PPI Reclaiming successes and failures

lupogti · 17 October 2007 at 11:16AM

Hi I sent a letter to HSBC asking for a refund of my PP for a loan of £5000 taken out in 2003 over 5 years. The payment protection was £1219.00.

I have just received a phonecall from HSBC telling me that the verdict was in my favour, its not even been 30 days!

He said he needs to calculate the figures but a letter will be sent in the post and that i will need to go into my local branch and re-structure.

This worries me slightly does this mean i will have to take out another loan, something I didn't want to do and pay interest all over again. Or will I be getting a refund and that will be taken off the outstanding loan?

I only have 1264.14 left on the loan, around 9 payments. How is this likely to pan out?

Will I / should I get 51 months worth of payment protection and the compounded interest on top of that? What should I be wary of?

Thanks

lupogti · 17 October 2007 at 3:25PM

Just got my offer through of £1429.00 for 51 months of payment protection!!

Only sent my letter on 23rd september 2007!!!

Wheres the catch?????

k1mmie · 17 October 2007 at 6:56PM

Congratulations - First Direct and HSBC do seem to have been the easiest banks to cough up with PPI and charge reclaiming. Well done!

jakeydogsculymulder · 17 October 2007 at 9:57PM

:j A BIG THANK YOU TO MMT'S MY HUSBAND TOOK OUT A BIG LOAN WHEN WE WERE EXPECTING OUR FIRST CHILD, TO DO SOME HOME IMPROVEMENTS. HE TOOK THE PPI NOT REALLY KNOWING ANYTHING ABOUT IT, JUST BEFORE MY DAUGHTERS FIRST BIRTHDAY HE BROKE HIS BIG TOE AT WORK, AND WAS OFF WORK FOR ABOUT A MONTH WE WERE TOLD THAT WE COULDN'T CLAIM THE PPI UNTIL HE WAS OFF FOR 90 DAYS. WE THEN TRIED TO CANCEL AND WERE TOLD WE WOULD HAVE TO RE-DO THE LOAN PAYING BACK MORE THAN THE ORIGINAL LOAN. WE SENT NORTHERN ROCK A LETTER USING YOUR TEMPLATE AND 8 WKS LATER THEY HAVE AGREED THEY WERE WRONG. THEY ARE REDUCING THE LOAN PAYMENT BY 150.00 PER MONTH AND ARE SENDING US A CHQ FOR OVER 6000.00.

:money: :cool: MANY THANKS. PLEASE POST THIS AS I HOPE IT WILL INSPIRE OTHERS. PLEASED HUSBAND AND WIFE FROM WALES.

TigerTiger26 · 19 October 2007 at 5:40PM

I have just had a phone call for a man at Central Capital who broked my loan on behlf of First Plus. Although he didn't agree with the points I raised in my letter he did agree (after listening to the calls) that I was mis-sold a policy I clearly didn't need. Result = a cheque coming to me and my wife for £1,881.21 and a reduced amount in our monthly outgoings. Next step = Take out new loan to repay old loan and reduce term from 54 months to 24 months!!!

Thanks to Martin and samjocky for giving me the idea and belief to go through with this. I am now two weeks into the four that HSBC promised a reply so bring it on!!!

TheDarkSide_2 · 21 October 2007 at 12:00PM

What were you reclaiming: Credit Protection Insurance on an HSBC Loan taken out in 2002
Who was the provider: HSBC
How much did you get back: £7136!!!!!
Did you get it back after a letter or did you go to the Financial Ombudsman: Just two letters; one asking for the terms and conditions of the loan and PPI and then one claiming the money back.
And then write your brief reclaim tale: HSBC stated that they could not disprove our claim. As an added bonus for us, they gave us two choices with the resulting refund; we could either restructure the remaining balance of the loan (removing the PPI payments) and have a cheque for £7135+, or they would use the money to pay the laon off in full. We checked with the local branch and got a redemption figure of just short of £9000. Obviously we took the second option, gaining £500+ per month from no longer having to pay the loan repayments and also got more out of the bank than the original £7136

dragon51 · 24 October 2007 at 7:50AM

I have been very successful with ppi claims

One with M&S for a total of £6,430. This was for the ppi premium and interest and then contractual interest on top. This was done with a few letters only.:beer:

One with the Natwest for over £7,000 for a final loan that I had with them, this was done by a few letters.:beer:

I am in the process of now reclaiming back ppi on 3 previous loans a grand total of £16,000. This is 3 premiums and interest, and contractual interest to boot.:eek:

So wish me luck

NoMoreDenial · 24 October 2007 at 12:20PM

Just wanted to share my good news,as it's not often I have any regarding my debts!

I have a loan with the dreaded LloydsTsb for £9000 of which £2200 was PPI.

I believe i was mis-sold PPI after reading the relevent link by Martin so as i've just started my DMP theres no way i could ever claim my PPI coz i'm no longer sticking to the original agreement so i thought on the off chance i'd write to Lloyds asking for a refund!

Would you believe it,within two weeks i've had a letter saying that though they can't prove it either way they would like to refund my the total PPI amount plus interest.

Amazing!! Lets hope there as agreeable about my DMP proposal!!!

KAYBELLE · 24 October 2007 at 8:18PM

Well it has taken 5 months and plenty of letters going back and forth but finally after involving the financial ombudsman I have had a cheque today for £11,610.53p off Firstplus for a mis-sold ppi!!!!!!!!
Thanks to Martin and all who advised from my other posts. My advice - keep at 'em and lets all get our money back ! :j :j :j :j :j :j :j :j :j :j :j :j :j :j :j

zedadda · 24 October 2007 at 8:56PM

new to this
first letter sent on 15/10/07 to AA loans about PPI mis sold reply recieved 18/10/07 apparently they set up 2 PPI on the same loan and been paying both refund due of £592.50 and looking into other policy only cost first class stamp

PPI Reclaiming successes and failures

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