PPI Reclaiming discussion Part III

tantsanie

Hi there, I am new to this thing and 60yrs old so pse be patient. The question I would like answered is if one is halfway through a loan and employment has now changed from being employed by a company and now self employed can one ask for the PPI to be stopped and a refund given for the balance of the loan?
tks and everyone have a wonderful day.:j

marshallka

booi666 wrote: »

Good Mornoing all:A

Morning Boo;)

marshallka

LilacPixie wrote: »

Thank you. Do you know what the current time scales are for complaint being looked at??

About 12 month or more from start to finish...:rolleyes:

marshallka

tantsanie wrote: »

Hi there, I am new to this thing and 60yrs old so pse be patient. The question I would like answered is if one is halfway through a loan and employment has now changed from being employed by a company and now self employed can one ask for the PPI to be stopped and a refund given for the balance of the loan?
tks and everyone have a wonderful day.:j

You can ask for that anyway. Just write to them to cancel it...;)
Can I ask who the loan was with and what date it was taken out... were you sold this as compulsory to the loan or did you want the PPI?

showergirl

Hi Di,

This is for your son,

Happy Birthday
Have a great day
xxxx

showergirl

deborah46 wrote: »

Morning all,

Last week i received my first no from Tesco personal finance, 3 days over their 8 weeks. I had already downloaded and filled out the fos form and sent it the previous day. On receiving my response from TPF i wrote stage 2 letter asking them to look at my complaint again giving them 14 days, in all my frustration i posted this straight thru the post box and forgot to send recorded. Do you think i should contact the case officer to see if this has been received and also tell him i have contacted the fos?
Thanks in advance x

I would send it again recorded delivery. It would not surprise me if they denied receiving it. I have still not heard back from them and also sent them a second letter last week which they received on Friday. Will let you know how I get on. Good luck

Borders_2

Well, I’ve heard from the HSBC regarding my PPI claim:


Further to our previous letter and having now completed my investigation into the issues you raised, I am writing to advise you that I will be upholding your complaint

As a result of my decision, it is not my intention to respond specifically to the individual issues that you have raised other than to explain how I intend resolving the matter.

In order to ensure that this matter has not financially disadvantaged you, I propose to offer to unwind your Personal Loan Protection Plan and refund all the premiums you have paid to date (including interest). The amount of this offer is £2,520.41. Details of the offer are shown on the Acceptance of Offer form enclosed.

You should note that this offer includes an element of gross interest amounting to £261.95. Subject to your personal tax status, this may be taxable and should be included in your tax return. If you have any queries regarding this please contact your local HM Revenue and Customs Office (formally the Inland Revenue).

Regrettably, it is not possible to just cancel the Personal Loan Protection Plan. However, it is possible to restructure your existing Personal Loan onto a new loan without protection at the same interest rate and term.

I can confirm that you will shortly be contacted by your Branch to arrange an appointment in order for the necessary paperwork to be completed. It should be noted that if your loan has not been restructured by 28 January 2009 a recalculation will be required, which may affect the redress due.

Should you wish to accept this offer, please complete the Acceptance of Offer form and return it to me using the pre-paid envelope. Please be aware that we cannot pay the redress detailed in this offer until your completed Acceptance Form has been returned and the load and has been restructured without protection. Payment will be made at the earlier opportunity after the loan has been restructured, however, this may take up to 5 working days.

I hope that I have been able to respond to your concerns satisfactorily……..


The rest goes on to say if it hasn’t how I can complain to the Ombudsman etc etc.


I just wanted to check with the ‘calculators’ on here whether HSBC are correct in their calculations. I’m assuming they are and they look okay to me but maths was never my strong subject (probably why I needed the loan in the first place!!!:rotfl: ) and I would like to check that I’m not missing anything that’s supposed to be owed to me.

My loan for £13,000 was taken out in February 2006 at 10.9% for 60 months.
Today charge for loan including PPI and charge for credit, interest etc was £20,593.38 (gulp!!)
The total charge for PPI was £3871.71 or £64.44 over 60 months.
I am currently paying £343.33 per month.
I have as of today 25 payments remaining.
HSBC offering £2,520.41 including £261.95 interest

Thanks in advance for anyone’s help and thanks to Martin and everyone else on this site for the time and help with things. Flushed with success I am now off to dig out an old (finished) Abbey loan from (hopefully me thinks) before 6-years ago to try my luck again!!!!!!!!

Three cheers for moneysavingexpert!!!

Borders_2

Well, I’ve heard from the HSBC regarding my PPI claim:


Further to our previous letter and having now completed my investigation into the issues you raised, I am writing to advise you that I will be upholding your complaint

As a result of my decision, it is not my intention to respond specifically to the individual issues that you have raised other than to explain how I intend resolving the matter.

In order to ensure that this matter has not financially disadvantaged you, I propose to offer to unwind your Personal Loan Protection Plan and refund all the premiums you have paid to date (including interest). The amount of this offer is £2,520.41. Details of the offer are shown on the Acceptance of Offer form enclosed.

You should note that this offer includes an element of gross interest amounting to £261.95. Subject to your personal tax status, this may be taxable and should be included in your tax return. If you have any queries regarding this please contact your local HM Revenue and Customs Office (formally the Inland Revenue).

Regrettably, it is not possible to just cancel the Personal Loan Protection Plan. However, it is possible to restructure your existing Personal Loan onto a new loan without protection at the same interest rate and term.

I can confirm that you will shortly be contacted by your Branch to arrange an appointment in order for the necessary paperwork to be completed. It should be noted that if your loan has not been restructured by 28 January 2009 a recalculation will be required, which may affect the redress due.

Should you wish to accept this offer, please complete the Acceptance of Offer form and return it to me using the pre-paid envelope. Please be aware that we cannot pay the redress detailed in this offer until your completed Acceptance Form has been returned and the load and has been restructured without protection. Payment will be made at the earlier opportunity after the loan has been restructured, however, this may take up to 5 working days.

I hope that I have been able to respond to your concerns satisfactorily……..


The rest goes on to say if it hasn’t how I can complain to the Ombudsman etc etc.


I just wanted to check with the ‘calculators’ on here whether HSBC are correct in their calculations. I’m assuming they are and they look okay to me but maths was never my strong subject (probably why I needed the loan in the first place!!!:rotfl: ) and I would like to check that I’m not missing anything that’s supposed to be owed to me.

My loan for £13,000 was taken out in February 2006 at 10.9% for 60 months.
Today charge for loan including PPI and charge for credit, interest etc was £20,593.38 (gulp!!)
The total charge for PPI was £3871.71 or £64.44 over 60 months.
I am currently paying £343.33 per month.
I have as of today 25 payments remaining.
HSBC offering £2,520.41 including £261.95 interest

Thanks in advance for anyone’s help and thanks to Martin and everyone else on this site for the time and help with things. Flushed with success I am now off to dig out an old (finished) Abbey loan from (hopefully me thinks) before 6-years ago to try my luck again!!!!!!!!

Three cheers for moneysavingexpert!!!

Borders_2

Whoops!! Didn't mean to do that twice!!!!!!!!!

Sorry!

marshallka

Borders wrote: »

Well, I’ve heard from the HSBC regarding my PPI claim:


Further to our previous letter and having now completed my investigation into the issues you raised, I am writing to advise you that I will be upholding your complaint

As a result of my decision, it is not my intention to respond specifically to the individual issues that you have raised other than to explain how I intend resolving the matter.

In order to ensure that this matter has not financially disadvantaged you, I propose to offer to unwind your Personal Loan Protection Plan and refund all the premiums you have paid to date (including interest). The amount of this offer is £2,520.41. Details of the offer are shown on the Acceptance of Offer form enclosed.

You should note that this offer includes an element of gross interest amounting to £261.95. Subject to your personal tax status, this may be taxable and should be included in your tax return. If you have any queries regarding this please contact your local HM Revenue and Customs Office (formally the Inland Revenue).

Regrettably, it is not possible to just cancel the Personal Loan Protection Plan. However, it is possible to restructure your existing Personal Loan onto a new loan without protection at the same interest rate and term.

I can confirm that you will shortly be contacted by your Branch to arrange an appointment in order for the necessary paperwork to be completed. It should be noted that if your loan has not been restructured by 28 January 2009 a recalculation will be required, which may affect the redress due.

Should you wish to accept this offer, please complete the Acceptance of Offer form and return it to me using the pre-paid envelope. Please be aware that we cannot pay the redress detailed in this offer until your completed Acceptance Form has been returned and the load and has been restructured without protection. Payment will be made at the earlier opportunity after the loan has been restructured, however, this may take up to 5 working days.

I hope that I have been able to respond to your concerns satisfactorily……..


The rest goes on to say if it hasn’t how I can complain to the Ombudsman etc etc.


I just wanted to check with the ‘calculators’ on here whether HSBC are correct in their calculations. I’m assuming they are and they look okay to me but maths was never my strong subject (probably why I needed the loan in the first place!!!:rotfl: ) and I would like to check that I’m not missing anything that’s supposed to be owed to me.

My loan for £13,000 was taken out in February 2006 at 10.9% for 60 months.
Today charge for loan including PPI and charge for credit, interest etc was £20,593.38 (gulp!!)
The total charge for PPI was £3871.71 or £64.44 over 60 months.
I am currently paying £343.33 per month.
I have as of today 25 payments remaining.
HSBC offering £2,520.41 including £261.95 interest

Thanks in advance for anyone’s help and thanks to Martin and everyone else on this site for the time and help with things. Flushed with success I am now off to dig out an old (finished) Abbey loan from (hopefully me thinks) before 6-years ago to try my luck again!!!!!!!!

Three cheers for moneysavingexpert!!!

Hi, what they are offering is what you have already paid and there is no mention of the interest refunded when you cancel. As they say that they will redo the loan after you cancel what would happen to the remaining PPI AND the interest due on that.... would they put you back into the position as if you never had the PPI....

These are the questions you need to ask..;)