PPI Reclaiming Discussion part 4

Geoffro

Hello again, I recently posted asking for advice and that I had sent the first letter off to Natwest regarding the PPI (or PLP as they call it). Well good news, I received a reply today from the bank offering me a one off goodwill payment of £4860. They were unable to confirm precisely what information I was given at the time. My only question now is, and not wishing to sound greedy may I add as I am chuffed to bits, is this a fair amount as I don't know really what I should be asking for. My initial premium was for £3910 for a loan of £17000 over 10 years (£20,910 at 8.9%) total amount payable was £31,185.60. My monthly repayments were £259.58 which they have now reduced to £211.28 (£48.30) due to the cancellation of the policy. I'm probably happy to accept but wanted to make sure they weren't underpaying me a large amount. Can someone run these figures through their spreadsheets just to put my mind at rest before I sign the acceptance form. Thanks again for the help and encouragement to go after the bank. One happy bunny here :j :T :rotfl:

di3004

Geoffro wrote: »

Hello again, I recently posted asking for advice and that I had sent the first letter off to Natwest regarding the PPI (or PLP as they call it). Well good news, I received a reply today from the bank offering me a one off goodwill payment of £4860. They were unable to confirm precisely what information I was given at the time. My only question now is, and not wishing to sound greedy may I add as I am chuffed to bits, is this a fair amount as I don't know really what I should be asking for. My initial premium was for £3910 for a loan of £17000 over 10 years (£20,910 at 8.9%) total amount payable was £31,185.60. My monthly repayments were £259.58 which they have now reduced to £211.28 (£48.30) due to the cancellation of the policy. I'm probably happy to accept but wanted to make sure they weren't underpaying me a large amount. Can someone run these figures through their spreadsheets just to put my mind at rest before I sign the acceptance form. Thanks again for the help and encouragement to go after the bank. One happy bunny here :j :T :rotfl:

Hi there

Wow, well done and Congratulations!:beer:

Well it certainly looks good from where I am sitting, but remember if your happy with accepting the amount is entirely up to you.

If an offer, they can offer with or without interest, and if they upheld in your favour to put you back in the position as if PPI was not taken out, then you should also be entitled to interest on top of the amount as well.

I would make sure as well they send you a full written detailed breakdown, they should do this on request.;)

Again well done!:beer:

trish123

Hi, received a Customer Complaint Questionnaire this morning from Barclaycard have filled it in, stating that been self employed and unaware that the cover was optional.Would these be enough reasons for my complaint.I am useless with forms and dont want to muck it up.Also do i now wait another 8 weeks.

di3004

trish123 wrote: »

Hi, received a Customer Complaint Questionnaire this morning from Barclaycard have filled it in, stating that been self employed and unaware that the cover was optional.Would these be enough reasons for my complaint.I am useless with forms and dont want to muck it up.Also do i now wait another 8 weeks.

Hi there

If the policy did not protect for self employment that is fine to write, you do have the right to request they refund you, as the policy would have been worthless to you and you would not then make an eligible claim anway.
And as they did not explain the policy to you as well, for instance they automatically added it, therefore you assumed it was all part of the finance, with not knowing or being told any different.

Good luck.;)

Geoffro

Thanks Di. On reading the letter after calming down what they have offered is the £4860 as a once and final goodwill offer. They have also amended the balance on the loan account to one which reflects a balance as if I had never taken out the PPI. This, as I mentioned, has reduced my monthly payment by approx £48 per month and as I have only 20 months left till Feb 2012 I reckon I have saved another £960. So all in all I'm better off by approx £5700 which is a result in my eyes. So I'm probably going to take the offer and run, all thanks to you Martin and the other members, rather than having to wait anything up to another 2 years according to some posts. If someone can still check my numbers that would be great and will certainly ask for a written breakdown. Couldn't have done it without you and the site and I will certainly be recommending the site to as many people as possible.


Thanks again

Geoff

di3004

Geoffro wrote: »

Thanks Di. On reading the letter after calming down what they have offered is the £4860 as a once and final goodwill offer. They have also amended the balance on the loan account to one which reflects a balance as if I had never taken out the PPI. This, as I mentioned, has reduced my monthly payment by approx £48 per month and as I have only 20 months left till Feb 2012 I reckon I have saved another £960. So all in all I'm better off by approx £5700 which is a result in my eyes. So I'm probably going to take the offer and run, all thanks to you Martin and the other members, rather than having to wait anything up to another 2 years according to some posts. Couldn't have done it without you and the site and I will certainly be recommending the site to as many people as possible.


Thanks again

Geoff

Hi Geoff

Your very welcome.:A

And great work by yourself as well, Well done!:beer:;)

GeekMagnet

Hello all,

I'm new to posting on the forum but have been looking in for a few years now.

I was hoping someone could give me some advice I took out a loan with Lloyds TSB in 2003 and was also told I needed to take out PPI, I was subsequently also sold PPI on a top-up loan in around 2006. Having read the guide on MSE I was definitely mis-sold on several counts and still have all my paperwork.

About two years ago now I wrote to Lloyds using the reclaiming template on the site and got to the 2nd letter stage, i.e. they rejected me twice! However I didn't follow this up by going to ombudsman.

Having read the success stories here on the forum I'm looking to take my claim further; and I was wondering what might be the best way to do this, or indeed if I should even bother. I'm presuming I have to start the process over due to the timescale but should I make reference in my letter to the previous letters I sent to them?

Also, I subsequently re-loaned two years ago (unfortunately I had to have some dental treatment and couldn't pay for it any other way ) and took out some private PPI from another company at a fraction of the cost, as I was advised that I couldn't have the new loan without some sort of insurance. I now have 3 years of the loan left and around £12000 outstanding but I'm concerned that there might be problems if my reclaim is successful and that the bank would request that I pay my entire loan back - has this happened to anyone before? I have a good credit history so hopefully I could get another loan if the bank demanded I pay it back.

Sorry for the lengthy message, I'd be grateful for any advice

di3004

GeekMagnet wrote: »

Hello all,

I'm new to posting on the forum but have been looking in for a few years now.

I was hoping someone could give me some advice I took out a loan with Lloyds TSB in 2003 and was also told I needed to take out PPI, I was subsequently also sold PPI on a top-up loan in around 2006. Having read the guide on MSE I was definitely mis-sold on several counts and still have all my paperwork.

About two years ago now I wrote to Lloyds using the reclaiming template on the site and got to the 2nd letter stage, i.e. they rejected me twice! However I didn't follow this up by going to ombudsman.

Having read the success stories here on the forum I'm looking to take my claim further; and I was wondering what might be the best way to do this, or indeed if I should even bother. I'm presuming I have to start the process over due to the timescale but should I make reference in my letter to the previous letters I sent to them?

Also, I subsequently re-loaned two years ago (unfortunately I had to have some dental treatment and couldn't pay for it any other way ) and took out some private PPI from another company at a fraction of the cost, as I was advised that I couldn't have the new loan without some sort of insurance. I now have 3 years of the loan left and around £12000 outstanding but I'm concerned that there might be problems if my reclaim is successful and that the bank would request that I pay my entire loan back - has this happened to anyone before? I have a good credit history so hopefully I could get another loan if the bank demanded I pay it back.

Sorry for the lengthy message, I'd be grateful for any advice

Hi there and welcome

You would I think have to try to reclaim as a new complaint, or otherwise just tell them you are aware that previous rejected ppi complaints as advised by the FSA can be re-investigated.

Lloyds TSB are known to reject complaints and going by many posts on here their findings on rejections have been the same for most.

So give it another go anyway.

You can do this now by using the FOS Questionnaires, on the link below, the financial ombudsman service (FOS) havr recently issued these questionnaires for customers to complete and send to whom your complaining to.
This is in replacement of template reclaiming letters, although you can of course write your own cover letter if you want to alongside with the questionnaires.

For each ppi reclaim account/complete separate ones, and keep copies for your reference or if you want to complain to the FOS later on.

You will find this as Stage one of reclaiming on link here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
If your have any problems downloading the forms, you can contact the FOS who will arrange to send them through the post.
http://www.financial-ombudsman.org.uk/consumer/complaints.htm
Or you will again find the questionnaire on the FOS site bottom of the page.

Lloyds as you know are not the easiest, but keep at them and you will get there, be strong, and stand your ground, tell them you want this investigated properly, as your also aware the FSA are punishing banks for rejecting complaints for not investigating properly.

Good luck.;)

GeekMagnet

Thanks ever so much di3004. Lloyds are a bit of a pain in the bum for most things, so I imagine getting anything out of them is a hard fought battle :wall:

di3004

GeekMagnet wrote: »

Thanks ever so much di3004. Lloyds are a bit of a pain in the bum for most things, so I imagine getting anything out of them is a hard fought battle :wall:

Your welcome.

Just try to be one above if you can.;)
Keep strong and keep at them, do not back down now okay.:D;)