Store Card PPI calculation

[rosequeen]

Can anyone suggest a method of calculating PPI redress for a store card because I have received an offer from the lender which seems very low?

 

 

My account was opened in 1988 and repaid in 1995.

 

 

I paid approximately £165.00 in PPI premiums,

the bank has offered £520.

Does this sound accurate,

how can I check if it's right?

Thank you.

[martin2006]

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011&p=4273920#post4273920

 

See the following, read it fully and use the appropriate spreadsheet for your type of ppi, the sheet,once completed will be a good indicator of where you should be

[dx100uk]

do you know the dates and the amounts of PPI paid?

and what their interest rates at the time were?

 

 

dx

[rosequeen]

Thanks for your quick reply. I don't know the individual amounts of PPI just the total quoted by the lender.

 

 

They said PPI was charged at 70p per every hundred and the card interest rate was 29%.

 

, unfortunately I do not have any account statements which are required to calculate using those spreadsheets.

[dx100uk]

then yo need to request them via an sar

 

 

that's the only way you can check

we are not magicians sadly and as you've realised neither are you,/.

 

 

one of the pitfalls of starting a PPI reclaim before you have the data.

[rosequeen]

I did a SAR before I sent in a PPI complaint form.

 

 

the lender said they were unable to find any transactions bar one which showed a PPI premium of £4.20

 

 

however, I have a list of all the direct debits to the account and they used this to work out how much PPI I paid .

 

 

To any magicians out there, is it possible to calculate an approximate figure from these details?

[dx100uk]

if you have the monthly payment figure you made on the card for the one they quote £4.20 for

you should be able to work it out for the others.

 

 

4.20/full paymentX100=%

 

 

that % would be the PPI % of any payments made on the other months.[including the settlement you made]

 

 

pop each one into the CISHEET on the date it happened

 

 

then pop their interest rate into cell d15.

 

 

set the claim to date to the date you settled the card.

 

 

that will give you a total

 

 

take that total and using a copy of the statint sheet

 

 

put it in as a whole figure dated the day after you settled the card

 

 

that will then give you the total refund including the 8% stat int you are entitled too.

 

 

spreadsheet are in post 2 link.

 

 

bottom line is

 

 

you are entitled to the PPI back each time you paid it including any interest they charged on it till the day the card was settled.

from that date you are entitled to 8% statutory interest on that figure

as you've been deprived of being able to invest it.

[mightymouse_69]

you are entitled to the PPI back each time you paid it including any interest they charged on it till the day the card was settled.

from that date you are entitled to 8% statutory interest on that figure

as you've been deprived of being able to invest it.

 

Not quite - and just to clarify:

 

On credit card/ store card PPI, you only get 8% in certain circumstances. As the ombudsman service website says:

 

"The addition of interest (usually at our normal rate of 8% per year simple) on any credit balance for any periods when the reconstructed account would have been in credit."

[dx100uk]

yes we know MM its all in the fosrunning sheet

but it gives a good ballpark figure doing tit this way

[rosequeen]

Please clarify, in the quote about "credit balance" , do you mean the account has an outstanding balance which the customer owes, or, is actually in credit? Thanks

[dx100uk]

in credit.

 

 

so to that point with the PPI refunded to that date each month

if it becomes in credit then you get 8% stat int.

if you wanted to use the fosrunning youd need all the statements

they nor you have them

so its to be honest totally immaterial in your case.