PPI Reclaiming Discussion part 4

di3004

Faldinio wrote: »

They said that they 'considered the matter closed' but for the sake of £2,500 it's worth writing again I suppose. I'll send them a letter asking them to review it again, prior to asking the Ombudsman for their help.

Thanks for the advice.

You know what I would do?

I would write that you have recently found some new evidence in regards of a complaint they rejected last year, but you believe you still have the right to complain, because the FSA are currrently taking dim views on rejected complaints, but giving them the opportunity to re-investigate to put things right.

Then go on to say, you will otherwise consider contacting the FSA.

Its just a thought but it may help.;)

You can send them a questionnaire which are quite new issued by the FOS, they suggest now to complete and send these to the banks, and keep a copy in case you need to refer to it later on.

If you want to do a cover letter to explain your situation as stated above, that is also fine, tell them you enclose a questionnaire and with your reasons would like them to investigate.

As usual they have 8 weeks in full to respond and post by recorded delivery, this is your proof of posting.

I do think its worth a try, go for it, good luck.

You will find the stage one procedures here which is that of a questionnaire:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Hope this helps.;)

amersall

Elfgirl wrote: »

Just spoke to Lloyds about my credit card PPI refund - apparently it takes a month (!) to do the calculation and another five days after that to pay me the money!!!

Will just have to wait a bit longer to book that holiday

well done on your win!! it will take time with these payouts:D:D:D remember, they have to send workers to the rain forests:eek: to chop down some trees, they have to apply for a permit to have the said trees brought back to the uk:eek: the trees then have to go through the process of being made into paper that is then sent to a company in the outer hebrides:eek: to be made into cheques with the banks logo on, they are then passed to a courier on horse back:(:( to scottish airport, they arrive at royal mail in london and are posted to the banks, who take them to a manager to approve the payment :rotfl: they then have to go to admin to be put into envelopes:rotfl: they then go to the in bank stamping room to be mailed to recipients:rotfl: they are then placed in the mail box outside the banks to wing there way to you:D.so stop moaning :phow long the payout takes and bear this process in mind:D:D:D:D

cloggle

I took out a loan with LTSB in Nov 2003 for £12,000 with an additional £3,096.81 for my loan protection insurance added - the repayment term was 8 years, so due to end Nov 2011. I wrote to LTSB using the template letter on here and within a week received a letter back saying that they were upholding my complaint and offering to settle so that if I accepted they would (a) calculate a refund of the PPI monthly payments I have paid to date and (b) calculate simple intereste at 8% per annum on each of the PPI monthly payments. They will also amend my existing loan to reduce the monthly repayment to what it would have been had I not purchased the PPI policy. However they will not give me a figure until I sign and return the acceptance form, and the form says that I am accepting their offer in full and final settlement. But how can I accept on those terms without knowing how much they are offering me, because if it is paltry (as I have experienced with reclaiming charges on credit cards usually they make a terrible offer, you argue and then they increase it) will I then have any grounds to try and persuade them to give me more money or will they say I accepted and that's that? Has anyone else had a similar letter, and what did you do and what was the outcome? I am surprised LTSB responded so quickly which makes me think I am in a strong position, but I only get one chance at this and I don't want to blow it!! can anyone give me any advice please? thanks for your time in reading this (if you're still reading!!)

robbedofmymoney

cloggle wrote: »

I took out a loan with LTSB in Nov 2003 for £12,000 with an additional £3,096.81 for my loan protection insurance added - the repayment term was 8 years, so due to end Nov 2011. I wrote to LTSB using the template letter on here and within a week received a letter back saying that they were upholding my complaint and offering to settle so that if I accepted they would (a) calculate a refund of the PPI monthly payments I have paid to date and (b) calculate simple intereste at 8% per annum on each of the PPI monthly payments. They will also amend my existing loan to reduce the monthly repayment to what it would have been had I not purchased the PPI policy. However they will not give me a figure until I sign and return the acceptance form, and the form says that I am accepting their offer in full and final settlement. But how can I accept on those terms without knowing how much they are offering me, because if it is paltry (as I have experienced with reclaiming charges on credit cards usually they make a terrible offer, you argue and then they increase it) will I then have any grounds to try and persuade them to give me more money or will they say I accepted and that's that? Has anyone else had a similar letter, and what did you do and what was the outcome? I am surprised LTSB responded so quickly which makes me think I am in a strong position, but I only get one chance at this and I don't want to blow it!! can anyone give me any advice please? thanks for your time in reading this (if you're still reading!!)

they have not given an exact figure as they calculate the interest once they recieved the sign agreement,

in terms of figures, loans re-claims have more clarity than credit cards and they have explained what they will do.

if you have a copy of your loan agreement it should give you a breakdown of what the monthly payments were for the loan amount and ppi amount.

your monthly loan repayments will go down to what is shown on the agreement for that element and you will get ppi refunded to the tune of your monthly premium multiplied by the number of months you have paid. you then get interest on this at 8%.

once you have the figures from lloyds if they are wrong take them to the FOS, however, they have said they will refund correctly.

if you post your monthly ppi premium i will calculate what you could expect to recieve back in total so you can check against the Lloyds figure

amersall

cloggle wrote: »

I took out a loan with LTSB in Nov 2003 for £12,000 with an additional £3,096.81 for my loan protection insurance added - the repayment term was 8 years, so due to end Nov 2011. I wrote to LTSB using the template letter on here and within a week received a letter back saying that they were upholding my complaint and offering to settle so that if I accepted they would (a) calculate a refund of the PPI monthly payments I have paid to date and (b) calculate simple intereste at 8% per annum on each of the PPI monthly payments. They will also amend my existing loan to reduce the monthly repayment to what it would have been had I not purchased the PPI policy. However they will not give me a figure until I sign and return the acceptance form, and the form says that I am accepting their offer in full and final settlement. But how can I accept on those terms without knowing how much they are offering me, because if it is paltry (as I have experienced with reclaiming charges on credit cards usually they make a terrible offer, you argue and then they increase it) will I then have any grounds to try and persuade them to give me more money or will they say I accepted and that's that? Has anyone else had a similar letter, and what did you do and what was the outcome? I am surprised LTSB responded so quickly which makes me think I am in a strong position, but I only get one chance at this and I don't want to blow it!! can anyone give me any advice please? thanks for your time in reading this (if you're still reading!!)

hi there and congrats on your win!! they have to redress according to fos so i wouldnt worry about this too much, just make sure the loan is reset to the apr at onset and the remaining term ( i have no doubt it will) once again well done!!

di3004

cloggle wrote: »

I took out a loan with LTSB in Nov 2003 for £12,000 with an additional £3,096.81 for my loan protection insurance added - the repayment term was 8 years, so due to end Nov 2011. I wrote to LTSB using the template letter on here and within a week received a letter back saying that they were upholding my complaint and offering to settle so that if I accepted they would (a) calculate a refund of the PPI monthly payments I have paid to date and (b) calculate simple intereste at 8% per annum on each of the PPI monthly payments. They will also amend my existing loan to reduce the monthly repayment to what it would have been had I not purchased the PPI policy. However they will not give me a figure until I sign and return the acceptance form, and the form says that I am accepting their offer in full and final settlement. But how can I accept on those terms without knowing how much they are offering me, because if it is paltry (as I have experienced with reclaiming charges on credit cards usually they make a terrible offer, you argue and then they increase it) will I then have any grounds to try and persuade them to give me more money or will they say I accepted and that's that? Has anyone else had a similar letter, and what did you do and what was the outcome? I am surprised LTSB responded so quickly which makes me think I am in a strong position, but I only get one chance at this and I don't want to blow it!! can anyone give me any advice please? thanks for your time in reading this (if you're still reading!!)

Well done and Congratulations on your success.:beer:

I'm sure Robbedofmymoney will check the figures out for you, if you post them up, he is very good.:T;)

di3004

There is a question mark on one of mine in regards of LLoyds, they had originally confirmed they calculated inline with the FOS, but there is a few hundred amiss, however, even though they gave the amount after the difference, they have not this time said they will then calculate the interest when received the acceptance, so maybe this is why.
In the last 2 before this one, they did mention this, so have to make sure.

I have emailed to check on this just in case.;)

sunshine25

I am not sure if this is the correct place to add my post so please tell me if not.

I have 2 accounts with MBNA, and a Virgin Credit card (part of MBNA). I have PPI on the Virgin account and want to reclaim this. I have called twice for a copy of the agreement but nothing received to date. The card was opened in 2002 via the online system and I have no supporting paperwork.

I have 2 queries:
A) if I start annoying MBNA can they close my other accounts so the I have to find the money to pay back (its £,000's so I cant do that)
b) How do I start reclaiming as all the templates on MSE seem to be refering to Loan PPI ans not credit card

Any info, advice or templates would be great

di3004

sunshine25 wrote: »

I am not sure if this is the correct place to add my post so please tell me if not.

I have 2 accounts with MBNA, and a Virgin Credit card (part of MBNA). I have PPI on the Virgin account and want to reclaim this. I have called twice for a copy of the agreement but nothing received to date. The card was opened in 2002 via the online system and I have no supporting paperwork.

I have 2 queries:
A) if I start annoying MBNA can they close my other accounts so the I have to find the money to pay back (its £,000's so I cant do that)
b) How do I start reclaiming as all the templates on MSE seem to be refering to Loan PPI ans not credit card

Any info, advice or templates would be great

Hi and welcome.

First of all, did you enclose £1 postal order or cheque payment for the request of your agreement.
They have 12 days to supply this on request.

If you have done this then ring them to question them on this.

However, if the account is closed they may not longer hold the agreement details but they may hold some details in relation to your account.

If they do not supply any information free of charge, then the only possible way would be to request a Subject Access Request (SAR), they have 40 calendar days to supply all they they hold on you.
But there is a charge of £10 cheque payment of postal order payment you have to enclose.
If they are unable to supply anything at all then they must return your payment with an explanation in writing.

There is a SAR template letter here:
https://forums.moneysavingexpert.com/discussion/1475553

In regards of reclaiming on PPI from Credit Cards......its the same way as the loan ppi reclaiming.

However, the Financial ombudsman service (FOS) have recently issued new questionnaires to send to the banks to save time, where its also suggested that you keep a copy as well, in case you need to refer to your complaint later on, or to send to the FOS if you go this far.

You will find the questionnaire on Martin's guidelines of reclaiming page on the link below, and find this on Stage one:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

If you also want to do a cover letter - you can of course do that as well, ask them to refer to the questionnaire.

For more on templates on the link below, but personally I would write in your own words, although there is no harm in using a template as a guide, to make sure nothing is missed, such as the 8 weeks they have and the FOS.
http://image.guardian.co.uk/sys-files/Money/documents/2007/10/26/PPIreclaim.pdf

The Questionnaire should though cover it all, but its up to you of course.

Hope this helps, and good luck, please keep us posted.;)

Di

sunshine25

I didn't send any money, I just called them...

Do you have a template letter I should use so that I can start the process again and go thru all the correct steps. I've had this account for 9 years with approx £20 - £40 each month going on PPI so if there is any way I can get this back that would help me out no end

Many thanks for your help