Just discovered I have PPI insurance

[Loz14]

Hi,

 

I'm new on here and have tried to find the answers to my question but cannot find anything similar, so I'm hoping someone can advise.

 

I have just discovered I have been paying PPI insurance to Barclays since 1998. I have been advised I should contact the PPI dept in Barclays to say I've been mis-sold and to make a claim for a refund. However...I was made redundant last year Sept 11 - Jan 12 and had to use my redundancy pay to make my loan / credit card payments until I found a job.

 

If I had PPI all along can I make a claim for these payments rather than say I want to claim as mis-sold? The loan/credit card payments I presume will amount to more than the PPI itself.

 

If I can claim PPI because of redundancy, would it matter that Barclays was not my main banking facility for the loan and credit card payments?

 

I hope someone can help on this?

 

Many thanks

Loz

[ims21]

PPI policies are linked to specific accounts so yo can't claim on one to fund another.

 

If you were going to claim on any policy for redundancy then that should have been done at the time. However, you couldn't have done that because you have only just found out that you were paying PPI. So that in turn implies that the lender has added this to an account without your knowledge which can mean that the PPI was mis-sold.

 

Can you give us more details of which accounts you have PPI on?

[Loz14]

Thank you for your reply.

 

The PPI is on my Barclays current account - so what would that insure me against?

 

I don't think I have PPI on any other accounts, guess I need to check.

[ims21]

The PPI is on my Barclays current account - so what would that insure me against?

 

So is the current account running on overdraft?

 

Does this insurance premium vary each month depending on the balance on the account or is it a fixed amount each month?

 

Are you sure it is PPI?

[Loz14]

So is the current account running on overdraft?

 

Does this insurance premium vary each month depending on the balance on the account or is it a fixed amount each month?

 

Are you sure it is PPI?

 

It is a current account that has been running on an overdraft - I settled the OD last month.

 

Have checked back on a couple of statements and it appears to be a fixed amount - I always thought this was part of the Additions account fee

 

I phoned Barclays this morning as I received a statement to say I was overdrawn even though I had not used the account and they told me it was the payment protection fee that caused the account to go overdrawn.

[dx100uk]

go get 'em!!

 

dx

[Loz14]

go get 'em!!

 

dx

 

Thanks!

 

When I phoned on Saturday to query why my account was overdrawn and discovered that it was the PPI insurance, I was advised to call an 0500 number today and ask them to stop the payment and to say I have been mis-sold PPI. Before I follow this advice, any tips on what I should say to ensure success with the claim?

[ims21]

Personally I wouldn't do it on the phone.

 

Grab a copy of the fos consumer questionnaire from here

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

 

Complete it and send it to Barclays with a brief covering letter. Send it by some trackable method so you know when they get it. They have 8 weeks from that point to investigate and give you a final decision. Within the fos form you will give your reasons as to why you feel this insurance was mis-sold.

[Loz14]

Thank you! Putting it in writing is sensible, I've had my fingers burnt by Barclays too many times.

[ims21]

I've had my fingers burnt by Barclays too many times.

 

You and many other people too

[Loz14]

Had a look at the form and the questions appear to try and elicit your situation at the time of taking out the insurance to ascertain if mis-sold?? However I wasn't aware I even had it and think the PPI was wrapped up in the selling of the Additions account, should I cite this as the reason for being mis-sold? Or should I say I was unaware I had even been sold it?

[ims21]

Yes you can say that it appears that this was all wrapped up in the sale of an account product but not specifically identified. As a result you were unaware that this insurance was put on to the account and was done so without your knowledge and/or authorisation.

[Loz14]

Hi,

 

I sent a letter to Barclays along with the fos questionnaire and today I received a letter in response which said they had tried to call me to discuss my complaint. They had been calling an old number of mine, despite the fact I updated my phone details with them couple of months ago (to think these people manage our money and yet they can't keep basic records up-to-date). The letter asks me to call them - looking for advice from the experts here whether I should phone or try and keep all contact by letter so that I have a record? And is this usual practice from Barclays when dealing with PPI claims?

[ims21]

Keep it all in writing.

 

Drop them a line to say that you are aware that they have been trying to call you on this matter but there is no reason that this should be discussed on the phone and that you look forward to their written response to this matter.

[Loz14]

Keep it all in writing.

 

Drop them a line to say that you are aware that they have been trying to call you on this matter but there is no reason that this should be discussed on the phone and that you look forward to their written response to this matter.

 

Thank you! I thought that would be the advice but thought maybe via phone may speed it up. But on reflection the benefits of keeping a written account of all comms far outweighs a speedy resolution!

[Loz14]

Thank you! I thought that would be the advice but thought maybe via phone may speed it up. But on reflection the benefits of keeping a written account of all comms far outweighs a speedy resolution!

 

Just wanted to give a quick update - received a further letter from Barclays (which judging by the date, means our letters crossed and they therefore would not have received my reply to them to ask to keep all correspondence in writing).

 

Anyway - its a bog standard letter where they apologise I've had to contact them about the sale of the PPI, thank you etc. And that they will look into it and update/reply quickly as possible but no later than 11 January 2013.

 

They said they had enclosed leaflet explaining how they work to resolve complaints - which they didn't!

 

Keep you posted!

[Loz14]

Good news! Received a refund from Barclays for mis-sold PPI - thanks to all for your advice!

 

[dx100uk]

good

 

now going back to 1998 that should be in the £1000's

 

did you do any kind of spreadsheet to know if their figure is correct

 

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dx

[Loz14]

I didn't do a spreadsheet but do intend to respond to ask them to provide calculations as they have not given any dates as to what period the refund covers. They are still deducting PPI so need to request they cancel and to make sure that the refund covers the entire period for the charges - so not completely resolved but its a start! My PPI premium was a small amount so unfortunately not in the 1000's but it all helps

[dx100uk]

urm..

 

i'd think it should be

 

even a couple of pounds from 1998 will be doubled today

 

and thats just on dead 8%

 

 

 

dx

[Loz14]

I think the monthly premium was around £2.40 per month since 1998 (actual date not known).

 

Barclays have calculated £427.20 in PPI payments and included 8% per annum compensation (simple interest) which equates to £230.91. Still not sure how they got this figure??

 

Total refund £658.11.

 

Based on these figures what would you expect the refund to be?

[dx100uk]

ok well have a play.

 

This first spreadsheet is the latest version of the statutory interest calculator and is used for Single Premium PPI cases. It can also be used where rollover PPI is involved, i.e. a new loan re-financing a previous one and where PPI is included in one or more loans.

 

StatIntSheet v101.xls

 

put each payment in and its date

 

funny that...

 

i did £2.98 from 1/1/98 as a guess and it doubled it.

 

dx

[Loz14]

I don't have Excel on my laptop so will have to try it on my work PC - out of interest using £2.40 per month - what was the total amount you got?

[dx100uk]

i only did one month a above!

 

can you notg install open office?

 

dx

[Loz14]

OK - I got access to the s/sheet and painstakingly filled in the date details - bet there was a formula I could have used to have made it quicker

 

Based on Barclays PPI figure of £427.20 and if I start from 1/1/1998 this takes me up to 1/10/2012. The spreadsheet has calculated interest at £262.04 making the total £689.24. So there is a slight discrepancy which I can only assume they started from a later date in 1998?

 

I still don't see how it could be in the £1000's?