Calculating PPI on Credit Cards

[cappo]

Re: Calculating PPI on Credit Cards

Cappo, sorry wasn't disagreeing with you, just providing info on Tesco/RBS. Strangely, Tesco Finance are dealing with mine, although I didn't start the ball rolling until Dec 10. Well I say Tesco Finance, I can't see any mention of RBS on the letter, and they're based in Glasgow.

Budgie, I've spoken to Tesco asking for £2990ish plus redress for distress (nagging Mrs) and inconvenience (having to bury the said nagging Mrs). Now waiting on a response.

it doesn,t matter who,s right or wrong max if anyone, it,s more important for budgie and bill to get the right amount of redress sorted out for you thats all that matters, i suppose it can depend on a lot of factors maybe tesco are just asking rbs for info(in my case) because i read last night that tesco finance is indeed a separate entity now.

[cappo]

Re: Calculating PPI on Credit Cards

Cappo, sorry wasn't disagreeing with you, just providing info on Tesco/RBS. Strangely, Tesco Finance are dealing with mine, although I didn't start the ball rolling until Dec 10. Well I say Tesco Finance, I can't see any mention of RBS on the letter, and they're based in Glasgow.

Budgie, I've spoken to Tesco asking for £2990ish plus redress for distress (nagging Mrs) and inconvenience (having to bury the said nagging Mrs). Now waiting on a response.

it,s nice to see that you look as if your on the verge of a payout max,incidentally how long has it taken? i know all about nagging mrs i,ve got a nice big patio to bury mine under lol. (that was a joke nobody needs to call the police)

[Bill-K]

Re: Calculating PPI on Credit Cards

...it,s more important for budgie and bill to get the right amount of redress sorted out for you thats all that matters ...

Very true, cappo:-

Sorry Bill, that's not quite correct.
Both LTSB and Tesco do actually appear to be calculating compensatory interest in exactly the same way that the FOS suggest, for a regular monthly ppi premium credit card case. I can't comment on RBS.

Maxedoutman's Tesco claim hasn't gone through the FOS. However Tesco are still trying to use the same redress calculation method that they would have been told to use by the FOS had this matter gone through them.

My apologies, Max & Budgie. I've been doing fixed loans for too long, now, and had heard about the revised FOS methodology for credit card claims - but this is the first time I've seen it implemented. TBH, I had hoped the banks wouldn't notice it, as it seems to deny any compensatory interest to recently-closed accounts. Unless I've STILL misunderstood it !!!

So, I agree with Bud that the Tesco calculation IS correct - and in line with the FOS methods.

As it appears that the banks are gonna be using this method, I'll use it in future spreadsheets.

[MaxedOutMan]

Re: Calculating PPI on Credit Cards

it,s nice to see that you look as if your on the verge of a payout max,incidentally how long has it taken?

I've been using a CMC (as I originally made a monumental cock-up) - the initial letter went out just before Xmas 2010, the first offer received from Tesco was dated Feb 11, so not long at all.

Now LTSB was a different story.....went through the FOS, took just over 2 years!

[cappo]

Re: Calculating PPI on Credit Cards

I've been using a CMC (as I originally made a monumental cock-up) - the initial letter went out just before Xmas 2010, the first offer received from Tesco was dated Feb 11, so not long at all.

Now LTSB was a different story.....went through the FOS, took just over 2 years!

blimey that was quick the first one anyway mine have been messing about since sept 2008 and only have done 1 out of about 8 so far,very very slow which is a shame as they did,nt need to get caught up in this j.r still if it had,nt have been that it wouid have been something else,2 years is a long time max did you recover (money) on that one? i,m now doing a rejected capital 1 through the fos using a reason of stroke and a hole in the heart to fast track so hopefully might speed it up a bit,it,s criminal how it takes them so long to settle isn,t it.

[Budgie]

Re: Calculating PPI on Credit Cards

Budgie, I've spoken to Tesco asking for £2990ish plus redress for distress (nagging Mrs) and inconvenience (having to bury the said nagging Mrs). Now waiting on a response.

Any news ?

[MaxedOutMan]

Re: Calculating PPI on Credit Cards

Apologies for not responding sooner....been a bit busy the last week.

Having spoken to the CMC and Tesco, they have indeed calculated the amount correctly in line with the FOS guidelines. I asked for the compensation, but was advised that this is usually payable when cases go through the FOS. I contact the FOS and they pretty much agreed with this, although I could ask. Obviously Tesco said no.

So I've agreed to take the original offer of £2770 something rather than lose anymore time. To be fair, due to my current position, getting the money sooner rather than later would be a big big help.

So thanks to everyone who contributed to this thread. It's really helped a great deal.

I now move on to my other two claims..............current update is:

- RBS are arguing, initially stating it's already been dealt with. CMC have gone back to say this is a seperate complaint. Awaiting RBS response.

- Other CC (can't remember the exact name) - they've argued that they sold me Card Protection, not PPI. CMC are claiming this itself was a mis-sale and are on to this to.

I completely agree that if possible, you should attempt to reclaim PPI on your own (I did my Lloyds TSB on my own), but if for whatever reason you can't (or if you screwed up like I did), there are some good CMCs out there. I would add here that always ask around or find reviews/news about CMCs history/reputation. Granted they're in it for the money, but to date, I have no complaints whatsoever. In my instance, what seemed like a lost cause is now a £2770 win!

Watch this space.

Once again, thanks to everyone, it's very much appreciated.