Help Neede With PPI Claim Please

[letsdothis]

I applied online for a credit card years ago, and I figured that if I chose the PPI insurance, that I would stand a better chance of being accepted.

 

The upshot was, I was accepted. I was self employed at the time, and I never once claimed on the insurance.

 

This card has obviously now defaulted and I was wondering if there was anyway I could ask them to refund the PPI element bringing the amount I owe down.

 

Any ideas?

[letsdothis]

Hi all

 

I have absolutely no idea on how to approach this. At the time of applying for the credit card online, I felt that I should apply for the PPI as my chances would be greatly increased of being accepted, as I was self employed at the time.

 

I have paid a total of £456.62 dating from April 2006 until February 2008 - this figure does not include any interest.

 

Does anyone think I have a chance of getting these charges back?

 

If so what would be the best way of approaching this?

 

The OC says that I would have been covered as I was self employed and that they cover that eventuality.

[maroondevo52]

Hi, letsdothis.

 

I'm going to move this thread to the PPI Forum, have a look at the 'stickies' there, I'm sure you being self-employed is a good enough reason.

 

Regards.

 

Scott.

[letsdothis]

Thanks Scott.

[dx100uk]

yep no problems

 

have a look at:

 

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/61081-ppi-some-notes-claimants.html

 

and other stickys at this forums home page

 

dx

[dx100uk]

.....

dx

Edited June 10, 2010 by dx100uk

[saintly_1]

threads merged

[letsdothis]

threads merged

 

Thanks Saintly, and also DX for the suggestion.

 

I have checked the stickies, and they suggest that PPI would be mis-sold if (these would apply for my instance)

 

 

1. You were not asked whether you had any other insurance which would cover the loan (This was an internet application) I honestly cannot remember if the PPI box would have been ticked as Yes as default or not. I certainly don't remember reading anything telling me that I had a choice etc as to if I had any other insurance.
   
2. You were not told you could buy PPI elsewhere to cover the loan - As above
   
3. You were not in work or self employed at the time of sale - I was self employed at the time.
   

As for point 3, I mentioned this to Cahoot on the phone yesterday, and they stated that self employed people would have been covered.

 

Now the thing is where do I go from here?

 

Reading a few threads on here, it would appear that when you claim, they ask you to fill in a questionnaire, and the standard reply to that, is that they should have that information already.

 

I have all the amounts and dates, but I am really struggling to work out the format of my letter, as well as adding the contractual interest to these figures. The 8% is easy to do as that was on the spreadsheet.

 

Could anyone please guide me through?

[dx100uk]

i wouldn't worry about proving it was mis-sold

just fire off the usual letter

STOP speaking to these muppets on the phone too

they'll talk you out of it and are already preparing their first runaround letter now.

 

Compound interest calculator

 

is the best one to use.

 

dx

[letsdothis]

i wouldn't worry about proving it was mis-sold

just fire off the usual letter

STOP speaking to these muppets on the phone too

they'll talk you out of it and are already preparing their first runaround letter now.

 

Compound interest calculator

 

is the best one to use.

 

dx

 

Sorry - I had to speak to them to tell them that they had in fact sent the wrong subject's data, and that I was forwarding it on to the the Chocolate Fireguard Commisioner, to add to my complaint.

 

tbh Cahoot are quite easy to speak to and not pushy at all. And from all the contact that I have ever had with any creditors, they are the most willing to help. (on the phone anyway) Albeit wrongly.

 

As for talking me out of anything, absolutely no way. Letter for charges reclaimed sent Wednesday, they signed for it Thursday. Friday, letter asking for the PPI goes off recorded delivery as well.

 

I have no idea how to use the compound calculator, so I have asked for the PPI payments back, plus subsequent interest that I would have been charged, plus 8% the courts would award. Once I get the rebuttal, I will then try to work out the compounded rate and then add the 8% on top.

 

Thanks again for your help.

Edited June 11, 2010 by letsdothis

[dx100uk]

dx

[letsdothis]

The PPI claim has now gone off, recorded delivery and I gave them 8 weeks to conclude or I would report them to the FOS

 

I also now realise that adding the compound interest makes a huge difference to the amount. I only calculated at 22% as well.

 

I should have added to my first letter the fact that I wished to claim for compound interest in my credit card charges refund request. If I have worked this out properly, with all the charges and all the PPI refunded including compound interest, I could have wiped more than 4/5 of the debt out.

 

Is it too late to add compound interest to the charges and ask them to repay that as well?

[dx100uk]

nothing to stop you at all

you are entitled too it and p'haps they might just refund it without you asking.....

 

you are entitled to be re-ebursed as if the charge or ppi had never been charged.

then you are entitled to 8% stat int because you have been deprived use of the money, and that the FOS guidelines.

 

dx

[letsdothis]

Hi dx

 

What do you think?

 

Send a new request for repayments of the revised charges with a statement of charges showing the compound interest and the 8% as well, or wait for their reply to the first letter?

[dx100uk]

they should do it for you.

lets wait and see.

 

it wont hurt

 

dx

[letsdothis]

Hi dx

 

If they do not include the compound interest at 22% what is the best method to actually achieve this?

 

Would it be a case of going to court, or to the FOS?

 

If it is the FOS I believe I would have to wait for their final response?

 

As you have stated it is in the FOS guidelines, is there anywhere that is actually written so I can use in future if they start getting funny over both claims?

 

I did have a browse before but could not find anything relevant to that information.

 

I would just like to be fully prepared as regards to the claim for charges. I am trying to compose another letter ready to be sent in 12 days, if there is no satisfactory response to my original request.

[letsdothis]

Cahoot have responded to the unfair credit card charges, stating that they believe they are fair. They have also offered £30 as a gesture of goodwill.

 

Naturally, the LBA has gone recorded delivery in the post today, giving them 14 days to refund or face court.

[letsdothis]

Cahoot received the LBA today, let's see who blinks first now.

[dx100uk]

dx

[letsdothis]

Cahoot received the LBA today, let's see who blinks first now.

 

Santander blinked first.

 

I have had a letter this morning telling me that they are sending me a cheque within 28 days for £400 odd. Unfortunately they have only included 8% interest and not the compounded interest, which means that this amount is only half of what I had originally asked for.

 

What do I do now?

[dx100uk]

write back and state that the fos guidelines upon the methods used to reimburse customers reclaiming mis-sold ppi policies indicates:

 

'the customer should be placed back into such a financial position 'as if the PPI policy never existed on the agreement in the first place', this is to include [where necessary] any interest that has been charged on the PPI amounts'.

 

'the customer is also entitled to 8% statutory interest in addition to this figure, in restitution of being deprived of this monies'

 

dx

[letsdothis]

write back and state that the fos guidelines upon the methods used to reimburse customers reclaiming mis-sold ppi policies indicates:

 

'the customer should be placed back into such a financial position 'as if the PPI policy never existed on the agreement in the first place', this is to include [where necessary] any interest that has been charged on the PPI amounts'.

 

'the customer is also entitled to 8% statutory interest in addition to this figure, in restitution of being deprived of this monies'

 

dx

 

Hi Dx

 

Does the above apply to default charges / late payments?

 

This is the claim for the charges and not PPI - Cahoot still have not responded to that claim yet.

[dx100uk]

if they have added cc interest to the charges then yes.

 

dx

[letsdothis]

Unbelieveable.

 

Cahoot signed for my PPI reclaim letter in June 2010 and Royal Mail shows this. I rang them today on their free phone number, (why should I pay) 0800 7317774 and they deny all knowledge of ever receiving it. Just like they did with the SAR I sent Recorded Delivery as well.