Better Calculator Required???

[Guest alan703]

Hello,

 

I'm proposing the spreadsheet guru's out there devise a new one to replace the runningfos one.

 

In my case, if I remove Over limit Fees and Late Payment fees from the monthly payment column, it eventually puts the PPI payment column into a positive black rather than a negative red, thus rendering the rest of the calculations useless after the point that happens. It starts counting the running PPI balance from 0 instead of the last rows value.

 

Before anyone says you cannot claim charges on PPI, I would ask you to read the following information taken from the FoS website. If this is wrong, is there any evidence?

 

If you read the ombudsman case studies, they suggest the bank should re-instate you to the position you would have been had you not taken out PPI. This includes charges as a result of the premiums.

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html

 

case study 2:

credit-card account closed and PPI policy cancelled before ombudsman decision

 

So we told the financial business to:

 

reconstruct Ms W’s credit-card account, by deducting the PPI premiums (and the interest or charges that resulted from those premiums) to work out the closing balance without PPI;

 

 

 

So, although credit card "penalties" could be dealt with as unfair and illegal, they should also be able to be dealt with via PPI redress - IF the reconstructed statement shows the account would have been within it's limits had it not been for PPI.

 

Ie my case

 

I received 8 charges totalling £395 in 2004 in late payment and over limit fees on my way to a trust deed

 

My reconstructed statement shows that with the removal of PPI and associated interest, my account was actually in credit from 03/09/03 until the account was closed on 10/03/05.

 

That shows that the over limit charges and late payment fees were a direct result of PPi being added to the account. As the account would have been in credit - No payments would have been due and I would not have been over the limit.

 

 

I would imagine it would be easier to win back your charges this way, albiet the reward may be less.

[ims21]

Enter the monthly spend and monthly payments exactly as they appear on the card statements.

 

in the PPI premium column enter the sum of the PPI premium and the charge you want to claim back

[Guest alan703]

Enter the monthly spend and monthly payments exactly as they appear on the card statements.

 

in the PPI premium column enter the sum of the PPI premium and the charge you want to claim back

 

Never thought of that - Thank you mucho.

 

Just compiling a sheet to present to the FoS to claim back EVERYTHING when the FoS act on my complaint. Although I am hoping my unfair penalty charge will be settled before that, for a higher value.

 

At least I've got both angles covered - I think