Sainsbury,s Bank PPI reclaim for OH *** SUCCESS ***

[intend]

About to start this having sorted out other family debts with help of CAG. Have printed off fos consumer questionnaire.

 

Have some details of three loans taken about around March to Nov 2004 (more six years ago). Some loans used to pay off other Sainsbury's Bank loans, all with "Creditcare Silver" insurance , which looks like a single premium insurance.

 

One account have Credit agreement ( March 2004) for two different amounts - think might have increased loan amount as dates one day after the other. A second taken out 3 months later - June 04 , OH thinks part to pay off previous loan. Have this CA

 

Finally 5 months later a final loan dated Nov 2004, no CA, to pay off part of previous loan and balance as cash advance. Paid this off early in 2010 from proceeds of downsizing. Not sure if this had PPI on.

 

Is it worth sending off the questionnaire to start the process off or is it best to send a SAR to get complete picture and do own claculations and then claim??

 

Intend

[ims21]

If it were me I would SAR them first.

 

I'm the type that likes to have all information to hand before doing anything. Admittedly it puts the claim back a wee while but it's just the way I prefer it.

 

There is nothing to stop you getting the ball rolling and then doing some calcs based on the SAR data you receive at a later date to check any offer they may make.

 

One thing worth mentioning is that of you do some calculations and send them with the claim it may cut down on the lender's "wriggle room" to try and fob you off because it shows that you have done some work on it and know something about the matter.

[intend]

Cheers ims21 - deep down think I knew his would be the way forward. Hoping the fact it is over 6 years does not muddy the water.

 

Have already downloaded the SAR letter to work on in the morning and have an address for the data controller. . Is there anything specific I should mention apart from the three account numbers?

 

Cheers for quick reply

 

Intend

[ims21]

In the SAR?

 

I would always add a line that says that it is to include copies of any and all agreements you have ever had with them.

 

Reason being that although they are not required to supply copies with a SAR, the fact that you specifically mention them may give a result on that front.

 

Other than that it is an all encompassing SAR that you want, i.e. every bit of data on any account so you might like to say that the SAR is not restricted to the accounts you mention but refers to all of your dealings with them for any and all accounts.

[intend]

Cheers - will post off tomorrow.

[intend]

Last minute thought (very rare in our house) but might if be worthwhile sending a CCA request for the third account as this is the one we are unsure has PPI on it. Ak this as have seen in the debt forum that with a SAR they often do not send agreements.

 

Also seen some don't send agreements when account closed

 

Cheers in advance

 

Intend

[ims21]

If there are no sums due under an agreement then there is no requirement for them to provide anything under a S77/78 request.

 

You could try but I would reckon they will come back with a "bog off" to a CCA request.

 

A SAR may reveal the interesting stuff though.

[intend]

Cheers ims

[intend]

SAR sent today, recorded delivery so clock is ticking. Now time to read all the link in ims' signature.

 

Cheers

[intend]

SAR signed for today - so clock ticking - guess I need to spend the weekend reading up abot reclaiming and getting head around the spreadsheets

[intend]

Planning ahead - looking for an address to send ppi claim to.

 

Cheers Intend

[ims21]

Sainsbury's Bank plc, Registered Office, 33 Holborn, London EC1N 2HT

 

Send recorded so you know when they get it

[intend]

Cheers - same address as I sent the SAR

[ims21]

Yep...if in doubt I always favour the RO personally.

[intend]

Cheers for that.

 

Just done some reading of single premium pp1 - very interesting - for the early loans have worked out monthly PPI rate was in excess of 20% - same figure to 2 decimal places on all three amounts. Defo made OH more determined. Loans were consolidated to more complex as you state. Will read again.

 

Which spreadsheet will I need to use - had multiple loans which I think were rolled over??

 

Intend

[ims21]

The sheets you will need are at the end of the article at No.1 in my signature.

[intend]

Acknowledgement from Sainsbury's Bank - stating information will be sent on or before 31/12/12 - inside the 40 days - so now preparing info and claim -

 

Did note - letter footer states HBOS and return address on envelope was my good old friends Llyods. So take it Sainsburys used them. I did read LTSB were allowed extra time to process claims - does this apply in this case??

 

Will keep you all posted.

[ims21]

All lenders have 8 weeks to give a final decision before fos can get involved.

[intend]

Did some digging around for old bank statements for OH - was a business account so kept them for tax purposes - found them going back to April 02.

 

Had loan payments at that date, right to when we paid off loan, so have definite payments which cannot be questioned. Looks like we had three loans.

 

no record of first loan, but early statements refered to Capital Bank switching to Sainsbury's Bank in November 02. Second loan have agreement with definite mis-selling of PPI, final loan, no copy yet, was paid off after 1 year.

 

About to get head round spreadsheets.

[intend]

Looked at spreadsheets - in K7 Monthly Payment of PPI - do you enter the total of all the months of PPI paid or just a single month??

[ims21]

Looked at spreadsheets - in K7 Monthly Payment of PPI - do you enter the total of all the months of PPI paid or just a single month??

 

No you don't enter anything in K7...it is a calculated cell.

 

Read the "Notes" tab in the spreadsheet....tells you how to fill the sheet in.

[intend]

Cheers ims21, helpful as ever - had a muppet moment - thanks for input.

[ims21]

had a muppet moment

 

I know how you feel...we all get them

[intend]

Update - SAR just turned up, bang on time - not opened yet - very large package. Will tackle over next few days and post when need help.

 

Hope all had a good Xmas and wish all a happy new year.

 

Intend

[intend]

EDiIT please ignore just re-read advice and spotted my error - apologies - would delete whole post if I knew how. Should have guessed I would be wrong.

 

 

managed to reconstruct loans and ppi info from SAR despite it not having all info. think it is sufficient to complete spreadsheet.

 

I do have query on spreadsheet calculations having read ims21' excellent thread - a must for all.

 

Have calculated % of monthly payment for first loan using formula PPI premium/loan amount + ppi premuin)X100 as per Post 4 in CB thread, eg 1500/6000+1500)X 100 = 20%. So far so good.

 

Using Post 5 - Loan consolidated after 3 and 1/2 years - used loan progression sheet to calculate balance of about £2500. Appllied ppi so for this example would give £500 PPI rolled over into Loan 2. so far so good

 

Now my problem - post states "The percentage of loan 1 PPI included in loan 2 is given by £116.25/£5,000 x 100 = 2.33%. So for every repayment you make on loan 2, a sum equivalent to 2.33% of it relates to PPI on loan 1." So can calculate Loan 2 for £5000 so (500/5000)X100 = 10%. Can I ask why Loan 2 PPI not included in denominator??

 

Second problem comes from formula used to calculate second loan PPI percentage. Post 5 states "Now we also now that of the £5,000 for loan 2, that included a PPI premium of £600, so loan 2 PPI percentage is £600/£5,000 x 100 = 12%. That means that for every repayment we make on loan 2, an amount of 2.33% of it is going to loan 1 PPI rolled over and an amount of 12% of it is paying the PPI on loan 2. My problem is that to calculate loan 2 PPI % this time you do not include the PPI premuin in the denominator whereas on calculation for Loan 1 we did include this??

 

Hope this makes sense or I have gone number blind.

 

Cheers Intend

Edited January 2, 2013 by intend
cock up