'thegfb vs Sainsburys Bank - PPI'

[thegfb]

Quick update...

 

HBOS have been in contact with the FOS and supposedly overturned their rejection of my claim back in April 2012. Unfortunately I moved house between making the initial complaint to them and then to the FOS so they didn't have my new address on file and I never received their letter.

 

They have today sent me a cheque for approximately £1400 however this is considerably less than my calculated claim of about £2800. They claimed they sent me a letter to my new address last month admitting the PPI was missold but I never received it, I only got it forwarded on to me by the FOS.

 

Just to check my calculations are correct, the statutory 8% pa is calculated from the date of each repayment instalment right? What I have done is basically calculated the days between each payment to the redress date (supposedly 11/01/2013) and multiplied that by a daily interest rate, worked out simply as (8/100/365) which is 1/365 of 8%. My stat interest calculations come out at over £900 (it was about £31.95 per month, paid back between 2004 and 2008 + the settlement of about ~£526) but the breakdown in their letter is about £30 stat interest!!

 

I'm very tempted to cash the cheque and get the FOS to get the rest for me as it is already with their offers team and I am moving house soon so could really do with the money but my sensible side says that if I do that then HBOS will be ********s about it. Should I just send the cheque back with a letter saying why I think it's not enough? The letter from HBOS is a clear admission that the PPI was missold, not one of these 'goodwill offer with no admission of liability' type letters.

 

[thegfb]

Grrr... formatting

[intend]

Congrats at getting them to admit it was miss-sold. With regards to accurate calculations can I suggest you check the figures using ims21 spreadsheets for single premium ppi. links in his signature.

 

Can I ask on what grounds you claimed it was miss-sold. About to claim for other half and would like as much info as possible.

 

Good luck

 

Intend

[thegfb]

Hi intend,

 

It was missold as it was never explained how front-loaded PPI worked. I actually didn't realise I was borrowing more money simply to insure my own repayments, it's madness when you think about it and I would never have agreed to it had I fully understood.

 

If I had fully understood, I would have put the extra 25%-odd into a savings account each month and if needed to use it to cover repayments in the unlikely event, it would be there. I also had other means of supporting my repayments should I have been out of work. It was nearly 9 years ago now but I certainly don't recall being asked any questions at all regarding eligibility for PPI when I applied for the loan.

 

I have posted the cheque back to HBOS with a polite but direct letter telling them that they need to refund me the full amount within 7 days and I will disregard any extra interest accrued (it's going up about £0.42 per day), if they don't then I will take them to court if necessary, they have already admitted they are at fault and they don't have a leg to stand on.

[intend]

Thanks for that - excellent for my cliam.

 

Could I ask what address you used for your ppi claim.

 

Cheers Intend

[thegfb]

Hi, this is where I've sent all my correspondence:

 

Halifax, PO Box 761, Leeds, LS1 9JF.

 

They have been obstructive the whole way from sending my SAR in, then despite giving me information on it when it came to making my PPI complaint they tried to tell me the account never existed. They then dragged their heels, denied misselling and only admitted it once the FOS were involved. Then they make a pony offer... expect a long battle

[Conniff]

Just like all criminals thegfb, they do the business and then don't agree with the punishment when they get caught.

[intend]

Thanks gbf - the SAR we got was far from complete but enough info with our records to accurately calculate the claim. Like you was not aware of significance of upfront PPI - only choice OH was given was the level of cover - was pressured to take out Gold cover and finally opted for Silver as total monthly cost lower. Thanks for support - in it for the long haul.

 

Intend

[thegfb]

They've sent me a cheque today for £2700-odd, I know I'm entitled to a bit more but I'm gonna take it because I stand to lose more if I don't have it soon because it'll be tight getting a new house.

 

I will inform the FOS that I'm accepting it but still not satisfied that I've been redressed in full, they will probably say that's it but they might still chase the extra few hundred pounds.

[alanalana]

Well done gfb took a long fight but at least you have a result now

 

aa

[thegfb]

Thanks aa, nice to see you back.

 

This can now be added to PPI successes thread and sig will be updated, just Cap One left to defeat now

[intend]

Excellent news - hope the new house becomes a nice new home. Thanks for your input - wife is awaiting response from Sainsburys or should I say BoS