PPI Reclaiming discussion Part III

di3004

tylerlewis wrote: »

Hi

This is my first posting and could do with some advice. I took a loan out with HFC Bank in 2005 for 5 years. Id never had a loan before so when I was told I needed PPI with my loan I just went along with it. I sent my first letter to them last week and got a reply today saying they are looking into it and will get back to me in due course.
Im confused though as to whether I should be claiming back the PPI as a whole or just the payments that Ive made to them in the last 3.5 years?
Also Im not sure what figure I should have in mind as to how much I will get back. If they make me an offer how do I know whether its the full amount or not?
Hope this make sense

Hi there and welcome.

Please check out this link here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

This is a useful link above which will explain about mis selling issues of ppi and there is also a template you can use, but add your own reasons.
They have 8 weeks to respond, as soon as you receive your response, please let us know as we may have to take it further, either by writing another letter or a complaint for the ombudsman to investigate, but we will work on that if we have to.
Good luck, post by recorded delivery.;)

If they agree to mis selling they have to put you back in the position as if you did not have the ppi to start with plus 8% interest.
So you get every penny back.

Let us know and if you have any calculations to work on as you do not have to ask for an amount on a reclaim letter, this can be sorted at a later date, so if you want to add your loan figures on here, the ppi,etc and I am sure when Marshallka is here either later or tomorrow she will check this out for you.

We will need to know how many repayments have been made in total etc and take if from there.
But still get your complaint letter in.

Good luck
Di

di3004

Anne.Jade wrote: »

You'd be better to take the battery out and keep the lappy on mains if possible, makes it a lot lighter too!

Thanks hun, will do this then.......;) x

di3004

Dreamer not been on yet has she? hope she is okay and Marshallka.

Anne.Jade

di3004 wrote: »

Dreamer not been on yet has she? hope she is okay and Marshallka.

Not seen them on, sorry

di3004

Anne.Jade wrote: »

Not seen them on, sorry

It will do them both the world of good to have a rest.;)
Making some toast a min, back as soon as...........:D

tylerlewis

Thanks for that Di

My loan was for £6000 over 5 years. I pay £176 a month and have made 38 payments so far. Im not even sure how much of it is goes to the insurance every month.

marshallka

maxdp wrote: »

Hi Di

Did you hear anything. Marshallka is sorting me out I think. It is so nice to have another opinion with my FOS things. I feel so on my own hear cause nobody seems to understand what I am talking about. ((FOS etc)),

Thank you for e mail that was very funny. Sorry have not replied before been in and out all day running kids about etc etc.

Take care:D

I see what you are on about and they ARE wrong, very WRONG... I have only just got back and I understand what they have done. They have not calculated anything of what you have paid against the PPI. They have just taken the PPI figure without the interest and deducted the rebate and that is it and added the statutory interest. This is no way fair maxdp. I will have a go tomorrow though cause too tired tonight.

Just confirm to me that the amount of PPI that they write about are all without interest...??

marshallka

di3004 wrote: »

Dreamer not been on yet has she? hope she is okay and Marshallka.

I'm here Di, been to watch my daughter at the theatre...

No Dreamer though and that is unusual . Hope she is OK..

[Deleted User]

di3004 wrote: »

Good luck then.;)

Was that the full amount of PPI they added to your boyfriends loan ?
There should be interest to claim back too.;)

He took out a loan for £750 13 months ago to be repaid over 36 months he pays £58 per month £15 of which is the PPI the rest is the arrangement fee and paying off the actual debt. We used the template letter from this site which asks for 8% interest to be paid also.

di3004

tylerlewis wrote: »

Thanks for that Di

My loan was for £6000 over 5 years. I pay £176 a month and have made 38 payments so far. Im not even sure how much of it is goes to the insurance every month.

No problem hun.;)
Basically what generally happens is when you have a loan with ppi they put this together and the lender makes a full payment to the insurance provider, then you have to pay this all back to the lender with interest.

So in this case you are paying this as one full repayment not knowing what the amount was without ppi.

Marshallka here is very good very calculations, and may need more info to work this out, apr etc, if the loan is still active and so on.;)