PPI Reclaiming successes and failures

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  • ms_night_ryder
    ms_night_ryder Posts: 3,029 Forumite
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    So,i was moaning a few pages back, about nt receiving acknowledgement from Welcome, yesterday they sent the letter, saying they will be in touch within 30 days, so i guess all is o.k

    Just a quick question, on the questionaire, most of the boxes i ticked as no, but a few yes,will this be o.k, this was regarding the operator and what he told me.
    Lose 28lb 3/28lb
    SPC Member 1522/2012-£264/ new pot 2013
  • julieprit2
    julieprit2 Posts: 89 Forumite
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    Niggly wrote: »
    Credit card or loan

    N

    Sorry for delay in getting back to you!

    It was hire purchase loan.

    Thanks
  • amersall
    amersall Posts: 17,005 Forumite
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    Egg_Chaser_12 wrote: »
    What I mean is that surely interest should not be added to PPI.
    scenario:
    If I had a balance of £1000.00
    the PPI is £ 30.00
    surely interest should only be charged on the £1000.00 not £1030.00. I don't think this is clear.
    The amount that I have paid PPI over the years would more than clear the full card ammount and some as I am sure most people are aware. This I believe is mis-sold on the both parts finacially and morally.
    We need the math wizards here to see if any interest has been charged for any card monthly payment on the ppi or just the balance,if interest is charged on the ppi,then this should not be happening i would have thought.

    Would be interested to see if this is actually being done,as ppi is not an amount you "borrow" but an insurance,and if interest is being charged on this ppi then i would say that it is mis sold.
  • amersall
    amersall Posts: 17,005 Forumite
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    IANC wrote: »
    The interest charged would be on £1,000 this month.

    If you pay the minimum payment, it is unlikely that very much would come of the balance, so the interest the following month would be based on £1,030, ie you would be paying the interest rate of the card on the balance + last month's PPI.

    The following month's PPI would be 3% of the balance, so if you hadn't spent anything on the card, the PPI would be £30.90 that month.

    And so on.

    If that makes sense.
    Thank you x.this is clear to me,and if i understand it :D anyone can.
  • di3004
    di3004 Posts: 42,579 Forumite
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    micky4921 wrote: »
    Have just initiated claim with MBNA with regard to PPI. This was done with a telephone call,(4 Departments), after lengthy conversation they said that it had been mis sold. Shocked that they admitted to this over the telephone. Am following this with Martyn's template letter. What is a reasonable time to expect to hear from them.


    Well done!:beer:
    The usual is 8 weeks, they may write to ask for more time if required, yet as they resolved this over the phone maybe you will not be waiting as long, good luck.;)
    The one and only "Dizzy Di" :D
  • amersall
    amersall Posts: 17,005 Forumite
    First Post Combo Breaker First Anniversary
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    ms_night_ryder wrote: »
    So,i was moaning a few pages back, about nt receiving acknowledgement from Welcome, yesterday they sent the letter, saying they will be in touch within 30 days, so i guess all is o.k

    Just a quick question, on the questionaire, most of the boxes i ticked as no, but a few yes,will this be o.k, this was regarding the operator and what he told me.
    If you have ticked yes because that is what was said between you and the operator,then that is fine.
    Just be aware that most Welcome loans are front loaded and this is frowned upon by the FOS.
    Is there space for you to say why you thought you were mis sold?,i am asking as i have not seen a Welcome complaint form and wonder if it is different to the FOS template letter.
    We can help you with reasons for mis sell with this if you are not sure.
    As Welcome will try and get out of this.
  • gerard_e
    gerard_e Posts: 1 Newbie
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    hi all, would i be able to claim back payment protection cover[WHICH I DIDNT ASK FOR AND DIDNT KNOW I HAD IT TILL I LOOKED] on my credit card as i get charged every month.i have had and used my credit card for over 12 years so the PPC i get charged would had up toa lot of money i could be owed. thanks
  • Rae115
    Rae115 Posts: 187 Forumite
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    Hi all

    Has any one had anything positive from citi.

    I recently emailed the ceo i was contacted by customer relations who said Opus icobtacted them but they dont reply nor could i find the name of the ceo.

    However the fos did tell me opus comes under the wings of rbs so i emailed the ceoand when i though iwas reaching somewhere i received an email from theur ececutive office that its nothibg to do with them i need this cc assetmangement co.

    Im now wondering should i use one of those company and let them work for their 25%.

    Lynk have you had anythibg back from b card. I havent had a chsnce to do catch up on the forum yet.

    Congrats to all winners and morning
  • scottishchick27
    scottishchick27 Posts: 4,949 Forumite
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    :What were you reclaiming: Loan
    Who was the provider: Nemo
    How much did you get back: £3610 premiums repayment, £6042 reduction of loan and £3587 reduction in interest paid.
    Did you get it back after a letter or did you go to the Financial Ombudsman: one letter
    And then write your brief reclaim tale
    I sent in the forms from this website on the 10th of May, I received an acknowledgement letter saying they'd get back within 8 weeks. On the 10th of July I received a letter saying they hadn't made a decision and advised me to contact the financial ombudsman. On the 15th of July I received another letter confirming that they were upholding my claim :j They have said they will remove the ppi premium of £6042 from our loan, the interest so far of £3587 and also offered us a cheque for premiums paid for the amount of £3610 :j. We decided to use the money to repay some of the loan instead of receiving a cheque. I can't believe how easy it was and all for the cost of one stamp :beer:
    :j little fire cracker born 5th November 2012 :j
  • di3004
    di3004 Posts: 42,579 Forumite
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    gerard_e wrote: »
    hi all, would i be able to claim back payment protection cover[WHICH I DIDNT ASK FOR AND DIDNT KNOW I HAD IT TILL I LOOKED] on my credit card as i get charged every month.i have had and used my credit card for over 12 years so the PPC i get charged would had up toa lot of money i could be owed. thanks


    Hi there

    Yes you can, just complete the reclaim questionnaire on step 3 below, give them your reasons, and remember to keep a copy for yourself as well.
    http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance#step3
    Sent to whoever sold you the account - head office or complaints and they normally have 8 weeks, if they need more time they will let you know in writing, good luck.
    The one and only "Dizzy Di" :D
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