Debenhams Store card PPI

[beachcomber60]

About to start a reclaim battle with either CL Finance or GE Money (OC).

Basically, debt sold off to CL Finance November '08, No default notice or Notice of Assignment - already have a thread running regarding this.

Sent a CCA request to CL in March - absolutely no response, sent reminder mid April again no response - Phoned CL and was told that its taking longer then expected to obtain a copy from GE.

Sent off for a full Subject access request to GE Money, information supplied was for statements 2003 to 2008 with some statements missing and a note stating that system errors prevent all statements being available, they also stated that there is no original agreement available due to the age of the account (1983) and that a sum of £2,250 in PPI payments had been levied to the account - PPI stopped end of 2005 after finding out just how dear it was and for no benefit. Sent off a non complaince letter requesting missing information and all I received in reply was a very bad microfiche copy of the in store application form.

Now I want to try and reclaim the payments and I just wonder if someone could do a quick calculation ( I have done the spready but just need to check that I've done it right as the figure I have come up with is very high)

19/04/2003 PPI £2.35 APR 29.9% Interest Calculation to 17/06/09
(compounded annually)

My other question is that although they state that £2,250 had been levied only £326 is covered by statements, so the balance must have been applied before April '03, so I want to take the remaining £1,924 and apply it to march '03 in one lump & do the APR interest at 15% as a gesture of goodfaith

Long winded I know but couldnt explain it better.

Beachy

[alanalana]

Originally Posted by beachcomber60

About to start a reclaim battle with either CL Finance or GE Money (OC).

Basically, debt sold off to CL Finance November '08, No default notice or Notice of Assignment - already have a thread running regarding this.

Sent a CCA request to CL in March - absolutely no response, sent reminder mid April again no response - Phoned CL and was told that its taking longer then expected to obtain a copy from GE.

Sent off for a full Subject Access Request to GE Money, information supplied was for statements 2003 to 2008 with some statements missing and a note stating that system errors prevent all statements being available, they also stated that there is no original agreement available due to the age of the account (1983) and that a sum of £2,250 in PPI payments had been levied to the account - PPI stopped end of 2005 after finding out just how dear it was and for no benefit. Sent off a non complaince letter requesting missing information and all I received in reply was a very bad microfiche copy of the in store application form.

Now I want to try and reclaim the payments and I just wonder if someone could do a quick calculation ( I have done the spready but just need to check that I've done it right as the figure I have come up with is very high)

19/04/2003 PPI £2.35 APR 29.9% Interest Calculation to 17/06/09
(compounded annually)

My other question is that although they state that £2,250 had been levied only £326 is covered by statements, so the balance must have been applied before April '03, so I want to take the remaining £1,924 and apply it to march '03 in one lump & do the APR interest at 15% as a gesture of goodfaith

Long winded I know but couldnt explain it better.

Beachy

Hey beachy you will need to ask pompeyfaith on this issue. I got my sums wrong on my claims. But if you go via the fos they will work it out. A lot of folks are rightly concerned at getting back what they are due so if you can come up with the figures well and good. Sorry I cannot be of more help.

aa

[pompeyfaith]

Hiya Beachy,

What is the £2.35 ?

19/04/2003 PPI £2.35 APR 29.9% interest Calculation to 17/06/09
(compounded annually)

Regards

PF

[beachcomber60]

Hi Pf,

Blimey that was quick

The £2.35 was the amount they added to the account for ppi for that month.

Regards

Jim

[pompeyfaith]

So am i right in saying you paid £2.35 a mth from 19/04/2003 until 17/06/09

Sorry im a bit confused here was this a store card and if so surely the PPI each mth would be differant depending on the balance?

Regards

PF

[beachcomber60]

Sorry PF I think I'm causing confusion by not explaining properly.

On the 19/04/03 they added £2.35 ppi to the account, on my spready I calculated interest from the date they added it to the account (19/04/03) to the date I did the spreadsheet (17/06/09) @ the annual APR of 29.9% & came up with £2.35 ppi + £9.71 interest.

You are correct in that the monthly ppi varies according to the outstanding balance.

Just think I've done something wrong as working out all the calculations for the statements & figures they've supplied I've calculated ppi of £2,250 plus compounded interest at 29.9% = just over £7,000

Just hope I'm right.

[pompeyfaith]

Ok gotcha

But i must say that sounds about right remember it is 29.9% compounded

But i will check for you

[pompeyfaith]

Ok i make it £2.35+£9.45=£11.80


And £2,250.00 at 29.9% over 6.17 yrs = £11301.89 interest £9051.89

Regards

PF

.17 being the decimal sum of 2 mths

P.S fill yer boots

[beachcomber60]

Thanks PF

Your help is, as always, greatly appreciated.

Best regards,

Jim

[pompeyfaith]

Just double check those figures on another calculator and it is bang on to the penny

Regards

PF

[pompeyfaith]

I thought it would be high due to the interest rate and the interest being compounded mth on mth.

Regards

PF

I know where you are coming from though it does take you by surprise lol

[pompeyfaith]

Pleasure if you need anymore help with this just send me a PM

PF

[beachcomber60]

Once again Thanks PF, just picked myself up off the floor

Tickled your scales accordingly

Beachy

[pompeyfaith]

Yup lol i know that feeling very well beachy.

I have an ongoing claim with the co-op bank for PPI totalling £31,000 for mis-sold PPI on 9 Loans i ended up checking my figures over and over.

Thanks for the rep.

Regards

PF

[beachcomber60]

While sorta expected a reply but :-

Dear Beachy

I understand that your complaint is regarding Account Cover insurance.

Having checked your account details, I can confirm Account Cover insurance consisting of price, payment & purchase protection was added Dec. 1989, when we received your signed credit agreement and opened your account. I am unable to enclose a valid copy of the agreement due to the time elapsed.

I note that you say that you were not told that the policy was optionalwhen it was taken out in Dec. 1989, but I also note that the process that we had in place was to make clear that it was not compulsory. I can confirm that on the agreement you signed, it asked you to sign if you required the Account Cover, which you did. (No - I signed for a Debenhams Store Card - there was no seperate section to be signed for account cover nor is there a box to be ticked. I do have a very bad photocopy of a microfiche, virtually unreadable but in the payment protection there is nowhere to sign nor tick and I can just make out something along the lines of 'Payment Protection Plan, if you do not wish to be protected simply return by Freepost the cardholder ??? unreadable).

Therefore it appears that it was made clear that the policy was optional and that you elected to take out the insurance. Once a customer has decided to take the product, a policy summary and policy document is mailed to the customer for their review. We also offer a 30 day no quibble guarantee where the product may be cancelled, and any premiums refunded (subject to no claim being made). This allows time to compere the policy to that of any other insurance companies.

In relation to your reference to the sales process in store, there is no requirement upon us to record the sales process and so we have no way of knowing what took place in Dec. 1989. However, if any of the matters that you suggest took place, you would have been able to call at any time in the first 30 days and we would have removed the insurance from the account.

Since you opened the account, this insurance has been clearly shown on your statements, when a balance has been outstanding, and could have been cancelled or a claim made at any time.

I understand that you believe you were not covered by Account Cover insurance, as you were self employed. However, you were covered by the insurance as I can confirm that being self employed does not exclude you from the main benefits of the cover. (but it does exclude me from some benefits then?)

The Account Cover was upgraded on ** Sept 1998 & ** July 2003 and a new Terms & Conditions would have been sent at these times. (News to me!)

As I can find no evidence of mis-selling of this insurance, I am unable to refund the premiums applied to your account. I can confirm the insurance was cancelled ** Jan. 2006.

If you remain dissatisfied with our response you may refer the complaint to the Finance & Leasing Association using the details below. (Think they are as much use as a chocolate fire guard as far as the consumer is concerned).

Beachy

[beachcomber60]

No one got any comments on GE/Santanders utter bull**** of a response?

[pompeyfaith]

I note that you say that you were not told that the policy was optionalwhen it was taken out in Dec. 1989, but I also note that the process that we had in place was to make clear that it was not compulsory. I can confirm that on the agreement you signed, it asked you to sign if you required the Account Cover, which you did.

EVEN IF YOU DID SIGN YOU WERE NOT AWARE THAT PPI INSURANCE WOULD BE THE SUBJECT OF MUCH MEDIA AND REGULATORY ATTENTION DUE TO IT BEING GROSSLY MIS-SOLD AS IN YOUR CASE AND TOTALLY UNFAIR

We also offer a 30 day no quibble guarantee where the product may be cancelled, and any premiums refunded (subject to no claim being made). This allows time to compere the policy to that of any other insurance companies.


WELL THE FSA AND OFT HAVE ALREADY RULED THAT POLICIES SHOULD NOT BE SOLD WITH A FINANCIAL PRODUCT SO ITS FAR TO SAY THIS APPLIED IN 1989

Since you opened the account, this insurance has been clearly shown on your statements, when a balance has been outstanding, and could have been cancelled or a claim made at any time.

AS ABOVE IT HAS ONLY RECENTLY BEEN BROUGHT TO YOU ATTENTION THOUGH THE MEDIA THE FAILINGS OF THIS PRODUCT

I understand that you believe you were not covered by Account Cover insurance, as you were self employed. However, you were covered by the insurance as I can confirm that being self employed does not exclude you from the main benefits of the cover.

EASY FOR THEM TO SAY THAT NOW BUT WAS IT BROUGHT TO YOUR ATTENTION AT THE TIME OF SALE I GUESS NOT

The Account Cover was upgraded on ** Sept 1998 & ** July 2003 and a new Terms & Conditions would have been sent at these times.

WELL THATS FOR YOU TO PROVE THEN

If you remain dissatisfied with our response

TOO RIGHT I DO

PF

[pompeyfaith]

In other words do not give up yet still plenty to fight for

Regards

PF

[beachcomber60]

Evening PF

The stakes are high on this one, no intention of giving up.

At the time Deb. counter staff 'signed me up' they were more interested in getting my signature on the application form & promoting the 10% discount on purchases that day for taking the card out ( something I notice they still do today), did a bit of digging & not only were GE heavily fined (£600k + for mis selling ppi insurance they have also been heavily critisized in the past for the poorly trained stores staffS methods of promoting the cards ( OFT mystery shoppers), not allowing customers the opportunity of leaving stores with the application forms to decide if they wanted ppi.

I only have a very poor photocopy of a microfiche as far as ppi is concerned there is nowhere to sign for ppi or even a tick box, only a short statement that reads something along the lines of if you do not wish to have this cover simply use Freepost returning your card - as I say its very poor but you can just make out a few words.

So the fight is firmly on, although it does look like a court case - any knowledge of successful claims via the courts?

Sorry for any spilling miztooks - using iPhone in me truck - Michael Woods services M5 north bound.

Beachy

[pompeyfaith]

well funny u mention courts as im about to start a court claim myself in the next week or two im amazed that GE are putting up a fight comsidering they have been fined by the fsa