PPI Reclaiming successes and failures

7665donna · 31 October 2007 at 4:20PM

I wrote to LTSB using the template letters on this site to complain about mis-sold PPI on my husband's loan which finished in April. They had implied that he would only get the loan if he took the PPI and was basically pressured into it.

After sending the first template letter I received a reply saying they did not accept that the PPI had been mis-sold and therfore would not give us a refund. Not to be deterred, I went on to send the second template letter. I then received a reply saying they would refund the policy plus interest as a gesture of goodwill! The total was £3898.40!!! :rotfl:

I couldn't believe how easy it was!!! 2 letters that I didn't even have to write myself!

Martin - Thank you soooooo much for this site! This is a HUGE amount of money to us and has really made a big difference! :money:

To anyone out there wondering whether or not to bother - do it NOW! My husband didn't think we had a chance, especially as the loan finished in April and now we're almost £4000 richer!!!! Woo hoo!!! :T

lauramary · 31 October 2007 at 4:28PM

Bank: HSBC
Amount back: £640
Effort taken: 1 letter!!

I will shortly be getting about £640 back from HSBC for the mis sold insurance on my loan.
I took the loan out nearly 4 years ago and was made to feel that I had to have it or else I might not get the loan.
I had never really thought about it until now.
All I did was send the template letter to HSBC and that was it. They got back to me to say that they would refund what I'd already paid. which just about pays the loan off so it finishes early for me. The lady who is dealing with my is lovely and really friendly, I thought they might be quite narked about it.
I would definately recommend going for it as there is never any harm in asking and it really did only take one letter.
Thank you very much Mr Martin Lewis.
:money:

maggie_m_4 · 31 October 2007 at 4:56PM

I took a loan out 7 years ago, and had only just shreded the old paperwork. I managed to get the relivent details from the bank and took a chance on recalaiming the ppi back. They have agreed to refund the money. I didn't think it would work as it had been so long so I'm glad I did it.

jasonmckenzie · 1 November 2007 at 9:37AM

Reclaim of PPI from Egg Banking. Full refund after first letter from this site. Paid back £995 plus £314 in interest. I was Self employed at the time of loan.
One down two to go for me. get your letters in.:beer:

beamo2 · 1 November 2007 at 12:54PM

Hi Everyone
Just to update you on My wifes claim. Abbey National have sent my wife a letter with an offer of £670 + £55 compensation. Though it states that they are not accepting that they mis-sold as they have spoke with such and such a person, they are offing this money to resolve this dispute. The offer is on the table for 4 weeks and if my wife contests , there is no gaurantee hat she would get anything.
Needless to say my wife has taken the offer as it is HER money, she has had the PPI stopped from her loan and thanks to Martin she and I are very aware of what to do when our next escapage with banks etc begins *Come check out this website first to see what is what.
THANKS again and a note to everyone, follow the instructions, send he letter(s) and dont give up

Beamo2

clarendave92 · 2 November 2007 at 4:04PM

We received £3410 back from Bright Finance.

We actually requested PPI, but told them at the time of taking out the loan we planned to pay it off in 1 year (the loan was over 10 years) and asked for an early redeption figure, including the PPI early redemption. We were told we would have to pay interest only to date and 1 monthly payment. When we paid the loan off 1 year later we discovered we had to pay them £3410!

I wrote off to them in March and they replied saying it had not been mis sold, but we did qualify for a part refund, which was £1300. We weren't happy so took it to the financial ombudsman and they got the rest of our money back!

It only took two letters, but we waited 7 months for the final outcome - it was well worth it! :j

Sy1 · 2 November 2007 at 10:24PM

What were you reclaiming: PPI mis-sold on a loan (was told at time of application that PPI had to be taken in order to be accepted for loan)
Who was the provider: Alliance & Leicester
How much did you get back: Approximately £900
Did you get it back after a letter or did you go to the Financial Ombudsman: After 2 letters direct to A&L - no need to go to FOS
And then write your brief reclaim tale.......

I had a loan with A&L for £5k over 5 years, taken out 2 years ago. I applied by telephone and was told that I must take PPI to be accepted for the loan product. The only price the advisor would quote included PPI.

I repaid the loan roughly 2 years into the loan earlier this year (3 years early) and shortly after I read the PPI reclaiming article on MSE.

I sent off the MSE template letter and kept receiving letters from A&L saying they were looking into my complaint and it was taking longer than expected. I chased a response from them after 8 weeks since my original complaint and they responded with an offer of just over £500 which was what I had paid in installments to the PPI.

However, when I checked the breakdown of the early settlement figure already paid and deducted the rebate of PPI and what I had already paid in PPI instalments, from the original cost of the policy as per the original agreement there was a difference of approx £400.

I wrote a second letter explaining this and enclosing a breakdown of my calculations, requesting the higher amount to be refunded plus 8% interest.

Two weeks later I have just received a response from A&L accepting my offer and agreeing to repay me just under £900! I just have to sign and post a letter agreeing settlement of my complaint.

I would just say to anyone reclaiming PPI please be careful if you have settled your loan early as I have. In settling early you are likely to have been charged for early settlement and therefore will not have received a pro-rata rebate of the PPI. Whilst your bank/provider may offer to refund your PPI payments - this may not necessarily reflect what the PPI has cost you so please request a breakdown of your settlement figure and check the calculations as I have done to ensure you receive back the full cost of PPI!

Thanks to Martin and MSE and all of the users of these forums who have been posting advise on reclaiming PPI, and good luck to those of you who are still trying:j

kazmeister · 3 November 2007 at 10:31AM

Hi

My original post re PPI

4 years ago I took out a 20k loan with Lloyds or LloydsTSb (whichever they were at the time,) which they then ADDED ANOTHER LUMP FOR THE INSURANCE which I was told I HAD TO have as it was for Debt consolidation. I was asked if I had any existing medical conditions and TOLD THEM I have coeliac disease and was told IT WASNT A PROBLEM. Recently tried to make a claim as was off work for 3 months due to anaemia (a side effect of the original condition) and was told CANT CLAIM - PRE EXISTING CONDITION.

Have just had a letter back saying sorry you're not happy but we will look into it (and apparently it can take up to 8 weeks)! I have paid £4700 in premiums - £93 per month and what for !!!!!

I have this morning received saying that altho they deny mis-selling the PPI they will refund £4333.24 (which was the total amount of insurance which was added to the loan) PLUS interest :T :T :T . All I have to do is return their form and they will pay it into my current account. Wonder how much the interest will be !!!

.

The whole process has only taken a month.

A BIGthank you to Martin and the site - I would never have known and still be struggling. This will mean we can pay off loan and put the £500 per month to much better use.

skintnow · 3 November 2007 at 10:53AM

Well done and what a result:beer:

pjttlk · 3 November 2007 at 11:57AM

Earliest PPI Reclaim??

About fifteen years ago I took out a loan with Lloyds Bank.
When I returned the application to them, I specifically indicated that I did not want PPI by ticking the 'No PPI' Box.

LLoyds sent me a new application with the PPI Box ticked, so I wrote in the margin "no PPI required, initialled and dated it, signed the application and (after photocopying it) sent it back.

Got a polite letter back - can't give you the money without PPI, so we've added PPI and put the money in the account.

About a year later I caught up with the PPI charge, and after protracted discussion in which I identified that I had not entered into an agreement for PPI, I got the full amount back (about £300 in old money) . Of course, if Martin had been around at the time, I'd have asked for the interest too!

Forgot to mention - we parted company soon afterwards (!).

PPI Reclaiming successes and failures

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