PPI redress confusion

[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

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

[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

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

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.

[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 !!!

[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

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 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

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

Hi all, just to revisit this one. I have been like a dog with a bone on the redress awarded by shop direct.I have written to them countless times and have data going all the way back to 1998. They are still refusing to budge on the interest element awarded and i have even sent letters/emails to the CEO!!.
The main issue being is following the FOS guidlines that I should be put back in the position if I had not taken the PPI out.
I have now even spoken to the FOS, who after listening and reading the documentation and agreeing that how the redress is worked out is not quite right. Only thing was once they found out the dates they have said that they cannot help me. They have directed me to the FLA.
I sent them an email and received a reply saying they cannot help me. I cannot make head or tail of the reasons ine the long email sent back.
Question is, if the FOS are agreeing and saying it doesn't seem quite right, is there any where else I can go with this one. cheers

[di30]

Re: PPI redress confusion

Hiya
Have you tried havng a word with your local MP?

It may also be a good idea as well if you tell them you have spoken to the FOS and all redress should include interest, as you also paid interest within your repayments to them.

I would ask your local MP to help by writing to the CEO if you can, they will want your votes....... hope it works out for you, they are so craftyX

[tjperfick]

Re: PPI redress confusion

Hi di, I have got interest on the ppi premiums, it is the the action of "returning the customer back to where they should have been if it had not been added"
Shop direct are saying that they do not have to explain how they have calculated the interest to me.

[di30]

Re: PPI redress confusion

Hiya

You at least deserve a detailed explanation, it makes you wonder why they dont want to do this, maybe you should write to warn them you are considering contacting the FCA on them failing to comply on this "as a right of a customer" xx

[di30]

Re: PPI redress confusion

...........also check this out......

http://www.fca.org.uk/static/documen...s/tr-13-07.pdf