egg PPI complex interest calculations

[ims21]

OK I may have missed something....what was your lba for?

 

An lba is normally a precursor to issuing in court for something.

[spaspeckerthedull]

OK I may have missed something....what was your lba for?

 

An lba is normally a precursor to issuing in court for something.

 

for not providing me with any info under my SAR? As far as I am concerned I have identified myself to them, although I am not obliged to do so as I stated in my response to them in that:

 

As you are aware, disclosing data without adequate checks of identity is contrary to the 7th principal of Data Protection, listed in schedule 1 of the Data protection Act 1998:

 

7. Appropriate technical and organisational measures shall be taken against unauthorised or unlawful processing of personal data and against accidental loss or destruction of, or damage to, personal data.

 

I note that there is no provision that removes the requirements of the act to provide this information on time, even if you are unsure of my identity

 

 

I have also made an official complaint to the ICO as they failed to reply at all within the 40 days

 

am I wrong?

[ims21]

Ok I see now.

 

So there is a failure to respond to a SAR.....I understand now.

 

So to the amount of the claim, you won't be able to do that until you get all of the data i.e. either copy statements or a transaction history.

 

Typically you would prepare a spreadsheet showing the amount of the claim, complete a fos questionnaire and send both to the lender.

 

If an account was closed more than six years ago then a lender may have destroyed the data but keep pressing to see what you can get.

 

If you can't get hold of the statements/transaction history, your only method will be to submit a fos questionnaire and see what the lender says about redress.

[spaspeckerthedull]

So to the amount of the claim, you won't be able to do that until you get all of the data i.e. either copy statements or a transaction history

 

I have letters from them showing the amount passed to DCA for collection?

 

I also understand that should a DCA offer an early settlement figure then this usually means they bought the debt? I ask because the DCA did offer me a "full and final", which i'm sure I still have a copy of somewhere - i'll try and dig it out over the weekend

 

thanks for all the info so far

[dx100uk]

so what are they asking for for you to prove whom you are then:

 

dx

[spaspeckerthedull]

so what are they asking for for you to prove whom you are then:

 

dx

 

their response states that the address I provided on my request doesn't match what they store on their records.

Well of course it doesn't - i've moved?

 

I have provided them with copies of historical correspondence from them to 3 of my old addresses,

a copy of a letter from my local council thanking me for registering for postal voting and

a copy of a letter from HM tax office with confirmation of my new tax code.

All dated within the last 6 months

 

It seems they are fishing for a copy of my signature as they have requested evidence of something bearing it?

It also seems that they wil only accept evidence of something that is provided to me on a credit basis

 

- They also want CERTIFIED copies of:

 

credit card statements - I don't have any credit cards

mobile phone bill - I don't have a mobile phone (don't need or want one)

bank statements - I don't receive any as my account is paperless and all my banking is done online

a store card - nope

catalogue statement - again, nope

 

 

It seems odd that they are now doing this, especially seeing as how my identity and change of address didn't matter

when they were defaulting me and passing my account to a DCA for collection?

 

They make mention that once in receipt of requested evidence they will update their files

and you'll (meaning me) be able to use the new address to access your accounts.

 

Seems odd seeing as how I have no accounts with them any longer?

 

Also, seeing as how they have no branches I cannot ask any of their staff to photocopy copies of my evidence,

this being my understanding of how my evidence is to be certified

- 'cos I have no intention of paying a solicitor to certify it for me

 

On a plus note,

their letter seems to suggest they have the information I am requesting and it will take some serious hoop-jumping on my behalf to get my hands on it.

 

And internet research suggests this course of action is the norm for people submitting SAR's to egg - I'm not giving up though

 

any pointers or ideas are welcome

- should I resubmit my SAR with copies of my driving licence?

Edited May 17, 2013 by spaspeckerthedull

[dx100uk]

there is no issue with providing a copy of your sig,

 

it is required for the sar.

 

I know its frustrating

but simply reply

with what you have and don't nave

they cant stonewall forever

 

dx

[Inertia Creeps]

The problem with these people is that they want original documents. I sent my original gas bill in the end as a copy of it and even a copy of my driving licence wasn't enough.

I don't expect to get the original back either.

[dx100uk]

they have no authority to accept originals

[Inertia Creeps]

Hmmm. Wasn't aware of that. I sent a copy of ID 3 times and they sent it back so I felt I had no choice.

[mikeymack2002]

Well if they refuse to accept your ID then that is up to them, but why not just send in a CCA request? it's faster they only have 12+2 days to comply, if they cannot send you the details then do not pay them....

 

No CCA=NO PAY then you can send them the failure to provide letter, from the library, If they drag their heels then it will look bad on them if it went to court. Also you have stated that it was pre 2000 therefore it will need you signature on the application form. Maybe this is what they are looking for so they can send a re constituted agreement

[dx100uk]

what the point in forging a recon on a 2000 agreement

means nothing in a court. they must have the org.

 

the op needs the statements to do a ppi reclaim

 

a cca does not give anything other than a basic current statement of account.

 

dx

[spaspeckerthedull]

OK - not sure if I should resurrect this thread or start a new one?

 

UPDATE:

 

after much protracted legal wrangling I finally got my SAR from egg, but I think it may be incomplete in that there is no copy of my application? They have provided copies of the signed agreement, which was never disputed, and copies of all statements - which make interesting reading.

 

Statements include confirmation of PPI payments made every month, and correspondence showing debt going into arrears (through redundancy) being passed to DCA for collection, then finally sold to DCA after a couple of years who collected remaining outstanding balance.

 

QUESTIONS:

 

Do I write back insisting on a copy of my application? I know for a fact that my APPLICATION was online in december 1999 as my agreement is dated january 2000. Will I need this to prove mis-selling, or "tick box to proceed" selling?

 

Statements number to over 100 pages, some of which is confusing as I thought my account had been sold to a DCA a lot earlier than it turns it had been. How would this impact on my PPI claim? Would I claim whole amount from egg, inc. interest, or simply what I paid egg then what I paid the DCA?

 

SAR covering letter also states that I am not entitled to some information, but includes names and addresses of those which I should ask for the information egg have not provided, which includes the PPI company?

 

thanks in advance for any replies/help

[spaspeckerthedull]

bump please -

 

UPDATE

 

been looking through all the large amount of paperwork in response to my SAR, came across something that concerns me.

 

PPI claim not in doubt, account is historical internet application on the basis of "TICK BOX TO PROCEED" - this much I can prove. However, provided paperwork is confusing me in that the opening statement shows PPI charge, all good so far, and the charges continue to be made for a further 14 months. This is where it gets tricky (for me) as at this time I lost my job through redundancy. Unsuccesful claim made on the PPI due to EGG dragging their feet when supplying a claim form (so this makes the PPI utterly useless in this instance)

 

Debt then passed to DCA for collection. At this point statements kept coming from EGG, but only showed outstanding balance and there appear to be no further PPI charges applied to the account (interest was applied to the account for a further 3 months) Statements arrive every month showing my payments for another 3 years when the debt was finally sold to the DCA who continued to collect on the outstanding balance until I cleared it.

 

I received no formal notification that the PPI was cancelled at any time, and I do not recall or have any evidence of me cancelling the product either

 

So now, when I calculate my claim using the spreadsheet, do I only enter the payments until they stop appearing on the statements, or do I carry on until the debt was cleared?

 

I'm also struggling with calculating the interest charges using the FOS runningPPI spreadsheet, in that the interest rate changed quite a few times during the life of the account, plus there was also a variable rate of interest applied on a balance transfer. It's getting VERY complex and although i'm not requesting to be spoon-fed I am asking for help

 

anybody any ideas?

[ims21]

Hi

 

So the PPI was only charged to the account for 14 months?

 

If the PPI stopped at the point when the account was passed to a DCA it is a good indication that the account was terminated at that point and so the PPI policy would have terminated at that point as well.

 

Does the paperwork in the SAR contain anything about the termination?

 

When the account was passed to the first DCA, did the interest stop at that point? If so that would also be a very good indicator that the account had been terminated.

 

If we can clarify these points then it will be easy to let you know how to complete the spreadsheet.

[spaspeckerthedull]

Hi

 

So the PPI was only charged to the account for 14 months?

 

If the PPI stopped at the point when the account was passed to a DCA it is a good indication that the account was terminated at that point and so the PPI policy would have terminated at that point as well.

 

Does the paperwork in the SAR contain anything about the termination?

 

When the account was passed to the first DCA, did the interest stop at that point? If so that would also be a very good indicator that the account had been terminated.

 

If we can clarify these points then it will be easy to let you know how to complete the spreadsheet.

 

UPDATE:

 

apologies to all watching this thread, I work away from time-to-time and simply cannot keep up with issues like this that need solving. Thanks to all who have advised so far, I'm back home now and it's time to put this to bed as it's gone on long enough so any further help/advice will be appreciated

 

@ims21 -

 

it looks like PPI was only charged for 14 months, however it's MY money and I want it back!!

 

the SAR paperwork does not contain anything about PPI termination, however there is a lot to wade through and I need to check again to clarify

 

when the account was passed to the DCA I cannot find if the interest was stopped but I will check again, there are a lot of acronyms and "bankspeak" to deal with, they did provide a translation sheet but it's tough going

 

I have been looking again through the old statements to try and catch up a bit, the confusing thing for me is that the interest charges are complex in that the rate changed on balances after the first 2 months, then again a few months later - this change was also applied to the interest on the balance transfer from another debt at a completely different rate. I am going to have to put my serious thinking cap on, but in the meantime I am grateful for any suggestions or comments you can bounce off me

[ims21]

UPDATE:

 

apologies to all watching this thread, I work away from time-to-time and simply cannot keep up with issues like this that need solving. Thanks to all who have advised so far, I'm back home now and it's time to put this to bed as it's gone on long enough so any further help/advice will be appreciated

 

@ims21 -

 

it looks like PPI was only charged for 14 months, however it's MY money and I want it back!!

 

the SAR paperwork does not contain anything about PPI termination, however there is a lot to wade through and I need to check again to clarify

 

when the account was passed to the DCA I cannot find if the interest was stopped but I will check again, there are a lot of acronyms and "bankspeak" to deal with, they did provide a translation sheet but it's tough going

 

I have been looking again through the old statements to try and catch up a bit, the confusing thing for me is that the interest charges are complex in that the rate changed on balances after the first 2 months, then again a few months later - this change was also applied to the interest on the balance transfer from another debt at a completely different rate. I am going to have to put my serious thinking cap on, but in the meantime I am grateful for any suggestions or comments you can bounce off me

 

Use the spreadsheet for the period where the account was live with the original creditor.

 

Use an average of the rate of interest you were charged on the account.

 

The spreadsheet is to be treated as a guide to help you get an idea of what you might be due back. The lender will do their own calculations anyway but the spreadsheet will help you to identify whether any offer they make is about right or not.

[spaspeckerthedull]

hi guys, not been around for a while but have now decided to get my finger out re my egg PPI claim

 

took a while to get my SAR, but they provided me with everything except a copy of my online application, which would have been november 1999.

 

PPI is not in dispute, as all my copy statements show amounts charged/paid up until account passed to DCA due to redundancy and non payment. Again, not an issue

 

My struggle starts when it comes to completing the FosRunningPPIv102 spreadsheet, as the interest calculations are all over the place - bear with me and i'll try to clarify

 

month 1: opening balance of zero, monthly spend, PPI premium, etc. all there. No problems

 

month 2: spend shown, plus a balance transfer from another card. This is where interest charged starts to get complicated as there are 2 rates of interest shown - one for outstanding balance, and a seperate one for the balance transfer. The spreadsheet calc doesn't allow for more than one rate of interest to be entered.

 

month 3: as above, 2 different rates of interest

 

month 4: starts to get even more complicated in that the interest for the outstanding balance increased this month, and every 3 months thereafter

 

the outstanding balance interest increases every 3 months until the account is passed to a DCA for defaulting, the balance transfer interest is constant and never changed - the irony being I was made redundant and egg failed to provide me with a PPI claim form in time to stop the account being passed. Account is now closed, after having been paid in full via the DCA about 8 years ago

 

should I start another spreadsheet each time the outstanding balance interest increases, carrying forward the details from the previous spreadsheet? and how does the interest rate for the balance transfer affect the way my PPI claim is calculated?

 

I probably haven't explained it very well, and if necessary I can post scans of the copy statements if it would help?

 

i'm not looking to be spoon-fed the info, but I really cannot get my head round the various different interest charges, plus the incremental increases

[dx100uk]

numerous threads merged for history.

 

 

i' use the CISHEET or the FOS CISHEET at the avg int rate.

 

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

[spaspeckerthedull]

numerous threads merged for history.

 

 

i' use the CISHEET or the FOS CISHEET at the avg int rate.

 

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

 

thanks for the input,

 

 

I don't see how either of those spreadsheets can help me?

 

 

there's nowhere for me to enter differing rates of interest,

amount paid that month,

PPI charged that month etc.

- unless i'm completely reading it wrong?

 

 

preliminary workings-out on my part show that even with removal of PPI paid the account was never in credit,

 

 

i'm going to have to have another think/look into this because I really am struggling to find which of the spreadsheets I need for my particular circumstances/claim

 

egg eventually came through with ALL my info off the SAR,

so paperwork wise there's nothing lacking

- apart from a copy of my application,

but this was in 1999 so it was definitely online and pre-ticked boxes

[dx100uk]

calculate the avg int rate

use that in the FOSCISHEET

 

 

the input each PPI payment on the date made on its own row.

 

 

you could use the FOS running

but that's a long haul to input everything

 

 

dx

[spaspeckerthedull]

calculate the avg int rate

use that in the FOSCISHEET

 

the input each PPI payment on the date made on its own row.

 

you could use the FOS running

but that's a long haul to input everything

 

dx

 

hi dx100uk -

 

thanks for the continuing input/support, think i'm getting somewhere with this now but another question

- on the spreadsheet input for the average interest rate,

do I calculate this using the figures for the card rate AND the balance transfer rate combined?

 

 

I've done preliminary maths which I think is correct, and the average interest rate applied to the PPI amount is different to the interest applied to the outstanding balance

 

example: calculated PPI interest rate ONLY (NOT balance and balance transfer combined) of approx 0.588% per month, at 15 months = 8.82% - is this correct?

 

can I also claim a refund for the cost of the SAR?

 

also, I am having delays in replying as for some reason I am not receiving email notification of replies

to the thread so please bear with me as I can't log on as often as i would like

[dx100uk]

Use an avg of the card Apr

 

8 is far too low for a yearly figure

[spaspeckerthedull]

Use an avg of the card Apr

 

8 is far too low for a yearly figure

 

OK, thanks again - I had based this figure on the historic interest rate that was offered at the time, but I have some workings out -

 

PPI interest per month @ 0.59%

balance transfer interest per month @ 0.030%

account interest (average) per month @ 0.944%

 

the sum of the above gives me an average of 18.77% per year? have I got it right or am I way off? also, do I add another 8% to this figure or do I not get it because the account was never in credit?

[dx100uk]

you need to convert the monthly int to APR.

 

 

http://www.stoozing.com/calculator/apr-rate-converter.php