I have sent a sar, the credit card is from some time ago, the 8% interest is added yearly is it not?

Hello, I wonder if any of you very knowledgeable folk could give me some advice. I've had an offer back from capital one upholding my PPI complaint. Its a small amount, but it was an account not much used. I know the interest added will not amount to very much as it's a small amount to begin with, but just wanted your views on whether the offer is correct or not. £52.93 PPI Premiums £0.00 Charges £5.25 Associated Interest £0.00 8% Interest £0.00 tax on 8% Interest. Should there be an amount added for the 8% interest?? Thoughts and advice much appreciated. Thanks,

Thanks again for all your replies the offer is from welcome, not the FSCS, anyone have any specific advice on how to approach the 2003 problem, has anyone else encountered this issue? Cheers, James

Yep it is Welcome Finance, been doing a lot of reading, have to say i find it all very confusing, a lot of posts are saying that as they were not regulated prior to 2003 I'd have to contact the FOS and have them chase the insurance company?? Any thoughts on accepting the offer on the other 2 accounts, they've placed them together and made me an offer which they say will put me in the financial position I would have been in had I not paid the PPI. should i just accept this? Thanks to everybody for the replies. Cheers, James

Hey Here is the letter recieved from them ; "I regret to inform you that my decision is to reject your complaint because it is outside the relevant time limits. I understand this may be a disapointment, but what follows is my explanation of why i have rejected your complaint and how the time limit applies. The rules of our regulator (The financial Service Authority - FSA) state that where a complaint relates to an event that took place prior to 27 Feb 2003, we are not required to investigate your complaint. Sales of insurance made before this date were the responsibility of the insurance provider, not the broker who sold it. As a result I have not investigated your complaint." Then usual stuff about if unhappy contact the FOS within 6 months etc. I don;t even know who the insurance provider was, I only ever dealt with Welcome. The other 2 accounts I had with them they have sent an offer. Cheers, James

I've not updated this in a while, but have just had an offer from welcome re 2 of my accounts, and a dismissal of my claim against the account prior to 2003, anyone else heard anything wiht regard to claiming prior to 2003?? should I accept their first and what they say is final offer??? the offer shows calculations of how they've worked it out. Cheers, James

Thanks for your replies guys, I'll send off the PPI claim forms and wait and see what happens.

I'm thinkin of modyfying it a bit to say ; Should the information not be forthcoming in 14 days I will be begin a small claims action seeking return of the penalties and interest,and also any costs associated in bringing about such action,with no further notice. Alternatively you may settle the claim in full by sending postal order/ Cheque in the amount of £***.** to cover charges plus £**.** interest accrued to date. Yours Faithfully, What do you think.

Thanks very much Martin, I'll get that off today Cheers

Date Ref: Dear Sirs, Thanks you for your reply dated xx/xx/xx. As you will be aware in my previous correspondance I requested a breakdown of your calculations showing these charges representing a genuine pre estimate of any losses or costs to yourselves as a result of a breach of terms and conditions. Yuu have failed to provide the information requested. I also find your letter to be delibrately misleading. The OFT does not in any way suggest or advise that £20.00 is a fair and reasonable default charge. I repeat my request that you furnish me with a breakdown of your calculations showing these charges representing a genuine pre estimate of any losses or costs to yourselves as a result of the alleged breach of terms and conditions. Should the information not be forthcoming in 14 days I will be begin a small claims action seeking return of the penalties and interest. Yours Sincerely, Any comments

Thanks very much Martin, I'll put something together tomorrow morning, I'll keep it short and sweet. I'll post it here and if you could have a quick look over it for me that would be great Thanks.

Letter from PC below ; "I write in response to your letter regarding the default charges applied to the agreement. I can confirm that the charges of £20.00 were as a result of the bank rejecting your monthly instalment payment on the due date. Premium Credit believes that the default charge it makes is a reasonable estimate of the additional administrative costs which occur as a result of a customers breach of contract and therefore is in line with the recent Office of Fair Trading guidance. Any default charges are advised to you under sections 3 and 7 of your credit agreement which you signed and therefore will not be waived." They included a statement and a leaflet detailing their compaints process. Thanks

Sorry, meant moneyclaim lol. Should I post Premiums reply here or PM it.

Hi, Yes Martin you had helped me draft a letter to premium credit, unfortunately I don't have internet access all the time. Hopefully from now on should be able to access Thursday and Friday's. I've had a reply from Premium and am unsure now of how to proceed. A previous post talked about sending them a letter with monybookers forms in it????? Again thanks very much for your help, it's appreciated.

Hey Thanks for your replies guys, all replies very much appreciated. However I'm afraid your argument doesn't provide me with any constructive advice with regard to my particular situation. Does anyone have some constructive advice? possibly from personal experience of dealing with Welcome or knowledge of the legal situation with regard to PPI prior to 2003. Saying claim from welcome is all very good, but as they have already said they will not consider the claim I'm really looking for advice on how to proceed, with explanation. Thanks very much