Credit cards PPI

[ims21]

Ah right...got you.

 

Yes, you will see from the running sheet that there is a difference between the amount paid off when the account was settled and the reconstructed balance. Take the difference between those two figures and pop it into the other spreadsheet.

 

The date you use for the date of payment is the date the account was paid of and the "Claim To" date is the date of settlement of the claim.

[pink1808]

Thanks for the reply, the more i look at the offer the more it seems wrong.

 

the PPI had paid was about 200 more than they said I had the compound interest they have paid is a estimate they say I can contact them if I have prof of what rate I paid (which I do)

 

As I have said i didn't have all statements so kind of filled in the blanks from what I paid which was DD which was Min payment.

 

I also did the other spread sheet the one for compound interest and the compound interest came out at 1218.00 a lot more than the 229 they was offering, so guessing that was not they way to work that out.

 

so going to do the running spread sheet again, could I be cheeky and ask for a little more help please?

 

when you say" there is a difference between the amount paid off when the account was settled and the reconstructed balance. Take the difference between those two figures and pop it into the other spreadsheet."

 

 

where on the spread sheet would I get the numbers?

also am I right in thinking that i put that number into the 8% ss?

 

so them I ask for a refund of PPI paid + compound interest and then the 8 %

 

Many thanks

[ims21]

Ok let's go back to basics.

 

Can you please post up the running spreadsheet you have prepared?

 

Make sure all of your personal identifiers are removed.

[pink1808]

Hi many thanks (hope I have done this right)

[ims21]

Ok and what is the offer from RBS on the card please?

[pink1808]

they said

 

PPI paid 728.42

com int 299.91

 

total 1028.33

 

fos rate 889.32

less tax 177.66

 

total offer 1739.79

 

 

Thanks

[ims21]

OK thanks.

 

The card appears to have been paid off in December 2001 and the balance cleared. Is that correct?

 

Have you sent them the evidence of the rate you were paying on the card?

 

For what periods have you put in estimated figures?

 

I am a bit confused as to what went on with the card from about July 03 ..... did the account get used again?

[pink1808]

OK thanks.

 

The card appears to have been paid off in December 2001 and the balance cleared. Is that correct?

Yes balance transferred onto another card

 

Have you sent them the evidence of the rate you were paying on the card?

 

No not yet but will do

 

For what periods have you put in estimated figures?

 

Jan 02 to July 03 i have no records (either statements or any payment from my bank)

the dates where I didn't have statements I have used my bank statements knowing it was set up for DD for min payment

 

I am a bit confused as to what went on with the card from about July 03 ..... did the account get used again?

 

Yeah by the looks of it I must have used it for something, they said I shut the account down in Sept 05 but I have only records up to the end date I have put

 

 

 

Hope this makes sense?

 

Thanks again

[ims21]

Ok so a few things come out of this.

 

First, your spreadsheet shows premiums of £987 and they say £728, a difference of £259. You need to find out why.

 

Second, the card was paid off in December 2001 with a balance difference of £1,392. This amount attracts 8% interest from the date of payment to the date of settlement.

 

Third, for the small amount of activity from Aug 03 to Feb 05 a separate sheet needs to be completed so that the contractual interest doesn't compound onto the old balance of £1,392. This makes your spreadsheet over stated by about £400.

 

What I would do is send them the evidence of the rate you were paying and require them to provide you with a detailed breakdown as to how their figures are arrived at. ince you don't have all the information and they apparently used an estimate of the card rate, there are too many unknowns to get to a verifiable solution.

[pink1808]

Ok thanks a lot, will do that now and let you know how I get on.

[pink1808]

Got a reply of Santander about my House of Fraser card basically saying too long ago and go away:!:

 

Back story

wrote in Sept they said sorry too long ago go away

 

wrote back with copies of statements and they not in so many words we wrote to you and told you we wouldn't investigate.

 

 

so hit a brick wall with that one

[ims21]

Off to fos then.

[pink1808]

Off to fos then.

 

 

 

Santander have said in the letter "Due to the date that the insurance was sold the FOS does not have Jurisdiction over this complaint "

 

Thay told me to go to the FLA who said "Thank you for your e-mail. Unfortunately as Santander have confirmed that, due to the time elapsed and lack of information they are not able to look into your complaint, the FLA will not be able to consider your complaint either. Investigation of complaints about older agreements is difficult, due to a lack of historical information relating to the account. Current guidance permits a firm to reject a complaint without consideration, if the complaint falls outside of set time limits. Your complaint is older than six years and has been rejected for this reason. I am sorry that we are unable to assist you further"

 

So as you can see a brick wall indeed

[pink1808]

Decided to e mail FOS, just for advice (might as well )

[pink1808]

Got a reply off Halifax for my CC not upheld

they send me a copy of the form(from 1996) and there was a tick for PPI

 

so that case closed with them, I know when i applied i had a full time job with 6 months sick pay but only stopped there until 1998 until i got made redundant and moved to another job, but for the life of me I cant find my contract and the company in no-more in business so cant prove a thing.

Just glad it wasn't for much

[ims21]

Are you sure it was you who ticked it?

 

You can always challenge theses decisions.

[pink1808]

Not sure all the ticks look the same( was a photo copy), as I have said was from 1996 so a long time ago so cant say for sure also was my first credit card so who knows :/

I did say in my complaint that if i did agree i would have been from being pushed as its a thing i would not normally do , but they have just basic y

said yes you agreed and here is the proof.

[Andyglover63]

Are you sure it was you who ticked it?

 

You can always challenge theses decisions.

 

Hi

Based on what grounds ? That sounds effective

 

Andy G

[ims21]

You could challenge on the basis that it wasn't you who selected the PPI. If it has a "y" in the box would you normally use the letter "y" in a selection box?

 

Also have a read of Appendix 1 of the FSA handbook here

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?305682-FSA-Handbook

 

You may fond some other useful information that you can use in your challenge.

 

The choice is yours as to whether to give on or keep fighting.

[pink1808]

Thanks ims21 , might give it one last go.

 

just re read the form that I signed and ticked and it doesn't say anything about a 30 day chance to cancel or that any other information would be provided with the terms and conditions, so how would I have known if the PPI was right for me? just says that it would cover me for death, unemployment or disability.

doesn't tell you how much and explain that you would have to pay interest on top of your payments, so to me there is not enough info to make you think it was suitable for my needs.

 

Will ring them in the morning and see what they say.

[ims21]

Personally I wouldn't bother with the phone. If you end up referring this to fos then a paper trail would be good to have.

 

I'd prepare a written challenge to them if it were me.

[pink1808]

Ok letter it is then thanks for your help

[pink1808]

Ok so a few things come out of this.

 

First, your spreadsheet shows premiums of £987 and they say £728, a difference of £259. You need to find out why.

 

Second, the card was paid off in December 2001 with a balance difference of £1,392. This amount attracts 8% interest from the date of payment to the date of settlement.

 

Third, for the small amount of activity from Aug 03 to Feb 05 a separate sheet needs to be completed so that the contractual interest doesn't compound onto the old balance of £1,392. This makes your spreadsheet over stated by about £400.

 

What I would do is send them the evidence of the rate you were paying and require them to provide you with a detailed breakdown as to how their figures are arrived at. ince you don't have all the information and they apparently used an estimate of the card rate, there are too many unknowns to get to a verifiable solution.

 

 

Sent RBS the letter with copies of rates and also a copy of the spreadsheet and got a reply today.

 

"I would like to confirm that the offer we made is in line with the FOS and FSA guidance and takes into account the PPI paid plus the interest applied to them. the offer was made in full and final settlement of your complaint.

 

I hope this clarifies out total offer that we believe compensates your claim."

 

 

Question is as this was a goodwill offer and i know the offer doesn't stand if i go to the FOS, what happens if FOS decides not to uphold and i loose out all together, so should i just take the offer ?

 

(many thanks for any thoughts)

[ims21]

Its your call whether to accept.

 

Did you ask them for the complete breakdown?

 

If not then get it....they are required to give it to you so you can make an informed decision.

[pink1808]

No I didn't. in the offer later it did say that the interest rates they used was a estimate and if i had evidence of different rates i should send them and they would re calculate which they haven by the look of things.

 

So i will write asking for a break down and see where that gets me.

 

Thanks again