Can I Reclaim PPI even if I have had a claim !!!

[Jim Pike]

Hi all

Merry Christmas.

 

Just a long shot, but as I have been self employed for decades, and had PPI applied to some of my cards not realising that I would not be able to claim on unemployment unless I finished self employment.

I have claimed a couple of times for illness (a couple of months each time) (HSBC actually closed my Credit Card account and cancelled my ppi after my second claim) I was wondering if I still had a case for claiming back ppi even though I had claimed.

Any views appreciated.

I did approach egg regarding PPI roundabout 18 months ago and they said tough you ticked the box!

 

Cheers

Jim

[maroondevo52]

Hi, Jim.

 

To be honest I don't have a clue, I found this bit somewhere........................

 

Until Jan 2010 it had been generally assumed you could not make a misselling complaint if you've already made a successful insurance claim because that would indicate the policy was suitable. Yet proposals from the regulator now mean more people could be entitled to compensation.

 

Anyone who has claimed on a PPI policy can still submit a misselling complaint, though the chances of success are unclear.

 

Regards.

 

Scott.

[Jim Pike]

Hi Scott

Thanks for your quick response, it was a long shot to be honest. I have more pressing things to sort out at present, being my christmas present from Northampton Court today which I have posted in the HSBC thread.

Thanks again Scott, have a good one.

Jim

[dx100uk]

yes you can still reclaim regardless to the 'use'

 

want you got under the claim will simply be deducted from the total of you reclaim

 

dx

[keithdrum]

yes you can still reclaim regardless to the 'use'

 

want you got under the claim will simply be deducted from the total of you reclaim

 

dx

 

I'm in a very similar situation.

Over the years I've taken out various loans with my Bank (the CoOp),( most of them have been top up loans offered by them at regular intervals, in fact I stopped going into the branch at one point as I got bored with being badgered), anyway all bar the current one have been repaid and all have had PPI.

I got made redundant two years ago, and claimed on the PPI for my 5 yr loan, after waiting 30 days they did start to pay but I have been told by them that they will only pay up to a maximum of 12 payments at a time with a requirement of 3 months employment at the end of each 12 payments, which means that they will will only ever make 48 payments on a 60 payment loan.

As it stands at the moment it would appear that the PPI and service charge on it, cost more than they will ever pay out on a claim which seems not a little bizzare for what is supposed to be insurance.

Edited December 30, 2010 by keithdrum
adding comments

[Jim Pike]

they will only pay up to a maximum of 12 payments at a time with a requirement of 3 months employment at the end of each 12 payments.

 

Hi keithdrum

 

What happens then if you are on long term sickness and can't manage to work at the end of 12 months it means you carry on paying for something you can't use.

 

Jim

[dx100uk]

exactly

total rip off

 

get reclaiming!!

 

dx

[keithdrum]

Thanks for the reply.

They've been paid upfront already as I understand it.

Also the only way they would pay it all off is if I died!!!

 

Hi keithdrum

 

What happens then if you are on long term sickness and can't manage to work at the end of 12 months it means you carry on paying for something you can't use.

 

Jim

[dx100uk]

matters not that you've 'used' the ppi

thats just taken off the reclaim figure

 

go get 'em!

 

dx

[Jim Pike]

Thanks DX

How long can you reclaim from, is it 6 years. If as I have done stopped paying the PPI can what has been paid still be reclaimed, also can the reclaim be done to paid off loans.

I have a court case looming on a CC that I was paying PPI until almost 3 years ago so will look at it.

Jim

[dx100uk]

there is NO time limit on PPI reclaims

 

the 'supposed' 6yrs comes from when you FIRST realised you had been wronged by mis-selling an not one case has ever been refused becauase you'ed 'known' for more than 6yrs it was mis-sold.

 

the reclaim can be used for whatever you want, though, only notified ARREARS can be off-set against any refund.

 

if you have a court case coming up - the get that reclaim in a a caouter claim + don't forget unlawful charges too!!

 

dx

[Jim Pike]

Hi to everyone,

 

Just been looking at the PPI calculator and the one in the sticky stops at 2010 does anyone know of one that goes into 2011 ?

 

Can you please agree that I am calculating correct:

 

If PPI premium was £10 on credit card in jan 2004 at 15.9% interest on card

do we calc as £10 in principal box then 15.9 for interest then 12 compounded monthly

then start date and today date

doing that gives a figure of £30.69 do we add 8% per annum to that also if so that gives a figure of

 

£47.88

 

and that is repeated for each and every month taking into account changing interest rates etc

 

My PPI dates back a long way the figure could be MASSIVE

 

Do I work it all out and tell them what they owe me

 

If I dont have statements are they likely to send them all with a SAR?

 

Cheers

Jim

[Jim Pike]

Seems no one is around at present, if anyone does look in please help if you can.

 

Another query or two.

 

The interest calculator requires the annual apr but on one of my cards it is as a monthly apr like 0.945 monthly apr how is it converted to annual ?

 

The next query, when I have used the balance transfer facility with a promotional lower apr would ppi apr still be at that lower apr, I know that the cost of apr would still be the 75p in every £100 or so.

 

Next query, I assume that contractual interest that we apply to the ppi reclaim stops at the date that you stop paying your card ah no it must be when the card company stops applying interest and puts it in the hands of the dca But we still add 8% onto each months final figure to date is that right.

 

Please advise if I am on the right road

 

P.S it looks like on the face of it that I might have all statements for this credit card (10 years) BUT STILL SEARCHING!

 

Any help appreciated

Jim

[Jim Pike]

posted by livingdeadguy

 

Re: PPI interest calculations

 

basically here is how you do it, use this link for the compound calculator

 

Compound interest calculator

 

Enter the start date as the date you received the PPI (same for calculating your charges to claim )

The end date is today or whichever day you are doing your calculations.

Tick the box for 360 day year and if you are receiving monthly charges for the ppi as on a store card or credit card then you will need to change the box in the top right hand corner to "12 rests compounded monthly"

You put the interest rate as the same as what they are charging interest to you.

Do this calculation for each payment made, remembering to change your start dates as you go.

Then there is more to do!!

 

For each payment you now have a new figure! This you need to add 8% interest (this is what you would be awarded by a court )

 

Use this calculator

simple interest calculator - Blake Lapthorn - Southampton, Oxford, London, Portsmouth, Winchester

 

You use this in the same way as the other calculator but putting8% as the interest figure.

 

Now you have your final figure!

Do this for each payment then once they are all done you add them all together!

This is your grand total and the figure you will use for your claim!

 

Hope this helps.

Obviously this is for cards etc , If you are claiming for ppi on a loan it will most likely be different and easier to calculate as ppi is normally shown on your agreement as a total ammount plus interest.

 

Regards

LDG

 

 

64 views and no comments?

 

livingdeadguy says in his thread that you apply interest at their rate.

but if the rate changed after 1 year do you calc for that year and then calc from then until the next rise and so on

for example Jan 2000 interest rate of 15% Jan 2001 rise to 18% Jan 2004 rise to 21%

so £10 PPI allocated to card balance in jan 2000 do I calc at 15% until Jan 2001 Then at 18% until 2004 then 21% to date

does this make sense?

 

Please reply

Jim

[Jim Pike]

Hi dx100uk

 

You have spurred me on to starting out on my PPI reclaim crusade. It's a long job but we wil see. I could do with some help on another thread I have started regarding PPI calculations if you are able to shed some light on my queries, I need to get it right first time.

 

The thread is in the PPI section and called

 

PPI Interest calculator for 2011

 

sorry I don't know how to place a link for the thread

 

Jim

[dx100uk]

threads merged

 

please keep to one thread per isssue.

 

read the notes for claimants stickie

 

and this:

 

you can also claim 8% sta as its in court already?

 

you charge them at their rate that was applicable on the date of EACH PPI payment made, then to that individual calc [PPI+their int] you add 8% too for EACH one

 

rests=12, 360 days.

 

should be a tidy sum.

 

dx

[Jim Pike]

Hi dx100uk

 

Thanks for getting back to me.

 

Thanks for merging the threads, I should have know really, my apologies.

 

I am right when saying that I stop calculating the interest at the date they stopped adding interest to my card account, that seems fair to me. But then I still add the 8% up to present.

 

I just want to get it right and not give them anything to pull me up on.

I have now located all statements from inception of card so don't need to SAR them for copies, saved a few weeks waiting.

Cheers

Jim

[dx100uk]

read the FOS PDF

 

dx

[Jim Pike]

Sorry dx100uk

 

I know I am a bit slow but I have been looking at FOS threads for the last hour and don't see anything on how FOS PDF helps with my queries on how to calculate the interest on PPI payments.

 

If this is the PDF you are referring to from alanalana's thread entitled Mis-sold PPI then it doesn't work, it says page not found.

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi-update.pdf

 

If you were referring to another pdf could you say which one please

 

Basically I am asking if you have a credit card on promotional interest rate for 6 months at 5.9% and ppi is applied, and you only pay min payments interest rate rises to 19.9% for rest of term. Which rate do I use in calculating the reclaim 5.9% or 19.9%

 

If rate changes several times throughout the cards life do I recalculate from each rise?

 

I apologise if I am going over already discussed things, but I have read so many threads that they are all mixed up in my head

If only I knew how to file all the different threads and individual posts effectively so I could retrieve them easily.

 

Jim

[dx100uk]

erm.

 

the one in post 16.....

 

dx

[dx100uk]

you reclaim what they charged you for that payment - simples.......

 

 

dx

[Jim Pike]

Hi all

 

Hi dx100uk

Sorry for missing that link you sent me, I didn't actually miss it I tried to open it but it did not open, it wasn't until later that I realised it had landed on the bar at the bottom waiting for me to confirm open file. still done and read now.

 

PPI reclaim letter is ready to send off in the morning.

Lots of calculating and falling asleep and calculating.

I was very surprised to see that the total figure was almost 4 times what I had paid out for the PPI over the years, even without the 8% added I was amazed at how much I had wasted over the years.

 

Thanks for all your help will let you know as thing develop (time to start on the next one now, but I have to send SAR for the next one as I have no statements)

 

JIM