PPI Reclaiming discussion Part III

di3004

ianianian wrote: »

Morning all, quick question, sure it’s been asked somewhere, but I can’t find it in the 200 pages of this thread!

My girlfriend recently rang up her loan provider (egg) after reading about reclaiming PPI on this website (she is 100% sure she stated she did not wish for PPI when starting the loan). After simply mentioning PPI on the call she was quickly offered hundreds back. This was without even threatening any action which made her think that the bank could be trying to get away on the cheap.

The loan she has is one in which they add everything up at the start (interest etc) and then you just keep chipping away at this. As a result I’m assuming the insurance has been added on for the life of the loan, as has the associated interest.

Will she get all of this back?
What exactly should she be asking for when she writes to them? My technical terminology is not too good and the templates I’ve seen on this website don’t mention this type of loan.

Thanks

Ian

Hi Ian
Wow that is great news.:T :beer: :j

Okay hun how long ago was this?
So no letter was required then I take it?

I would now write to them and request a copy of a written breakdown of calculations, just to make sure all is paid back, plus interest, and 8% stat interest.

Basically if mis sold this should be put back right as if PPI were never taken, so every penny of that should be paid back as said with interest and 8% stat interest of what a court would award.

I would defo put this in writing and sent by recorded delivery, this is the proof in case they deny receiving this request.;)

Just to double check here, what letter do you now require?
I note you mention this - did you still want to put in a reclaim - complaint letter then?

In the letter about requesting for the calculations, I would just write something like.

"Due to our phone call conversation that taken place on XX/XX/XXXX, you confirm that I will receive a refund of the Payment Protection Insurance that was added to my loan.

I would appreciate it if you could send me a copy of the calculations in hardcopy through the post for my records.
I will also be very grateful if you could possibly provide these within the following 7 days as from this letter.

(as you know the acc number must be added to the letter - do not disclose on here).;)

If its a reclaim letter to complain then its here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Check it out, there is some useful PPI info and a letter template, obviously own reasons to be added and they have 8 weeks to respond, post as always by recorded delivery. Good luck.

Although it seems they have already admitted to this but at least a letter proves all.

All the best and well done on a good result.:T :beer:

Di
x

nova

Hi All,
Oh !!!!!!ations!!!
l thought creations were in default this morning and l got up early especially to enter judgement!!! l counted the days wrong and l used my fingers to count ,how sad is that!!! Now l have to wait until the 10thwhich is wed l believe! l bet creation read this and quickly enter their defence or do you think thats a tad paranoid!!!! And lm a waiting bank charges refund so l can do some xmas shopping, but l wont hold my breath on that one!!

Hope All Well on this nice crisp morn

di3004

Xbox 360 collection from home between 10 - 1pm tomorrow.....:D

Now just hoping this will be returned in time for my boys as we have them a few games for xmas.......fingers crossed.;)

Blimey I have not known one person who has not had the Ring of death problem, such a common fault, if it happens the 3rd time then I will be mad.......:mad: , but 3rd time lucky folks.....:rolleyes: .

MattClem

Hi,

I've just had a reply from my first letter saying that they are in the worng having missold my policy. They said that because I had stated in my conversations with them that I only wanted the loan for 2 years that they should not have sold me this policy.

They have offered me the nearly £11k as a settlement.

Now I want to know,
1. Was the interest I was paying on my loan just covering the PPI?
2. Can I reclaim the arrangment fee for a missold product?

At the end of the day I took out a £30k loan, and ended up paying £43k to settle plus 20 months @ £350 per month. That £50k! even with the rebate that still cost £39k does this sound right?

Is it worth fighting on or should I just take the money and clear my credit card debts and have a happy christmas?

marshallka

MattClem wrote: »

Hi,

I've just had a reply from my first letter saying that they are in the worng having missold my policy. They said that because I had stated in my conversations with them that I only wanted the loan for 2 years that they should not have sold me this policy.

They have offered me the nearly £11k as a settlement.

Now I want to know,
1. Was the interest I was paying on my loan just covering the PPI?
2. Can I reclaim the arrangment fee for a missold product?

At the end of the day I took out a £30k loan, and ended up paying £43k to settle plus 20 months @ £350 per month. That £50k! even with the rebate that still cost £39k does this sound right?

Is it worth fighting on or should I just take the money and clear my credit card debts and have a happy christmas?

WHat is the wording or their letter to you. Are they saying that they are putting you back into the position as if you never had the PPI at all?? £11K does seem a little low if you repaid 20 months PPI as well and had £10500 put onto the settlement cause of it.

I told you you could do it though... I feel so glad for you here but feel you could perhaps negotiate some more.? Will take a look in a little while and get back but its definately a start. Well done..

kaz2196

hi
posted yesterday re reclaiming timeframe.credit card started 2001 ppi was paid until 2 weeks ago and mbna have replyed to claim stating because of the age of the account the fos will not investigate so i should stop claiming.i have tryed cancelling the ppi twice aand they wouldnt allow it.id be grateful for any info as i dont know wheter to cvontinue the claim.

sacbaby37

di3004 wrote: »

Hi there hun
Yes do these reclaim complaints separately, here is the link for the PPI, template on link as well
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Check the above PPI link out, you will also find a useful letter template but use your own reasons, they have 8 weeks to respond, post by recorded delivery, another letter maybe required until they suggest the Financial Ombudsman service, if unsuccessful you can then complain to the FOS, let us know the outcome and we will guide you from there, good luck.;)

Here is the link to reclaim charges, although I have not checked it out, but the same rule stands for 8 weeks for them to respond, the same procedures as above more or less but just a separate letter for both, good luck.;)
http://www.moneysavingexpert.com/reclaim/credit-card-charges

Keep us posted hun and keep at them, do not let any let down letters you may receive put you off.

Di
x

Hi Di, thanks for that i am new so im abit confused, so do i sent the PPI letter to Barclays as it was them that it was through, sorry for sounding dumb. Sez

maggie110

maggie110 wrote: »

Cut a long story short after nearly 1 year Royal Bank of Scotland are going to refund my PPI at 8% per annum the loan has now finished. Could some one please do a calculation for me its a case of the A, B, C way working out the amount as i have seen others post about,



Loan-£5500

PPI-1488.14

Total of loan-£6988.14

Intrest-£2341.86

Total to pay- £9330.00

APR-12.7%

60 monthly payments-£155.50




It has been worth the wait and the battle but would just like to know how much they should be paying out, Many thanks go to this forum and all the help that it gives to joe public !

FOB have said i should get my refund in about 6-8 weeks !

Anybody ??????????

MattClem

The wording is:

"Paying a single premium for your policy does not constitue a mis-sale if insurance; it is ismply an alternative method of paying the preium. However having reviewed the sale I am not satisifed with the recommendation made by our customer Account Manager. During the call,you informed us that you looking to settle the loan within 2 years. Taking this into consideration the policy was not suitable due to the non proportionate rebate provided.

This is well below the acceptable standards expected and it has been raised with the individual concerned. Due to the seriousness of this incident, the individual may face disciplinary procedure and as such I am sure you appreciate I can comment no futher. As a company that prides itself on world class service, I am at a loss to explain this unusual lapse in service standards and can only put it down to human error.

In light of my findings, we would like offer a full rebate of your premium (£10,815) less the rebate you received when your loan was settled earlier this year (NB..there was no rebate) As the broker, we are unaware of the rebate provided by the lender; please could you provide this information at your earliest opportunity to enable me to calculate our offer.

Please accept this letter as our final response regarding your complaint. If you are not fully satisfied with our final response, you are entitled to refer your complaint to FOS....."


Is it worth pursuing? Or should I take the money and run?

To anyone who is reading: write the letters they cost nothing...follow some sage advice here and get back the money that's rightfully yours!

di3004

sacbaby37 wrote: »

Hi Di, thanks for that i am new so im abit confused, so do i sent the PPI letter to Barclays as it was them that it was through, sorry for sounding dumb. Sez

Hiya hunni
Nah your not sounding dumb, we have all been there.;)

Yes it will be Barclays you write to then, now I will add some addresses for you, however, I feel the Credit Card charges would be the refund address at the bottom, and if someone can confirm on here about the PPI, it should be one of these addresses below.;)

BARCLAYCARD CUSTOMER RELATIONS DEPARTMENT,
PO BOX 6476,
NORTHAMPTON,
NN4 1ZN

Barclaycard
Barclaycard House
PO Box 5592
Northampton
NN4 1ZY



Barclays Bank PLC
1 Churchill Place
London
E14 5HP


Barclays Bank PLC
Leicester
LE87 2BB


Keith Jeremiah -- Legal Executive
Tel: 02071162705
Fax: 02071167661
@: [EMAIL="keith.jeremiah@barclays.c"]keith.jeremiah@barclays.c[/EMAIL] om

Customer Relations
Consumer Finance
Barclays Bank Plc
Astley Byrom House
Manchester
M3 4AE

0207 116 4561.
Mike Brophy
Head of Customer Relations

Peter Townsend
Manager,
Barclays Data Protection
Radbroke Hall
Knutsford
Cheshire
WA169EU
Tel 01565614000
Fax 01565613583

BARCLAYS BANK PLC NEW ACCOUNTS,
DEPARTMENT 1,
GOLDFISH
GLASGOW,
G68 9ZP

Barclays Bank PLC
Privacy & Data Protection
Radbroke Hall
Knutsford
Cheshire
WA16 9EU

Tel: 01565 614000 or [text removed by MSE Forum Team - no longer correct number] / Fax : 01565 613583 or 01565
614208 0845 6090806

Barclays Bank PLC
Charges Refund Team
1 CHURCHILL PLACE
LONDON
E14 5HP

Tel: 0800 282390