PPI Reclaiming discussion Part III

marshallka

I have posted this before but just wanted to post it again from Which PPI

I have seen lots of people on here ask about how much PPI they should get back if a complaint is upheld and some people still have loans running. I have always said that you get it all back but if the account is still running you would only receive what you have actually paid out in the form of "cash in hand" and the rest CAN be used to reduce your capital owing on your credit.

I have just read this from "Which" and maybe this confirms some peoples complaints on here the company can use some of the PPI (the PPI that you would have paid out if you had finished the loan) to reduce your loan.

How much money should you get back?

If your complaint is upheld, then the firm should do its best to put you back into the position you'd have been in if you had never taken out the PPI.
Regular premium policy

If you have a regular premium policy, such as those attached to mortgages and credit cards, then you should receive a refund of any PPI premiums paid by you and, if applicable, a refund of any additional interest charged to you because of the PPI.
Single premium policy

If you have a single premium policy, such as those often attached to personal loans or finance agreements, then the compensation you receive will depend on whether your loan is still in force or not.
If your loan is still in force - your lender should calculate what your loan repayments would have been had PPI not been added to the loan, and how much should have been repaid so far. Any overpayments you have made will therefore be applied to your outstanding loan – reducing the amount of capital you owe.
If your loan or finance agreement is no longer in force - you should still get back any PPI payments you made, plus the difference between the redemption figure you paid and what it would have been had you never taken out the PPI policy.
Statutory compensation for mis-sold PPI

You may also be entitled to statutory compensation, which is usually set at 8% of the money refunded. This is to make up for the fact that you haven't been able to use the money during the time you held the PPI – after all, you might have saved or spent it elsewhere

marshallka

tylerlewis wrote: »

Success I think ?!?!?!?

Passed my claim to FOS last week as HFC didnt reply after 8 weeks. Sent copy of complaint form to HFC to advise I'd taken to FOS as sick of waiting.
Rang HFC to check they'd received it and was told a letter was on its way to me today with an offer of £1945 for both loans Ive got. I asked if I could have this as a chq but they said it was to be offset against what I still owe. They would then combine the 2 loans and I would need to take out another loan to pay whats left. He also said that because I would be paying the loans off early thay have deducted the charge for this off of the offer!!!!

Rang FOS as didnt think this sounded right. They agreed that it should be my decision as to whether its offset or I get a chq and they can only make me offset it if Im in arrears which Im not.

Surely HFC cant make me pay an early settlement fee for this can they??? If they cant, then they owe me more money but not sure as what happens with my payments while this is sorted as I'll be paying again next week and the figure he's given me is what PPI Ive paid so far. Will they have to change the amount they're refunding me again??

Hope this makes sense

I posted this above but may help in your question;)

I have seen lots of people on here ask about how much PPI they should get back if a complaint is upheld and some people still have loans running. I have always said that you get it all back but if the account is still running you would only receive what you have actually paid out in the form of "cash in hand" and the rest CAN be used to reduce your capital owing on your credit.

I have just read this from "Which" and maybe this confirms some peoples complaints on here the company can use some of the PPI (the PPI that you would have paid out if you had finished the loan) to reduce your loan.

How much money should you get back?

If your complaint is upheld, then the firm should do its best to put you back into the position you'd have been in if you had never taken out the PPI.
Regular premium policy

If you have a regular premium policy, such as those attached to mortgages and credit cards, then you should receive a refund of any PPI premiums paid by you and, if applicable, a refund of any additional interest charged to you because of the PPI.
Single premium policy

If you have a single premium policy, such as those often attached to personal loans or finance agreements, then the compensation you receive will depend on whether your loan is still in force or not.
If your loan is still in force - your lender should calculate what your loan repayments would have been had PPI not been added to the loan, and how much should have been repaid so far. Any overpayments you have made will therefore be applied to your outstanding loan – reducing the amount of capital you owe.
If your loan or finance agreement is no longer in force - you should still get back any PPI payments you made, plus the difference between the redemption figure you paid and what it would have been had you never taken out the PPI policy.
Statutory compensation for mis-sold PPI

You may also be entitled to statutory compensation, which is usually set at 8% of the money refunded. This is to make up for the fact that you haven't been able to use the money during the time you held the PPI – after all, you might have saved or spent it elsewhere

marshallka

pacemaker wrote: »

Thanks every one for your help I have done some initial research No insurance on Barclay card or Halifax nor M&S but definately on Barclay overdraft Have to look and see when It was taken out still not found relevent paperwork cos so much catching up after being in Hospital Had been on incapacity since September 2005 when my Sick pay from work ran out have permanent Heart disability since then compounded with Crohns disease etc not a nice outcome but try and make the best but I tend to over do my limitations hence the last spell in Hospital with a blood clot, my own fault trying to work at xmas fairs and standing too long. I have down loaded the templates and once I have the dates will start from there. Thanks to everyone

Sorry to hear of your health problems so really take it easy on these claims. They can be stressful..;)

booi666

maxdp wrote: »

Hi Boo

No sulking now

Me sulk NO its not in my vocabulary:eek:

marshallka

CEDDAR21 wrote: »

Hi All

I need help to know if I have a case or not, but before a little bit of background.

Few years ago I had some issues (Car stolen with no reimbursement from the insurance, council tax not paid by tenants and other adventures). I have then decided to consolidate my debts in taking a loan with Bank Of Scotland for £14,200. At the time 2004, I was not fluent English speaker and a s I am French, it is not working the same way in France.

Few months ago, my friend introduced to this site and I have started to check my finances (Credit crunch impact).
Checking my unsecured loan contract I have noticed the lines below:
Cash Loan £14,200
Add: total charge for credit for cash loan £4284.56
Insurance loan (Cash price of insurance) £3471.74
Add Total charge for credit for insurance loan £1047.70
Total amount you pay £23004.00

My first question is this £4519.44 Insurance loan plus credit is PPI?
If this is the case, I have a credit card with BOS and can they ask me to pay the balance if I claim for the PPI?

Hope you can help me.

Thank you for your help

Your first question the answer is yes, the £4519.44 is the insurance ppi with the interest.

The second question is the loan and credit card are seperate.

If you need any help in making the complaint as I take it from your post you did not know you had the PPI just take a look at the link here and see what you can add and delete from the template letter. Its always best to do your own from this. There are lots of reason on there for the misselling so pick out the ones that are applicable to yours.

You then write to the firm that actually made the sale of the PPI to you if this is different from the lender and don't forget to send this recorded delivery so you always a proof and dates etc.

After that you have to give them 8 weeks for a full and final response. In this time it is usual to get a response of "sorry we sold this to you fairly" but you then respond to this and reiterate your complaint again. The next time they write they either give you a final response which you would need in order to take this complaint to the FOS or offer to settle.

http://www.moneysavingexpert.com/rec...urance#reclaim


Good luck

marshallka

booi666 wrote: »

Me sulk NO its not in my vocabulary:eek:

Hiya Boo, not watching the footie...;)

marshallka

tylerlewis wrote: »

Can't wait to get the letter tomorrow to see what its got to say. But if it is on the condition thats its offset then I will be rejecting it.

Tylerlewis I left a post for you above. I think that they can offset what you are due to pay on the loan and the amount you have psysically already paid should be your choice as you have been deprived of these monies.

tylerlewis

marshallka wrote: »

I posted this above but may help in your question;)

I have seen lots of people on here ask about how much PPI they should get back if a complaint is upheld and some people still have loans running. I have always said that you get it all back but if the account is still running you would only receive what you have actually paid out in the form of "cash in hand" and the rest CAN be used to reduce your capital owing on your credit.

I have just read this from "Which" and maybe this confirms some peoples complaints on here the company can use some of the PPI (the PPI that you would have paid out if you had finished the loan) to reduce your loan.

How much money should you get back?

If your complaint is upheld, then the firm should do its best to put you back into the position you'd have been in if you had never taken out the PPI.
Regular premium policy

If you have a regular premium policy, such as those attached to mortgages and credit cards, then you should receive a refund of any PPI premiums paid by you and, if applicable, a refund of any additional interest charged to you because of the PPI.
Single premium policy

If you have a single premium policy, such as those often attached to personal loans or finance agreements, then the compensation you receive will depend on whether your loan is still in force or not.
If your loan is still in force - your lender should calculate what your loan repayments would have been had PPI not been added to the loan, and how much should have been repaid so far. Any overpayments you have made will therefore be applied to your outstanding loan – reducing the amount of capital you owe.
If your loan or finance agreement is no longer in force - you should still get back any PPI payments you made, plus the difference between the redemption figure you paid and what it would have been had you never taken out the PPI policy.
Statutory compensation for mis-sold PPI

You may also be entitled to statutory compensation, which is usually set at 8% of the money refunded. This is to make up for the fact that you haven't been able to use the money during the time you held the PPI – after all, you might have saved or spent it elsewhere

Thanks Marshallka that makes more sense now.

marshallka

lippygirl1977 wrote: »

Hi all!
Just wanted to share some good news!
I had applied to Halifax on 30 November 2008 for a refund of PPI which was incorporated on a 10 grand loan I had taken out in 2003. I cleared the loan after 30 months (was meant to be paid over a period of 80 months) and never thought anything of the final payment which was just 300 short of ten grand (after paying £210 per month over 30 months). After reading on this site about reclaiming PPI, i found I had kept some of the paperwork so decided to fill out the template letter from here and sent it off!
First letter back was acknowledging my complaint and that they would be in touch within 8 weeks as per FSA regulations.
However I had another letter 1 week later stating that my complaint was being addressed and they agreed that I was due a refund and stated what I was due. I also asked for 8% on top of this and they agreed to that too!
So in total my refund totalled £3,129.80 and the cheque for this arrived just before new year so needless to say I celebrated in style! So from start to finish of my complaint took less than 4 weeks! RESULT!
I am recommending everyone to check back on any loans with PPI and get sending in those template letters and you never know what you will get!
Thanks Martin and Co for the advice and templates which made everything so easy to do!
:j

Great news for you. Have you posted on the Success thread..:beer: :j

marshallka

tylerlewis wrote: »

Thanks Marshallka that makes more sense now.

You are very welcome tylerlewis..;)