PPI offer- appealing amount

lee1972 wrote: »

On the day I made the above post I had already written and sent a letter appealing the offer and asking why the calculation had not been made from June 1980 rather than Jan 1994. This is what I wrote-

"your agent states that the original PPI policy was taken out during June of 1980. I am therefore confused as to why in your letter you state that you assume that the first premium was taken in January 1994, when your own records show that the first payment was taken much earlier than this (at some point around June 1980)? Please could you therefore explain why January 1994 was used as the date for calculating the amount of compensation I am due, rather than June 1980?"

The bank has therefore admitted I had the policy and must have the paperwork which shows this, or else why would the agent say that I had PPI in 1980?

The problem here is that you're confusing having a policy and paying for a policy. As I mentioned earlier, you only pay PPI when you have a balance on your card that is not cleared every month. It is perfectly possible to have opened a card, taken out PPI at whatever date and never paid a penny for PPI until 1994. PPI is not some secret charge like the CMCs like to claim, it was an item listed every month on your credit card statement calculated based on your balance (typically around 80p charge per £100 of debt).



The alternative is that you (incorrectly, unfortunately), believe that because an agent said something that it must be binding i.e. you must be due money from 1980-1994 no matter what else happens based on that conversation. The agent could simply have made a mistake and noticed the card was taken out in 1980 and got confused with the PPI policy which could have started in 1994 (hence the form they provided). The bank do not have to pay anything for the period of 1980-1994 just because someone on the phone said you had a policy in 1980. It is statistically unlikely (though not impossible) that you had PPI starting in 1980 as the product itself was rarely retailed until the late 1980s and early 1990s.

You can still take your complaint ot the FOS and ask them to calculate what the PPI payments might have been given your spending records that they do have.

Moneyineptitude wrote: »

Did you inform the agent you were recording the call? Just wondering, because you earlier spoke of a possible breach of data protection laws.

OP said he got a copy of the call from them earlier in the post and listened to it

Moneyineptitude wrote: »

All the OP has is an application form from 1994 agreeing to PPI. There is no mention, nor record of PPI payments earlier than this
"I have found the form I signed in 1994 where the box for PPI was ticked for me, but have not found the agreement from 1980"

I tend, like Dunston, to suspect the 1980 date is not accurate for the actual account opening let alone the phantom PPI.

Agreed, without evidence of the policy being taken out in 1980 (which OP doesn't have, beyond this phone conversation) the FOS won't do any more. It's like a shop listing a TV for £10.00 not £1000, they don't have to honour that price. Whoever they spoke to could well have made a mistake and mixed up the card being open in 1980 and having a PPI policy with thinking the PPI policy ran from 1980. The fact they have a ticked application form in 1994 and the dates PPI was retailed sounds very much like they started selling it around 1994 and offered it to the OP (whether over the phone or in writing or whatever) who took it out then, hence the dates they have in writing. Any which way, I would be surprised if the FOS listened to the call and said the bank should pay out for the PPI policy going back to 1980 just based on this one conversation which can be shown to be incorrect.

Nasqueron wrote: »

I would be surprised if the FOS listened to the call and said the bank should pay out for the PPI policy going back to 1980 just based on this one conversation which can be shown to be incorrect.

I agree the Ombudsman would definitely not adjudicate against the bank in the circumstances described,

Basically,the Op is wasting his time with this and, in my opinion, should simply have accepted the redress based on PPI from 1994 onwards. He is pinning an "appeal" based on a telephone conversation which contradicts both the result of the subsequent PPI complaint investigation and also (crucially I think) the time period when PPI was sold on credit cards. The Bank have even sent a copy of the 1994 application form in which the OP alleges the PPI was added without his knowledge or permission!