PPI Success??????????

[hendo29]

HiGuys,

Ihave had a PPI claim in with John Lewis Financial services, who provided mewith a mastercard from 2004 to 2010.

I have todayreceived a response headed "WITHOUT PREJUDICE SAVE AS TO COSTS"

It goes on to say,

"Unfortunately,we can confirm we are unable to uphold your complaint.

Notwithstandingthe above, and without prejudice, a business decision has been made to refundall remaining PPI premiums, Please note that as we are only obligated to retainrecords for a maximum of 6 years, the refund is based on the premiums we haverecord of."

It also refers tothe refund as a goodwill payment and provided the breakdown of the refundbelow, which makes little sense.

Manually enteredpremiums £63.95

Pre-statementperiod estimated premiums £0

Total PPI premiums£63.95

Interest chargedto card(non-taxable) £6.95

Allcredit interest(taxable) £37.94

TOTAL£108.84

Ithought a financial organisation must retain records of your account for aminimum of 6 years after the account had been closed. Is this the case?

Itappears that they are unwilling to commit to upholding my complaint but aretrying to fob me off with an estimated premium as a goodwill gesture as theyhave failed to retain my records. I believe that over the 6 years the accountwas active there would have been a rather more substantial amount of premiumspaid on the account as the account was maxed out for the first 3 years.

Also,should there not be compound interest added to the refund they have offered?

Anyideas on where I should go from here?

Thanksin advance guys.

[ims21]

Have you ever sent them a SAR or have you got all of the statements.

 

If you haven't got the statements I would get a SAR off to them ASAP.

[hendo29]

No have not sent a SAR request yet, thought Id just inquier about the PPI first.

 

I will send of a SAR first thing tomorrow and get all the info.

 

Am i right in sayin that a financial institute should retain a customers financial records for a minimum of 6 years after the closure of an account?

[dazza12]

I believe it's 5 years from the closure of an account for money laundering regulations, particularly for loans.

 

As to the actual record keeping, the FSA recommended advice is at least 6 years of active data. A lot of companies use the 6 year guideline to avoid sending further details. 3 particular companies that I've dealt with, MBNA, Barclaycard and RBS have all stated they hold limited records older than 6 years, however I've had data going back to 1988 with RBS, 1995 with MBNA and 1998 with Barclaycard (more expected from them).

 

A lot of financial organisations will play the 6 year card as it limits what they have to work out and refund to you.

 

Send a SAR as recommended above, they may or may not send records older than 6 years, but you can always ask them to search for older records (and complain to ICO if they don't fulfil your request).

[ims21]

dazza has it right.

 

They will hide behind their interpretation of the six year rule.

 

We know for a fact that these companies have information, statements etc going back far more than six years but they may have to be threatened to get hold of it.

 

Personally I got a full transaction history out of HFC going back to 1989/90 but there are more stories on CAG where lenders have mysteriously found old data after they have been threatened with court action under the Data Protection Act.