Lastlaugh V GM Card

[Lastlaugh]

Hi Everyone!

I am starting a claim to get my husbands PPI back on his GM card which was useless when we lost our company...........he wasnt covered. I am stuck on the interest bit as it has changed a few times plus it says simple interest and effective interest. I would also like to claim the late payment charges back but this would have to be done on a seperate claim I take it?

Could somebody please tell me how to do the interest calculation on the PPI - the PPI amount is £3321.60 and the interest on the card was

Simple annual rate : 21.6percent then next to it it says effective annual rate 23.9%

Thank you

[hellhasnofury]

Hi Everyone!

I am starting a claim to get my husbands PPI back on his GM card which was useless when we lost our company...........he wasnt covered. I am stuck on the interest bit as it has changed a few times plus it says simple interest and effective interest. I would also like to claim the late payment charges back but this would have to be done on a seperate claim I take it?

Could somebody please tell me how to do the interest calculation on the PPI - the PPI amount is £3321.60 and the interest on the card was

Simple annual rate : 21.6percent then next to it it says effective annual rate 23.9%

Thank you

 

Hello Lastlaugh,

 

How are you well I hope and your brain not to frazzled re working out interest rate:lol:

 

Maybe have a look at this post to see if it helps with the calculations.

 

Personally I would use the effective annual interest and let them argue the toss, they will anyway:o

 

 

Originally Posted by buggerlugs1

If like me, you have always found the mathematical formula's that the government have specified for calculating APRs and early settlement figures pretty complicated. There is a tool from the OFT that will calculate them for you. Its called DualCalc and its available as a free download from here:

 

index

 

Happy calculating,

buggerlugs:-)

[Lastlaugh]

Hi Everyone,

 

I didnt receive any information from GM card and a few weeks ago telephoned them after a few of my friends started getting automatic repayments for PPI on their EGG credit cards.

 

They said they sent me a letter which I did not receive and I asked for a copy. The copy has arrived and I would like some advice as to whether we can take this further.

 

Many thanks

 

Lastlaugh

gm card0001.pdf

[Wilma Shoozfit]

Hi lastlaugh

 

Not much help here but at least it will give your post a boost to the top.

 

The PPI - they always knock you back when you first ask for a refund.

 

Write back, ask if this is their final response and ask for a copy of their complaints procedure.

You need to establish that this was mis-sold - If your OH wasn't covered when he lost his company (and presumably his job) did they explain why he wasn't covered and did they point out these exclusions when you took out the policy?

Of course you didn't query the PPI in those years you had it, you thought you had peace of mind but when it came to the crunch you'd bought yourself a white elephant. It was just labelled PPI and then it wasn't plastered it all over the press what a rip off it was, now you know different and you're asking questions.

 

As for the credit card charges - have a look in some of the other credit card forums - just because they don't accept OFT's finding doesn't mean they can get away with not repaying you the charges - go for it

 

Don't take no for an answer -

 

All the best

Wils

Edited March 19, 2009 by Wilma Shoozfit
dyslexic keyboard