large ppi claim

Nasqueron

Wiltsmum wrote: »

Thank you. The bit that is worrying me is not the 3 year rule it is the calculations. The policies were sold by the banks not the broker.

You have to have a complaint upheld before you need to worry about the refund. Banks will refund your premiums + associated interest based on the records they hold and any you hold.

The banks selling the policies means they have to consider pre-2005 cases but as ever, complain and see if they reject it for time reasons or not, then worry about calculations

Edit - also, £10k on premiums, even with associated interest of 8% simple a year, you'd be pushing a bit to get a 6 figure sum

Wiltsmum

Thanks. Had seen a post on this site for £7500 paid in PPI and the payout was £105k.

Nasqueron

Seems a bit unlikely purely from the interest element being so low - 8% interest on £10,000 is only £800 a year so to get £90,000 in interest you'd need over 100 years!

The biggest PPI payment on the website was £128,774 and that was an accumulation including £43303 for 2 cards from the 1990s

Wiltsmum

Thank you. I think the numbers being given to us may be wrong. We had a lot of PPI! One card is from the 1980s and it was paid by dd for 22 years.

sun73

If your complaint succeeds for the 1987 card any redress would include interest calculated at 15% from 1987 to 31/3/93 and 8% thereafter, so it could reach six figures over 22 years.

brown1950

We have a Paradox on credit card PPI compensation. Refund should be amount of premiums paid plus 8% interest (from 1987) plus associated interest. What do you consider as associated interest ? Note compensation should put you back in a position as if no PPI had been charged ! Therefore as premiums
are compounded every month why are these not correctly calculated ?

Interesting to find out comments/opinions especially as i know one large credit card company is trying
to avoid going into Court to justify its credit card compensation calculations.

Wiltsmum

Oh thank you. My husband thinks its a con and I am going mad. We have been quoted £100k+. Blinking heck.

BooJewels

Wiltsmum wrote: »

Oh thank you. My husband thinks its a con and I am going mad. We have been quoted £100k+. Blinking heck.

Who exactly do you think is going to con you? If you want to make a complaint about mis-sold PPI, just either write to the company that sold it to you, or preferably, to save time, fill in the form that most institutions make available on their web sites for this purpose.

The worst you're going to lose is a bit of your time writing and digging out paperwork and the price of some sheets of paper, an envelope and a stamp.

DO NOT use a claims management company, they provide the stamp, but take at least a third of your redress. That would be a con. Just make the complaint yourself.

Wiltsmum

Thank you.