PPI redress confusion

[Bill-K]

Re: PPI redress confusion

Brilliant, TJP. You may have to be persistent, as Ken has said - but Di is excellent at this kind of thing. And she sure is persistent !!!

[tjperfick]

Re: PPI redress confusion

thanks bill, with di's help I have sent a letter to the catalogues asking how they have calculated the redress and hope to hear soon. When I get something back I will let you know.
cheers

[Bill-K]

Re: PPI redress confusion

Bill, as you know I am having trouble with the redress from my catalogues. What happens if you do not happen to have all the statements to hand. Mine goes back to 1993 and 1998, so only have the transactions from 2007?

Replying here to your post in another thread - see the previous posts from me & Ken, TJP. You need to get as much info as you can from them about how they calculated the redress. We can then look at that and take it from there. If they used estimates, then we can use estimates - but we need to know exactly what they did use.

[tjperfick]

Re: PPI redress confusion

Thanks Ken - think I may write and refer to the SAR request made in December and ask if they have anything earlier than what they sent.

[Bill-K]

Re: PPI redress confusion

Yes, as Ken says - unless we have sufficient data, then the spreadsheets will be running on fumes and the results unreliable. I also agree that you need to find out exactly how they calculated the redress. Did they estimate it ? If so, exactly how did they do this ?

Also - you may need proof of when the accounts were opened, and when the PPI was taken out (not always at account inception). This is where asking the above questions may get you this. Even if the DSAR data doesn't show when the account was opened and the PPI taken out, then they will probably still have this info - so getting it from them in another way is well worth doing. You may have to be persistent, as the lenders are notoriously unhelpful with providing this information. I can tell you - it won't be easy, TJP - but it may well be worth the effort eventually.

BTW - Ken knows more about the calculations than he lets on. He has taught me some blinding stuff over the past few months !!!

[ken100464]

Re: PPI redress confusion

No difference as to the two just different names.

Think it will be quite difficult to reconstruct the account if we are short of 14 and 9 years of data.

The only possible solution would be to ask what they used to calculate the redress on. Is it pure guesswork or do they have something.

[tjperfick]

Re: PPI redress confusion

The accounts were opened in 1993 and 1998 and the SAR data goes from 2013 back 6 years.

Nor meaning to be like a dog with a bone, but what (if any) is the difference between compensatory interest and statutory interest ?

[ken100464]

Re: PPI redress confusion

Its a start but how long between account opening and the start of he sar info. When did you close the account?

[tjperfick]

Re: PPI redress confusion

I have got SAR info for the last 6 years, will this be any good?

[ken100464]

Re: PPI redress confusion

tjperfick.

Compensatory interest is only payabe for when the notional balance when reconstructed is in credit. ie when after the PPI and its effects are stripped out the resulting balance was in credit to you.

You can only know this if you are able to reconstruct the account and hence why Bill is asking about what paperwork you have. The more paperwork the better we can reconstruct it for you and therefore the accuracy of what they offered can be checked. Hence in our request, do you have statements or SAR information that sort of thing.

The less facts you have, the more assumptions Bill has to make and the therefore the accuracy of the final redress he can check lessons.

This PPI claiming is not as simple as many make out. Firstly you have to get the uphold (you done that and very well done) and get paid redress. To check this and many many lenders are getting it wrong and we know why (because they arent being checked by either the FCA or FOS) you have to have the facts via the methods above.

Then you have to know someone called Bill (lol) who you now do who has the ability to guide you with this raw data into a position where you can say yea they did it right or nah they are scamming me again.

[tjperfick]

Re: PPI redress confusion

As Ken says, the PPI and its associated account interest are not taxable, PF. It is only the 8% compensatory interest that is taxable. Personally, I don't think tax should be payable on any form of compensation - but that's just my personal view. As Ken also says, if you are a nil taxpayer, then you can reclaim this from the I.R. - but I bet it ain't easy !!!

I received compensatory interest on my CC and also on the store card - should i have received it on catalogues as well?

[tjperfick]

Re: PPI redress confusion

Indeedy, TJP. If the accounts are closed, the we would have to use the dates that you have, as I doubt if a CCA Request would give you anything better.

BUT - you would still need to fill in spreadsheets in order to give proper bases for the estimates, I'm afraid...!!!

If you're up for that, then I'll certainly do my best to do the estimates from that, guv'nor.

I am up for that, if just to my mind at rest that I have been reimbursed the correct amount of ppi back.
Where do I go from here?
cheers

[ken100464]

Re: PPI redress confusion

Our problems start from summer 2012. They seemed to be doing something else before then.

[oscar]

Re: PPI redress confusion

Ken / Bill,

IF you are able to provide with a calculation sheet, I maybe able to offer some assistance in your quest.

As I say, it is as few years now since I left, but they were never an organisation to embrace change.

[Bill-K]

Re: PPI redress confusion

As Ken says, the PPI and its associated account interest are not taxable, PF. It is only the 8% compensatory interest that is taxable. Personally, I don't think tax should be payable on any form of compensation - but that's just my personal view. As Ken also says, if you are a nil taxpayer, then you can reclaim this from the I.R. - but I bet it ain't easy !!!