PPI Reclaiming successes and failures

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  • Caeraupracter
    Caeraupracter Posts: 8 Forumite
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    Fair enough, no intention to spam or promote anyone was intended, sorry you took it this way.

    I'll just leave Martin Lewis' own words as what my situation is as I see it.

    [Under his quick questions about - are there any circumstances where I should use a claims company.] I did actually read some of this stuff back in January but decided it was too complicated at the time - perhaps my bad.

    You wouldn't bother doing it without one. If you're busy and know it'll never happen otherwise, and are happy to pay a hefty 30%+ to get your cash back, then it's a perfectly legitimate choice to decide to pay to get your mis-sold PPI money back.

    Definitely in that category I'm afraid.

    My story is what it is. Definitely support doing it on your own with no CMC, but I didn't. Still a successful claim, home improvements and maybe a nice holiday coming our way soon. :)
  • Nasqueron
    Nasqueron Posts: 8,823 Forumite
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    £4000+ for a claims company to email everyone on their list and see if any responded, something you could have done yourself. All the info you provided to the claims firm was all you needed to do it yourself.



    They say "fool me once, shame on you, fool me twice, shame on me". You were miss-sold PPI and you were miss-sold a PPI claims firm. Do try not to make it a third by signing up for more poor value things
  • RonoB
    RonoB Posts: 42 Forumite
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    We have today had an offer of goodwill for an original abbey credit card that was transferred to my MBNA in 2001. He had paid £435 in ppi payments

    So refund of payments £435.08
    £48.27 associated interest
    8% gross interest £585.19
    Minus tax £117.04
    Total £951.50

    Whilst we are happy to receive this is thought there would be more in the associated interest area. Should compound interest not apply. This is at least 17years ago?
    Thanks
  • Nasqueron
    Nasqueron Posts: 8,823 Forumite
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    RonoB wrote: »
    We have today had an offer of goodwill for an original abbey credit card that was transferred to my MBNA in 2001. He had paid £435 in ppi payments

    So refund of payments £435.08
    £48.27 associated interest
    8% gross interest £585.19
    Minus tax £117.04
    Total £951.50

    Whilst we are happy to receive this is thought there would be more in the associated interest area. Should compound interest not apply. This is at least 17years ago?
    Thanks


    The PPI refund process is defined at 8% simple interest for anything after 1 April 1993 before that it's 15%
  • RonoB
    RonoB Posts: 42 Forumite
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    Nasqueron wrote: »
    The PPI refund process is defined at 8% simple interest for anything after 1 April 1993 before that it's 15%

    Thanks! so no compound interest if it’s in a credit card. Just thinking if ppi added to your credit card bill every month at whatever percent then that would increase your debt. Credit card interest rates are always higher than 8%.
    Iv seen people with refunds of thousands with original small amounts of ppi paid but the compound interest made the payout so much!
  • -taff
    -taff Posts: 14,502 Forumite
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    redress is different for credit cards. If the PPI removed meant you card would have been in credit, then the interest is applied.https://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html
    Shampoo? No thanks, I'll have real poo...
  • Nasqueron
    Nasqueron Posts: 8,823 Forumite
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    RonoB wrote: »
    Thanks! so no compound interest if it’s in a credit card. Just thinking if ppi added to your credit card bill every month at whatever percent then that would increase your debt. Credit card interest rates are always higher than 8%.
    Iv seen people with refunds of thousands with original small amounts of ppi paid but the compound interest made the payout so much!


    No compound interest full stop, as I said, it's simple interest.



    The FOS link provided above shows the refund process for credit cards
  • Clement1na
    Clement1na Posts: 15 Forumite
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    My PPI dates back to 1990 and I have the paper-work.I was refused claim as there was a tick in the PPI box which they said meant that I agreed to it.and also because they said I could afford it. The loan was also a secured one and I did not want the PPI and said so.
  • dunstonh
    dunstonh Posts: 116,373 Forumite
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    Clement1na wrote: »
    My PPI dates back to 1990 and I have the paper-work.I was refused claim as there was a tick in the PPI box which they said meant that I agreed to it.and also because they said I could afford it. The loan was also a secured one and I did not want the PPI and said so.

    So, why did you tick the box to have it and sign the credit agreement which detailed the amount of PPI?
    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.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    Clement1na wrote: »
    My PPI dates back to 1990 and I have the paper-work.I was refused claim as there was a tick in the PPI box which they said meant that I agreed to it.and also because they said I could afford it. The loan was also a secured one and I did not want the PPI and said so.
    Is this another of your quarterly "updates" OP? The situation has not changed since your last post in April, nor your first in November 2018.

    Your complaint was rejected by the Bank and FOS agreed. There is therefore no point in worrying about this any further. You cannot take FOS to court...
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