Successful Catalogue PPI reclaim over £10k!

[Deleted User]

shazzer42 wrote: »

And can you explain why you feel this unbelievable

It's unbelievable not in the sense that we doubt you, but that you'd be unwise enough to keep a huge balance running for 14 years on such expensive borrowing . Did it never occur to you during that time there were far cheaper means of borrowing?

Having said that, isn't it far more likely that your balance fluctuated during that period and that the figures you suggest are only the peaks of your borrowing which you quickly paid off?

Regardless, unless you can provide documentary evidence of your assertions, you'll have to be content with the £168 refund plus interest Very have awarded you.

Sorry.

Bermonia

I’m pretty sure people have already explained why the considered it unbelievable - but to save you actually reading those posts here goes:

Catalogue limits are not usually that high given the nature of the lending and their core consumers it would be a very risky practice.

There’s also the exceptionally high cost of catalogue borrowing (to account for its sometimes less than credit worthy consumer base). This would make having the amounts you suggested almost financially crippling in terms of interest repayments.

Lastly the PPI refund you were offered, if you geneuinely had the balances you have suggested and had PPI for this whole period there would be more records and a far more substantial offer of redress.

[Deleted User]

MissyLJB wrote: »

I had various catalogues since the 1980's up until around 2009. Empire, Great Universal to name but two. How can I find out easily if they owe me money?

Nobody is 'owed" anything. Find out if you had PPI first by asking your providers or looking at your monthly statements if you still have them. If you had the insurance, send them a valid and compelling mis-selling complaint and you will be refunded plus interest if they agree.

Note that the older the finance the less chance that any records have been kept. PPI was also very rare in the 1980's, only becoming mainstream in the 1990's.

Nasqueron

shazzer42 wrote: »

And can you explain why you feel this unbelievable as there is not really much difference from a catalogue or credit card as you purchase and pay minimum payments over a period of time. Please explain

It's unlikely because:

• Store cards typically had lower credit limits than a credit card
• It's unlikely someone would get a £5000 credit limit from the off, unless they had a very good salary and credit rating (in which case, they wouldn't have a £5000 balance for 14 years)
• Someone who has issues paying off their debts, even if they got a £2000 limit on a storecard from day one, wouldn't get a limit increase to £5000 if they weren't clearing the £2000 debt
• A balance of £2000 even making a minimum payment of say £100 a month would be costing a fortune in interest

shazzer42

For one "Nasqueron" you have obviously never had a catalogue!


On opening a catalogue account you are given a credit limit. As time goes buy your credit limit increases. Catalogues offer a Buy Now Pay Later (in case you weren't aware) which often is the reason for the credit rise. The balance fluctuated over a period of 14 years but at one point the balance was around £5,000. Catalogue accounts DO IN FACT rise credit limits often, so you obviously haven't had one before. So to top it off I was looking for advice on the offer of redress NOT for a spate of sarcasm in relation to an account which I held. Whether someone was financially struggling during this time or not does not give you the right to take the moral high ground.

Nasqueron

shazzer42 wrote: »

For one "Nasqueron" you have obviously never had a catalogue!


On opening a catalogue account you are given a credit limit. As time goes buy your credit limit increases. Catalogues offer a Buy Now Pay Later (in case you weren't aware) which often is the reason for the credit rise. The balance fluctuated over a period of 14 years but at one point the balance was around £5,000. Catalogue accounts DO IN FACT rise credit limits often, so you obviously haven't had one before. So to top it off I was looking for advice on the offer of redress NOT for a spate of sarcasm in relation to an account which I held. Whether someone was financially struggling during this time or not does not give you the right to take the moral high ground.

Credit limits go up with responsible borrowing, not carry massive balances and never paying them off.

You claimed earlier (post #13) you had a balance of £2000-£5000 for 14 years, now you are claiming it was at one point and the balance fluctuated.

You have not said you had a £2000 limit from the off?
You have not explained how much PPI was paid each month (check your statements).
As above, you didn't necessarily have PPI every month even with a balance due to offers.

No I don't have a catalogue account, I don't need one. I buy what I need on credit card and pay off in full every month, or use credit well (e.g. 0% balance transfer cards) to pay off bigger purchases over time without paying interest.

Eeelisa

I had ppi through great universal/ very (shop finance direct) from Jan 2006 - October 2014. They've come back with a figure of ppi premiums at £94.11. I don't think over those years that the ppi premiums amounted to only £94. Am I wrong in thinking this? What can i fo to find out if this is correct?
Any help is great, thank you

Eeelisa

Just found my statement and i had account cover plus, that particular month it was £1.78.
In My mind if it was £1.78 x 12 = £21.36
£21.36×8= 170.88

Is this how they work out the premiums?

-taff

You can send them a SAR to see what's info is left.

societys_child

Eeelisa wrote: »

In My mind if it was £1.78 x 12 = £21.36
£21.36×8= 170.88

Only if the balance remained exactly the same every month.