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Ppi claim rejected
Karli81
Posts: 8 Forumite
Hi, i received a letter from santander to reject my ppi claim on a debenhams store card. They said they would relook at it if i could provide evidence that i was a full time student at the time (18 years ago) however they also stated that on this card, i had only paid £1.56 for ppi (i couldn't believe it)...im thinking no point sending any further information in as i not paid much ppi so wont get back much ...but can anyone tell me how compensation is calculated and how much approximately i would get back if i pursued?
Thanks
Thanks
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Comments
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£1.56 plus 8% statutory interest.0
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however they also stated that on this card, i had only paid £1.56 for ppi (i couldn't believe it)..
Did you borrow on the card routinely (as in not paying the full amount back each month) or just once or twice?
You only pay PPI if you borrow outside of the interest free period.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
You only pay PPI when you have a balance on the card, it is possible to have it but never pay any, or just pay a tiny sum if you have a month where you had a balance but then clear it
There is no compensation for miss-selling, you get 8% simple interest annual on the refund, that is your "compensation".Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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do you mean commission?0
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Thanks for your replies. To be honest I don't remember if i cleared off the balance each month or not but even if I didn't, it would have been a small amount. I don't have any paperwork either to check.
So 8% per year over 18 years is £2.25...i think i can live without that lol0 -
No, I don't think they did.MissBrittain wrote: »do you mean commission?0
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