Hi all,

Santander have made an offer based only on the PPI amount and associated interest and no interest because...

'On a rolling line of credit account 8% out of pocket interest is only applied if the loan would have had a credit balance had the PPI not been included. ... This is in line with the requirements of the FOS and FCA'

I believe this to be complete nonsense: I take a restitution approach with unjust enrichment. Had I had the PPI amount then I could have invested it and gained at least 8% interest.

Has anyone challenged this and been succesful?

Do you agree with me?

How do you challenge their full and final offer?

A letter first stating the argument I assume then ... FOS seem to be under pressure and likely take a while??? or... direct to county court?

I have exactly the same argument presented to me for no interest offered on my Credit Card PPI....

Any advice would be helpful...

thanks

Nope they are correct

You cant have both!

Either they refund the ppi at their int rate if the account was in negative balance or if it goes into credit only then are you entitled to stat 8% as you could have invested it.

dx100uk... I'm sorry I simply do not understand this...

consider just the credit card:

this is always negative, and I paid interest and probably the min amount.

So ignoring ppi I always paid their interest rate and an amount.

They then charged me PPI which was unlawful - so i paid this as well.

had i not had to pay ppi i would have invested that money.

All they offer is the ppi and associated interest which is a third of my 8% calculation.

surely i should say forget associated interest … i want my 8%???

its worse for the personal loan

- they are simply offering me all my ppi and NOTHING else...

not their own int rate

… simply nothing..

.. this cannot be right surely????

thanks

not sure what you are not understanding

on a loan the ppi is front loaded so they charge int on it at the start

but your figure [remember the PPI%] already incs their int cause it was front loaded, so you thus get ppi + 8% stat int.

on a card, you cant have BOTH statint AND their int rate.

it one or the other depending if the card was in debit or in credit.

eitherway you ARE getting the int back on it.

saying well I should get 8% stat and their rate because I could have invested it to is 8%+29%= unjust enrichment to you.

i'm not explaining this very well...

there is no frontloading on either loan or card

every month a different ppi payment amount was charged and paid

the ppi amount charged was based on the balance owed and while this balance incurred their interest which was paid or added to the balance this i assume is their associated interest offered on the card

so all my spreadsheet - well yours actually does … is add the individual ppi payments charged and separately the 8% stat in

for the loan all they offer is the total ppi payments charged

for the credit card same but they offer associated interest as well which is about a third of the stat in i expected.

so i am not asking for anything else except the individual ppi charges i paid and the stat int and that is what i refer to as restitution for unjust enrichment.

comments please would be really welcome.

was this one of their infamous flexi loans then?

dx100uk.... exactly that.... is there anything special with that??

also now that i explained why i want to use the stat int spreadsheet … can you see why i should accept their offer???

thanks

i thought i replied to you....

yes it is... is there anything un usual about them ???

more importantly... i have used your stat int spreadsheets to determine the redress …. isn't that what i should be looking to receive???

thanks

yes they hiked the interest rates unlawfull and that's why you cant make head nor tail of it.

the bottom line is what i'm saying and what the FOS are saying

you can only get stat 8% if the account thus went into credit for that month after recalc without PPI.

the rest of the time its CI using their int rate for that time [or an avg]

on restitution claims

the only way you would get section 69 int at the 8% rate is if you raised a court claim and won

use our search CAG box of the top red toolbar

cahoot flexi loan PPI

dx100uk

thanks for that..

. i dont really understand this flexi loan

.... i applied for a credit card and got offered this loan automatically...

clever bit of misspelling..

. i thought at the time it was a clever way to pay he monthly payment on the credit card...

how do i determine their interest rate and can i claim that over ten years to date as well as the individual ppi?

also … the credit card ppi should be claimed using 8% interest shouldn't it??

thanks

no you cannot reclaim interest

you can only reclaim the interest charged[compounded] on the PPI sums from when you made each payment at roughly the correct rate.

as its a credit card you use the FOSCISHEET.

do you know the date interest stopped, or when the card was closed or WHY or is it still active? as that will be your claim to date.

all the info about cahoot flexi loans are in that link i sent

just read threads

no you cannot reclaim interest

you can only reclaim the interest charged[compounded] on the PPI sums from when you made each payment at roughly the correct rate.

as its a credit card you use the FOSCISHEET.

 

do you know the date interest stopped, or when the card was closed or WHY or is it still active? as that will be your claim to date.

I thought my to date would hve been today.

.. that would make ci three times ppi….

I can see them trying to limit it but seems unfair since IF I had all the ppi paid it would be earning interest through to now.

.. is this a FOS guideline setting the too date??

to answer your question …

started feb 2004 and then i stopped paying july 2005

interested in your views

when did the card close?

dx …. ah.... you are so good at your explanations,,,,

just spotted this https://www.consumeractiongroup.co.uk/forum/showthread.php?485918-sah1213-vs-capital-one-credit-card-charges-claim

is that what i can do ???

get the total amount then use the total amount of both ppi and their int the day after until today for 8 % stat int???

well I was coming to that but as you didn't seem to understand things I only wanted you to understand things one step at a time.

so when did interest at their rate cease?

Dx … see attachments... part1 shows the dates and amounts...

I am thinking... can I do the same for the flexi loan?

and if it looks ok to you i was wondering if it was best to reply to Santander with a polite challenge.

... something like

… i disagree with your assessment of the remedy due...

. see attached spreadsheets which shows my calculations of remedy due....

should you disagree with me please indicate where in the FOS guidelines you rely on for your differen calculations...

part1.xls

part2.xls

Flexi loan IS running credit treat the same as the card

re the XLS upload

the card/loan APR int rate cant be 8.3%?

more like 28.3%

what was it as an avg across the flexi loan period

sorry for delay...

had to go to eye specialist and been blinded in eyes unable to read since...

apologies for typos.

.. and my wifi then went awol…

it never rains....

you are quite correct re apr….

i used the apr on the agreement but reality is different...

over next few days i will check each int charged calculate apr from the monthly charge then average that out..

. and use that in the second spreadsheet???

i will do the part 1 part2 for the flexible credit too and repost here

… if you could just cast your eye over them would really appreciate it...

thanks

dx100uk ….

can i please do a sanity check first...

. im assuming how to perform the calculation to determine the apr charged is

take the charge value divide by balance multiply by 100

… then use one of the internet tools to enter this int rate to calculate apr …

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

but the calculations i have made look on the low side .. see here …

billed finance charges balance int % apr

1.48 589.25 0.25 3.04

8.53 1184.57 0.72 8.99

9.99 1369.5 0.73 9.12

what do you think??

No should be on the statements

Read those threads in Post 9

dx100uk

there is no interest rate shown on the statements... only the interest amount charged as per my previous post...

i also cannot find anyone of the six threads here specifically prpvide the apr on their statements... across the two years i would estimate the apr to be about 9 but not much higher … and on my copy agreement they refer to 8.3....

Hi

In 2004 I challenged nationwide about the validity of my credit card agreement

I had always insisted and rebuffed various collectors..

I waited and waited but they never took me to court to challenge me

So I guess by 2010 the alleged debt became stat limited

Surely they cannot lay claim to missold PPI I paid them when they never proved the debt?

if its still owned by the OC then as explained before in E&W unlike Scotland, the debt is not extinguished and still exists.

and even if they've sold it on

there is nothing in any laws/rules to say they cant buy it back and offset.

Even if the debt is not acknowledged and likely to have been ofset by tax?

I guess I should stop being greedy...

Thanks dx100uk...