Payment Break Plan Mis sold?

Shelley181146 · January 31, 2015

A relative had a Monument card many years ago which had PBP attached.

Not sure if they asked for it or not but they have made 1 or 2 claims on it due to ill health.

However, if was never explained that they could have sort alternatove products or that the balance never reduced, it was just a 'payment break' during your claim period.

The card facility was removed many years ago but the debt is still increasing each month from the PBP premiums being added to it but no interest is being charged.

They have received a letter from Monument approaching them to contact them if they feel that they were mis sold the plan.

I have claimed on other bank cards but that was 'ordinary' PPI.

Does anyone have any idea whether it is possible to claim 'mis-selling' when they have made claims against the policy? If so, how would they go about it?

Shelley181146 · February 14, 2015

Anyone help please?

**dx100uk** · February 14, 2015

it is PPI - numerous successful claims here and in the PPI forum.

you simply deduct the total of the claims off your calculated total

dx

Shelley181146 · February 17, 2015

Then I can't iamgine there will be any refund can there? I will have to re-visit the spreadsheet

**dx100uk** · February 17, 2015

CISHEET at their int rate mind!

when you input the monies all ready coughed

enter as a minus figure and blank the resultant int calc it gives

Shelley181146 · February 17, 2015

Thanks dx. That'll be a job for the weekend

Shelley181146 · April 19, 2015

UPDATE:

I wasn't able to get around to complete the spreadsheet and do my own calculations

but we received a letter from Monument themselves saying if we wanted to claim to fill in the application online which we did.

Then about 10 days ago I received a call from their debt collection department (at Monument not T.P)

asking for an up to date payment as the account was in arrears.

I had great pleasure in telling this idiot that the PPI claim was in process

and that they were not legally entitled to claim anything from me whilst the account was in dispute

- oh and the fact that my husband had just died........ I hung up the phone and

the very next day I received a letter from Monument asking me for the same amount. Naturally, I will be taking this up with FCA.

I have just rceived their calculations to the settlement figure and I dont have access to my scanner at the moment

so it's difficult to show you how they have calculated it,

there is a small refund to come in next 28 days after they have cleared the balance on the account.

Should I be pleased or dubious at their calculation methods because they have used 'today's interest rate' of 22.48%?

The account goes back to Sept 2001 through to Jan 2015 and

PPI payments total £605.98 plus compound interest from the date of fee at 22.48% = £348.47

plus stat int 8% = £516.71 less 20% Income Tax

Not sure how 8% stat int amounts to more than the compound int from fee at 22.48% - any idea's or am I losing the plot?

I know they'd deduct income tax but I will be onto the HMRC to clarify that has been paid over

because I think that also should be refunded due to personal allowances etc.

Any thoughts please?

**dx100uk** · April 19, 2015

prob because the account once PBP is removed

spends more time in credit than in debit.

dx

Shelley181146 · April 19, 2015

Well, I have just spent the last few hours using the dates and amounts they have stated in their calculations inputting them into our spreadsheet and the figures are significantly different. So, as the card was almost always max'd out I don't believe they have calculated this in the format they have stated.

The stat int 8%, should this be on the total amount for example £1367.83 x 8% = £109.42 or is it calculated like the PBP, from the date of the fee?

Shelley

**dx100uk** · April 19, 2015

the only real way to digest things if to use the fosrunning

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

p's statint its calculated from the date of each charge

Shelley181146 · April 20, 2015

Thank you dx.

Shelley181146 · May 16, 2015

OK, just to recap.......

Monument have paid a refund on a PBP dating back to 2001. There calcs are as follows:

PBP Charges = £605.98

Compound Int = £348.47

8% Stat Int - £516.71

Less 20% Income Tax = £103.34

Total adjustment to the account: £1367.82

So, I have put the figures into various spreadsheets to see how it will impact on the outcome.

As I do not have the statements I am unable to complete the fosrunning spreadsheet. However, on completing the CISheet (using compound interest 22.48%) I get a balance of £2254.70 + £605.98

When I complete the Interest Calcs sheet (using compound interest 22.48%) it gives me a balance of £2464.53 + £605.98 so were not too far adrift.

What I don't understand is how the 8% interest on Monuments calculations totals £516.71 if they have calculated a compound interest rate of 22.48%

If I take this to FOS i'm not sure what the outcome will be but, in accordance with FCA rules Monument should of taken into consideration the 'Over limit charges caused by addition of misold PPI'. This should have been refunded as further redress as per FCA Handbook clause 3.9.2G

Can anyone show any light on this matter so that I can contest it sooner rather than later please? Appreciate any assistance and thank you in advance.

Shelley

**dx100uk** · May 16, 2015

well you either need to sar to get the statements

or/and

ask for the calculations breakdown that they use [their spreadsheet]

dx

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