I thought i'd start this thread although its in its very early stages.

We've had an Adams card as long as i can remember, since our kids were young at least!

This is financed by creation.

I have sent off the initial SAR to them last week, though i am not holding my breath as i have heard from other peoples stories that Creation have a habit of not keeping records all the way back (or stages of binning old records)

Could be a big claim of PPI though as it seems we are paying about £44 a month and this is increasing at an alarming rate (they charge £1.50 per £100 oweing plus interest).

Although we have not used the card in a long while, the balance has soared, by approx 80 per month .

This is because a while ago i sent a letter stating financial hardship and asked for payments to drop to £10 per month plus freezing interest.

They accepted this, but to my amazement when looking at recent statements they had not stopped the interest so we were then paying the minimum yet interest and PPI alone were pushing the balance right up .

I shall keep you all posted!

oh nice earner there

wonder if they'll try the 6yrs limit con

dx

Thats a possibility. Is that time limit set in stone or can you push it further back?

ldg

yes there are cases of successful ppi reclaims going back into the nineties .

dx

Great there is some hope!

Thanks DX

Update.

I've had my paperwork back as a result of sending my SAR.

it go's back to 2001.

Lots to calculate.

I really think i need a hand to work this out though.

Was hoping pompeyfaith would be around but perhaps he's busy helping do some others .

Or if someone could explain the spreadsheet?

Thanks in advance

oh and the good news on this is that on the original agreement there was never any checkbox for ppi .

Although they have also sent me a blank agreement too just so i can read the small print, but this must be an later type agreement as it has got a check box on it

You would need to post some details up for Pompeyfaith.

Firstly have you sent a Subject Access Request to get all of the data on you as a data subject of Creation Finance??

If not then I would suggest that as a starting point to gather information before you start any action.

Once you have all of the data I would suggest a reclaim to Creation finance as a starter, see what they come up with.

IE a letter reclaiming mis-sold PPI and requesting a full refund of all PPI costs as applied to the account you hold.

If they fail to give a satisfactory response then submit a complaint to the Financial Ombudsman Service or the Information Commissioners Office or both.

aa

Thanks alanalana

yes i have sent off my sar and received it back last week.

As i say its quite a lot to comprehend and if i scan and put it up here it would fill up too many pages.

As its calculated differently to the usual loan ppi then i guess the calculator in the stickys is not nuch use . Not sure on that though.

The main bulk of the ppi is in the last 2 years , this is as the balance grows bigger

They are charging approx £1.50 per hundred pounds of the balance .

This now stands at about £2500.

When you add the interest of the balance to the ppi and any charges it means the balance is increasing by about £100 per month.

Should i just sit down and add each months ppi till i get a total and claim for this or is there an element of interest that i should be adding.

Sorry but i'm not too good in this area, but doing my best to learn.

I shall be sending a letter off this week to claim ppi . i'll try to add the figures myself but would still appreciate any advice on calculating this one

Thanks

LDG

If it is a credit card then you can as I understand it claim back the contractual Interest from start date up until account closed or now and then you should be able to claim statutory interest from start date of account up until an agreed settlement of that account.

The main thing is to keep up with the claims on mis-selling of PPI.

aa

ok can you point me towards any thread that explains more about contractual and other types of interest or shall i start my own thread?

as i'm not sure if i should add up payments then add interest or ad each payment plus interest to the next payment then applying interest agian before the next and so on.

Also looking through the original agreement the ppi box has been ticked.

Though in the t&c's it states that you have to be in employment(my partner was not)!

It does say that ppi can be put into the breadwinners name(myself) if not employed but i'm sure this never happened!

Try to contact pompeyfaith and or check out this link...

Interest calculation spreadsheets

aa

I have sorted this for him alan

Yes Thanks to all of you!

Your Welcome

PF

just started doing the figures on this one PF.

I still struggle to use the spreadsheet so i've opted for using the 2 calculators you recommended.

Amazing a payment of 54 pence in 2002 with compound plus simple interest is now £17.87 !!! (think this is due to their terrible 39.9%APR)

Just noticed something else on the monthly statements . Fot the first few years there is a small figure entitled "SERVICE CHARGE AT 2.2% PER MONTH"

Any ideas as to what this is or what it refers to?

Just scouring the net it seems that this is exactly as it says .

a charge for having their card.

Plus another way for them to make a profit!

I wonder if it is possible to claim this one back too?

hi LDG

I'd ask for it anyway!

I've just started looking at my PPI and it's dreadful. I've got one credit card where I paid (over 12 months) £1774 and £1352 of that was interest, PPI and a couple of £20 late payment charges.

Also - there was a 0% interest rate balance transfer but they added a 'finance charge' every month on the balance! not a large amount at all but at the end of the day - it's my money they took.

good luck with the claim

S

i'm seeing lots of calculations on this lol

108 months of ppi to calculate.

plus this years charges and interest to do .

Lastly all the service charges! i shall do all these in the normal way plus compound and statutory interest.

I think i'm going to need plenty of peace and quiet and lots of beer to help wash down these sums!

I wonder though?

Do i put all 3 claims into the same letter?

seeing as the banks do find things confusing!

I wonder though?

Do i put all 3 claims into the same letter?

seeing as the banks do find things confusing!

Cant see why you cannot put all 3 together i would calculated the 3 then list the 3 in your letter then have a grand total underneath.

Yes set your self half a day to do it and have a six pack beside you;)

Regards

PF

Thanks PF

Before i do all the figure and waste (potentially) my time . is it possible to claim back to 2001 as i have planned?

Also I'm in need of some sort of script as to why i'm claiming their service charge.

is it possible to claim back to 2001 as i have planned?

Also I'm in need of some sort of script as to why i'm claiming their service charge.

PF

Was this an upfront service charge in one lump ?

no its a 2.2% charge on each monthly bill. But as far as i can see it doesn't seem to be on the later bills.

Oh and yes the SAR gave me all paperwork back to 2001

Good evening all!

Well i've been sat here for the last 2 hours doing my calcs on this, helped down by 2 bottles of fine ale.

Some of the figures thrown up when interest is added are astounding.

PF if you get a chance can you just double check that i'm getting the figures right?

I'll give you a demo of one i've just done.

Using the compound calculator

£20

39.9%apr

12 monthly rests on a 360 day year

date of amount 4th may 2006

total £77.05!!

then using the simple interest calculator for the same date at 8%

gives a final figure of £97.94!!!!

Its quite amazing really and i hope that i'm doing this right?

Hiya LDG,

I've just check that figure and yes its bang on so yes you are doing it right

Enjoy and did say it will be worthwhile

PF

Thanks PF.

I think i shall call it a day for now. I'm starting to go numb from sitting here so long .

I did work out however that the service charges were in fact just the account interest.

I guess thats what they used to call it a few years ago.

Hope all is well with you. Another glorious day of sunshine today!

Right i finished my calculations today!

I'm ready to send the ppi letter can anyone send me the link to a good claim template?

I'm also looking for a card charges reclaim template too

Here is the letter i just drafted. opinions would be great thanks

having probs . it'll be up in a moment

An never mind lol.

I tried to copy and paste from word 2007 but instead it included allsorts of code which made it unreadable.

I'll send it off and hope for the best :-|

Hi all.

I've not been on for a few weeks due to other problems.

I have now waited 21 days since putting in my claim for this.

Should Creation have sent some sort of response by now?

Usually (on my other claims) i have had some sort of notification to say they are investigating my claim.

I'm also in the same situation with my Barclaycard claim.

I know it normally is 8 weeks for the claim to be settled but do they have a standard response to new claims?

This will be useful to you if you still get no response.

Here is my LETTER BEFORE ACTION just edit it to suit your needs you will have to read it and remove anything that dont apply in your case.

LETTER BEFORE ACTION

Dear Lisa

I am in receipt of your letter dated 27th October 2008in which you respond by giving me a partial refund on my PPI.

I am shocked and disappointed in your continued assertions that you have conducted yourselves in a manner that is appropriate for an extremely large and well respected financial institution. I continue to assert that this has not been my experience. You have failed in your duty by selling me a product that did not suit my individual circumstances, you have failed in your duty to provide me with sufficient and appropriate information to allow me to make an informed choice when purchasing the compulsory PPI, and you have sold me a product that I assert is useless to me as pre-existing medical conditions were not ascertained by your salesperson which therefore rendered the policy useless to me as I would have been unable to make a claim on it.

PPI is not a compulsory product when taking out a loan, and adding PPI to my loan account in this way is a clear breach of both FSA regulations and guidelines and the Banking Code of Practice provided to the financial services industry. As a respected financial organisation, you will have been quite aware of these regulations and this makes your organisation's action even more serious. It is extremely poor business practice to say the least.

In taking out a loan with the Cooperative Bank, I reserved the right as your customer to receive appropriate information to enable me to take out a compulsory insurance product that suited my demands and needs. The Cooperative Bank had an obligation to me the borrower, to provide sufficient and appropriate information to enable me to make an informed decision as to the suitability of both the loan and the PPI to meet my needs and financial circumstances. I should also have been made aware of alternative options available or comparative costs of similar PPI products from other suppliers, which information as a well known financial institution, you would most certainly have had access to.

The Financial Services Authority (FSA) provides guidelines which your organisation should adhere to while making both Advised and Non-Advised sales. Where a Non-Advised sale takes place, as in my own case "The customer must, however, still receive sufficient information on the product to enable them to make an informed decision as to whether it meets their own demands and needs." (FSA) These regulations apply to the lender whether the sale is made face-to-face, over the telephone as in my case, or via a lender's website.

At no point did I receive any such information, either by letter, document or telephone call which followed the above guideline. The documents that you have provided copies of do not contain any of the information that I have outlined above and cannot, therefore, be deemed as meeting the standard of care which you should have provided.

I assert that I have been deprived of the right to choose PPI when taking out the loans, and that you have taken advantage of my lack of knowledge I had at the time.

I reposed absolute trust in your ability as a respected financial institution to provide a reasonable level of care and skill in ensuring that my best interests were met when taking out a financial product with your organisation. This has not been the case and I am extremely shocked and disappointed.

I would further suggest that the Principles of Business which are legally binding on the Cooperative Bank under the Financial Services and Markets Act 2000 and which are contained in the FSA Handbook have not been followed. Therefore you are in breach of regulations.

I would remind you that the FSA takes the Mis-Selling of PPI extremely seriously and you will be aware that recent investigations by both the FSA and the Competition Commission have found that lenders continue to engage in "poor sales practices" and that "customers were not informed orally of both the monthly and total cost of their PPI". (FSA report, 30 September 2008.)

As you have also failed to respond to my letter dated 3rd of November 2008 in which I gave you 14 days to respond and correct the partial refund you offered I have no choice but to send you this Letter before action as you are still obstructing my complaint.

I request the return of all moneys paid to you for the above policies including contractual interest and costs within 14 days of receipt of this letter by you. If you do not comply with my request, I will have no option but to escalate my claim to the fos and/or the courts. I should remind you that the FOS take the issue of Mis-Selling of PPI extremely seriously and in many cases, have imposed large fines on financial institutions that are in breach of regulations.

Yours sincerely

PF