Santander PPI on Debenhams Store Card

[TINK660]

Hi, I had the same letter from the FOS about Financial Insurance accepting responsibility. I am so looking forward to this one, waited so long for this and they got a charging order on my house. Took out the store card in 1995 and paid ppi on it until 2004 so should be good....

Waiting patiently!!

[means2anend]

Letter typed out today will be posted to Genworth on Wednesday...will keep u posted...actually the address does include 'financial insurance company'....

[I hate paying fines]

I took the Debenham Card in 1995, Santander rejected the claim saying you tick the box. I passed it to FOS, they told me as they were not regulated and they cannot help but try with the Underwriter. Genworth refused to accept that they were the underwriter, while Santander sent me policy summary which says it was Genworth (Financial Insurance), what should I do? please someone help. Thanks

[tedney]

I took the Debenham Card in 1995, Santander rejected the claim saying you tick the box. I passed it to FOS, they told me as they were not regulated and they cannot help but try with the Underwriter. Genworth refused to accept that they were the underwriter, while Santander sent me policy summary which says it was Genworth (Financial Insurance), what should I do? please someone help. Thanks

Tell Genworth to provide strict proof that they were not the underwriter. Get confirmation in writing from Santander that Genworth were the underwriter. (one thing for them to send policy summary with G named, andother for them to actually confirm) Have you tried the FLA too?

[I hate paying fines]

Thanks a lot, I did not think of getting confirmation from Sant. But I would have thought FOS would be able to do that, Now I will try to get it myself. I am not familiar with FLA,What FLA can do for me? which FSO could not do.

[tedney]

I am not familiar with FLA,What FLA can do for me? which FSO could not do.

Financial and Leasing Association - they are on the web. Santander suggested to me "they may be able to consider your (sic) complaint" in circumstances similar to yours. Not heard back yet! www.lendingcode.org.uk

[means2anend]

Have received a request from Genworth to get a 'final response letter' from Santander.....Received that letter 3 weeks ago...have now sent that along with evidence from Santander stating that they had no idea what took place regarding sales process in store...now waiting for reply from Genworh...lets see!!!

[Marktheboss007]

RE: PPI on any Santander Store Cards

 

I have helped many friends and collegues claim back mis-sold PPI from Santander. I could help you claim back from santander and any of there asscociates. i have exstensive knowledge of PPI sold by this particular lender. I have a large list of store cards that had PPI on them as well as details of the underwriters. I am not a Financial Advisor but i could assit you with your claim. Just drop me an e-mail (Edit) I will be more than happy to help you

Edited March 22, 2013 by Andyorch
Personal contact details removed.

[AndyOrch]

All advice should be given here on the thread and not by way of personal email contact...please refrain from doing this.

 

Andy

[I hate paying fines]

RE: PPI on any Santander Store Cards

 

I have helped many friends and collegues claim back mis-sold PPI from Santander. I could help you claim back from santander and any of there asscociates. i have exstensive knowledge of PPI sold by this particular lender. I have a large list of store cards that had PPI on them as well as details of the underwriters. I am not a Financial Advisor but i could assit you with your claim. Just drop me an e-mail (Edit) I will be more than happy to help you

Ok, e-mail is out, can you help here, Do you know who was the underwritter for Debenhams Card from May 1995 to 2004

[tedney]

Ok, e-mail is out, can you help here, Do you know who was the underwritter for Debenhams Card from May 1995 to 2004

Hello, see post #41 above, I believe this company, Genworth etc. is the one you want.

[I hate paying fines]

Hi, I had the same letter from the FOS about Financial Insurance accepting responsibility. I am so looking forward to this one, waited so long for this and they got a charging order on my house. Took out the store card in 1995 and paid ppi on it until 2004 so should be good....

Waiting patiently!!

What evidence did you provide FOS that shows the Financial Insurance company were the Underwriter of the policy in 1995? as FOS asking me to provide Policy documents, which I do not have. Thanks

[means2anend]

Received letter from Genworth....they will settle..but I have advised my colleague that offer is too low....store card opened in 1994....up till 2006...simple interest at 8%...total offer just £648.00 including premiums...any thoughts please...should they also have included contractual interest?

[means2anend]

Any thoughts please!!!

[anney63]

I have just received an offer which is far too low so will copying this in and sending a copy of the spreadsheet and asking them to calculate as per FSA guidelines which means the 8% should be added when the account

other approaches taken by businesses

 

Some businesses take a different approach, or at least present their calculations differently to consumers. Some businesses present their redress calculations as:

• a refund of the PPI premiums plus interest at the credit card rate; and
  
• interest at 8% per year simple (without identifying what they are adding this interest to).
  

An offer set out like this could indicate that the business has calculated compensation using a different approach to the one we would usually expect. But it could be that the business has carried out a full hypothetical reconstruction of the account and simply presented its results in a different way. In our experience, setting an offer out like that is likely to be confusing for the consumer. is in credit. On the other payments it should be compound interest at the rate on the card mostly on these around 24.9%

[TINK660]

I have also received an offer that I consider to be far too low. I have asked them to provide a breakdown of how they have calculated the redress and I have also stated that I think 8% simple interest should actually be the interest that was applied to my account which I believe was 29.9% !! We shall see what their response is, it has taken me years to get to this point. If anyone has any more correspondence please keep us all posted so that we know what we are looking at here.

[means2anend]

Yers to both of you....Contractual Interest rate was what was signed on the agreement...and at the compunded rate...it appears that they are using 8% to save money for them....

[TINK660]

Ok, I need some help if possible. I wrote to Genworth concerning their offer of redress and told them that before I would accept any offer I wanted to see a breakdown of how they arrived at the redress figure. I also stated that I believed their offer of 8% simple interest per annum should revised as I was being charged 29.9% and their offer should reflect that.

The letter I received back helped not a jot they just state that I paid £1,088.55 in premiums from 23 june 95 to 12 july 04 (where did this figure come from!) the montly premium therefore was calculated at £10.08 - 8% simple interest is then applied to each individual monthly premium up to the date of redress, HMRC take 20% and I get the difference.

Hence Premium £1088.55

Interest £ 918.30

Withheld tax £229.57

Payment £2006.85

 

Not satisfactory in my mind - what about the 29.9% interest I was paying every month.

Does anyone have a spreadsheet that will give me the correct way of working this out?

THanks

[ims21]

Genworth are the insurer and an underwriter's offer will always be premiums plus 8% simple interest as they have described above.

 

They are not responsible for the interest charged by the lender and will not repay that.

 

In order to get the contractual interest back then it is the lender who should be pursued for the claim.

[anney63]

So if Santander have refused and Genworth have upheld the Claim can we go back to Santander and request the interest paid on the payments ???

[ims21]

Without reading the whole thread, what reasons did Santy's give for not upholding the complaint?

[TINK660]

Hi, sorry to reopen this thread but Santander were not regulated at the time therefore the FOC were unable to pursue them but took on the Insurance company Genworth, who have settled with 8% standard interest. Phoned FOC to discuss and they said that this is all Genworth are liable for. However Santander were chargnig 29.9% on the balance including ins. ppi premiums therefore surely they should refund this interest as it was money they should not have been taking? Can anyone advise.

[ims21]

If you want the contractual interest back then it is Santander who you would go for and this would probably involve court action on your part.

[tedney]

Yers to both of you....Contractual Interest rate was what was signed on the agreement...and at the compunded rate...it appears that they are using 8% to save money for them....

 

Hello Means, last post prompted me to ask, did you ever pursue contractual interest with Santander please? I also have had 8% offer from Genworth, and was considering going after Santander, but not sure it would be productive. Thanks t

[StMartinsTerr]

Sorry to chime in, but how did you get Genworth to cough? I have Santy (Debs) references, but Genworth say they can't locate anything and Santy are, well just Santy - slippery as a slippery snake. Thanks