Help needed with post-FOS claim dating back to 1994 : calculations and legal advice!

[FCPBoy]

Hello everyone,

I have just had an adjudication go in my favour at the FOS. Reluctantly, the credit card company has agreed to pay out, but I think their figures are somewhat shy of where I think they should be.

FOS says that it considers the offer 'fair and reasonable', but seeing as it doesn't include five years-worth of PPI payments, I don't agree.

So, is there someone here who can help on that score... And is there someone who can then give me advice on court costs? The current amount on offer from the CCC is £10k - but I suspect it should be much more but I really need advice !

Thanks everyone in advance!

FCPB

[miliitant]

Re: Help needed with post-FOS claim dating back to 1994 : calculations and legal advi

can you back up the shortfall with statements etc

you have to show consequential loss in a court claim

did they award extra due to interest payments, was it 8 % or was it contractual interest, say 15 %

how much are we talking in total as this seems to be a fast track case if it goes to court but the bonus you will have is by offering settlement they are acknowledge the ppi was mis-sold

[FCPBoy]

Re: Help needed with post-FOS claim dating back to 1994 : calculations and legal advi

Hi - thanks for replying.

Please let me explain a bit about myself. Back in 2002 I sought help from the excellent folks at CCCS to help clear my £53K credit card, loan and overdraft debt. I did not wish to declare myself bankrupt, as I morally accepted I incurred the debt and should repay it. I have since done so - every penny. I am not a sponger or someone who looks to wriggle out of a debt on a technicality; I am - I think - honest. My PPI claim stems from being told that I couldn't cancel the PPI - ever - which I only found out to be illegal after coming to the end of the debt management plan and finding that - far from having cleared my £12K debt to the credit card company (CCC) over six long, credit-history-wrecking years, I apparently still owed them £6400 because they'd continued to charge PPI since 1994 and throughout the DMP - even though I'd asked them to cancel it (and they refused). The FOS accepted my side of the story and asked the CCC to make amends. So I am not out to be greedy. I do not want a penny more than they owe me - but also, don't want a penny less, either.

The figures the credit card company have calculated and sent to FOS don't seem to include compound interest, just "associated interest", with dubious and - in my opinion - plain wrong amounts. So for example, they say that a £34 PPI payment from 1999 attracts £0.00 interest - not a penny. They say it's because the card was opened in 1994 but they (and I) have lost the figures for the preceding five years. Both parties accept the card start date, and that by July 1999, PPI premiums had reached £34, but they seem unwilling to take these 'missing' years into consideration. I suggested taking £34, dividing it by the 59 months of 'missing' figures' and incrementing payments exponentially over those 59 months, so starting at £0 and ending up ay £34, when the actual figures can be used. But is it that simple? I accept that I needed to repay interest payments added to the card, and of course the purchases (and I have done), but why can they not 'divorce' the PPI payments and refund those - and the contractual interest on them - from the purchases and interest? I'm not sure they're relevant, or maybe I'm seeing things oddly.

The calculations they submitted to FOS include a running total showing the intertwining of PPI and interest/purchases on the account, and of course payments made to it, but the "associated interest" seems very low, bearing in mind the length of time they've had my money. Shouldn't that interest also be compounded? In my mind, for example, if I paid them £34 in July 1999, at a contractual rate of 17.66% APR, I should be due interest of £0.50 for that month, and then again for every consecutive month until the debt is repaid (146 months and counting), meaning they owe me £107 (including the original £34) for that month alone - . If it doesn't work out this way, why not? If I had borrowed £34 from the credit card company in 1999, would they be happy with me repaying it in 2012 with no interest, and if they wouldn't, why should I be? Is my mindset wrong?

So, do you see why I really need expert help. Also, as the case goes back to 1994, will the court rule on that?

Happy to give any further details you may need. Thanks in anticipation for your help.

Best wishes,

FCPBoy

[Magrew]

Re: Help needed with post-FOS claim dating back to 1994 : calculations and legal advi

Your logic appears sound, how that relates to law unfortunately I cannot assist with. You have my sympathy however I have also been on the wrong side of a rather poor FOS valuation and I am continuing to fight it.

Have you looked to see if there is any caselaw in this regard, I would be surprised if you are the first to have been here. There is a keyword search on this site http://www.bailii.org/ I have found it very useful in the past.