Successful Catalogue PPI reclaim over £10k!

Nasqueron

Eeelisa wrote: »

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?

PPI refunds are based on how much you paid. The PPI itself is based on a monthly calculation depending on how much you had. Unless you somehow had the same amount on every month, the sum would have fluctuated so if you paid £1.78 one month but paid £2 the next and 50p the week after, that is what they refund. They only use £1.78 x 12 if they have no records of their own and have to refund based on your (provable) average spend.

[Deleted User]

Eeelisa wrote: »

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.

If you regularly used these accounts and then failed to pay off the balance each month then you would have paid a lot more PPI.
However, if you used them only sporadically, you would only pay PPI in the months when your account had a balance.
So it's possible you didn't pay any PPI for periods when you didn't owe them anything.

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?

No. The £94 you have been awarded also includes 8% simple interest, so they have refunded you far less than £1.78 for each of the 106 months you held the account.

Understand that the PPI was a proportion of your balance each month, so it could fluctuate widely. Very may also have incomplete records of your finance. So your simplistic calculation has no bearing on the reality.

If you don't have 106 statements to check, you can send Very a Subject Access Request to see exactly what they have kept on file for you. Realistically, though, you'll have to be content with the £94 unless you can provide documentary proof that you paid more than they are refunding.

Eeelisa

Sorry to sound silly but what is a SAR? Thanks

Eeelisa

I also called them yesterday as i wanted to know exactly how much my premiums were for the time said and the gentleman had to arrange a call back from the finace team as he couldn't give me the total amount of premiums i paid. He just kept saying £94 pounds is not what youll be refunded so it doesnt matter.
The total i would be refunded is £573 including the 8% and if i hadn't had ppi on my account and Minus 20% income tax
Most of the time i incurred £12 late fees and defaults as i had no idea how to manage a credit account, and was in debt with them for a while.

-taff

The late fees and defaults will not be refunded.

[Deleted User]

Eeelisa wrote: »

Sorry to sound silly but what is a SAR? Thanks

A Subject Access Request (SAR) was what I alluded to in my last response to you. It's simply a request for all information they still have on file for you.

However, it's very unlikely to be any use to you now as it won't contradict the amount Very have already awarded you.

Again, as I said earlier, realistically you'll have to be content with the £94 plus interest unless you can provide documentary proof from your own archive that you paid more than they are refunding.

Eeelisa

Ok, thanks so much for explaining and helping me out.

Panyan_62

Hi I am new here can I claim my ppi back on a completed debt management plan

Panyan_62

Hi can I claim back my ppi on a completed Debt Management plan ,the plan ran from 2004 through to 2009 and was completed and paid in full

[Deleted User]

Panyan_62 wrote: »

Hi can I claim back my ppi on a completed Debt Management plan ,the plan ran from 2004 through to 2009 and was completed and paid in full

Since charges and other monies will have been written off as part of your DMP, any PPI redress you may be awarded is therefore likely to be offset against these amounts which you still owe but are no longer being chased for.

So it's up to you...