Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • above myhead
    • By above myhead 16th May 18, 4:41 PM
    • 2Posts
    • 0Thanks
    above myhead
    Credit Card Company Absorbed
    • #1
    • 16th May 18, 4:41 PM
    Credit Card Company Absorbed 16th May 18 at 4:41 PM
    Hi, I want to start investigating into PPI but am finding everything rather overwhelming at the moment. I have established from reading these forums that a CMC is NOT the way to go, and I am grateful for that advice. I am more than happy to try and do this myself.

    Over the years dating back to the mid-nineties I have had loans and credit cards with various companies (some paid off some still current). Unfortunately due to moving abroad for a while (and since returning) I do not have much paperwork, which is obviously less than ideal.

    A 10-year 'career development' loan I had with Nat West was paid off within the last 6 years so I believe I will be able to ascertain what I need to from that because there must be records?

    I took out a Barclaycard many years ago but still have it, so I assume if the account is still current I should be able to get details on that such as original credit agreements?

    I also had an Egg card, again taken out years ago circa early 2000's. That was absorbed into Barclays and I have tried to establish if it was joined to my existing Barclaycard or remains separate. I called them to find out and they were unhelpful although two lots of money leave my account each month against my Barclaycard but I only have one card. In any case, I never closed the Egg account so again I believe I should be able to ascertain details from the bank still as it appears to be a running credit card?

    I had a graduate loan with Barclays Bank circa 1998. I do not have any paperwork to show for it. Is it unlikely I will be able to recover PPI for this? I'm sure I would have been sold it with PPI but how can I prove it?

    This is my biggest problem. I keep reading that it is okay to not remember everything. We are told to check with the banks about where we stand, but surely it is not in their interests to report back that they even sold me PPI. I am just confused about the process and why I won't just be fobbed off. Am I missing something or are my prospects limited? I hear all the time people saying they recovered for PPI they didn't even know they had, so I am confused about where to begin. I have sent off some Resolve enquiries and even approached Barclays directly through their website facility, but what is to stop them just returning with 'We have no record'?

    Am I starting in the wrong way? And what can I do to set about this properly?
    Last edited by above myhead; 16-05-2018 at 4:43 PM.
Page 1
    • zx81
    • By zx81 16th May 18, 4:48 PM
    • 19,349 Posts
    • 20,672 Thanks
    zx81
    • #2
    • 16th May 18, 4:48 PM
    • #2
    • 16th May 18, 4:48 PM
    Various misunderstanding in there.

    If you had PPI, and you believe it was mis sold, you can make a mis selling complaint.

    You complain to whoever sold it to, if they are still in existence. If not, you can try the current owner of the debt or account, in case they have taken on liability.

    If you don't know if you had POI, you ask the lender. They will tell you if they had it. There is no fobbery involved.

    It is unlikely that lenders will have details of older accounts.

    There is no point in asking for credit agreements, Just ask if you had PPI.

    Finally, remember you need to have mis sale reasons. There was nothing intrinsically wrong with having PPI.
    • dunstonh
    • By dunstonh 16th May 18, 4:53 PM
    • 95,771 Posts
    • 63,467 Thanks
    dunstonh
    • #3
    • 16th May 18, 4:53 PM
    • #3
    • 16th May 18, 4:53 PM
    A 10-year 'career development' loan I had with Nat West was paid off within the last 6 years so I believe I will be able to ascertain what I need to from that because there must be records?
    You would expect that.

    I took out a Barclaycard many years ago but still have it, so I assume if the account is still current I should be able to get details on that such as original credit agreements?
    The original agreement doesnt help on credit cards as most credit card PPI was added after the initial sale. Typically over the phone on activation of the card or a card renewal.

    If the credit card is open and you are still borrowing on it then you would see from the statement if you have PPI or not. Its not hidden. its in plain sight if you have it.

    If you pay the statement in full each month then you dont pay PPI.

    The problem is that most card companies only keep around 6-10 years worth of statements.

    I had a graduate loan with Barclays Bank circa 1998. I do not have any paperwork to show for it. Is it unlikely I will be able to recover PPI for this? I'm sure I would have been sold it with PPI but how can I prove it?
    You can only ask.

    but surely it is not in their interests to report back that they even sold me PPI.
    That would be fraud. Are you suggesting a staff member is willing to commit fraud? The FCA would have a field day in fines against a bank doing that. And as it happened, there were some banks nearly a decade ago that did not necessarily lie but hid information and they were fined big time and told to go back over every complaint received.

    Today, you can more or less trust the banks to respond correctly. Although not all information may be available to that staff member (pre-computer stuff for example).

    No need to get paranoid nowadays. And if you dont believe them then you can always do a data subject access request.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • above myhead
    • By above myhead 16th May 18, 9:21 PM
    • 2 Posts
    • 0 Thanks
    above myhead
    • #4
    • 16th May 18, 9:21 PM
    • #4
    • 16th May 18, 9:21 PM
    Thank you both for your invaluable advice, you have made a lot of that much clearer to me.

    I really appreciate you taking the time to respond, this whole forum has been an amazing resource and saved me from simply engaging a CMC through complete ignorance.

    If I am not sure I was mis-sold because of the passage of time, is that where Plevin settlements might come in?

    But anyway, that is jumping ahead, I will get onto the banks in question to ascertain what I have or had. Thank you for easing my paranoia about doing so, and also making things much clearer.
    • dunstonh
    • By dunstonh 16th May 18, 9:56 PM
    • 95,771 Posts
    • 63,467 Thanks
    dunstonh
    • #5
    • 16th May 18, 9:56 PM
    • #5
    • 16th May 18, 9:56 PM
    If I am not sure I was mis-sold because of the passage of time, is that where Plevin settlements might come in?
    Correct. If your complaints are rejected, the bank/provider will automatically look at Plevin without you needing to do anything.

    Most loan PPI complaints succeed. Front loading, high cost etc. Credit card PPI is about 50% success.

    Dont be afraid of the process. Most people who have tried the bank telephone lines for PPI have reported very helpful staff and the process being much more friendly than they thought it would be.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,599Posts Today

6,252Users online

Martin's Twitter
  • "Sabrina, you're young. I'm not sure you've the experience I'm looking for in a business partner." Eh? Isn't the pr? https://t.co/IeTxBQq2OU

  • I am predicting the word myself will be misused 6 times in today;s boardroom. What do yourself think? #TheApprentice

  • Not sure how I ever succeeded running a successful entreprise? After all my gardening and garden design skills are? https://t.co/FFnvkjsGDU

  • Follow Martin