PPI Reclaiming successes and failures

Caeraupracter

Fair enough, no intention to spam or promote anyone was intended, sorry you took it this way.

I'll just leave Martin Lewis' own words as what my situation is as I see it.

[Under his quick questions about - are there any circumstances where I should use a claims company.] I did actually read some of this stuff back in January but decided it was too complicated at the time - perhaps my bad.

You wouldn't bother doing it without one. If you're busy and know it'll never happen otherwise, and are happy to pay a hefty 30%+ to get your cash back, then it's a perfectly legitimate choice to decide to pay to get your mis-sold PPI money back.

Definitely in that category I'm afraid.

My story is what it is. Definitely support doing it on your own with no CMC, but I didn't. Still a successful claim, home improvements and maybe a nice holiday coming our way soon.

Nasqueron

£4000+ for a claims company to email everyone on their list and see if any responded, something you could have done yourself. All the info you provided to the claims firm was all you needed to do it yourself.



They say "fool me once, shame on you, fool me twice, shame on me". You were miss-sold PPI and you were miss-sold a PPI claims firm. Do try not to make it a third by signing up for more poor value things

RonoB

We have today had an offer of goodwill for an original abbey credit card that was transferred to my MBNA in 2001. He had paid £435 in ppi payments

So refund of payments £435.08
£48.27 associated interest
8% gross interest £585.19
Minus tax £117.04
Total £951.50

Whilst we are happy to receive this is thought there would be more in the associated interest area. Should compound interest not apply. This is at least 17years ago?
Thanks

Nasqueron

RonoB wrote: »

We have today had an offer of goodwill for an original abbey credit card that was transferred to my MBNA in 2001. He had paid £435 in ppi payments

So refund of payments £435.08
£48.27 associated interest
8% gross interest £585.19
Minus tax £117.04
Total £951.50

Whilst we are happy to receive this is thought there would be more in the associated interest area. Should compound interest not apply. This is at least 17years ago?
Thanks

The PPI refund process is defined at 8% simple interest for anything after 1 April 1993 before that it's 15%

RonoB

Nasqueron wrote: »

The PPI refund process is defined at 8% simple interest for anything after 1 April 1993 before that it's 15%

Thanks! so no compound interest if it’s in a credit card. Just thinking if ppi added to your credit card bill every month at whatever percent then that would increase your debt. Credit card interest rates are always higher than 8%.
Iv seen people with refunds of thousands with original small amounts of ppi paid but the compound interest made the payout so much!

-taff

redress is different for credit cards. If the PPI removed meant you card would have been in credit, then the interest is applied.https://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html

Nasqueron

RonoB wrote: »

Thanks! so no compound interest if it’s in a credit card. Just thinking if ppi added to your credit card bill every month at whatever percent then that would increase your debt. Credit card interest rates are always higher than 8%.
Iv seen people with refunds of thousands with original small amounts of ppi paid but the compound interest made the payout so much!

No compound interest full stop, as I said, it's simple interest.



The FOS link provided above shows the refund process for credit cards

Clement1na

My PPI dates back to 1990 and I have the paper-work.I was refused claim as there was a tick in the PPI box which they said meant that I agreed to it.and also because they said I could afford it. The loan was also a secured one and I did not want the PPI and said so.

dunstonh

Clement1na wrote: »

My PPI dates back to 1990 and I have the paper-work.I was refused claim as there was a tick in the PPI box which they said meant that I agreed to it.and also because they said I could afford it. The loan was also a secured one and I did not want the PPI and said so.

So, why did you tick the box to have it and sign the credit agreement which detailed the amount of PPI?

[Deleted User]

Clement1na wrote: »

My PPI dates back to 1990 and I have the paper-work.I was refused claim as there was a tick in the PPI box which they said meant that I agreed to it.and also because they said I could afford it. The loan was also a secured one and I did not want the PPI and said so.

Is this another of your quarterly "updates" OP? The situation has not changed since your last post in April, nor your first in November 2018.

Your complaint was rejected by the Bank and FOS agreed. There is therefore no point in worrying about this any further. You cannot take FOS to court...