Follow on from PPI claim

[jmc5571]

Hello, I wonder if anyone can give me some advice.

 

I have rung Barclays to request they refund me for mis sold PPI on a Business Loan taken out in 2005.

At the time I was told by my 'Business Manager' that if I took it out I would have a better chance of success with the application, and also was as unaware as myself that as a self employed person the PPI didn't cover me anyway!!!

 

Had not done anything about it until the week before last as I had given up on getting this back, until the recent ruling.

 

My main question is, along with what is owed and the interest (presumably compounded over 6 years), can I realistically claim for all the bank charges I have received in that time for going into the red.

 

I have had no overdraft on the account for years, but my account has consistently slipped over very slightly most months.

 

I was told I could have an overdraft once my account was clear for 3 months. I've never had a clear 3 month window.

 

My premise is that I believe if (for example) I am owed £300 PPI, wherever my account has dipped over by up to that amount, I should be refunded, as if I had had the £300 in the first place I would not have gone over by that amount - based on the confirmed record of the inflow and outflow of the account over that time.

 

Is this a fair assumption and does anyone know how the financial ombudsman would see this.

 

Added to this I have been struggling for a few years now to keep my head above water. I am technically in hardship, scraping enough every month to live and pay my bills. Only making nominal payments on loans I have out (don't ask it's way more than most owe - but taken out to try to survive, not frivolously - honestly). My credit rating is on the floor.

 

From a rough check Barclays have charged me (just in the last two years on my business account) around £2000 in charges, plus about £700 on my other accounts for insufficient funds and continuous use of my reserve facility (helping keep me in it!).

 

My one concern in chasing this is for Barclays to turn around and close my accounts and request all the overdrafts and reserve accounts within a few weeks. I wouldn't be able to do this a) because I don't have the money and b) no one will let me open a new current account which has the ability to have direct debits set up because my credit rating is so poor.

 

I have no intention of going bankrupt. I just want to work my way out of this and hold my head up.

 

I am not feeling sorry for myself. I'm still here surviving (just).

 

Any help or advice would be much appreciated.

 

By the way, Barclays told me they have logged the complaint and would ring me within 5 days. I think were at about 10 days now!

 

Thanks for your time in reading this. Good luck to all.

[ims21]

Hi there

 

On a loan you will be able to claim back the ppi including the interest they charged on that loan plus statutory simple interest at 8% running from the date of each payment to the date of your claim.

 

First, have a look at the PDFs on the fos website and download their questionaire.

 

Do you have your loan agreement?

 

Do you have statements showing the dates you made the loan payments?

 

If you are worried about the bank playing silly beggars, you could open a parachute account for your direct debits etc. I understand that Halifax do a good one where it doesn't matter about credit ratings etc etc.

 

ims

Edited June 7, 2011 by ims21

[jmc5571]

Thanks ims21, the parachute account mention is very interesting, didn't know about that. Thanks.

 

Do you think I stand any chance on the bank charges too? I think it's a fair representation. I believe if I've gone over by more than the amount owed, that they still stand as charges (although still unfair as we all believe).

[ims21]

Thanks ims21, the parachute account mention is very interesting, didn't know about that. Thanks.

 

Do you think I stand any chance on the bank charges too? I think it's a fair representation. I believe if I've gone over by more than the amount owed, that they still stand as charges (although still unfair as we all believe).

 

Hi

 

I wouldn't bank on the charges (pardon the pun). Having said that, some here suggest that they can be tested for being grossly unfair while others suggest that due to the court rulings, bank charges are now a non-starter. Have a read around the site about this aspect.

 

Bear in mind, you will be getting some restitution via the 8% statutory interest.

 

Regards

 

ims

[jmc5571]

True enough my friend. Thank you for taking the time. Just read your fos link, very interesting and ultimately sad.

kind regards jmc5571

[ims21]

True enough my friend. Thank you for taking the time. Just read your fos link, very interesting and ultimately sad.

kind regards jmc5571

 

Ultimately sad? Why?

 

ims

[jmc5571]

Sorry, sad that the Financial Ombudsman are not impartial and don't treat the cases with the respect they deserve. I didn't make that clear, apologies. jmc5571

[dx100uk]

barclays have been known to refund bank charges out of the blue if you ask them directly!

 

dx

[jmc5571]

Hi dx, have tried that one. Stonewalled by Business Manager for weeks, eventually huge row on the phone, where I mentioned fractional reserve banking, unreasonable behaviour, lack of understanding or help in trying to be a positive account holder, help always offered when not needed in the form of more debt, and the clincher in my not getting what I hoped for, asking if she could fully appreciate how hard it is to swallow that banks are bailed out by tax payers (Barclays are no exception as they were given fictional money by the FED) and bank bosses getting multi million pound bonuses whilst I'm trying to get a good will gesture on a couple of thousand pounds of unlawful charges!!!

 

Although I was angry I didn't at any point say anything they could put the phone down on. I was then told that 'we're not getting anywhere here are we!', so I was passed to her manager (a few weeks later ... because Barclays really take this stuff seriously!!!), who proceeded to stonewall me again, not listen to my side of things, and effectively told me I couldn't run my account properly. Was told I should see if another bank or relative could give me a credit line!!!

 

Not helpful or understanding in anyway of my predicament. I don't want more debt, just clear what I've accrued!

 

If they had given me a £300 overdraft two years ago I would have incurred approx £60 in charges in all that time, not £2000.

I think I'm probably on the 'unofficial' Barclays black list!

[dx100uk]

you might want to pm slick132

very good on barclay matters

 

dx

[jmc5571]

Ok, that sounds good. Thanks dx

[jmc5571]

Not sure how to, but I'll work it out

[slick132]

Hi JMC - responding to your PM.

 

I think you stand little or no chance of getting back any more than the PPI and associated interest in restitution.

 

I had the same advice from my business mgr years back - "Sure, you can have the loan but, to get it approved without problems, you'll have to agree to the PPI."

 

Getting any bank charges back, whether on a personal or a business a/c, is not going to happen. The only exception would be reclaiming bank charges incurred during a period of Financial Hardship.

 

You can still claim back any penalty charges on credit card or loan a/c's.

 

Check the wording on the business a/c loan. You won't necessarily get PPI back because you were self employed, as their policies took a/c of your self employed status. But you should certainly get PPI back if you were told to take it as a way of having the loan approved.

 

Also, avoid talking to the bank about this as it'll get you nowhere. Keep everything in writing.

 

[jmc5571]

Thanks slick132. I need to find out what constitutes hardship. As I think I could be under this banner. I am having to deal with loans through the CCCS, only able to make nominal payments at this stage as not bringing in enough money to cover my bills and living expenses and loan payments.

 

But first things first, got a letter through from Barclays today, it has a Questionnaire for the Financial Ombudsman to fill out.

 

regards jmc5571

[slick132]

From the Bank Charges Templates (Consumer) - http://www.consumeractiongroup.co.uk/forum/content.php?557-Letter-for-an-application-for-consideration-for-hardship

 

[ims21]

Hi jmc

 

Just another small thought for the future.

 

If the bank decide to play hardball with your ppi claim and the route you decide to take is court rather than fos, certain hardship criteria means that you can get remission of the court fees for the issue of proceedings.

 

ims

[jmc5571]

Thanks slick 132 and ims. Really helpful info. I know what I need to do when I win

Take care jmc5571