Calculating store card PPI redress

Lucylocks

After some advice if possible please;

I had 2 store cards with GE both started 1997 complete with PPI. The first card (HoF) the form was completed by sales assistant and I was simply asked to sign. The 2nd PPI was never discussed and as it was already on one statement I simply assumed it was mandatory.

That said in 2001 I was informed this was not essential and cancelled both policies keeping the cards themselves with balances c£400.

In 2002 I cleared both balances which would have had residual PPI with balance transfer to Lloyds credit card so the store cards were then £0 balance until I ran up subsequent debt.

I'm therefore assuming the claim for PPI will only cover period from start of card until the cards were cleared of PPI debt in 2002. One card was closed c. 2011 and one is still live with £0 balance. Is anyone able to confirm this?

Thanks

[Deleted User]

It's the PPI you paid, plus any associated interest plus 8% statutory interest.

Dazed_and_confused

Less tax on the interest.

This might be deducted by the PPI company but if not you have to settle up with HMRC.

[Deleted User]

Lucylocks wrote: »

I'm therefore assuming the claim for PPI will only cover period from start of card until the cards were cleared of PPI debt in 2002. One card was closed c. 2011 and one is still live with £0 balance. Is anyone able to confirm this?

You do not "claim" anything, you make a valid mis-selling complaint. If you are successful, you receive a full refund of all PPI paid plus 8% simple interest. If the Bank do not agree you were mis-sold, you will receive nothing.

Cancelling the PPI sixteen years ago means that your loan activities on the card since then are irrelevant. It also means your complaint might well be time-barred, I'm afraid.