PPI rejected in 2012- re-opened now won!

Tea_biscuits

Hi,


Just a quick question if any one can advise that would be great.


I claimed PPI in Nov 2012 for a Barclaycard I had in 1999 they wrote back to say no I wasn't mis-sold......end of. Or so I thought. A few months back I received a letter saying they were reviewing and had re-opened my claim and could I verify my current address and any name changes etc. I did so and then was informed that they forgot to ask my employment status at the time and what sickness policies I had in place apologising they hadn't asked for this back in 2012.
I wrote back to say in 1999 I was in full time education. Now they have sent me an letter I should, have originally received and are fulfilling my claim. They can't find any records of premiums I paid so are using average calculations. I can't argue with this as I don't have the statements back to 1999 to show any different.


What I'd like to know is would it be worth seeking compensation for their original muck up and the 3 years I have had to wait for this?


Thank Viki

dunstonh

What I'd like to know is would it be worth seeking compensation for their original muck up and the 3 years I have had to wait for this?

You are getting compensation. The amount of interest payable will be higher.

Tea_biscuits

dunstonh wrote: »

You are getting compensation. The amount of interest payable will be higher.

Sorry, I don't understand what you mean about the interest payable being higher.


My refund amount is based on an average value for the premiums paid on a comparable policy.


The refund of interest charged is an average valuable for the interest charged on the premiums paid - Though they can't find any records of the premiums I paid!


8% stat compensation is again an average value on a comparable policy


And less tax deducted.

dunstonh

If this was a legal thing then you wouldnt be getting a penny. However, thanks to the FCA you are getting something. The capital part of the redress (refund of premiums) gets 8% interest added to it.

The longer it takes for a company to pay, the greater the interest payment is.

Tea_biscuits

dunstonh wrote: »

If this was a legal thing then you wouldnt be getting a penny. However, thanks to the FCA you are getting something. The capital part of the redress (refund of premiums) gets 8% interest added to it.

The longer it takes for a company to pay, the greater the interest payment is.

Thanks for the explanation.


To be honest I think a claim that's taken 3 years should be more than 8% interest - I'm getting £155.17

Nearlyold

viki61 wrote: »

Thanks for the explanation.


To be honest I think a claim that's taken 3 years should be more than 8% interest - I'm getting £155.17

The regulator doesn't think so and you are actually better off than if the money had been paid to you three years ago as you are getting 24% more whereas if you had put the pay-out money in a typical deposit account three years ago you would only have got around 2% more.