Studio cards PPP is this PPI?

[lra]

My account has been closed for several years now

but I recently contacted studio who sent me a list of all past transaction.

 

I have invoices which total approx £1000 but I have paid back approx £2900.

 

The list consists of admin charges ,

Service charges and PPP.

 

I have put in a claim for the admin charges and studio have agreed to send me a cheque for £400 (£300 plus £100 interest) they will only go back 6 years.

 

I would like to try to claim all these charges back.

 

As for the PPP what is it?

 

There is no mention of it on the agreement but I don't think the agreement is the original one.

 

Can somebody PLEASE help me as this cheque could turn up anytime now,

do I send it back and continue with this claim or bank it?

[ims21]

Hi Ira, welcome to CAG

 

If you want the charges and associated interest back for more than six years ago it is highly likely that you will have to sue for them.

 

I have to say that their offer of £300 plus £100 interest seems low....did you do a spreadsheet showing them how much you want back?

 

The PPP (Payment Protection Premium) is PPI so is up for grabs of it was mis-sold.

 

Have you got a complete transaction history or did they stop at 6 years?

 

Did this transaction history come as a result of a SAR?

[lra]

Hi ims21

 

I did use a spreadsheet with 8% interest added and the admin charges were double the amount that they offered

but the rest were more than 6 years old.

 

As for the ppi I have only ever asked for ppi on a secured loan that I have,

so definitely not on this account.

 

The service charges and ppi kept being added to my account and I kept defaulting hence the admin charges.

 

I have a full list of transaction from when the account opened till I closed it.

 

I did not SAR them just requested a copy of the agreement and transaction history.

[ims21]

Ok so with the charges they are getting off lightly then.

 

What I would do is start a new thread in the catalogue forum here for the charges aspect so that we deal with the two aspects separately.

 

http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?235-Mail-order-catalogues

 

For the PPI, just one more question which will tell us which spreadsheet we should use.....this transaction history...is it just a long list of all the payments out and payments in or is it broken down into statement periods with the monthly balances shown?

Edited October 5, 2012 by ims21

[lra]

It is just a long list of payments in and out. I will start a new thread about the charges.

[ims21]

OK

 

Use this spreadsheet

 

FosCISheet v101.xls

 

With the data you have got this will give you the best shot at what you are due back. Follow the instructions in the notes tab.

 

Grab a copy of the fos Consumer Questionnaire from here and complete it

 

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

 

Send the completed questionnaire and a print of the spreadsheet to Studio with a brief covering letter requiring refund.

 

They will have 8 weeks to investigate and give you a final decision.

 

Bear in mind that the spreadsheet is likely to give you an over-estimate of what is due back but because it shows that you have done some research it is less likely that they will fob you off with a low offer.

 

Any offer they do make can always be checked of you are not happy with it.

[lra]

Many thanks, I will start this now

[lra]

Just a quick question, I set the APR on the spreadsheet at 37.9% (this is what the agreement quotes) is this correct?

[ims21]

Just a quick question, I set the APR on the spreadsheet at 37.9% (this is what the agreement quotes) is this correct?

 

 

Correct

[lra]

Does anyone know whether studio were regulated in 2001? Can I still put in a claim for mis sold ppi is they weren't

[ims21]

Put the claim in and see what they come back with.