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PPI Claim - M&S Financial Services

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I wonder if anyone would be kind enough to help.....

 

Ive had several loans with M&S and always believed that I had never taken PPI, as I was self-employed, had told them so, and would not be covered anyway.

 

I was somewhat surprised therefore when I found the following CCA in my old papers

 

http://i816.photobucket.com/albums/zz90/Still_surviving/Marks/PPI%20Claim/MarksLoanAgreement.jpg

 

It clearly states on the form that I am self-employed, so am I right in saying they cannot wriggle out of it?

 

I eventually paid 18 installments of the 24, and a further £1515.80 which was settled from the monies of a new loan taken from them. (definitely no PPI on that one). The settlement letter I received stated that only £66.46 was rebated for early closure.

 

Can I politely ask how I calculate the interest part of my claim? Is it one premium taken from the start or end of the loan, or does each installment have to be done separately. Is it correct that I compound the interest using the 14.2% they charged up to the current day?

 

Sorry for the ramble...any help/opinion gratefully received.


Card 1 - Charges reclaim £464 + Interest...ongoing

Card 2 - Charges reclaim £520 + Interest...ongoing

Card 3 - Charges reclaim £396 + £1179 Imterest **WON**

Card 4 - Charges reclaim £296 + £147 Interest **WON**

------------------------------------------------------------

4 x CCA requests

1 received.....Blank Application Form

1 received.....Terms & Conditions

1 received.....Sent agreement relating to a previous card :confused:

1 response....Have lost the agreement :)

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Hi,

 

If you believe the PPI was mis-sold then you certainly can submit a claim for the full amount of PPI + compound interest at the rate they charged you, plus 8% simple interest on each monthly repayment and + 8% on total charge from the date you settled the loan until the date they refund you your money.

 

Good luck

 

DJ

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dj1971

 

Please dont think im being lazy, but would you be good enough to run my details through your system? I tried to use the spreadsheet Ive previously used for calculating credit card reclaims, but I think ive made rather a hash of it :(

 

Theres a link to the CCA in my original post - I made 18 payments from 18.03.02 to 18.08.83. The loan was then paid off from the proceeds of a new loan on 09.09.03. There is no mention of any PPI rebate.

 

If you are too busy I will understand, its just the figure i have seems too high (£2926), even allowing for the fact there is compound interest in there.

 

Many Thanks


Card 1 - Charges reclaim £464 + Interest...ongoing

Card 2 - Charges reclaim £520 + Interest...ongoing

Card 3 - Charges reclaim £396 + £1179 Imterest **WON**

Card 4 - Charges reclaim £296 + £147 Interest **WON**

------------------------------------------------------------

4 x CCA requests

1 received.....Blank Application Form

1 received.....Terms & Conditions

1 received.....Sent agreement relating to a previous card :confused:

1 response....Have lost the agreement :)

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Yes no worries.

 

I have done the calculations for you and attached them in an excel spreadsheet.

 

The calculations are in line with the FOS guidelines:

 

1) Refund total cost of PPI

 

2) Refund any associated interest. (compound interest)

 

3) Refund 8% per annum simple interest on each monthly repayment, from the date of repayment until the date of settlement. Now as you cannot know the date they are going to refund you, for the purpose of this calculation I have used 31/10/10.

 

4) Refund 8% simple interest per annum on the total amount paid, from the date the loan was settled, until the date your money is refunded.

 

Now all you need to do is put together a simple letter stating the reasons you believe the PPI was mis-sold and asking for a refund of your money plus interest, as per the guidelines laid out by FOS.

 

Remember to send the letter either recorded/special delivery and keep the receipt as proof of purchase.

 

Good luck

 

DJ

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cant see attachment in previous post.

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Very many thanks for such a swift response :)

 

I will draft up the letter tomorrow, and keep this thread updated with responses as and when i get any


Card 1 - Charges reclaim £464 + Interest...ongoing

Card 2 - Charges reclaim £520 + Interest...ongoing

Card 3 - Charges reclaim £396 + £1179 Imterest **WON**

Card 4 - Charges reclaim £296 + £147 Interest **WON**

------------------------------------------------------------

4 x CCA requests

1 received.....Blank Application Form

1 received.....Terms & Conditions

1 received.....Sent agreement relating to a previous card :confused:

1 response....Have lost the agreement :)

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Receved the enclosed standard response today

 

http://i816.photobucket.com/albums/zz90/Still_surviving/Marks/PPI%20Claim/Marks201010.jpg

 

Am I obliged to wait eight weeks like they say? I sent them a copy of my loan application acknowledgement

and it had self-employed all over the front of it. Ive said to them, prove i was fully covered else pay up...eight

weeks seems a long time to mull over the facts.

 

Oh yeah...they didnt enclose the complaints procedure leaflets either :(

Edited by Still_surviving

Card 1 - Charges reclaim £464 + Interest...ongoing

Card 2 - Charges reclaim £520 + Interest...ongoing

Card 3 - Charges reclaim £396 + £1179 Imterest **WON**

Card 4 - Charges reclaim £296 + £147 Interest **WON**

------------------------------------------------------------

4 x CCA requests

1 received.....Blank Application Form

1 received.....Terms & Conditions

1 received.....Sent agreement relating to a previous card :confused:

1 response....Have lost the agreement :)

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Yes, statutory regulations state that they have 8 weeks to investigate and provide you with a response.

 

If their response is not in your favour, or they do not provide you with a response, you can refer your case to the Financial Ombudsman Service after the 8 week point.

 

Patience is a virtue.

 

DJ

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Im absolutely fuming :(

 

Just had the post (yes on a sunday lol) and M&S have written back saying, in view of the age of the account, they cannot find any paperwork and cannot investigate any further.

 

Considering I copied the signed and countersigned agreement and sent it with my original letter, I am livid that they think they can treat me like an idiot.

 

When I send back my somewhat terse reply tomorrow, am I obliged to give them another damn eight weeks to investigate?


Card 1 - Charges reclaim £464 + Interest...ongoing

Card 2 - Charges reclaim £520 + Interest...ongoing

Card 3 - Charges reclaim £396 + £1179 Imterest **WON**

Card 4 - Charges reclaim £296 + £147 Interest **WON**

------------------------------------------------------------

4 x CCA requests

1 received.....Blank Application Form

1 received.....Terms & Conditions

1 received.....Sent agreement relating to a previous card :confused:

1 response....Have lost the agreement :)

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