£11.59 so far. Partial Success, but have I made a BIG mistake?

[Tungata]

Caggers: I have a confession to make and need some guidance please.

 

Around a week before Christmas, I read somewhere about miss-selling PPI, so with minimum research, I downloaded the FOS questionnaire, filled it in and shot it off to my Credit Card company (normal post, 36p invested), with absolutely no supporting data. After doing this, I then found this site and after cantering around the threads, realised that I may have been too hasty in firing the questionnaire off and should have followed the process recommended by CAG

 

To cut to the chase, On Saturday I sent off an SAR (£10, plus £1,23 for registered post)

 

A total of £11.59 invested so far

 

In anticipation of hopefully getting around 13 to 15 years of statements, I’ve started building up various spreadsheets from the 10 years of statements that I have retained. “FOSRunning” appears to be the one I should use for claiming from the OC

 

I got an acknowledgement letter about my claim on Saturday, saying 4 weeks to investigate, but maybe up to 8 weeks. Not really concerned by this I thought that the SAR would deliver the results within a timeframe that would allow me to hit them with the real details (assuming of course that the SAR delivered all the statements)

 

I got home from work today to find a letter from them saying

 

Thank you for your complaint regarding the Payment Protection Insurance (PPI) on the above account.

 

Having investigated the complaint, I can inform you that the complaint is being upheld. Accordingly we have calculated the refund as follows

 

PPI Premiums charged since the sale date £3,xxx

The amount of interest associated with the PPI premiums £5,xxx

Total amount of 8% interest £2,xxx

Total amount payable to you £12,xxx

 

A cheque will be sent to you within 28 days

 

Blah, blah about cancellation of the policy

 

This letter acts as our final response in relation to this matter and you now have the right to refer the complaint to the Financial Ombudsman, within 6 months of the date of this letter

 

Note that I’ve left the figures blanked, so that I can ask the questions below

 

As you can appreciate I’m quite pleased about this (where is the smiley for shocked?) but have some questions about which I need guidance

 

Assuming that the OC issues the cheque in the timescales they’ve stated, subject to advice on here, I intend to bank it. However, the SAR will not return the results for another 6 weeks.

 

1) With the data I intend tho run the data through the spreadsheet to determine if they’ve calculated correctly.

 

2) You will see that in the letter, they have not used any words along the lines of “without accepting any liability” which to me means they have admitted liability (implied)

 

Questions:

 

Have I made a mistake in claiming with absolutely no supporting data?

 

Have I just been lucky?

 

Is there anything to be read into a quick response?

 

If I ask for their breakfown, is there a risk of the OC rescinding the offer?

 

I’ve read elsewhere differing stories about the swiftness of OC issuing cheques. Should I just now wait and see what happens? (this is why I’m hesitant to define the figures above)

 

If I think they are light in what they have paid me, what options are open to me? Back to OC for a follow-up claim? Or straight to the FOS?

 

If they’ve implied acceptance of liability, is there any risk of the calculated figure being overturned (by anyone) if I go back for an adjusted figure?

 

I know I should be pleased with this, but I’d just like to know if I’ve future options

 

Thanks

[candyapple1]

Did they say what date they go back to for PPI? Is it six years? If so, you said you have ten years worth, so there is at least another four years you can claim off them!

[Tungata]

No explanation of figures - just what I've put above. In 10 years, I've paid around £1k less than their total figure. I can't fathom the interest they've added at all, as i don't know the start point or the interest rate applied.

[ims21]

Caggers: I have a confession to make and need some guidance please.

 

Around a week before Christmas, I read somewhere about miss-selling PPI, so with minimum research, I downloaded the FOS questionnaire, filled it in and shot it off to my Credit Card company (normal post, 36p invested), with absolutely no supporting data. After doing this, I then found this site and after cantering around the threads, realised that I may have been too hasty in firing the questionnaire off and should have followed the process recommended by CAG

 

To cut to the chase, On Saturday I sent off an SAR (£10, plus £1,23 for registered post)

 

A total of £11.59 invested so far

 

In anticipation of hopefully getting around 13 to 15 years of statements, (I think you'll be lucky to get them that far back TBH) I’ve started building up various spreadsheets from the 10 years of statements that I have retained. “FOSRunning” appears to be the one I should use for claiming from the OC Yes, for fos calculated redress

 

I got an acknowledgement letter about my claim on Saturday, saying 4 weeks to investigate, but maybe up to 8 weeks. Not really concerned by this I thought that the SAR would deliver the results within a timeframe that would allow me to hit them with the real details (assuming of course that the SAR delivered all the statements)

 

I got home from work today to find a letter from them saying

 

Thank you for your complaint regarding the Payment Protection Insurance (PPI) on the above account.

 

Having investigated the complaint, I can inform you that the complaint is being upheld. Accordingly we have calculated the refund as follows

 

PPI Premiums charged since the sale date £3,xxx

The amount of interest associated with the PPI premiums £5,xxx

Total amount of 8% interest £2,xxx

Total amount payable to you £12,xxx

 

A cheque will be sent to you within 28 days

 

Blah, blah about cancellation of the policy

 

This letter acts as our final response in relation to this matter and you now have the right to refer the complaint to the Financial Ombudsman, within 6 months of the date of this letter

 

Note that I’ve left the figures blanked, so that I can ask the questions below

 

As you can appreciate I’m quite pleased about this (where is the smiley for shocked?) but have some questions about which I need guidance smiley for shocked here

 

Assuming that the OC issues the cheque in the timescales they’ve stated, subject to advice on here, I intend to bank it. However, the SAR will not return the results for another 6 weeks.

 

1) With the data I intend tho run the data through the spreadsheet to determine if they’ve calculated correctly.

 

2) You will see that in the letter, they have not used any words along the lines of “without accepting any liability” which to me means they have admitted liability (implied) They never will accept liability...this is all goodwill

 

Questions:

 

Have I made a mistake in claiming with absolutely no supporting data? No although doing a spreadie first is a good idea

 

Have I just been lucky? Its a result...that's what matters

 

Is there anything to be read into a quick response? No

 

If I ask for their breakfown, is there a risk of the OC rescinding the offer? If there is an error they might pop up and say sorry we've done it wrong. There is a case on CAG where that has happened but fos is always pen to you if you think you are being spoofed.

 

I’ve read elsewhere differing stories about the swiftness of OC issuing cheques. Should I just now wait and see what happens? (this is why I’m hesitant to define the figures above) Yes and wait for the SAR

 

If I think they are light in what they have paid me, what options are open to me? Back to OC for a follow-up claim? Or straight to the FOS? One or both

 

If they’ve implied acceptance of liability, is there any risk of the calculated figure being overturned (by anyone) if I go back for an adjusted figure? fos can or a court can. In some cases the claimant can of you can show their figures to be factually incorrect

 

I know I should be pleased with this, but I’d just like to know if I’ve future options

 

Thanks

 

Who is the card company?

 

ims

[Tungata]

I'm hesitant to say openly who the OC is. If the cheque was in bank and cleared I'd be happy to.

 

I'll PM you if it's important, but let's just say it's American and heavily promoted 10 to 15 years ago

 

Edited to add: Sorry, I should have thanked you for the comments. I think that you'll understand that right now I feel as though I will be rumbled as a blagger (I think I'm a little in shock....)

[ims21]

Well you're getting there

 

Have a sleep on it to take it in!

 

ims

[Tungata]

Postie delivered a nice present this morning....

 

[alibobsy]

nice