PPI Response

Mrvandertramp

Hello
I am very new to all this so please have patience. I recently claimed PPI for a credit card I have had with Natwest since 1988. I was sold the PPI with it based on the amount that was spent on the card. The bank have acknowledge this and have made me an offer. I feel the amount that the offer is based on seems on the low side bearing in mind this would have been my only credit card for about 12 years and is still in use up to today. I rang and asked how they arrived at this figure and if it was estimated and was told it was not an estimate. I have not got any evidence i.e. statements going back to 1988...would they still have records back to then and if so can I get to see them.
Hope someone can help.
Thanks

[Deleted User]

You can make a subject access request to see what they hold.

Mrvandertramp

Hi
Thanks for the reply.Is this done by just writing to the department in the bank and asking. Just checking there are no special forms or anything.

[Deleted User]

No special forms. Just a line saying you're making a SAR and would like them to send you the data they hold on you.

It's also free of charge.

[Deleted User]

Mrvandertramp wrote: »

I have not got any evidence

Without any evidence you won't get very far with this.
PPI redress is defined as a full refund, plus interest and there would be very dire consequences if Banks were routinely and deliberately underpaying such refunds.
Remember, the refund is based on the actual PPI you paid, not the amount of time you held the card. Periods in which your account had no balance and/or you paid off the balance each month would have incurred no PPI charge at all

However, if you still refuse to believe the Bank have fully refunded you, then you have the option of sending them a Subject Access Request (SAR) letter.

Be aware that this is unlikely to somehow yield "hidden" amounts and you might be best advised to simply accept the amount already offered.

dunstonh

You only pay PPI premiums if you borrow on the card outside the interest free period. If you repay the card in full that particular month, then no PPI is chargeable.

So, your period of paying it may not be as long as you held the card.

would they still have records back to then and if so can I get to see them.

Unlikely they would hold statements back that far. Normally you are looking back to around 2006ish

They have to use the actual amounts you paid for any period that data is available. If statements are not available for the whole period, then they have to look at your balance history at the point of the oldest statements and apply an averaging over thhe previous period as an estimate. This means some people get more than they paid and some get less but without evidence, it is the best they can do.

Mrvandertramp

Hi
Thanks for the reply.The type of PPI I had on this card was based on the spend regardless of paying it off or not. If there was no spend then yes no payment, but it was based on around £1 per £100 spent on the card, so the amount always varied and did apply even if it was paid in full. I have some statements back over 10 years and just taking an average and leaning on the low side I cant see where they have got their figures from.Thanks again for responding.

Bermonia

Keep in mind credit card balances tend to increase over time - as such most recent 10 years history is unlikely to be reflective of earlier history

Nasqueron

Mrvandertramp wrote: »

Hi
Thanks for the reply.The type of PPI I had on this card was based on the spend regardless of paying it off or not. If there was no spend then yes no payment, but it was based on around £1 per £100 spent on the card, so the amount always varied and did apply even if it was paid in full. I have some statements back over 10 years and just taking an average and leaning on the low side I cant see where they have got their figures from.Thanks again for responding.

PPI is charged against the balance on the card, not the spend. Remember you will always have a hanging over balance unless you pay off 2 months in full in a row to clear any interest etc which is why you would get a PPI charge the next month even if you paid off the previous month in full. If you paid off monthly in full for a while you would not pay any PPI as £1 per £100 of debt is still £0 if there is £0 balance

[Deleted User]

Mrvandertramp wrote: »

The type of PPI I had on this card was based on the spend regardless of paying it off or not.

There was never such a "type" of PPI I'm afraid.

Who told you the PPI was based on spend?

If you paid off the balance each month, you paid nothing.

Even if you didn't pay it all off, the PPI was paid on the remaining balance, not the total spend.

Sorry, but you really need to reign in your expectations here. It doesn't sound like you have been refunded less than you paid at all.