PPI Reclaiming successes and failures

I took out Credit Protection Insurance on a £6000 loan over 48 months in March 2002 with HSBC. I was told at the time that in order to get the credit I would have to take out the insurance and £1210 was added on to my loan amount. I paid the loan off early after 33 months.

I sent my template letter (from this site) to HSBC on 20th September 2007 and I received a letter on 2nd October 2007 saying that someone will investigate the matter and it could take up to eight weeks.

The next letter I got was postmarked 10th October (I received it on the 13th - post strike) saying that they were offering me £1425.20. This is a refund of the premiums paid, which also includes any interest charged on the insurance loan. (Yet they don't accept the 8% added interest was appropriate)

A complete success and only had to post one letter to get a result!

I urge all others to go ahead with your claim.

Thank you so much to this site, I'm now £50 - £60 pounds better off a month as I'm using this money to pay off a credit card. A much needed bonus! :T

Hi everyone just to let you know that it seems that Natwest are toughening up on this matter!

I was sold PPI with a loan in October of 2005 (regretably at the time I was desperate and signed away another 6 years). Even after mentioning to the staff about a seperate income protectional policy which i had just commenced on the first October 2005, I was advised I should still take out this PPI. Staff also implied that this should aid in the success of this refinacing loan application.

I Regretted this as soon as got home and fully digested the amount I actually had to repay. I put it down to a bad judgement on my part at the time and knuckled down to make the repayments.

Upon seeing one of Martin's interviews on GMTV I felt strongly that this PPI had been misold to myself and proceded with a claim using the sample letter provided.

Two weeks later I received a very generalised letter stating that as a customer "duty of care checklist" had been filled out and signed by myself at the time of application, that they were satisfied with the fact that they had done everything towards my best interests that they regretfully would be unable to honour a full refund of the approximate amount of £2500 for the PPI paid over the last two years!

Completely unsatisfied with this response I preceeded with the next sample letter advising that I would take the matter to the ombudsmans and want contact within 14 days.

Today 4 days after dropping my letter into store I receive a phone call stating that Natwest is upholding thier decision and refusing a full refund of this amount, they went on to explain that this PPI was offered as an extra form of protection, which can legally run along side with my seperate income protection policy. To add to my dissappointment, not once even after including a copy of my seperate income protection scheme did they even suggest that this PPI could be cancelled. I raise this matter with them during the call and they say that yes it would be possible to cancel this policy and they would send me details with regards as to how to go about this. They also stated that as of 26th October another new department would be dealing with these cases!

I am now quite dispondent and would like advice as to whether to continue with my claim to the Ombudsman, or whether to just to give up and cancel my policy (saving £110 month on the brighter side of things). Could there be any negative comeback from a continued pursiut of this PPI refund?

Any advice much appreciated.

Not many people seem to have success stories, my bank has vertually told me to get lost, and I know I was mis-sold the policy, bit too scared to go any further as they have made suggestions that they could close my account and demand all payemnts back now

I just had to reply to this - not for you - but for everyone. Let me say this in big letters...

Of course your bank will tell you to get lost, that's part of the dance!

The same thing happened with bank charges reclaiming in early days; yet many do give pay outs. If you've been missold you're entitled to your money back.


Alwyas remember the expected odds are as follows

1. Write first letter askign for a refund. Chance: Very slim you'll get a no
2. Then Threaten to go to the ombudsmen and push harder: A realistic chance of gettting a settlement
3. Then go to the ombudsman: You should get a payout if you were missold - of course, there are no guarantees, and sometimes the ombudsman doesn't have the jurisdiction, but in many cases a payout will happen here. Better still there's no cost attached.

Martin