PPI going back over 10 years...

[Shadow2981]

Hey, I have just been going through some old statements, doing some calculations, and just realised that I had PPI on 2 credit cards (a basic, which was then upgraded to a gold).

The dates PPI was paid were montyly, Feb 2002 - Sept 2003. In Sept 03, when i realised I didnt HAVE to have it, i cancelled, and they told me they could only refund 3 months worth of payments, which they did (amazing how stuff comes back to you when you see it documented)...

Is it too late to get money back for this? Also, how do you determine how much to claim? Same way you do charges (using a calc and 29.9% interest)? I have the statements all here as proof...

[IF]

Re: PPI going back over 10 years...

Moved your thread to here Shadow, as Di maybe able to help further.

IF...x

[di30]

Re: PPI going back over 10 years...

Hey, I have just been going through some old statements, doing some calculations, and just realised that I had PPI on 2 credit cards (a basic, which was then upgraded to a gold).

The dates PPI was paid were montyly, Feb 2002 - Sept 2003. In Sept 03, when i realised I didnt HAVE to have it, i cancelled, and they told me they could only refund 3 months worth of payments, which they did (amazing how stuff comes back to you when you see it documented)...

Is it too late to get money back for this? Also, how do you determine how much to claim? Same way you do charges (using a calc and 29.9% interest)? I have the statements all here as proof...

Hi there

First of all when you make a reclaim on the PPI, you do not need to write down the figures, they should send you a detailed breakdown once this has been resolved, or you can request they send it to you.

I understand Credit Card PPI is calculated differently to that of loan PPI.
On your statements I assume it shows what you were paying of PPI separate to that of the credit card balance as such? Even though when you make your monthly repayment, they reduce the ppi from what you pay.

To make a reclaim, just simply complete a FOS reclaim questionnaire and send to the business who set up and sold you the account.
Keep copies for yourself as well, in case you need to complain to the Financial ombudsman service (FOS) later on, this will save time, but hopefully it will not go that far.

Give it a go on your reasons you have and please let us know how you get on, and of course ask further for any help if required, good luck.

http://www.financial-ombudsman.org.u...stionnaire.doc

[Shadow2981]

Re: PPI going back over 10 years...

Thanks Di, I dont think it would be worth it.. The PPI payments ranged each month between £2 - £11, but the majority were under £5..

I have totalled up ALL the charges (across 3 cards I held with them) - and this totals to around £4100 with the 24.9% interest rate on charges calc...

Sounds nice, but the problem is I have a debt which is almost £5k with them already, and only a year or two off being SB. I was hoping the PPI would give it a major boost, to give me the upper hand (i.e charges would outweigh my debt, and I would negotiate £0 balance and removal of 3 yr old default instead of differential payout)... but I dont think that is going to happen...

I think the ONLY solution would be to agree a reduced, say 50% F&F, and THEN slam them with the charges claim, which would leave me £2k up - but I feel this may be too risky and leave me worse off than I am now...

Hopefully, they will sell this last card's debt on in full to DCA, so I can throw this at them then.

I haven't calculated the odd £2 - £4 cash advance handling charges, as I dont think they count in reclaim - am I right there?

Also, a LOT of these charges are £20, a couple for £18, and a lot more for £12 - they might argue that the £12 charges are fair mighten they? Or are you entitled to reclaim EVERY charge (late payment (mostly), overlimit (a handful), and administration charges (just the one) are what these are).

Thanks! Sorry for the long winded reply, and additional questions!

[di30]

Re: PPI going back over 10 years...

Thanks Di, I dont think it would be worth it.. The PPI payments ranged each month between £2 - £11, but the majority were under £5..

I have totalled up ALL the charges (across 3 cards I held with them) - and this totals to around £4100 with the 24.9% interest rate on charges calc...

Sounds nice, but the problem is I have a debt which is almost £5k with them already, and only a year or two off being SB. I was hoping the PPI would give it a major boost, to give me the upper hand (i.e charges would outweigh my debt, and I would negotiate £0 balance and removal of 3 yr old default instead of differential payout)... but I dont think that is going to happen...

I think the ONLY solution would be to agree a reduced, say 50% F&F, and THEN slam them with the charges claim, which would leave me £2k up - but I feel this may be too risky and leave me worse off than I am now...

Hopefully, they will sell this last card's debt on in full to DCA, so I can throw this at them then.

I haven't calculated the odd £2 - £4 cash advance handling charges, as I dont think they count in reclaim - am I right there?

Also, a LOT of these charges are £20, a couple for £18, and a lot more for £12 - they might argue that the £12 charges are fair mighten they? Or are you entitled to reclaim EVERY charge (late payment (mostly), overlimit (a handful), and administration charges (just the one) are what these are).

Thanks! Sorry for the long winded reply, and additional questions!

Hiya

That is fine no worries and about the questions lol.

As far as I am aware, I understand you can make a reclaim on anything over that of £12 late charges as this amount is deemed as being fair, anything over that I do believe peeps have tried to claim back.
I would try making a reclaim on all you can though, it all adds up at the end of the day.

If your successful and want to get rid of the debt of what you stated above, maybe you could try coming to some sort of arrangement of a F&F, maybe Niddy could advise you a little more on this one, of what we think it fair.
I would think the interest side of it should be awarded directly back to you.

Wise to keep the ppi separate away from the charges side of it though.

[Shadow2981]

Re: PPI going back over 10 years...

As far as I am aware, I understand you can make a reclaim on anything over that of £12 late charges as this amount is deemed as being fair, anything over that I do believe peeps have tried to claim back.

So does this mean that any charges that are made at £12 should not be claimed/could be rejected?

It seems that up until £2006, this particular company charged £20 - but suddenly the charge dropped to £12 - so is it likely I could only claim back all charges pre-2006 charges? Also, if that IS the case, does this mean I could only claim back the DIFFERENCE.. e.g. If I was charged £20.00 on 14th May, 2005, I would reclaim only the £8 difference + interest? Or would I still request the full £20 + interest?

Either way, if I cant reasonably claim the £12 charges, this vastly decreases what the overall claim is worth...

[di30]

Re: PPI going back over 10 years...

So does this mean that any charges that are made at £12 should not be claimed/could be rejected?

It seems that up until £2006, this particular company charged £20 - but suddenly the charge dropped to £12 - so is it likely I could only claim back all charges pre-2006 charges? Also, if that IS the case, does this mean I could only claim back the DIFFERENCE.. e.g. If I was charged £20.00 on 14th May, 2005, I would reclaim only the £8 difference + interest? Or would I still request the full £20 + interest?

Either way, if I cant reasonably claim the £12 charges, this vastly decreases what the overall claim is worth...

Hi

I am sure I did save some details to my documents on credit card charges (separate to that of PPI), still trying to search for them lol, have that many files, and not very organised, but for now, just to give you a little bit more of an idea (sorry Nids, hope you don't mind) below are some details from MSE which will give an idea of the steps of credit card charges and if your in hardship they should not turn you away from reclaiming these.

Take a look at the info on the link below, meanwhile I will be checking through my docs and if I find them I shall post them up for you, but they shouldn't be any different to the info below.

Why can we reclaim credit card charges?

The simple question is, ‘does it really cost £35 to send an automated letter when someone’s gone 1p over their limit’? Over the years, that’s exactly what card providers have done whenever people have missed credit card repayment dates or bust through their credit limit. And it’s for this reason you should be able to get back the last six years’ worth of cash.
Even the OFT says credit card fees are unfair
Not that many realised then, but a report in April 2006 by the Office of Fair Trading (OFT) was crucial in supporting reclaimers’ cases. Having investigated credit card charges the OFT said, in plain language, that it would not launch a specific investigation on any card companies with charges lower than £12.
While the OFT ruling had no technical power, across the board, most card companies reduced their charges to this £12 level. This was of course, a positive step. But actually this figure, in my view, is still too high as the real administration costs are usually little more than a couple of pounds.
Yet it certainly has made it a lot easier to reclaim back the difference between what you were charged and the £12 figure. So for each £35 charge, you should get at least £23 of it back; though many may be able to get the whole £35.
The bank charges test case didn't impact credit cards
You may have heard of the disapointment in the 2009 bank charges test case where the Supreme Court decided that charges could not be assessed for fairness. It’s important to understand this is specifically about bank charges and does not apply to credit card claims.


http://www.moneysavingexpert.com/rec...t-card-charges

[di30]

Re: PPI going back over 10 years...

Work out what you are owed
With bank charges you can go back six years, and it's a similar story for card charges. You should be able to request a comprehensive list of charges from your card issuer and the reasons why, which they must provide within 40 days. The bank may try and charge you for duplicate statements, which isn't unreasonable, but the charges shouldn't be too excessive. You can download a letter requesting details of charges here.
When you have an idea of how much you have been charged, try to calculate the interest you have paid on the charges.
In order to argue against card companies' assertions that the charges are for services, request a copy of your original contract and any changes to it which can be used as evidence that you did not enter into such an agreement.
5. Put it in a letter
If the bank refuses to refund you after a quick phone call, then write an official letter. Again, we have a template that you can follow. The letter should state that you want a refund of the charges. Make sure it is addressed to the correct department, keep a copy and follow it up with a phone call to make sure it has arrived.

[Shadow2981]

Re: PPI going back over 10 years...

Thank you very much for this information...

It does make my claim look less and less appealing, and more like I need to just sit it out and let it runs its course (which is basically exactly where I keep ending up!). Bummer...

However, this does help tremendously with a claim I will be making for my cousin We will just do a few different spreadsheets, one of ALL charges, one of all charges above £12, and a third of all the differences between £12 and actual charge.

This will help greatly with his case in determining whether or not any settlement offers are worth taking for ease and quickness (as he needs the money to clear his mortgage arrears).

So for me, it seems like game over, unless they sell my debt in full assignment. But this will prove valuable for him...

Barlcays seem notorious for demanding confidentiality on cases in order to settle in full, and we may use this as a term for quick, full settlement from the get-go in my cousins case, BUT if they dont accept this full settlement in return for confidentiality in the first instance, I will certainly post his case on here

Thank you very much for your help and advice - once again, it is hugely appreciated!