PPI Reclaiming successes and failures

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  • nattajack2000
    nattajack2000 Posts: 36 Forumite
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    IANC wrote: »
    nattajack2000 wrote: »

    Just the number of years that you will receive the 8%.

    Thanks again, so how is the 8% worked out? How much will this be on top of the figure you've estimated? Di
    Di x :A
  • smitchy73
    smitchy73 Posts: 2,558 Forumite
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    offcumden wrote: »
    Just received a goodwill offer from Natwest not bad as it arrived exactly a month after my e-mail to the ceo.
    Not so good the single premium was up front on a sixty month loan their goodwill offer is based on the premium of £1050 Times 8% from march 1999 whereas as I understand the FOS guidelines I should receive the interest on ppi element of the 60 payments I made over the five years. When I tried to explain this to a very unsympathic young lady she said we've calculated the interest back to the single payment premium you have only paid one you can't claim for sixty payments, its our final offer and non-negotiable.
    I'm in two minds as to wether to refer it to the FOS or let Scott Mcclellan intervene.
    Could somebody confirm that I have not misinterpreted the FOS instructions :(
    offcumden, just catching up on several pages so if someone else has answered..apologies.
    You are correct and have interpreted the FSA guidance correctly, you should be refunded the ppi payments you have made as well as any interest charged on them, which if you've seen it through it's full term you should get back what was on your credit agreement, PPI premium plus interest, on top of this you should get back the 8% on each monthly payment from when it was taken from you.
    Another method I've seen on a spreadsheet was you get the ppi premium, plus 8% interest from when it was charged, plus the interest on each premium payment(monthly payment) plus 8% on each of these, still works out to a very healthy return which ever method is used.
    The general rule to be followed at the end of the day is to be put back into a postition if ppi had never been added.
    Thanks to all the competition posters.
  • k77mss
    k77mss Posts: 101 Forumite
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    gdecruz wrote: »
    Egg Credit Card - Success :T

    standard reclaim :money: form used

    Refund of CRP payments +
    Refund of interest on premiums @ card rate +
    8% interest on all of that

    Total £4,000!

    Response by egg including cheque provision - 6 weeks
    well done on your claim i got knocked back from egg for cc can you tell me your reasons for mis selling
  • rollover
    rollover Posts: 25 Forumite
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    Been a while , another update . Back in Jan / Feb an adjudicator found against us regards a ppi credit card claim , following advice from here we appealed that finding . Good news , letter in from FOS indicating the bank wish to make an offer as a gesture of goodwill . No figures mentioned at this point , will keep you posted .

    Thanks again , that will be 3 claims with a positive outcome .
  • Tiny_Terror
    Tiny_Terror Posts: 6 Forumite
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    Hi, I'm new to this thread so please be gentle with me !

    I received a letter from the Clydesdale Bank on Monday about PPI even though I hadn't submitted any claims. It states "We have recently reviewed the position regarding your borrowing and have concluded that this insurance was not suitable for you". I have had 3 different loans with them since 2003 (all with PPI) and phoned the number on their letter to ask them to clarify which loan this was in regard to and they said they were reviewing any loans I had had in the previous 7 years. Can I presume that if I wasn't suitable for PPI it would apply to all 3 loans?

    My first loan was taken out on 1.8.03:

    Principal loan - £7000 over 60 months APR 11.7%
    Total sum payable for Principal loan - £9140
    Amount of Loan of PPI premium - £1446
    Total sum payable for PPI - £1879.80
    Monthly PPI payment - £31.33

    2nd loan was taken out (and 1st loan settled early) on 1.1.07:

    Principal loan - £12,200 over 60 months APR 7.9%
    Total sum payable for Principal loan - £14,712.21
    Amount of Loan of PPI premium - £2561
    Total sum payable for PPI - £3088.36
    Monthly PPI payment - £51.47

    3rd loan was taken out (and 2nd loan settled early) on 1.12.08:

    Principal loan - £12,785.31 over 60 months APR 21.9%
    Total sum payable for Principal loan - £20,308.45
    Amount of Loan of PPI premium - £3756.36
    Total sum payable for PPI - £5967.14
    Monthly PPI payment - £99.59

    The last loan was settled in full in November 2010.

    Would some kind person please steer me in the right direction of how much I should be looking for from the Clydesdale as a suitable offer?

    Many thanks in anticipation for your help :)

    Jo
  • Rae115
    Rae115 Posts: 187 Forumite
    edited 10 August 2011 at 6:12PM
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    Rae115 wrote: »
    Congrats all on your success.

    Quick update on my cases.

    Citi - has now gone to the FOS as i am tired of emailing Bert and Stephen (thats how i roll 1st name bases with the CEO) and they keep passing from one to the other. The FOS told me regardless of who they keep passing matter to its the company that sold the ppi is the company they will be pursuing. and in my case it was always citi.

    Shop Direct - should have had a reply 3rd August - they are still gathering info which is now with a Manager?? - i wander what they are still gathering...

    Halifax Card- still getting info together.

    Barclays and Barclay card all say Oct - Nov 2011.

    Successes
    Debenhams PPI - settled
    Cap 1 PPI- settled
    Halifax bank charges - settled
    bhs bank charges - settled

    and lastly received an offer from Cap 1 for bank charges £17.56.


    just called shop direct for present position - apparently my final decision should be done tomorrow which i should receive in the next couple of days. i asked what the outcome was to be but she states it doesnt give her the info.

    so will just have to wait.
  • tifosi
    tifosi Posts: 485 Forumite
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    Well,

    I have just hired an accountant to go through my statements and reconstruct the balance without PPI, allowing for compound contractual interest and times when I reduced the balance to 0

    He has been instructed to carry out the work showing clearly all calculations in such a way that a yaman can understand if required

    This will be used as evidence when RBS come up with their "gesture of goodwill" and I'll be willing to bet their calculation is significantly below the accountants

    I'll let you all know how this goes!
    -


    Congratulations to all who have got their PPI back!

    :T
  • Furey
    Furey Posts: 27 Forumite
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    Just got a letter from M&S Money, they are returning £2500 plus 8% interest as per my demands. As Charlie would say-WINNING!

    Thanks for the help, wouldn't have even known about it if it wasn't for this website! Excellent work on the part of the FSA too.
    Debt free bangernomics die hard. Oldscool!
  • traz39
    traz39 Posts: 146 Forumite
    edited 10 August 2011 at 7:15PM
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    had a reply from santander today saying i need to contact the garage that sold us the car with the ppi . the loan was oringally with ge capital woodchester but santander brought took them over is this right advice please anyone
  • fletchmeister
    fletchmeister Posts: 7 Forumite
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    KIMY wrote: »
    Was your claims with HFC with the Financial Ombudsman as mine has been with them for 14 months against HFC and l have been told they are waiting for offers and who they are disputing. I will be honest the way HFC have conducted themselves has been appaulling and although l am now getting impatient l think they will dispute mine. I am considering writing another complaint to CEO as l did this 2 months ago and got a letter back within seven days to say they are invesigating my claims and never heard anything as yet.
    Dont give up as you will read on this site with the great advice you are given there can be light at the end of the tunnel.


    Quick update spoke to the company dealing with my claim and they phoned HFC and HSBC today and this is basically the response i got

    Hfc said 3 of the loans did not have PPI (fair enough) didnt think they did any way

    The other loan they said no because it was over 6 years ago and would not have the paper work

    The latest loan taken out 18th Feb 2005 they rejected it :( but i am going to appeal I have this paperwork

    Now ont HSBC

    3x loans and 1x credit card are now with the calculations team and will hear in due course

    i think i may have said that i had 4 with hfc and 5 with hsbc in my original post but it was the other way around.
    These did not go to ombudsman but have been in since november 2010
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