Monument Credit Card Missold PPI Offer

[BillyWilliams]

Can anyone offer any advice, i contacted monument with regards to payment break plan which had been added to my credit card since 2001.

 

i have worked out that i have paid over 11 years a total of £2650 to this plan plus the interest which totals approx £3,300.

 

i have today received a final response letter from monument confirming that i have subscribed to this plan since jan 2001 but they are only prepared to offer me without admission a refund of these fees plus interest for the past 6 years, as this is their company policy.

 

The total refund offer is for £1,990 including interest, which i believe is probably about £1,300 short of what i have actually paid in including the interest charged.

 

 

My question is should i accept this offer or should i take it to the FOS, and chance losing the offer if they dont find in my favour.

 

Does anyone else have the same sort of offer and if so have you taken any further action

Edited August 16, 2012 by citizenB
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[citizenB]

I believe they are obliged to refund all of the premiums paid with associated interest.

 

I will send S.O.S. to PPI guys for confirmation and more advice.

[BillyWilliams]

Many Thanks for your help.

[citizenB]

 

Can you just advise if you completed a spread sheet with all the payments listed?

[BillyWilliams]

No i did not submit a spread sheet with my letter, but they have sent one with this final response showing the payments for the last 6 years. I phoned them today to ask why they only offered to refund the last six years to 2006 and they said that by law they were only required to keep data for 6 years, and this was their company policy to offer a max of 6 years.

[citizenB]

Ah, if you dont have statements going back further than 6 years then that is all they are going to repay.. It might have been worth sending a SAR request prior to submitting your claim and they might well have provided statements going back further.

 

Nearly all banks are disposing of data older than 6 years and only repaying PPI for 6 years or longer if someone has retained statements of their own and can prove that the PPI was paid.

 

By law, they are obliged to retain data for 6 years AFTER the financial relationship has ended.. !! The FSA have said there is no limit to PPI being claimed so if you have the proof, you will get further.. if you dont, then you are probably stuck with the 6 years.

 

Have asked someone to look in on you, so you might want to wait a while to see if they can offer more advice.

[BillyWilliams]

Thanks again for your help. I do have most of the monthly statements back to 2001, which clearly show the payments i have made. is it too much of a risk to try and take it to the next stage though.

[citizenB]

If you have all the statements going back to 2001 then have a read of the link below, choose the correct spread sheet and complete it - then challenge their decision to only refund you 6 years.

 

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011(2-Viewing)-nbsp

[citizenB]

There should be no risk whatsoever - if they play up, then you can take your claim to the Financial Ombudsman.

 

They have admitted mis selling - there is no statute of limitation on the PPI

[dx100uk]

your calc are wrong

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

 

use the foscisheet here

 

go back to card inception

 

do the fos cq too

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

 

and their letter will say 'consider this as our final response' [clever wordings!!]

 

well you dont consider it as their final response'

 

go get 'em

 

dx

[ukaviator]

You should tell them that under the Limitation Act 1980 Section 32a,b,c, states:

 

(a)the action is based upon the fraud of the defendant; or

 

(b)any fact relevant to the plaintiff’s right of action has been deliberately concealed from him by the defendant; or

 

©the action is for relief from the consequences of a mistake;

 

The period of limitation shall not begin to run until the plaintiff has discovered the fraud, concealment or mistake (as the case may be) or could with reasonable diligence have discovered it.

 

Quote that to them, they know how far back they have to pay, they are trying it on. The section to look at is here:

 

http://www.legislation.gov.uk/ukpga/1980/58/section/32