Santander - PPI claim upheld

lyndsayb2010

Hi There, im just going through 2 claims with Santander re GE capital store cards and have called them today to see where they are up to and they said they have now sent letters re each claim to say the decision has been upheld.


Stupid features here didnt ask what that actually means.


Does it mean the claim is rejected? They are sending another questionnaire out with more questions on for me to answer.


Many thanks


Lyndsay

PSW

Means they are upholding your complaint, so you will be getting a refund. They will be sending you a letter to sign & confirm how you would like paying.

I've just had 2 complaints for GE capital upheld by Santander.

lyndsayb2010

PSW wrote: »

Means they are upholding your complaint, so you will be getting a refund. They will be sending you a letter to sign & confirm how you would like paying.

I've just had 2 complaints for GE capital upheld by Santander.

Oh thanks for that!!!!


I was just hoping it wasnt a no!!


Dont want to get too excited but i suspect it could be a half decent amount as had 2 store cards for around 4 years. One with about 1k balance on it and the other around £400 balance on it


Fingers crossed!

PSW

Just bear in mind "if" you have an outstanding debt with either of them they can offset any refund against this first.

lyndsayb2010

PSW wrote: »

Just bear in mind "if" you have an outstanding debt with either of them they can offset any refund against this first.

Yeh im not sure if i do or dont! how bad is that!!! I was pretty irresponsible in my youth!


Either way it will be a nice surprise hopefully as its either a debt paid or money in my bank

lyndsayb2010

PSW wrote: »

Means they are upholding your complaint, so you will be getting a refund. They will be sending you a letter to sign & confirm how you would like paying.

I've just had 2 complaints for GE capital upheld by Santander.

Also just as a matter of interest what was the PPI rate (if yours are from same era as mine around 2000-2004)


I genuinely have no idea how much to expect

PSW

I don't have the figures to hand & everyone's is different but it was about £2000 after 20% tax deduction. From 96 - 04

Nasqueron

lyndsayb2010 wrote: »

Also just as a matter of interest what was the PPI rate (if yours are from same era as mine around 2000-2004)


I genuinely have no idea how much to expect

PPI is charged around 70-80p per £100 of debt (though the odd one apparently charges up to £1)

A £400 balance would thus be a maximum of £4 a month, or £10 a month for the £1000 balance. Essentially multiply that by the number of months you had it and see if they give any interest on top (if they do it's at 8% simple)

PSW

Nasqueron wrote: »

PPI is charged around 70-80p per £100 of debt (though the odd one apparently charges up to £1)

A £400 balance would thus be a maximum of £4 a month, or £10 a month for the £1000 balance. Essentially multiply that by the number of months you had it and see if they give any interest on top (if they do it's at 8% simple)

I'll have to double check my paperwork to be sure but along with the PPI premiums & the 8% interest I think I also got associated interest.

Nasqueron

PSW wrote: »

I'll have to double check my paperwork to be sure but along with the PPI premiums & the 8% interest I think I also got associated interest.

The refund process is defined, I believe store cards are done the way way as credit cards i.e. You do get a refund of the interest charged on the PPI premiums but 8% interest only on any times when your card would have been in credit were it not for the PPI but some companies do add 8% regardless.


http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html#redresscc

lyndsayb2010

Thanks for the answers! Would that be 8% interest from year 2000 to 2017? What is associated interest? Sorry for all the newbie questions