Landy v M&S PPI / **WON**

[Gezza09]

Hi Gezza09:)

 

If you start your own thread detailing your situation (and have read of all the excellent stickies at the top of the forum) people will be able to help you with your own individual issues.

 

Regards,

 

Landy x

 

thanks Landy for your comments I will certainly do that as I have posted up on another forum and not had much success. Gotta keep the battle going I guess!

[landy_alert]

Hi Gezza:)

 

There are plenty of experienced and helpful PPI peeps here on Cag, so hopefully you'll have more success - once you've started a thread I'll pop along and have a look - Good Luck!

 

Regards,

 

Landy x

[landy_alert]

Hi everyone:)

 

Just another update -

 

Mr L received a letter from M&S today asking for a further 4 weeks to reach a decision. I'm inclined to go to the FOS now as he's already had their 'Final Response' which offered about £1000 less than I had calculated, but as we have sooooooo many complaints with the FOS (6 currently and another 3 possibly heading that way soon apart from this one:eek:), I feel they are going to be totally peed off with us if we send in too many more.

 

Therefore I might just give old M&S the benefit of the doubt for the time being.

 

Regards,

 

Landy x

[alanalana]

Hi everyone:)

 

Just another update -

 

Mr L received a letter from M&S today asking for a further 4 weeks to reach a decision. I'm inclined to go to the FOS now as he's already had their 'Final Response' which offered about £1000 less than I had calculated, but as we have sooooooo many complaints with the FOS (6 currently and another 3 possibly heading that way soon apart from this one:eek:), I feel they are going to be totally peed off with us if we send in too many more.

 

Therefore I might just give old M&S the benefit of the doubt for the time being.

 

Regards,

 

Landy x

 

I would not give any bank the benefit of the doubt They will just use extra time to their own advantage. The timings allowed in legal statutes should IMO be pressed for. I learned the hard way with RBS and yet the banks are still pushing for delays. (they know the PPI bubble has burst and they will have to pay up sooner or later. So they use the "another 4 weeks", "we are committed to resolving your complaint", "we take your complaint seriously and will endeavour to resolve it as soon as possible", " we will resolve your complaint by date month year", "we need to gather more information to be able to resolve this issue" the excuses are endless and all the while the money they owe you for mis-sold PPI is gathering them even more interest on their investments.

 

Make them sit up, point out the statutory timescales 40 calendar days for SAR, 8 weeks for response to PPI claim, 14 days for CCA request.

Then ICO, FOS and if need be Court.

 

I am not sure if you are aware of this, apologies if you are but this is a useful tool on the statutes for Consumer Credit Act 1974 and 2006, Data Protection Act 1998,. the Limitation Act 1980, Money laundering regulations 1993 and much more.

 

http://www.statutelaw.gov.uk/Home.aspx

 

aa

Edited October 29, 2009 by alanalana
link added

[landy_alert]

Hi aa:)

 

Thank you for the link!

 

Trouble is though, this is another of those credit card PPIs where the FOS will now probably say that what M&S have offered is within their guidelines and that we are not entitled to the contractual interest.

 

I think we are in agreement that with a credit card the refunding of contractual interest is subject to a different process than that on a loan (as previously discussed), but getting the FOS to agree is another matter.

 

Therefore I was hoping to convince M&S to pay up on the contractual front by persuading them that this is what the FOS would make them do - naughty I know, but worth a shot;)

 

If, at the end of the additional four weeks, they still are not in agreement I will have to make the decision whether to accept what they have offered or risk a long wait at the FOS at the end of which we might just get an extra £100 in compensation but no CI!

 

Decisions, decisions..........

 

Regards,

 

Landy x

[Natalie6999]

I sent my complaints officer at Allianz copies of the case notes from the PPI section of the technical notes from FOS. After having spoken to him this week, I think that the biggest thing is that they don't know how to calculate the compound interest - he admitted to me that he didn't know where to start in working it out.

 

I am giving him until early afternoon tomorrow to email me with an answer due to the postal strikes & then I am going to escalate my complaint to his manager.

[landy_alert]

Hi Natalie:)

 

I think you're right there - although we think it's just us that get confused over contractual interest, compound interest, simple interest etc. I'm sure that even though these financial institutions have software to work things out for them they are probably getting so bombarded with complaints they don't know if they're coming or going.

 

Either that or it's yet another delaying tactic:confused:

 

I do think that after your comments and those by aa, I should insist that M&S get an answer to us sooner than the extra 4 weeks they are requesting - I need to be more assertive over this!

 

Hope you get yours sorted soon!

 

Regards,

 

Landy x

Edited October 29, 2009 by landy_alert
Added something!

[alanalana]

When I get a quiet moment I will attempt a letter to the FOS explaining the problems the caggers are having, But if anyone has time to cobble up a letter then I would be happy to have a look to see if it could be tweaked for maximum effect and I am sure the site team would also endorse a letter that would fully explain the CAG position.

 

aa

[citizenB]

What calculator is being used for PPI premiums that are paid monthly as percentage amounts on credit cards please, thank you

[alanalana]

What calculator is being used for PPI premiums that are paid monthly as percentage amounts on credit cards please, thank you :grin:

 

[citizenB]

What calculator is being used for PPI premiums that are paid monthly as percentage amounts on credit cards please, thank you

 

 

Erm, does this mean .. you are the calculator, AA

[landy_alert]

Hi citB:)

 

I used the www.egalegal.com calculator for the contractual interest and the one at www.bllaw.co.uk for the 8% simple.

 

Hope this helps!

 

Regards,

 

Landy x

[citizenB]

Thanks landy, it is for questioner.. I will pop your post on his thread and bookmark your post so I know where to find it next time someone asks:D

[landy_alert]

Hi everyone:)

 

Well having been incredibly patient (and no doubt stupid) in letting M&S have further time to reflect on my request for the contractual interest Mr L was charged to be refunded on his premiums, they have sent another 'bog-off' letter saying their previous offer was their final response:(

 

I'm now faced with the decision of whether to accept their offer (premiums plus 8%) or take it to the FOS who will probably take months to reach the decision that M&S have acted in accordance with their recommendations - although at least there would be the satisfaction of the FOS fining M&S!

 

To recap on this -

 

Mr L paid £1220.56 in premiums on this card

 

The interest rate was 19.9%

 

My calculation for refund of premiums plus contractual plus 8% was just under £2500

 

I first approached them in June requesting a refund

 

M&S have offered £1475.07 (£1220.56 in premiums plus £254.51 interest)

 

M&S have had since August to come up with a better offer, but to quote their earlier letter 'We will not be refunding any of the contractual interest you refer to in your letter'.

 

I have to say that after all the recent problems with the FOS not appearing to understand the concept of refunding contractual interest, I am inclined to just accept this offer (particularly as the cash would be useful) although I am pretty disappointed - even if they had upped their offer by a few hundred pounds I would have been happy to accept!

 

Regards,

 

Landy x

[middenmess]

Hi Landy

 

You eventually come to a point when you have to decide whether you stick to your principles and approach the FOS and settle down to the long haul with no guarantee of a better financial outcome or accept a satisfactory compromise.

 

If it was me I'd phone the department dealing with you and in a polite,non confrontational manner tell them that before going to the FOS --which will cost M&S £450 and a naughty star on their record from the FOS--that to conclude the matter you would accept say £1850 in full and final settlement of your claim or whatever figure you decide on, bearing in mind that they will chip you down a bit if they decide to settle.

 

If they decline you have lost only the cost of a phone call which is cheaper than a letter which will in all probability not be dealt with in the same way as a direct person to person phone call.

 

If you can agree a figure that will be another file you can close and will enable you to concentrate on your other claims.

[landy_alert]

Hi Landy

 

You eventually come to a point when you have to decide whether you stick to your principles and approach the FOS and settle down to the long haul with no guarantee of a better financial outcome or accept a satisfactory compromise.

 

If it was me I'd phone the department dealing with you and in a polite,non confrontational manner tell them that before going to the FOS --which will cost M&S £450 and a naughty star on their record from the FOS--that to conclude the matter you would accept say £1850 in full and final settlement of your claim or whatever figure you decide on, bearing in mind that they will chip you down a bit if they decide to settle.

 

If they decline you have lost only the cost of a phone call which is cheaper than a letter which will in all probability not be dealt with in the same way as a direct person to person phone call.

 

If you can agree a figure that will be another file you can close and will enable you to concentrate on your other claims.

 

Hi Middenmess:)

 

That's a very good idea, thank you - Mr L has some time off due this week so I'll get him to do just that as it's his account!

 

Thanks again,

 

Landy x

[Natalie6999]

I'm in about the same position as you with my claim against M & S through the insurers Allianz. I have already received a cheque for £1630 which comprised of just over £1500 premiums & a flat 8% interest, but am now awaiting another cheque for the balance of the interest.

 

I am still trying to get the 19.9% contractual interest as my complaints officer got the information on premiums paid from M & S, now claims that the premiums stated when my card was a chargecard were incorrect so that I will have been over paid????

 

I have now escalated my complaint to his manager & am pressing for compensation, I reckon I am due to around another £1500.

 

I don't want to involve FOS if I have to due to the timescales involved.

[alanalana]

I'm in about the same position as you with my claim against M & S through the insurers Allianz. I have already received a cheque for £1630 which comprised of just over £1500 premiums & a flat 8% interest, but am now awaiting another cheque for the balance of the interest.

 

I am still trying to get the 19.9% contractual interest as my complaints officer got the information on premiums paid from M & S, now claims that the premiums stated when my card was a chargecard were incorrect so that I will have been over paid????

 

I have now escalated my complaint to his manager & am pressing for compensation, I reckon I am due to around another £1500.

 

I don't want to involve FOS if I have to due to the timescales involved.

 

Hello natalie with apologies to landy for thread crashing.

 

I believe most banks etc will fight on the Contractual interest front. I applaude you and support you in this fight there is still an inequality on PPI mis-selling that needs to be resolved namely the Contractual Interest issue specifically on credit cards. There is a lot of work still to be done.

 

aa

[middenmess]

Hi Landy

 

Just copied this link that was posted on another thread.

 

 

Disgusted consumers turn on ‘shoddy’ complaints watchdog - Times Online

[pompeyfaith]

link not working PF

[middenmess]

Just worked OK for me!

 

 

 

You must need to replace the rubber band in your mouse:D

[landy_alert]

Hi Landy

 

Just copied this link that was posted on another thread.

 

 

Disgusted consumers turn on ‘shoddy’ complaints watchdog - Times Online

 

Hi MM:)

 

Thanks for that - makes very interesting reading. No wonder with the adjudicators' lack of training and targets to meet for bonuses, that so many bad decisions seem to be being rushed through:(

 

Regards,

 

Landy x

[pompeyfaith]

Thanks working on my pc it was that damm phone the mobile browser is s***

 

PF

[middenmess]

Thanks working on my pc it was that damm phone the mobile browser is s***

 

PF

 

 

s***???????

 

:D is that a new browser to rival Internet Explorer,Firefox,Opera etc.? :D

[pompeyfaith]

It is nokia's own browser to work on symbian 3g phones I think I will have to see how opera mobile works.

 

PF