To find out now, you'd have to enquire.0 -
Hello all,
I recently made a claim through Natwest/RBS for PPI on my credit card.
I knew that I had PPI on the card, but I didn't remember when it had started. Even worse, I never remembered ever signing up for it, so it made me wonder if it was processed against my knowledge.
When I called the PPI hotline, I was told that the PPI was started in March 2001 (15 years ago!!). I could either have the forms sent to me that I fill out, or they take my details down over the phone where the investigation can then be started. I decided to do it over the phone. It was quick and simple, just the questions you see on the general form and they wrote down all the info.
They kept me informed via text and was told they expected to have a final decision by 6th November. On 7th November, I got a message to say that I had been sent a letter which gave the outcome of the investigation. When the letter arrived, it said my complaint was upheld with compensation of £1377!! Result!! :T I am now waiting for the payment to arrive which should be here by mid December at the latest.
I urge anyone to put a claim in if you think you have been mis-sold in anyway. My case is proof that even if you are claiming against PPI of more than 10 years, you can still receive a payout.
Thanks to MSE for giving me the confidence to go for it! :beer:0 -
Had a letter from M&S this morning to say they find in favour of my complaint and award the grand sum of 12p! Is this a joke?0
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I would't have thought so. Financial institutions tend to be terrible at stand up comedy.0
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If that's the amount refunded with 8% interest then it's safe to say you must have cancelled your PPI policy in the early days.amelia1730 wrote: »Had a letter from M&S this morning to say they find in favour of my complaint and award the grand sum of 12p! Is this a joke?
You won't get a refund of money you didn't pay in the first place...0 -
amelia1730 wrote: »Had a letter from M&S this morning to say they find in favour of my complaint and award the grand sum of 12p! Is this a joke?
Auto uphold for obvious reason.
You only pay PPI if you hold a balance, typically around 70p per £100 of balance - if you paid off in full every month and/or rarely used the card and had a balance of around £20 or whatever for one month, you may have paid PPI once
If you have statements showing you carried a balance every month you could see on there any PPI charge (it was listed as a separate item every month) and go back to themSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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i wonder if you'll get taxed on that 12p?! hopefully you have a few statements knocking around0
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