Student and PPI

[updowndoc]

I was a full time student 2002-7 with no part time job. During this time I had store cards with Topshop, River Island, Debenhams (GE Capital) and USC (Both Duet and Creation Financial Services are on the statements) and paid account cover on them all. All of the accounts are now closed, most from 2007. On review of one of my USC statements, there was a small note on one of the statements that the 'Creation Premium' was going to increase from 99p to £1.50 per £100 of the outstanding balance.

 

I was always under the impression that the account cover was compulsory, and as I thought, even more so because I was a student not working so maybe a bit more likely to face difficulty with payments. I can't really remember the exact wording or sales pitch that was used but I have my impression of what I thought that it was for. The recent hype about PPI made me relook at it. On reading the Account Cover Leaflets, it says that to be eligible for the cover, I must not have been aware of any impending unemployment. I was not employed at the time and was not expecting to be employed until after finishing my degree.

 

I am thinking about claiming for mis-sold PPI. I have a few questions:

1) I'd read somewhere about GE Money being bought over. Is this true? And if so, where should I direct my claim?

2) I have all of the statements and Account Cover leaflets but cannot find the initial agreement that I would have signed in the shop. Do I need this to make a claim?

3) Do I need to send copies of all the statements when making a claim?

4) Do I need to add up the amount of PPI that was charged on each account?

5) Is the increase in the Premium during the time of implementation of the cover need to be addressed/mentioned in the claim? Is it an issue?

6) Are there any buzz words / phrases that I need to use?

 

Your help is greatly appreciated, thanks

[ims21]

I was a full time student 2002-7 with no part time job. During this time I had store cards with Topshop, River Island, Debenhams (GE Capital) and USC (Both Duet and Creation Financial Services are on the statements) and paid account cover on them all. All of the accounts are now closed, most from 2007. On review of one of my USC statements, there was a small note on one of the statements that the 'Creation Premium' was going to increase from 99p to £1.50 per £100 of the outstanding balance.

 

I was always under the impression that the account cover was compulsory, and as I thought, even more so because I was a student not working so maybe a bit more likely to face difficulty with payments. I can't really remember the exact wording or sales pitch that was used but I have my impression of what I thought that it was for. The recent hype about PPI made me relook at it. On reading the Account Cover Leaflets, it says that to be eligible for the cover, I must not have been aware of any impending unemployment. I was not employed at the time and was not expecting to be employed until after finishing my degree.

 

I am thinking about claiming for mis-sold PPI. I have a few questions:

1) I'd read somewhere about GE Money being bought over. Is this true? And if so, where should I direct my claim?

 

No...GE are your target

 

2) I have all of the statements and Account Cover leaflets but cannot find the initial agreement that I would have signed in the shop. Do I need this to make a claim?

 

No you don't need the agreement

 

3) Do I need to send copies of all the statements when making a claim?

 

No

 

4) Do I need to add up the amount of PPI that was charged on each account?

 

See below

 

5) Is the increase in the Premium during the time of implementation of the cover need to be addressed/mentioned in the claim? Is it an issue?

 

No and No

 

6) Are there any buzz words / phrases that I need to use?

 

Your help is greatly appreciated, thanks

 

Use this spreadsheet

 

FosRunningPPI v102.xls

 

Complete one for each account.

 

When you have done that shout here because you need to do a bit more given that the accounts were closed around 2007.

 

Go to the fos website and download the consumer questionnaire. You will need to complete one for each account

[updowndoc]

Thanks for the info, that's great. On the form, what is the compound interest on PPI?

[ims21]

The compound interest is effectively the interest they charged you on the PPI premiums. It calculates automatically, you don't have to put anything in that column

[updowndoc]

Ok, I've filled in templates for each of the 5 accounts and I've started filling in a template claim form that I found on moneysavingexpert.com. Is there anything else that I need to do? Thanks

[ims21]

All you need to do is send a completed fos questionnaire and a brief covering letter to the lender. Attach a copy of the spreadsheet as well.

 

Do this for each claim you are making

[updowndoc]

Do missed payments / charges affect the likelihood of claim success? I have a couple of late payment charges that were all settled within a couple of days. Also, if successful is it likely to be a refund of the charges on the account or will the sum be bigger? I'm just wondering how people get thousands back, my maximum is just over £100. Though this is much better in my pocket that theirs. Thanks again

[ims21]

I thought we were talking PPI in the main here. £100 on 5 accounts for PPI going back to 2002 doesn't sound right at first glance.

 

Missed payments and charges do not affect the chances of success....they are nothing to do with a mis-sale of PPI.

 

If you do have charges for being late with payment and/or going over your credit limit you should be claiming those back as a separate issue.

[updowndoc]

Yes, it's PPI, well, described as account protection / account premium which I assume is the same thing, charged on a monthly bases? One of the cards has over £100, the rest have lesser amounts. My reason for asking if missed payments affect the claim is that it asks about missed payments on the claim form.

[means2anend]

Santander bought GE capital one and GE were fined by FSA big time in 2007 for systematic mis-selling..that is a FACT..yours may have been one.....one of your is Debenhams...have alook at my progress on this thread...http://www.consumeractiongroup.co.uk/forum/showthread.php?352716-Friend-s-Santander-PPI-Claim

 

Also described as 'account cover premium' on my friends' whom /I am helping..