K+co Cat, PPI REclaim - success thro CEO Letter **WON**

[ims21]

Hi Ges & dx,

 

Thank you both, I am trying to take this all in but I don't know what a SOC is?.

 

Regards J.T

 

 

Hi

 

"Schedule Of Claim" or "Statement Of Claim".....i.e. the spreadsheet

 

Regards

 

ims

[ims21]

Hi all,

 

 

 

This is my spreadsheet with all PPI premiums list by date applied. [less any identifiers].

 

 

 

 

Please have a look at it for me as I have no idea what I am doing and let me know if it's ok.

 

I used the bezzyCap1.xls file that dx gave me to download, I change the Interest rate up the top right and left to 29.9% as that's what I believe is K&Co's Interest rate but I am not sure about that (would it have been 29.9% from 2003 to 2010) or would it have changed as this is not clear from the statements as far as I can see so if anyone knows better please do let me know.

 

 

Thank you J.T

 

Hi

 

Two changes to make.....

 

In the blue section, change the end date of claim to today's date

 

In the pink section change the 29.9 back to 8

 

I assume the amounts you have put in for the charges are correct.

 

Regards

 

ims

[ims21]

Hi ims21 & Gez,

 

 

 

Thank you for the quick reply,

 

The £9000 I owe K&Co includes some items that are buy now pay 2012 with interest would we have to pay the full interest if this gets paid off sooner that's if we are lucky to get our PPI back?.

 

 

THIS IS THE REVISED SPREADIE.

 

 

Regards J.T

 

That's better.

 

What will happen is that they are likely to use a set-off to reduce the balance on the account by setting the ppi refund against the account. So this claim will significantly reduce the amount you owe.

 

Regards

 

ims

[ims21]

Hi

 

Send a copy of the spreadsheet (you don't need to include the pink 8% list at this time), the questionnaire and a covering letter explaining why you think you were mis-sold and requesting the refund to their head office.

 

Send recorded so that you can see when they receive it.

 

Regards

 

ims

[ims21]

Hi

 

I'd make it a bit more formal....take a look at the templates here which will give you an idea as to the wording. Not suggesting you just copy but you'll see what I mean about the feel of the letter and how to express it.

 

http://www.thisismoney.co.uk/money/bills/article-1606652/LETTER-TEMPLATE-Mis-sold-PPI.html

 

ims

[ims21]

Hi

 

They will add the 8% as standard practice under the FSA/Fos rules. I included it in that version of the spreadsheet just as a reference more than anything else.

 

ims

Edited August 25, 2011 by ims21

[ims21]

Hi

 

Either will do

 

Regards

 

ims

[ims21]

Try not to over-complicate this.

 

You were not working when the ppi was taken and so it would have been useless to you and you could not have received a payout.

 

That is in itself enough.

 

ims

[ims21]

Sorry?

 

Financial Statement and offer?

 

What's this (or have I missed something?)

 

ims

[ims21]

Oh sorry, I thought you meant you were going to send it with your ppi claim.

 

ims

[ims21]

Hi

 

As gez says, the charges claim is different to the ppi claim and the process of reclaim is different as well.

 

For the charges you won't need any consumer questionnaire....that applies to ppi claims. You will need a spreadsheet though.

 

As advised, do some research in order that you become familiar with the process of each type of claim.

 

Regards

 

ims

[ims21]

Hi

 

The first one is too small....can you post it up as a PDF like the other two?

 

The others are just their complaints procedure leaflet.

 

ims

[ims21]

Ok its bigger now so can read it.

 

There is no need for you to see or speak to them. Write back and remind them that this is a claim for a refund of mis-sold ppi and they should investigate this in accordance with the documentation you have already sent. Tell them that there is no need for any meeting and therefore none will take place.

 

Remind them that they are required to investigate this under the FSA rules and that if they do not do this you will report directly to fos.

 

ims

[ims21]

Hi

 

You were not working when you were "sold" this ppi so it would have been useless to you. That is good enough on its own. They clearly did not carry out a needs assessment or check that the product was suitable for you....it wasn't of course.

 

You are doing nothing to void your claim...you are just putting a stop to their wriggling.

 

Regards

 

ims

[ims21]

Letter looks ok but remove the reference to 8 weeks.

 

For claims lodged after 1 Sept they actually have 12 weeks before fos will take it on but don't tell them that as they may deal with it sooner

 

ims

[ims21]

[ims21]

The hash marks show when a column is not wide enough to show the entry in a cell. Make the column wider.

 

What is the name of the spreadsheet file you are using?

[ims21]

Hi

 

If you have ALL of the statements then you should be using this one for a PPI claim

 

FosRunningPPI v102.xls

 

If you don't have statements but just a list of amounts and the dates paid, you should use this one to get a best estimate.

 

FosCISheet v101.xls

[ims21]

OK it doesn't matter. You now have the spreadsheets that you can use to check any award that may be offered to you.

 

They will do their own figurework.

[ims21]

Without reading back over the whole thread, I can't remember whether you have done any workings on this?

 

You may well have done for a potential court claim which inevitably be higher than the standard regulatory based award but have you one any workings in accordance with the standard regulatory route?

[ims21]

Yes of course.

 

When preparing fro your court claim you would probably have used a pure compound interest spreadsheet? Can't recall if you did or didn't.

 

However, now that the business has upheld your complaint, they will offer redress in accordance with the regulator's method of redress.

 

That award will almost certainly be less that any which has been calculated using a pure compound interest calculator since it seeks to put the cliamant back to the postion they would have been in had the PPI not been applied in the first place.

 

What you get back under this method is...

 

1 -> All premiums charged to the account

 

2 -> Any contractual interest charged to the account on those PPI premiums

 

3 -> The account is reconstructed with the above removed. If the reconstruction shows that for any month the account would have been in credit then you get 8% simple interest on that credit balance for that month.

 

 

This is different from simply claiming compound interest on a PPI premium from the date it was charged right the way through to today's date.

[ims21]

Thanks ims21

 

Dam! I did not know that

so when I get the cheque.

 

Lowell who say they bought the debt from K&CO will still be after me for the full £9000

 

Regards

 

Regards

 

That is pretty much it, yes.

 

Since K & Co sold the debt to a third party they have no right of set off so cannot adjust the account balance unless you give them express permission to send the award to Lowell.

 

So you will end up with, say £5k in your hands and Lowells will want £9k so you could reduce the balance by the amount of £5k by paying it to Lowell. There might be an opportunity of a full and final offer here though.

 

BUT, before you think of anything like that....have you ever sent a CCA request to Lowell? They may not have (or be able to get) the correct paperwork to enforce in court.

 

Sorry for the questions but I can't rad back through the whole thread right now.

[ims21]

I've just read the thread.

 

It seems this has only fairly recently been sold to Lowell so for the time being I would personally not engage with them...see what Lowell do next.

 

I see from an earlier post that you had some charges added to the account. Have you done anything about a charges reclaim yet?

[ims21]

Forgot to say, well done for sticking with this PPI claim over a period of 3 years or so and ending up with a positive result. Many would have caved in long ago. Much Kudos to you.

 

Now that the PPI claim is coming to a conclusion it may be the time to go for the charges.

[ims21]

Well it wasn't costly really was it? You had been getting nowhere with fos and the business in general but you now have an offer. Suing in court for PPI is not easy as teh onus of proof ( civil burden on the balance of probability) would be on you as the claimant.

 

The charges reclaim procedure is exactly like any other revolving credit agreement such as a credit card.

 

There are many successes on CAG but in essence your claim will involve the preparation of a spreadsheet, a preliminary letter of claim followed by an lba if they refuse to refund and if that doesn't work then you sue them.

 

Don't threaten court unless you are actually prepared to go through with it.

 

Time to research again so you can get up to speed on the subject. For some initial examples you might like to look in the Barclaycard successes forum.