no

god you're confusing the be jesus out of me..

dx

god you're confusing the be jesus out of me..

 

 

dx

am myself with it all.

the bank have made an award, the issue now is whether or not the amount is ok.

it will be registered with the fos in time (the deadline has not yet expired) if needs be, re the amount of award.

one thing was whether the dsar (statements in partic) wld come back in time before the deadline (prob not), to poss sort things out with the bank first.

but, i figure it shldn't be a prob once its registered with the fos seeing how long it takes for fos ppi complaint issues to be resolved.

is it correct then, re my other (confusing ) post, to think that its not just a case of putting x monthly amount into the sheet calculator re compound.

as things like a min payment (covering statement interest), and any payments in which wld reduce the overall balance, wld need to be factored in proportionately?

I really wish you wouldn't use text speak on a forum

no-one else does it here only you..

the fodrunning sheet does a very good job

you are only entitled to sec 8 if the month was incredit

as for the order they take out things for your payment

I wouldn't worry

its never come up.

Lloyds generally are very good with their PPI calcs

I really wish you wouldn't use text speak on a forum

no-one else does it here only you..

the fodrunning sheet does a very good job

you are only entitled to sec 8 if the month was incredit

?

what text speak.

i do abbreviate things, but no 'text speak'.

really. take a look at yr (your) own posts!

it seems that the sheet might be inaccurate as it does not take into account everything that needs to be factored, according to the calculations re 'reconstructing'.

as for 'sec 8' (text speak?), the fos link eg's there says that it is also (in addition to if in credit) awarded for loss of use of the money re the difference since. in this case around 10 yrs worth as it was closed around 10 yrs ago (sorry, yrs means years.).

no worries, i'll sort it. adieu.

you mean the FOSrunning spreadsheet.

is far as I know

that does factor in the 8% when in credit till day its settled.

for general reference, see also the Which/MSE info which says PPI redress is 'made up of three main parts'; a refund of the premiums and associated interest, and 'interest on both of the above amounts at the 'statutory compensation' rate of 8 % a year.'

ps, forgot to state above that that is their (which/mse) factsheet, which the bank includes and refers a complainant to.

Hi Ford,

You asked that I have a read of your thread and comment. Apologies if I mix anything up the thread is a bit all over the place!

First up, loving the confusion over CPP and Carholder Protection Plan, they share an acronym but (as was correctly ascertained) one is PPI and the other protection for your credit cards (and keys!) for fraud etc. rubbish product rightfully redressed as a scheme, sadly not enough ppl signed up for redress and its not worth the time or money for litigation. If anyone still has not claimed I would advise them to try as their bank or provider may surprise them, the fact they are paying out for some PBP, statute barred PBA etc. shows that just because they don't have to, doesn't mean they wont.

As most have pointed out, credit card PPI redress it not as straightforward as a loan.

They are required to pay back if a claim is upheld:

• A combination of the PPI premiums paid
  
• Contractual interest associated with the premiums (only) as part of the card balance i.e. if CC APR interest was applied the % that was applicable to PPI premiums on the account at that time at the
  
• 8% simple interest if at any point in the cards life if the sum of this refund would have put you into a positive balance (interest on the credit balance only)
  
• Assuming you know that PPI was charged on the balance so zero balance = no PPI paid in that month
  

This means that credit card refunds will vary massively, I've seen ones where no 8% is payable and others where the 8% has been 60+% of a >£20k redress with the premiums being the smallest factor.

It depends how you managed your credit card, big balance, minimum payments = biggest wins in my experience.

When the balance is unknown due to the age of the card, the firm will take the average balance and reduce this equally over time to the start of the account as an assumptive to calculate the redress - in line with FCA guidelines for PPI redress.

This means that you may get back more or less than you are entitled to, we will never know unless it can be proved otherwise.

If the start date is unknown (as with some PBAs) they will make an assumptive with this e.g. Lloyds PBAs beyond their records are set as a date half way between the product start (feb 1990 for first PBA) and the start of their records in 9/2001

A SAR can be useful if you think the refund is incorrect but we are beyond the days (I hope!) when banks might try and pull a fast one, they will be using the same information as you would get back in a DSAR and, given the account was closed over 10 years ago, it will likely be 'purged', statements mainly unavailable or probably only 06-07 provided with a cover sheet stating the months a zero balance was held. This is where statements retained by the individual can be useful, if you can pull out the full stack they must use these to calculate accurate redress.

As I said, this could be shooting yourself in the foot as the refund could be lower than the assumptive, the spread sheets online are sufficient to work it out yourself with some time and effort before you submit a dispute.

As for your FOS referral... 6 months still applies barring exceptional circumstances. However this is only if the bank objects, if it is not about the decision but the redress paid they may not object to a referral over 6 months. It seems you made it in time though? With FOS you only really need to let them know of your intention to refer and get a reference to stop the time limit, you can then go about disputing with the bank, getting a DSAR et al without the worry of going over the time limit.

IMHO You would be better placed talking to Lloyds about it, I cant see that you have yet approached them for clarification on the refund? Ask them to provide you with a more detailed breakdown of their calculations and the info they have as you are unhappy and will go to FOS if they are not clearer how it was worked out.

Unlike other banks you wont have signed a 'full and final' acceptance form for PPI they just pay you so you can dispute willy nilly.

That was a bit of a disjointed waffle, any specific questions let me know.

P.S. on the subject of text speak, does anyone else now use 'obvs' since its addition to the dictionary? Being in the dictionary makes it ok - obvs...

hi

thanks for looking in, that is useful.

that's a fair point about potentially shooting oneself in the foot.

i'll have a good look at the sums again as you say, and i will update the thread as and when.

cheers.