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starchild

Tesco Plevin Offer Advice please

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Hi all,

wondering if someone could give me advice about a plevin offer recieved from Tesco ,

 

applied just before the August 19th Deadline having had my ppi claim rejected a couple of years earlier by Tesco.

had two letters in September stating they were waiting on "internal Information" regarding my claim ,

 

 

recieved a letter last week several pages long part of which states:-

I have carried out a review of the sale of your payment protection insurance policy and found that your credit card meets the date criteria and that an unfair relationship existed at the point you bought the payment protection insurance policy because commission and profit share of more than 50% of the premium you paid was subsequently recieved by us and we failed to disclose this to you when we sold you the policy.

 

The new rules require us to refund the ammount of commision/profit share in excess of 50% of all the monthly payment protection insurance premiums you have paid to us, along with interest on those payments.

 

It then continues:-

 

We do not have details of the payment protection insurance premiums you paid prior to January 2002 as our records do not go back that far.

We have therefore used assumptions for the premiums you paid from April 2000 (as this was when you paid your first premium) to December 2001 and used the actual premiums paid after January 2002 to calculate the redress due to you.

 

To calculate the assumed premiums,we have :

 

Used the value of the balance transfers you instructed when applying for your credit card to determine the amount of payment protection insurance you would have paid in April 2000 (£14.00)

 

Then calculated the average of the balance transfer amount and your statement balance in January 2002.

This means that if your balance transfer amount was £1,000 and your statement balance in January 2002 was £2,000

 

then we would use an average figure of £1,500 ("average statement balance)

Refunded the payment protection insurance you would have paid on the average statement balance between May 2000 and december 2001

 

If you can provide credit card statements showing the actual payment protection insurance premiums you paid prior to January 2002 , and send them to me along with the enclosed recalculation request document in the envolope provided , I will be happy to recalculate the offer.

 

Please be aware that recalculating the redress due to you based on the actual premiums you paid may result in the offer being reduced if the premiums we have assumed above are higher than what was actually paid.

 

Payment protection Insurance premiums to be refunded                       £522.38

Interest at credit card interest rate                                                              £242.06

Refund of account charges                                                                            £48.00

Gross 8% interest                                                                        £268.26

Less income tax deducted                                                          £53.65

Net Interest paid                                                                                             £214.61

 

Total Offer                                                                                                      £1027.05

 

If you would like to accept the offer please sign the aceptance sheet and return within 28 days and I will arrange the refund payment for you.

If you would to provide statements to allow us to recalculate the offer please send these along with the enclosed recalculation request form. If you have any queries about this offer please do not hestitae to contact me on 0345 071 6157

 

 

 

Does anyone have experience of receiving anything similar to the above ?

 

We have moved several times since 2005 and I dont have any old statements , can I still ask for recalculation ?

 

Is the offer likely to be reduced if i ask for recalculation ? 

 

Is the offer fair ? or should i complain to the ombudsman ?

 

 

Any advice or help would be welcome

 

Thanks

 

Mark

 

 

 

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if only you'd done what was advised to back in 2012 ....to send everyone an sar...you wouldn't now be in this situation...

 

you nor us have any way of now knowing or not if its correct.

 

when did you open this card?


..

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