Clydesdale Bank obstructing PPI reclaimers **WON £12k** OVER 10 YEARS **

[caro]

How long ago did you get the cca?

[MSAR]

How long ago did you get the cca?

 

The CCA was provided back in August this year. It was faxed across by a

microfiche data retrieval company at 8pm. The original telephone numbers are on the page.

[caro]

That's very interesting.

[MSAR]

Just received the other half of my SAR for transactions (2001 - 2006) after threatening the bank with an ICO complaint. So overall they have been dinging me for £55/month for 10 years (2002 onwards), at the time I was only able to make minimum payments of £200. I should hear from the FOS in a week or two.

 

Also found that my fitness centre (Greens Health and Fitness) back in 2001 had not stopped charging me direct debit payments for about six months, even though I had told them I was leaving. They said I had to instruct the bank to stop the payments, and couldn't cancel. So I'm going to chase that up.

[MSAR]

Completed my analysis of the bank statements from the SAR. Still a few missing, but I can fill in the PPI amounts. My total PPI contributions were around £2900. Combined with the statutory interest that ends up to the refund being around £5450. The bank did raise my credit card limit several times even though I was nowhere near that level at any of those times:

 

£3300 -> £3800 @ £1800 (April 2002)

£3800 -> £4800 @ £3300 (October 2002)

£4800 -> £6500 @ £2500 (April 2003)

£6500 -> £7500 @ £1740 (April 2004)

 

One question I have is that after 2008, I cancelled my PPI payments as they were costing me £55 for every £200 minimum payment I was making. Consequently, my credit card remained at £7500 for four years following then. If it hadn't been for the PPI, I would have paid off my credit card, but with PPI, the interest + PPI just matched the minimum payments. Can I claim this money back too?

 

Financial Ombudsman has all the details of my case now including the information from the bank. It is just waiting for an "assessor".

[caro]

Yes. Claim contractual interest on the payments from the date the PPI was added up until now and then how much a day it will be until you get the money back.

[MSAR]

My total PPI payments added up to £2879.56 at the end of December 2008. From then on until 2011, I had a credit card balance of around £7800 with monthly interest of £130, then I was able to pay it off entirely last month.

 

Currently extracting the data from the SAR statements into something easily transferred into the spreadsheet:

 

Date Limit Amount PPI MinPayment Payment Interest

2008/12/19 7500 7321.40 55.94 178.60 200.00 119.52

End of PPI: 2879.56

2009/01/22 7500 7310.32 0.00 189.68 200.00 134.87

 

So after the time that PPI payments finished, the interest acquired by that total gets multiplied by 1.375% each month until the account balance is below that amount?

From the spreadsheet I get around £5450 in total.

[dx100uk]

ideally then you should be using the fosrunning sheet and recontruct the account

 

dx

[MSAR]

Im just pulling the stuff out of all my statements. Some are missing, so I

need to reconstruct the missing data. Also, I'd like to calculate other statistics including total payments: £50,000 :o

 

Also my monthly interest rates vary from 16.2% to over 22%.

 

I do have the FOS running sheet and the numbers are frightening

[MSAR]

One problem I have is that my monthly interest payment rates were gradually rising:

 

2001 Jan-Dec 1.65 (19.75%)

2002 Jan-Feb 1.456 (17.42%), Mar-Dec 1.385 (16.6%)

2003 Jan-Dec 1.385 (16.6%)

2004 Jan-Dec 1.385

2005 Jan-Dec 1.385

2006 Jan-Nov 1.385, Dec-Dec 1.527 (18.32%)

2007 Jan-Dec 1.527 (18.32%)

2008 Jan-Dec 1.5975 (19.17%)

2009 Jan-Dec 1.667 (20%)

2010 Jan-Dec 1.667 (20%)

2011 Jan-Dec 1.85 (22.2%)

2012 Jan-Dec 1.85 (22.2%)

 

Is there any form which I could use to handle these?

[dx100uk]

its ok to use an avg

 

dx

[MSAR]

Thanks for the help. After going through all my statements, I get £3009 in PPI payments, and £7670 in compound interest

Total credit card payments were £50,000.

[MSAR]

!!!Success!!!

 

Just received a letter from the Financial Ombudsman today ordering Clydesdale bank to put me in the position I would be if I hadn't taken PPI out. As the Financial Ombudsman estimates, at 77p for every £100, no less than 10% of the outstanding amount for every month for 20 years. Clydesdale Bank have until the 7th of February to respond.

[caro]

Blimey! That was quick!

 

I wouldn't start celebrating until you have the money. How do the figures work out compared to your calculations?

[MSAR]

Well, 10% of every outstanding monthly amounts just for the past 10 years would make me happy. For the past ten years, my balance ramped up to £4000, then hovered around £8000 for another six years. If I add up the total outstanding amount for every month for the past ten years, I get £802205. 10% of that would be very nice.

 

I tried using the FOSrunning spreadsheet, but thought I had done something wrong because the numbers were so large. Then I wrote my own spreadsheet, using a separate column for the varying interest rates. It came out to the same amounts.

 

For ten years, my family were living like debt slaves, helping me out just to make minimum payments using every spare penny they had, even having to make do with second hand clothes. Every letter from the bank was likely to start an argument, even if it was a notice of a refund. All the time the bankers were paying themselves bumper bonuses

[MSAR]

Received another letter from the Financial Ombudsman. Clydesdale Bank have offered to settle the complaint. I have two weeks to accept or decline the offer. But they don't tell me what the settlement amount is. It will take the bank eight weeks to calculate the amount due.

[dx100uk]

fine

 

dear FOS

 

i think wholly 'unfair' to assume that a redress will be correct and to ask me to accept the offer

until i an aware of its level?

 

if there is the means to re-open the complaint if i disagree with the figure

then iwill accept it.

however, if not, i would be fool hardy to accept things as they stand.

 

dx

[MSAR]

It's been 8 weeks now, no word from the bank. Called up the FOS, and they said it was really 9 weeks for them. FOS have sent Clydesdale Bank a "chase" letter, and if the bank doesn't respond, FOS will issue them with a fine.

[MSAR]

Poked the FOS with a stick a few days ago. Got them to give me some information about who they were talking to:

 

From: Deloittes Norrina Meechan

[mailto:deloittesnorrina.meechan@eu.nabgroup.com]

On Behalf Of FOS PPI Team

Sent: 25 March 2013 12:18

To: Financial Ombudsman Service PPI

Subject: Re: Your ref: XXXX/XX-XXXXXX/JH - XX XXXXXXXX complaint about Clydesdale Bank Plc (Our ref: XXXXXXXXXXX)

 

Dear Sir/Madam

 

I refer to your email below. Please accept our apologies for the delay, however I can advise that we

have only received the spreadsheet today (dated 18/03/2013) instructing us to settle this case.

 

I trust this meets your requirements, but if we can be of any further assistance please do not hesitate to contact us on:

 

FOS.PPI.Team@eu.nabgroup.com

 

Regards,

 

Norrina Meechan

Customer Partner

FOS PPI Team

 

I looked up the name to see who was handling my case, and was extremely concerned that my case isn't being handled by an accountant, clerk, auditor, but a business psychologist (http://www.mclaughlingray.co.uk).

This seems rather sinister - A British bank now owned by international shareholders is now employing psychologists to

delay customers getting their own money back.

[MSAR]

After 12 weeks after the FOS decision in my favour, waiting 10 weeks, then writing directly to the their chairman, Clydesdale bank sent me settlement letter - a form asking for my signature to accept the FOS decision and rulings for a decision, with no mention of the estimated amounts.

[MSAR]

Many thanks for all your help. Clydesdale bank finally coughed up. £12000 from PPI funds was deposited into my account. Basically they have paid back all my interest payments for pasts ten years, that accumulated since March 2002.

[dx100uk]

wow

 

well done

 

dx

 

The Consumer Action Group needs help to cover itsexpenses.

You could help by making a money contribution to http://www.consumeractiongroup.co.uk/paypal.php?go=donate

[caro]

Congratulations MSAR. Excellent news.

[dx100uk]

 

dx

[caro]

 

dx

 

You can laugh. Thread title changed - AGAIN!!