M&S Chargecard/credit card PLEASE HELP *** SUCCESS ***

[candyapple1]

Congratulations!!!!!!!! Any idea on amount? Has that taken two years with FOS, or two years in total?

[emmtay]

Hi, thank you! Not going to say the amount yet, as im a little unsure as to if I get both types of interest, and if I will get some compensation too, but its been with the FOS since March 2010! and it was more than a year of messing about with M&S before that! When I know the figure I will put it on here, as hopefully it will spur others on!

[FlySi]

Fab news emmtay. I'm just starting out in my dealings with M&S over a chargecard dating back to 1986. I'm looking for as much information/help/guidance/hope as possible so this is a bonus.

[debbbbsy]

Hi,

 

sorry I never updated you on my dispute with GE money for a storecard converted to a credit card.

 

Howard Cohen/GE Money discontinue claim

 

 

Since this, the account was passed back to Santander (who bought GE ). To begin with they asked for the money, I repeatedly challenged the legality of the conversion and refused to accept the Storecard Application as an enforceable agreement for the credit card. They accepted this, and stopped asking for the money.

[emmtay]

Hi FlySi, if I can help I will, just ask! I'm not sure how far you have got, but if I was doing it again, I would push M&S for their FINAL response, and get it in with FOS asap as you will have a long wait! if you want to PM me re any details thats fine, however im a florist so between now and 14th i might not reply quickly!

Emmtay

[emmtay]

Hi debbbbsy

Im nearly at the same stage with Santander as the M&S claim, about a month behind, just waiting for adjudicator, but pretty sure they will uphold it as they have with M&S one, but as with M&S, its through their insurers, Financial Insurance, im claiming.

Glad yours is sorted out now

Emmtay

[emmtay]

Hi, can someone please merge this with my other post- M&S Chargecard/creditcard PLEASEHELP?

Thanks

Emmtay

[FlySi]

Hi Emmtay. I'm still getting started on the details of the claim. I submitted a SAR in December and received a response that was less than fulsome. It did include a photocopy of the original application and the reverse of it. However, they'd conveniently photocopied this landscape on a portrait setting so the T&Cs weren't all there. The list of transactions were piecemeal at best but I did discover that the account is still active and that the PPI eligibility ended about 5 years ago when I turned 65. The account is even in credit (if only to the meagre sum of 3p) I've sent a letter in reply detailing how they've failed in their duties and am awaiting their response. Don't worry about me getting in touch anytime before the 14th - I think that's the deadline for M&S to reply to the latest letter. I might PM you with the details of it all between then and now for you to 'brush up' on.

[emmtay]

Hi FlySi

Yes, typical M&S procedure! like i said, push them for final response, be totally transparent and tell them you want their final response so you can take it to FOS! Like i said, I will answer what i can, hope I can help you, and feel free to PM me anytime

[emmtay]

DJ or Pompeyfaith are you about?

Urgently need your help with re-doing my spreadsheet so its up to date to fire back and M&S and the jokers have sent me a ridiculous offer! Please can one of you help? I was going to use the egalegal compound interest calculator and the blake lapthorn simple interest calculator like i've used over the years, but then I've seen the FOS spreadsheet in the stickies and that looks confusing! One problem I have is from feb 1994 until june 2003 the figures are estimated. They have come up with an average PPI monthly premium of £6.45 for this [eriod, which I am happy to go with, and they have used an average outstanding balance on the card as £859.12 for same period.

In their words "Because there is no evidence of the PPI premiums you were charged between 1994 and 2003, we have estimated the PPI premiums in your favour but we have not freunded any interest."

I know that in November 2003 the interest rate increased to 14.9%, so I am going to suggest we use that figure, up until when it increased in November 2004 to 15.9%.

Hope you can help?

Cheers

Emmtay

[citizenB]

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

 

You will find the spreadsheets for PPI claims on credit cards in the link above. I think it is the 3rd one of those shown.

[emmtay]

Hi citizenB

Thanks for replying. Yes I have been looking at the 4 sheets, you mean the FOSrunning one I presume, and its a bit confusing as from 1994 to 2003 i don't have statements, so the only columns I can fill in are the date, Card Balance and PPI premium, and these are going off their estimated figures. Also, What does the column 'Compound Interest on PPI Balance' mean? I thought FOS didn't give CI? See, I am totally confused!

Really need some help please?

Emmtay

[ims21]

Hi

 

If you haven't got ALL of the statements then you will not be able to use the sheet called "fosRunning"

 

For a credit card a regulatory award will consist of the premiums paid plus the contractual interest on them (the compound interest). If the removal of the PPI from the account causes it to go into a credit balance for any period then 8% simple is awarded on that credit balance for that period.

 

In the absence of statements the best estimate you are going to get is by using this sheet

 

FosCISheet v101.xls

 

ims

[emmtay]

Hi ims

Yes, I've looked at that one and wondered if that was the better one. But then that sheet doesn't work out the 8% does it? Do I do 2 seperate sheets? No, there was never any chance of the account having a credit balance!

Cheers

Emmtay

[ims21]

Is the account still live or is it closed?

[emmtay]

Its closed.

[ims21]

So the closest you are going to get to an award under the regulatory route is to use the spreadsheet linked in post #34. Us e the interest rate they were charging on the account and enter the "claim to date" as being the date the account was closed.

 

You would get 8% simple interest on the figure shown in that spreadsheet running from the date of account closure to the date of settlement. This is an 8% interest spreadsheet which you can use for that part of the calculation

 

StatIntSheet v101.xls

 

ims

[emmtay]

Ok, so i use the FOS CI sheet for the first part, then the total amount, (so just one figure?) i put 8% on from june 2006(when I cancelled the PPI) using the date Jan 2011 when I paid the card off? If I don't get your reply tonight will check in a few hours as normally up several times a night! Off to bed in a few mins though, and thanks for everything

[Bang!]

Out of curiosity - when your card was "upgraded" was it from a store card to a credit card?

 

There has recently been some new case law that said if a CCA was not signed prior to accepting the new card then debt upon it was not enforceable.

 

So when your account was closed - was there an outstanding balance that still remains?

 

http://www.consumeractiongroup.co.uk/forum/content.php?867-Has-your-store-card-been-automatically-upgraded-Hot-News-for-you!!!

[emmtay]

Yes it was the store card transferred automatically by them to a c/c.

There was about 9.5k balance on the card for the last few years of its life, but I paid it off last year.

[ims21]

Ok, so i use the FOS CI sheet for the first part, then the total amount, (so just one figure?) i put 8% on from june 2006(when I cancelled the PPI) using the date Jan 2011 when I paid the card off? If I don't get your reply tonight will check in a few hours as normally up several times a night! Off to bed in a few mins though, and thanks for everything

 

Use the CI sheet with the "claim to date" right up to when you closed the account.

 

Transfer the claim figure from that sheet into the 8% sheet as one entry giving the date of Jan 2011 (the date you paid off the account). The claim to date in that spreadsheet is now.

 

You won't be exact on this but it will give you an idea of what to expect.

 

ims

[emmtay]

ok thanks, will do and let you know how i get on,

cheers

emmtay

[emmtay]

Hi ims

Can you take a look at nortie's thread PPI Compound Interest Spreadsheet - Monthly Card payments?

I'm panicking now that I maybe should stick to my guns and try for CI too?

What's your take on the thread?

Cheers

Emmtay

[ims21]

I have replied to you on that thread.

 

A regulatory award for PPI will not give you pure compound interest...it will give you the interest charged to the account on the PPI premiums.

 

A court can award pure compound interest

[emmtay]

Hi

Wondering if I should tell them I will take them to court if they don't pay what I've worked it out to be:???:

I was supposed to get a phone call back from Customer Relations guy yesterday, so willl chase him again today...and post later, thanks again for your help ims