Credit cards PPI

[pink1808]

Hi, Just looking to see if anybody has had the same problem.

 

Me and my husband have has many credit cards, loans and store cards over the years and in the beginning we always had PPI on them whether we agreed to it or not, then one day one of our Barclaycard statements came through the post and I was sat reading the small print in the PPI bit and noticed it didn't cover if you was a director of a company (as my husband is) so told my husband to cancel the cover which I thought he did !! and from that day we have always said no to PPI on this grounds .

 

Anyway last month while cleaning out some very old stuff from 1998 onwards I found 3 Barclaycards, RBS loan and card, house of fraser card and a few other cards all with PPI on looks like he forgot to cancel it,

 

I have sent letters to all these people say I feel as I was mis sold just to try my luck really and so far I have had some replys saying they will look into it and contact me within 8 weeks as for the RBS loan they sent saying the loan was never drawn up so I haven't paid any PPI but I had a credit agreement so sent them a copy.

 

What I wanted to ask is has anybody else claimed for this and what do you think my chances are?

 

Many thanks for reading

[pink1808]

Just a quick up date, the about loan that RBS told me hadn't been drawn up, after .I sent a copy of the credit agreement back to them I have now had a standard reply saying they will look into it for me. showed my hubby the credit agreement saying I cant remember taking this out can you? and he said yes that was for your car in 2001 .

 

Loan was for £7500

PPI £1150

Interest £2650

 

48 payments of £227.06

 

says loan monthly £196.87, PPI £30.19 @ 12.4%

 

So am I right in thinking that if I get a refund it will be £1150 + 12.4% +8% ?

 

Many thanks

Edited September 29, 2012 by pink1808

[ims21]

Not exactly, no.

 

Have a read of No.1 in my signature and use the spreadsheets at the end to work out the claim amount.

[pink1808]

Not exactly, no.

 

Have a read of No.1 in my signature and use the spreadsheets at the end to work out the claim amount.

 

 

Haha I knew it wouldn't be as simple as that :/

 

I have seen some spreadsheets and just looked and thought oh my so when I get a spare hour or so will try and work it out.

 

Thanks for your reply

[pink1808]

Had another quick look at the spread sheets:oops: still dont get them, so going to have a big read later to see if I can work them out.

 

My Claims will only be little ones

 

RBS loan PPI Paid £1150

RBS CC PPI Paid £1370

Barclay gold PPI CC £ 870

Barclay Plat CC PPI £1130

 

So not expecting the big K's like some people get:-)

 

But thanks for you advice so far.

[pink1808]

Just a quick question, (sorry if this sounds stupid)I have done a ss and just wondering what do I put in the claim date? if I put the date in that I sent the letter the amount is massive but if I put in the date when I cleared all my balance it looks about right to what I had worked out.

 

Many thanks

[ims21]

Is this for the loan or the credit card?

[pink1808]

Credit card but I am doing a loan one also so any advice would be great.

 

Thanks x

[ims21]

Ok so for the card you use the fosRunning spreadsheet. Ideally you need all of the statements to do it.

 

That sheet will reconstruct your account without the PPI and associated interest.

 

When done you will see a difference between what you paid off and the reconstructed balance. You should get 8% simple interest on that difference running from the date you paid off the account to the date you settled the account. You use the sheet called "StatIntSheet" to do that calculation.

 

For the loan you would use "StatIntSheet" with the "claim to" date set as today and follow the instructions in the notes tab on the spreadsheet.

[pink1808]

Great Advice thanks, will do ss again looks like I did the wrong one :/

[pink1808]

Well got a reply from Barclaycard not upheld.

 

They wrote me last week asking me to fill in the fos questionnaire which I did and posted it back on the

11th Oct but the letter I received yesterday was dated the 10th Oct so they had made their mind up before even receiving the questionnaire:/

 

Anyway in their reply they said why It had not been upheld but the problem is they only gave one reason : the optional nature of the policy

 

my original complaint the reasons were:

Not informed that taking the PPI policy was optional

Not asked whether I already had sufficient cover in place (which I did)

Also my husband became a director and I can remember reading in a little booklet

that he would not be covered.

I have wrote back asking them to tell me how PPI was agreed and asking them to check to see if the director rule applied to him at the time of sale.

 

But not holding my breath now oh well never mind

 

On another note Santander replied concerning my House of Fraser card saying because it was so long ago I last used my account they have have removed my details from their records (2003) so wont be looking any further into it.

and to contact the FLA if I wish to look into it further.

 

So just waiting not for a NO from EGG, RBS and Halifax

[ims21]

As you say, you need to challenge them on the decision.

 

If you get no joy then pass the complaint to fos.

 

You have nothing to lose by challenging their decisions and getting fos involved.

[pink1808]

HI Many Thanks for your reply, was sat here thinking it was maybe the end of the line.

[ims21]

Oh no...they shouldn't get away with it that easily.

 

A case fee with fos will cost them £850.

 

We have also seen decisions reversed by banks when challenged i.e. when they find out that a claimant is not just going to roll over.

[pink1808]

Thank you very much for your helpful advice I will let you know how I get on.

[pink1808]

Hi, just a quick stupid question

Have been doing some more reading and noticed a lot of people saying that if you got paid sick pay PPI was useless also.

 

My Husband gets full pay for up to 12 months

and I used to get the standard sick pay

 

if this is true and me being so stupid !!!!! have not listed this in any reason in for being Mis sold

 

please tell me I am not a dumb blonde

[ims21]

Yes it is true.

 

You can use it as extra ammo later if needed

[pink1808]

Thanks for your reply

so if and when they come back saying no its ok to write back saying this?

 

thanks x

Edited October 23, 2012 by pink1808

[ims21]

Thanks for your reply

so if and when they come back saying no its ok to write back saying this?

 

thanks x

 

Yes

[pink1808]

Quick update, RBS have up held on my Hubby's loan :)

 

They have taken 20% tax off, the only problem is my hubby is a 40% tax payer so guess we just put in what interest they paid us on the tax return for this years tax 12/13 ? or should I contact RBS and tell them to take 40% off?

 

Still waiting for RBS CC, Barclays CC and EGG

[ims21]

Hi

 

Yes RBS are one of the banks that make a deduction of 20% at source. This should ONLY be on the 8% interest element of the award.

 

You should get a letter or some sort of certification that the tax has been deducted. When completing your 2012/2013 return you should declare the interest element in full and in the appropriate section of the return for tax paid in the year you would enter the figure that they have deducted at source.

[pink1808]

Many thanks

 

Just got RBS CC upheld also a little short of what I had worked out but didn't have all statements so was close enough

 

not massive amounts of money but will pay for my kids Christmas pressies

Edited November 2, 2012 by pink1808

[pink1808]

Hi just a quick question if you don't mind?

 

On the RBS cc offer I have a refund of premiums and then compound interest and the interest at fos rate

 

Question is the fos rate is 8%

so do I add the first 2 numbers together put them in the spreadsheet and the start date from when I paid off the balance to today's date?

or do I put each ppi payment in starting from the start date (when I first paid) and today as the end date?

 

Or have i totally got this wrong?

 

Thanks

[ims21]

Sorry, don't follow you.

 

Post #22 says you had worked out what was due and the offer was close enough?

 

Post #23 you are asking how to work it out?

 

Can you clarify what you are trying to do please.

[pink1808]

Hi sorry, didnt explain very well did I

 

right

 

I did the running spread sheet and the PPI amount was a little less than what they said I had paid, but I didnt have all statements so filled in the blanks

the compound intrest they have offered is a little low to what I had worked it out

and then on the spread sheet there is the simple intrest 8 %

 

on my offer letter it says

 

refund on premiums xxx

compound interest xxx

 

total xxxx

 

gross interest xxx

less tax xxx

net interest xxx

 

total offer xxxx

 

so what I am asking is on the running spread sheet do you take the total eg PPI, + compound + 8% and the do the other spread sheet to work out the 8% from account cleared to present date (like you do with loan PPI )

 

 

or do you just work with the numbers on the running spread sheet?

 

(hope this sounds better)

 

Many thanks for any advice