Argos Card.....ppi

[Hotdog77]

Hi There,

I recently asked Argos to return all payments made for ppi paid on my Argos card, of which I received the 1st letter from them acknowledging receipt of my letter and that they should investigate and cancel the ppi.

So I received the 2nd letter back last week, of which they say that they will ‘As a good will gesture’ return back to me ppi paid for the last 12 months £177.

Now I’ve had this card since October 2006, the total payment for ppi to date is about £700.00 and I don’t eel I should settle for part. Why would they offer part payment?

Can I get some help in sending them a reply.

X

[alanalana]

Hi There,

 

I recently asked Argos to return all payments made for ppi paid on my

Argos card, of which I received the 1st letter from them acknowledging receipt of my letter and that they should investigate and cancel the ppi.

 

So I received the 2nd letter back last week, of which they say that they will ‘As a good will gesture’ return back to me ppi paid for the last 12 months £177.

 

Now I’ve had this card since October 2006, the total payment for ppi to date is about £700.00 and I don’t eel I should settle for part. Why would they offer part payment?

 

Can I get some help in sending them a reply.

X

Hotdog it is exactly the same advice as with your hsbc thread.

 

Do not accept the goodwill offer you are entitled to it all if it was mis-sold.

 

Some information to get you in the know. I am assuming you have not sent a Subject Access Request.

 

Please have a read through the following.

 

Full SAR for ppi

 

Data Protection Act 1998 - Subject Access Request

 

You should specifically request the following documents:

 

A true copy of your Consumer Credit Agreement with the Terms and Conditions that were applicable at the time you took the credit card.

 

Copies of all statements applicable to the credit card.

 

Copies of all correspondence that apply to you as a data subject ie letters, emails, faxes etc.

 

Copies of all recorded telephone calls or transcripts of the recordings.

 

A copy of the needs and wants/ customer duty of care questionnaire... here is an example.

http://wwwa.mbna.co.uk/insurance/files/CP0608_INSU_MB_LP_S.pdf

 

Copies of any notes made by any staff in their dealings with you.

 

Also have a look in these links for further help.

 

PPI - Some Notes for Claimants..

 

links within this one are loads more links here are a couple that may help..

 

For claims before 2005 and the FSA ruling from which campaign

How to tell if you’ve been mis-sold PPI

 

Quick check: were you mis-sold? - How to tell if you’ve been mis-sold PPI

 

THIS LINK IS IMPORTANT TO YOU ON RECLAIMING IT IS FROM 2001 FROM THE FOS

loan payment protection insurance and a quote from this link...

Quote:

When determining whether a policy is suitable, a seller – whether a lender or an agent for the insurer – must obviously take into consideration any information the prospective policyholder volunteers. However, we do not consider the seller’s duty is limited simply to recording what the borrower discloses. It is only by asking questions that the seller can properly determine suitability. These questions cannot cover every aspect of a borrower’s personal position and should not be expected to do so. To paraphrase the ABI Statement, only those matters deemed to be relevant by the insurer should be the subject of questions.

The Subject Access Request will cost £10.00 but it should get you all the data on the credit card.

 

Have a look around for cheaper PPI you can google moneysavingexpert and you should find cheaper PPI insurance on the insurance tab at the top of the site.

 

Once you are happy you are covered cancel the expensive HSBC PPI. They should cancel the PPI and reduce the amount owing on your credit card accordingly.

 

I hope this helps.

 

aa

 

 

PS This is a letter I used when claiming mis-sold PPI please use it just edit to your own particular case.

 

I am now convinced that I was mis-sold these PPI policies for the following 7 reasons:

 

1. Responsibilities When Underwriting a Policy of Insurance: On each occasion, when the details of a loan were discussed Your sales advisors failed to check my personal circumstances at the time of the sale, which they are under obligation to do when underwriting a Policy of Insurance. If they had done so, they would have realised that the PPI policies were useless to me. At no time was any attempt made to ascertain if the product provided was fit for purpose, suitable for my needs or if indeed it was required at all.

 

2. Alternative Insurance Cover: Your sales advisors in each case failed to ask me if I had any alternative arrangements for insurance cover. My employer has a generous illness package which would cover a period of sickness as follows: 6 months full pay followed by 6 months half pay. I would also be entitled to a generous redundancy package and a substantial payment would be made in the event of my death in service (more than suffice to clear the balance of the loan).

 

 

3.Failure to Supply Important Information with Regard to Significant Policy Exclusions: I was most definitely not informed that the PPI policies could contain certain exclusions which could affect me and my ability to claim on the policies if I should need to. Additionally I was never told that Pre Existing Medical Conditions could invalidate my policy and I was never asked if I had any Pre Existing Medical Conditions. Indeed your Loan Customer Duty of Care Checklist and the Loanguard Certificate of Insurance to which the Customer Duty of Care Checklist refers (forwarded under cover of Reference N) contain no reference to any Pre Existing Medical Conditions or includes any questions to me on the subject. I am in fact in receipt of a 40% War Disablement Pension from Her Majesty’s Government (HMG) since 1991. One element of this pension includes back injury which I now know is an exclusion in your PPI Policies. I also believe that I would also be excluded on at least one other existing condition.

 

4. Widespread PPI Mis-Selling: I cancelled the PPI policy on xxxAccountNo xxx on 7 Jan 2007 after becoming aware of the widespread mis-selling of PPI by some financial institutions, following recent media coverage and recent OFT and FSA investigations regarding the mis-selling of PPI. I believe this is borne out by Point 3 above. I am also aware that the question of PPI cover is the subject of an ongoing inquiry by the Competition Commissioner.

 

5. Wholly Inappropriate PPI Selling Bonuses: I understand that some employees are paid higher bonuses if they get prospective creditors to take out PPI with loans. How can the best interests of the customer possibly be met, if there is a clear conflict of interest between your responsibilities to me, and the drive of your employees to sell Payment Protection Insurance whether it is suitable or not in order to receive bonuses?

 

6. PPI Loan Interest payments miscalculated: Since I cancelled the policy, I have actually received a smaller reduction in the PPI loan interest payments than the figure stated on the agreement. The explanatory letter sent to me has, I believe, confirmed that I have paid for single premium PPI policies on each loan taken with your establishment.

 

7. True Nature of Single Premium PPI Not Explained: No explanation was forthcoming from any advisor on any occasion on the full extent of single premium PPI policies or the fact that they would offer little or no refund if the loan was settled early or if the insurance was cancelled. The statements you have forwarded on accounts xxx and xxx, show no element of any refund of PPI or PPI interest when the accounts were settled on refinancing. There was also no explanation that the cost of the PPI premium would be added to the total cost of credit and interest added for the full term of the agreement. I believe this practice is unlawful.

 

I now believe that the single premium PPI policies attached to the loan accounts were both extremely unfair and totally unreasonable and offered me very little, if any protection value whatsoever. I am therefore requesting a full refund of all costs including all single PPI premiums that have been paid, the interest added to these premiums and the payments, that I have paid to date.

 

aa

[Hotdog77]

Thanks AA,

 

I send a request for full sars back in Feb and got all the info and statements.

 

Sorry! There's so much info on this site, I'm not sure where to go from here. What Argos did say is that my acccount has benefitted from having ppi!!! Not sure how theys worked that out, because if anythign it made my bills always higher and i've never claimed on it.

X

[Hotdog77]

And the ppi was put on about 3 months after signing up to it. pu nothing is on paper. they only have a signed agreement from me, and at that time i declined the ppi.

[alanalana]

Thanks AA,

 

I send a request for full sars back in Feb and got all the info and statements.

(does this include the CCA?)

 

Sorry! There's so much info on this site, I'm not sure where to go from here. What Argos did say is that my acccount has benefitted from having ppi!!! Not sure how theys worked that out, because if anythign it made my bills always higher and i've never claimed on it. If you have never claimed and you have a valid reason for mis-selling then you must surely reclaim

X

And the ppi was put on about 3 months after signing up to it. pu nothing is on paper. they only have a signed agreement from me, and at that time i declined the ppi.

 

 

Ok you must read through my post at post 2 and act on that advice. You need to send a Subject Access Request with the Statutory fee of £10.00 get all the data and take it from there it will take a while. Keep all correspondence on the issue in writing and keep copies of everything (phone calls carry a degree of "plausible deniablity" ( A quote from the film the film "Independence Day"

 

If it is in writing and signed then it cannot be denied.

 

time to get busy

 

aa

[Hotdog77]

Hi AA,

 

I see you have given some good info on this site.

 

Just to let you know that i sent a S.A.R with 10.00, and have all the info in a folder inc signed CCA.

 

Ppi calculated to date is 775.00. Obviously i do not accept thier good will gesture and wish to send a letter explaining that and go over old ground that i was mis-sold the ppi premium

[alanalana]

Hi AA,

 

I see you have given some good info on this site.

 

Just to let you know that i sent a S.A.R with 10.00, and have all the info in a folder inc signed CCA.

 

Ppi calculated to date is 775.00. Obviously i do not accept thier good will gesture and wish to send a letter explaining that and go over old ground that i was mis-sold the ppi premium

I would write back thanking them for the goodwill gesture but go on to say their offer is formally refused and you now intend to lodge a complaint with the Financial Ombudsman Service unless they make a full offer of all PPI paid during the life of your account.

 

You may wish to point out that you understand the complaint will not be resolved quickly but you are prepared to wait for an official adjudication on the matter of Mis-sold PPI.

 

(The fact you have been made a goodwill gesture without any liability being admitted will go well with the FOS as they will more than likely see the offer as a probable admission of mis-selling. No one would offer a goodwill gesture if they were on solid ground to prove they did not mis-sell the product) ;-)

 

If you cobble a letter together then post it up I will give it a once over for you.

 

aa

Edited June 18, 2009 by alanalana
spelling

[Hotdog77]

Hi AA,

 

Ok, So I kinda tweaked what you wrote and added a little extra. Let me know what you think.

 

Dear Sir or Madam

Loan Account no: xxxxxxxx

 

I thank you for the goodwill gesture but unfortunately this offer is formally refused and I intend to lodge a complaint with the Financial Ombudsman Service unless you make a full offer of all PPI paid together with interest equal to your APR at the time under the accepted principle of mutuality and reciproci during the life of my Argos account.

 

 

 

I understand that the complaint will not be resolved quickly but I are prepared to wait for an official adjudication on the matter of Mis-sold PPI.

 

The fact you have been made a goodwill gesture without any liability being admitted will go well with the FOS as they will more than likely see the offer as a probable admission of mis-selling. No one would offer a goodwill gesture if they were on solid ground to prove they did not mis-sell the produce

 

I hope that you will enter into a sincere dialogue with me about this matter and I am writing this letter to you on the assumption that you will prefer to do this than merely respond with standard letters and leaflets. I will give you 14 days to reply to me accepting, unconditionally, my request in principle and letting me know a date by which I will receive this payment from you, I would require written confirmation that any refund paid to me would be by personal cheque in my name only, and that the appropriate refund should not under any circumstances be deducted from any balance remaining on the card

 

I believe that this time frame is sufficient for a large company such as yours with its dedicated staff and departments.

 

Yours faithfully

[alanalana]

Dear Sir/Madam

Loan Account no: xxxxxxxx

 

I thank you for the goodwill gesture but unfortunately this offer is formally refused and I intend to lodge a complaint with the Financial Ombudsman Service unless you are prepared to make a full offer of all PPI paid together with interest equal to your APR applied to the card at the time under the accepted principle of mutuality and reciprocity during the life of my Argos account.

 

I understand that the complaint will not be resolved quickly but I am prepared to wait for an official adjudication on the matter of Mis-sold PPI, by the Financial Ombudsman Service.

 

The fact you have been made a goodwill gesture without any liability being admitted will I am sure be well received by the FOS and they may well see your offer as an admission of mis-selling. No one would offer a goodwill gesture if they were absolutely certain they did not mis-sell the product.

 

I hope that you will enter into a sincere dialogue with me about this matter and I am writing this letter to you on the assumption that you will prefer to do this than merely respond with standard letters and leaflets. I will give you 14 days to reply to me accepting, unconditionally, my request in principle and letting me know a date by which I will receive this payment from you, I would require written confirmation that any refund paid to me would be by personal cheque in my name only, and that the appropriate refund should not under any circumstances be deducted from any balance remaining on the card

 

I believe that this time frame is sufficient for a large company such as yours with its dedicated staff and departments.

 

Yours faithfully

 

I have tweaked the letter but double check you are happy with it before posting.

 

aa

[Hotdog77]

Hiya,

 

Long time!!! And still very busy at work

 

got a phone call from Argos 2 weeks ago, from teh person who wrote me the letter about the goodwill gesture to confirm that she'd received my letter. basically Argos will have to put the money back onto my account as this sithier proceedure and also that they cannot not write out any cheques.

 

I told her to put our conversation in writing and i;ll revert back to her. I also told her that the be very frank i think they are taking the p*** considering that the money was unlawfully taken from me.

 

A couple of days later, got a letter from her to confirm that they will refund the total amount of ppi applied to the account, and awiait my acceptance.

 

i've not replied back as yet as i wanted to check the workings out?

 

ppi paid = £528 + 8% interest = £42 total =£570.....is this correct?

[alanalana]

Hiya,

 

Long time!!! And still very busy at work

 

got a phone call from Argos 2 weeks ago, from teh person who wrote me the letter about the goodwill gesture to confirm that she'd received my letter. basically Argos will have to put the money back onto my account as this sithier proceedure and also that they cannot not write out any cheques.

 

I told her to put our conversation in writing and i;ll revert back to her. I also told her that the be very frank i think they are taking the p*** considering that the money was unlawfully taken from me.

 

A couple of days later, got a letter from her to confirm that they will refund the total amount of ppi applied to the account, and awiait my acceptance.

 

i've not replied back as yet as i wanted to check the workings out?

 

ppi paid = £528 + 8% interest = £42 total =£570.....is this correct?

 

I cannot confirm this as I have not seen the original Consumer Credit Agreement which should show the APR you were being charged on the PPI.

 

You should get back the PPI premiums paid over however many months plus their contractual interest applied to the premiums and 8% statutory which is what a court or the FOS would require.

 

Do you have the monthly figure of the PPI being recovered ? and if so did it include the interest ?

 

aa

[Hotdog77]

Hi Aa,

 

I May Have Not Understood What Who Are Asking For But Ppi Was Different Every Month, But The Total Paid To Date Is 542.00 + 27.9% Interest + 8% = 729.34

 

Currant Apr On Purchase Is 27.9%

Inyerest Charges At 27.9% Per Annum

 

The Coversafe Is At 1.30p Per 100.00 Pound Of Outstanding Balance - (pound Sign Not Working).

[alanalana]

Try and contact Pompeyfaith on this one as the monthly card payment should be worked out from the month the payment was made ie £xx plus the contractual interest at 27.9% compound interest up to today and then add 8% simple interest from the month the payment was due up until the date you agree settlement.

 

Not as up to speed as pompeyfaith but you should get a bit back if your claim is upheld.

 

aa

[Hotdog77]

Thanks AA,

 

Pompeyfaith if your out there.....HELP needed over here

[Hotdog77]

Pompeyfaith if your out there.....HELP needed over here

[Hotdog77]

Hey! Anyone out there that can help work out ppi for Argos?

[pompeyfaith]

Hiya Hotdog77,

 

Firstly sorry i am late replying, been busy sorting out my sons wii console now lets see what i can do here, would not want you claiming the wrong amount

 

As this is an argos card and the PPI would be varying amounts each month the true way to work this out is to add both interest amounts to each PPI payment.

 

Is the £542 the total PPI paid if so i need you to list each payment along with the date paid.

 

Do you have all the statements to do this ?

 

I can work the 27.9 % interest out on the whole amount but i will need a date, but it would work out more doing eeach payment separate and then totalling the whole lot after.

 

Its your call let me know how you want to go on this.

 

Regards

 

PF

[Hotdog77]

Hi pompey,

 

Thanks for replying, i hope i have inderstood you well as i've stated below all the ppi added and the dates they were paid by.

The 542 is for the total ppi paid to date then they added 8% interest to the total amount.

 

ppi paid

4.28 01.02.2005

4.23 02.03.2005

8.23 28.04.2005

12.34 02.08.2005

4.40 02.09.2005

5.39 03.10.2005

4.82 01.11.2005

5.67 01.12.2005

5.33 05.01.2006

5.11 01.02.2006

5.84 27.02.2006

5.63 30.03.02006

5.49 26.04.2006

5.27 01.06.2006

5.49 30.06.2006

5.27 31.07.2006

5.06 04.09.2006

5.62 04.10.2006

5.54 25.10.2006 at this point i paid of the total balance

 

6.56 02.01.2007

23.39 02.02.2007

24.71 05.04.2007

12.28 11.05.2007

16.33 06.06.2007

20.70 04.07.2007

20.49 31.08.2007

43.89 16.10.2007

24.91 05.12.2007

39.50 07.03.2008

28.53 28.05.2008

14.47 30.06.2008

14.52 05.08.2008

15.04 12.09.2008

13.66 06.11.2008

14.12 08.12.2008

30.30 06.02.2009

30.12 03.04.2009

17.08

Edited August 15, 2009 by Hotdog77

[pompeyfaith]

As I thought they are ripping you off each of those payments should be calculated separately i.e £4.28 + contractual from the date above until settlement date plus 8% simple interest from the above date until settlement then they should total up all those figures to give a grand total.

 

tHey have not calculated as per the FOS guidelines the FOS would insist it be calculated as above.

 

Regards

 

PF

[Hotdog77]

Hi Pompey,

 

just to let you know that I sent a letter to Argos refusing thier offer and they should add the the interst paid. anyway, got a letter back from them saying that they have put the money back on the card account, and that no other interest was levied on the monthly amounts.

 

anyways, i specificall asked told them, and they aggreed that they would send me a cheque, so why have they now on thier own accound and going back on thier word put the ppi refund on the card account?.....i'm not so bothered no anyway.

 

another thing is that since this account has been in dispute they've put a stop to me using the card, and to date i still cannot use it.

 

please advice.

[pompeyfaith]

hiya HD Ok ill be back this evening with advice as i cant get to PC until then and this fone browser is so slow

[Hotdog77]

Hi Pf,

 

How are you?

 

so sorry to bother you, but just wondered if you managed to have a look at this for me?

 

kind refards

HD