PPI Reclaiming successes and failures
Comments
-
spyrothedragon wrote: »Lodged claim with Co-op Bank last September for PPI on a credit card. They wrote to say my case was being put on hold pending the judicial review, so I went to the FOS. Got a letter from FOS today to say the Co-op "have agreed to refund you such sum as to put you in the same position you'd have been in if you hadn't taken out the insurance cover" (that's maybe not the exact wording, but pretty close). They'll be writing to me soon to confirm the amount. Can't wait to find out, a little windfall would be very handy... :-)
Well done:T & Congratulations!:beer:The one and only "Dizzy Di"
0 -
cybernet1974 wrote: »hi all ,i to had a letter from mbna saying i ticked boxes for the ppi protection and they would not pay me back the ppi,and not to send them anymore correspondence ,i don't remember ever ticking any stupid boxes .......will just has to go to the FOS ,strange because RBS paid me out in full £1232.34, just waiting on barclays now ! Good luck to everyone ;@].....
Hiya
Sorry to hear that, hope the FOS sorts them out for you, good luck and well cone on the RBS reclaim.:beer:The one and only "Dizzy Di"0 -
waterbaby2 wrote: »Hi everyone
I want to look into 2 old loans from HFC - no idea if they had PPI or not...with some other banks I've just sent brief emails asking them to let me know if there was any PPI on accounts (haven't heard back yet)...but don't ask me why, but I have a 'bad' feeling about these 2 loans, and decided to go for the full blown SAR first (the really long and thorough template that asks for every key and comma they've ever typed !
) ...do you think this would put their backs up, and make life more difficult for me ?
Does anyone know the name/postal address of the team that deals with SAR requests at HFC, to minimise the time it would float around their system ?
Ta!
Hi there
You are entitled to ask for your data at anytime and they must comply to this SAR request, so don't worry.
I was to say as long as you know you were sold and mis sold ppi and have the account number I would continue to make a reclaim anyway.
I would ring them to ask about the ppi otherwise.
HFC Bank Limited,
PO Box 5207,
Coventry,
CV3 9FB
http://www.hfcbank.co.uk/html/payment_insurance.html
Good luck.
Post by recorded delivery for your proof of posting.:);)The one and only "Dizzy Di"0 -
Below is a quick summary of my claims to see if anyone has any thoughts on next steps,
3 Claims for loan PPI sent June 8th,
Northern Rock - full complaint upheld July 15th, sent agreement and now awaiting payment into account of c£400
Tesco - now had 3 letters saying they are working on it but are waiting for information from other departments, the last one came yesterday but no indication of how long they may need
:question: - is this the equivalent of asking for additional time that I have seen mentioned on here or can they just keep sending letters every 4 weeks or so indefinitely ?
Nationwide - had a very long letter relating to the several loans that I had taken out and topped up since 2003
- all but 2 were refused as they gave long explainations as to the fact that I was given ample chance to remove the PPI and that it was not a condition of the loan being accepted which was my recollection, these loans were a mix of internet and phone applications.
- 2 were upheld and I am awaiting a final settlement letter, these loans were taken out the same way and even cleared some of the loans that were refused but I did cancel the PPI on them a couple of years into the loan.
The 2 that have been upheld are the largest amounts but the others are the oldest so the interest would add up but I dont want to risk losing the successful ones if I challenge the others.
:question: - Is this a standard first response and is it worth pushing back on it or just taking the settlement on the 2 that have been upheld and if I did would it risk the 2 that have been upheld changing ? My recollection on each is the same and in all cases I had a good work sickness scheme and savings if I had required it.
Any thoughts gratefully received, thanks0 -
nattajack2000 wrote: »Hi,
I am in the very early stages of reclaiming ppi but just wondered if anyone can advise me of what I would be entitled to if successful? My loan details are as follows:
Cash loan of £7,676.00
Total charge for credit for cash loan £2000.20
Total amount to pay for cash loan £9,676.20
Insurance loan (cash price of insurance) £1,478.42
Total charge for credit for insurance loan £385.18
Total amount to pay for insurance loan £1,863.60
Total amount paid £11,539.80
APR 9.9%, Monthly interest rate £0.793%.
We paid the loan off (around £9,650) in June 2004 (was originally a 5 year loan but we paid it off early) - we were originally paying around £193 per month for the loan incl ppi.
Many thanks in advance.
Di x:p
Hi Di
Niggly will be back and forth, or maybe Tifosi will check them for you......:D sorry I am not the one for calcs lol, good luck.;)The one and only "Dizzy Di"0 -
Hello to one and all
Started the reclaiming process back in February with LTSB and three loans, received a letter yesterday stating they have an offer which they'd like me to receive to bring the complaint to a "final conclusion".
For your interest (maybe), I've not had any other offers from them regarding the three loans I had/have with them and which they successfully duped me into taking the PPI.
I'm however puzzled with their offer as I'm not sure things are correct (is this any suprise??), unfortunately I don't have my paperwork to hand for the loans so I'm hoping that my thoughts made here won't be too off beam....
Anyhow, this is what LTSB have offered me:
Loan 1 - Took this loan out sometime in 2003, refinanced balance into Loan 2
Refund of Premiums: 189.55
Interest at 8%, calc up to 05/09/11: 113.91
Total: £303.46
** I'm not too bothered by calculations on this as I'm not sure when premiums started covering payments and I did think I was pushing my luck claiming on this one **
Loan 2 - Taken out 10/11/2004
Original Loan Amount: £18020.52
Actual Loan Amount: £14030.60
PPI Difference: £3989.40
LTSB Offer:
Refund of Premiums: £4760.64
Interest at 8% up to 5/9/11: £1378.05
Excess Balance and Interest from Loan 1: £54.44
Total: £6193.13
This is where I'm starting to get puzzled:
Premiums are higher than the difference in the loan I received and the total loan I took out - I've taken repayment holidays but the PPI extensions I was always told would be covered by them not me is this not the case?
Also, am I correctly calculating the SIMPLE interest calculation of:
Principal Sum x Interest Rate x Time (Months) since loan started being repayed
£4760.64 x 0.8 x 82 = £2602.48
And similarly Loan 3 - Taken out 3/8/2007
Original Loan Amount: £17295.14
Actual Loan Amount: £13000.00
PPI Difference: £4295.14
LTSB Offer:
Refund of Premiums: £3354.86
Interest at 8% up to 5/9/11: £577.34
Total: £3932.20
This also puzzles me, Refund of Premiums is lower amount that Loan 2, yet the difference between Loan with PPI has greater difference between the amounts involved. Plus when I calculate the 8% simple interest payment, I work it out as £1095.92.
So who's right, me in my basic thoughts or LTSB with their millions of pounds worth of hi-tech processing power?
Thanks in advance
Phil
Hi Phil
Well done on your offer.:beer:
I'm sure one of the folks will check these figures for you soon, all the best.;)The one and only "Dizzy Di"0 -
Below is a quick summary of my claims to see if anyone has any thoughts on next steps,
3 Claims for loan PPI sent June 8th,
Northern Rock - full complaint upheld July 15th, sent agreement and now awaiting payment into account of c£400
Tesco - now had 3 letters saying they are working on it but are waiting for information from other departments, the last one came yesterday but no indication of how long they may need
:question: - is this the equivalent of asking for additional time that I have seen mentioned on here or can they just keep sending letters every 4 weeks or so indefinitely ?
Nationwide - had a very long letter relating to the several loans that I had taken out and topped up since 2003
- all but 2 were refused as they gave long explainations as to the fact that I was given ample chance to remove the PPI and that it was not a condition of the loan being accepted which was my recollection, these loans were a mix of internet and phone applications.
- 2 were upheld and I am awaiting a final settlement letter, these loans were taken out the same way and even cleared some of the loans that were refused but I did cancel the PPI on them a couple of years into the loan.
The 2 that have been upheld are the largest amounts but the others are the oldest so the interest would add up but I dont want to risk losing the successful ones if I challenge the others.
:question: - Is this a standard first response and is it worth pushing back on it or just taking the settlement on the 2 that have been upheld and if I did would it risk the 2 that have been upheld changing ? My recollection on each is the same and in all cases I had a good work sickness scheme and savings if I had required it.
Any thoughts gratefully received, thanks
Hi there
First of all well done on your success.:beer:
Due to backlogs of these complaint they are asking for more time, you could perhaps email the Chief Executive Officer (CEO) if your not happy with the way this is being dealt with, or if you feel you are being fobbed off with the same usual response.
In regards of the rejected reclaims, have they confirmed if the final decision?
If not then write back further, and ask them to reconsider with any further information you may have to support these cases.
They should otherwise let you know if your able to complain to the FOS or not, and if eligible they will or should enclose the leaflet on how to complain to the FOS.
If you've not received the leaflet, I would be writing back and asking them to reconsider on the rejected cases, good luck.;)The one and only "Dizzy Di"0 -
Hello to one and all
Started the reclaiming process back in February with LTSB and three loans, received a letter yesterday stating they have an offer which they'd like me to receive to bring the complaint to a "final conclusion".
For your interest (maybe), I've not had any other offers from them regarding the three loans I had/have with them and which they successfully duped me into taking the PPI.
I'm however puzzled with their offer as I'm not sure things are correct (is this any suprise??), unfortunately I don't have my paperwork to hand for the loans so I'm hoping that my thoughts made here won't be too off beam....
Anyhow, this is what LTSB have offered me:
Loan 1 - Took this loan out sometime in 2003, refinanced balance into Loan 2
Refund of Premiums: 189.55
Interest at 8%, calc up to 05/09/11: 113.91
Total: £303.46
** I'm not too bothered by calculations on this as I'm not sure when premiums started covering payments and I did think I was pushing my luck claiming on this one **
Loan 2 - Taken out 10/11/2004
Original Loan Amount: £18020.52
Actual Loan Amount: £14030.60
PPI Difference: £3989.40
LTSB Offer:
Refund of Premiums: £4760.64
Interest at 8% up to 5/9/11: £1378.05
Excess Balance and Interest from Loan 1: £54.44
Total: £6193.13
This is where I'm starting to get puzzled:
Premiums are higher than the difference in the loan I received and the total loan I took out - I've taken repayment holidays but the PPI extensions I was always told would be covered by them not me is this not the case?
Also, am I correctly calculating the SIMPLE interest calculation of:
Principal Sum x Interest Rate x Time (Months) since loan started being repayed
£4760.64 x 0.8 x 82 = £2602.48
And similarly Loan 3 - Taken out 3/8/2007
Original Loan Amount: £17295.14
Actual Loan Amount: £13000.00
PPI Difference: £4295.14
LTSB Offer:
Refund of Premiums: £3354.86
Interest at 8% up to 5/9/11: £577.34
Total: £3932.20
This also puzzles me, Refund of Premiums is lower amount that Loan 2, yet the difference between Loan with PPI has greater difference between the amounts involved. Plus when I calculate the 8% simple interest payment, I work it out as £1095.92.
So who's right, me in my basic thoughts or LTSB with their millions of pounds worth of hi-tech processing power?
Thanks in advance
Phil
The PPI on a loan is effectively a second loan.
They take the lump sum, apply the interest to it on day one and thn divide that amount by the term in months, which gives the monthly PPI premiums.
If you pay the loan to then end then you will have paid the entire PPI loan + the interest.
This is why their refund is higher than the PPI lump sum.I'm a secret crime fighter0 -
Send it back telling them what YOU want Them to do with it ITS Your Money:eek:
There is no option on the declaration that you have to send back that tells them what you want them to do with it - its all a little confusing. First of all in the main letter it says something about refunding you, less any debt you have with the group...... but then on the declaration it says the money will be paid by cheque / to your current account??
Do some companies automatically take whatever refund you get off of the balance of your loan? Are they legally allowed to do this?
Surely any PPI refund shouldn't affect your loan so any refund should come directly to you and you carry on paying the loan as per your terms currently set up?
Only reason I ask is that my PPI refund will cover my credit card balance fully so ideally I want them to give me the cash in my account so I can pay that off completely and just carry on paying the loan till the agreed end date.0 -
Do some companies automatically take whatever refund you get off of the balance of your loan? Are they legally allowed to do this?
They are only allowed to set off any money due to you against arrears. So if you had a loan with a balance of £1,000 but were in arrears with repayments by £500 then they could take the £500 off your refund but not the full £1,000.Its amazing how these banks can't even do simple calculations correctly..............0
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.2K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards