PPI Reclaiming Discussion part 4

di3004

Flamingo80 wrote: »

Have received a reply from Nationwide today saying that they are investigating my complaint and hope to get back to me by 1st September.

Fingers crossed. :undecided

Good luck and fingers crossed.;)

polkadot

Di glad you gotto go the the plot today...
May I just quote myself from earlier please-think my post just got lost in the day as I've read the rest of the thread and cant see that it was answered yet.
ETA:Link to original post : http://forums.moneysavingexpert.com/showpost.html?p=35659159&postcount=12824

robbedofmymoney

polkadot wrote: »

Just wanted to ask about the payout time...We posted our letter to Lloyds accepting their offer as Di suggested.I checked it tracked through on RM on the 6th of July.

We then got a letter dated 27th July, thanking us for said acceptance.It states:



and then further down:



When should we be following up with them?

lloyds process is 21 working days to do the calculations from acceptance, and then anything up to a further 21 days to recieve the payment from when it's calculated.

this is what they are currently quoting people

di3004

polkadot wrote: »

Just wanted to ask about the payout time...We posted our letter to Lloyds accepting their offer as Di suggested.I checked it tracked through on RM on the 6th of July.

We then got a letter dated 27th July, thanking us for said acceptance.It states:



and then further down:



When should we be following up with them?

Hi and well done.:beer::j:T

I kept chasing them by emailing them for the calcs....
[EMAIL="customer.care.insurance@lloydstsb.co.uk"]customer.care.insurance@lloydstsb.co.uk[/EMAIL]

And copied it to the CEO

Infact cos I don't bank with them anymore, I requested they send by email/attachment and they did.;)

di3004

polkadot wrote: »

Di glad you gotto go the the plot today...
May I just quote myself from earlier please-think my post just got lost in the day as I've read the rest of the thread and cant see that it was answered yet.
ETA:Link to original post : http://forums.moneysavingexpert.com/showpost.html?p=35659159&postcount=12824

Thank you honey.:A

Just left a post for you on your thread too.:beer: X

polkadot

di3004 wrote: »

Thank you honey.:A

Just left a post for you on your thread too.:beer: X

Thanks Di, I cant find the other post:o Could you link me to it please?

di3004

polkadot wrote: »

Thanks Di, I cant find the other post:o Could you link me to it please?

Hiya, sorry about that, I really don't know where it disappeared too.

Basically, what I said was that I emailed lloyds at regular intervals and requested they send me the calcs by email, they did eventually.
[EMAIL="customer.care.insurance@lloydstsb.co.uk"]customer.care.insurance@lloydstsb.co.uk[/EMAIL]

If you get any problems then email the chief executive officer (CEO), you could actually copy your email to the CEO if you decide to email lloyds.


I'm sure Robbedofmymoney left you a post as well, that is so strange......:o

Lydia-m

Can anyone help me, i want to scream!

Took out a loan with Lloyds in 2007.
I was told i had to have PPI to take the loan, which is paid monthly and increases amount by over £3000. I've sent the initial letter, including the questionnaire, and a requested for the payments to stop immediately.
Bank have responded with typical letter (8weeks before a response), and given me a number to cancel insurance in the meantime.
Now this is what i don't understand; when i called to cancel they have told me:

1) If i choose to stop my PPI monthly payments it may affect my claim for reimbursement.
2) To cancel the PPI i have to cancel the whole loan and take out a new one
3) That even if i did that, i still am unable to cancel 100% of the PPI and would continue paying a contribution (which works out at around 30%)

So even now, i am unable to reduce my loan payments to the 'cash loan' amount, and i have to continue paying this insurance even with a 'new' loan, how is this possible?

I'm am baffled with banking rules and regulations (if you can call them that), can anyone please help?

Thank you

Lydia

di3004

Lydia-m wrote: »

Can anyone help me, i want to scream!

Took out a loan with Lloyds in 2007.
I was told i had to have PPI to take the loan, which is paid monthly and increases amount by over £3000. I've sent the initial letter, including the questionnaire, and a requested for the payments to stop immediately.
Bank have responded with typical letter (8weeks before a response), and given me a number to cancel insurance in the meantime.
Now this is what i don't understand; when i called to cancel they have told me:

1) If i choose to stop my PPI monthly payments it may affect my claim for reimbursement.
2) To cancel the PPI i have to cancel the whole loan and take out a new one
3) That even if i did that, i still am unable to cancel 100% of the PPI and would continue paying a contribution (which works out at around 30%)

So even now, i am unable to reduce my loan payments to the 'cash loan' amount, and i have to continue paying this insurance even with a 'new' loan, how is this possible?

I'm am baffled with banking rules and regulations (if you can call them that), can anyone please help?

Thank you

Lydia

Hi Lydia and welcome

I can understand how frustrated you are with this and for being told you had to take out the ppi, also with the way this have been dealt with.

I do understand if you cancel within the cooling period, then they have to refund that month and reduce your monthly repayments.
They seem to have their own way of dealing with cancellations after that.

I am a little baffled on the first one - that it would affect your reimbursement., do they mean you would not receive the full amount of PPI if you cancel perhaps?

And the 2nd one, this seems to be procedure with Lloyds, and some other banks.
So basically, if you no longer want the ppi and request they cancel, they are stating more or less that the cooling period have passed, and their procedure is that of taking out a new loan to pay off the existing loan, so the new loan would not include the ppi.

And yes its a right rip off indeed.

What I would do in your case is - maybe do not cancel at this time, and if this goes in your favour, then I do know that you stay with the same loan, and they must then remove the ppi, and refund you the amount you have paid plus interest.
And the monthly payments should also be reduced - due them the removal of PPI.

I would ask for the policy details if you no longer have these, these are supplied free of charge at any time.

But if your not happy, your then able to complain to the Financial ombudsman service (FOS) by the final decision, if it comes to this, then they must go by the FOS's decision.;)

nickybutch

HI to you all,
With Robbedofmymoney's help and advice
I have just sent a FRESH COMPLAINTS FORM to the FOS recommending what has been said before as well as my own spreadsheet with the breakdown of my PPI & LOAN.
I have asked the FOS to RE-OPEN my complaint which has been CLOSED since February 2010 due to the fact that I had a refund starting date of 30 JULY 2010 as first contact.
They have 3 options of payment, I am asking for the amount which EGG should have paid me in the first place which is over £1516 the difference between the amount EGG quoted that I got as a FULL refund and the FULL PPI Premium & Interest @8% totalling £1637.28 or pay me the WHOLE PPI Premium & INTEREST @ 8% £4101.81 or the WHOLE LOAN,PPI & INTEREST @ 8% £13518.67. O r I could just ask for these amounts
Difference between the Total Loan amount and the IVA claim £181.68 PLUS the REFUND difference that was quoted £261.96 & INTEREST of £504.01 totalling £947.65.
I am in an IVA with this loan and I have permission from my IP to persue this complaint and keep the money I am entitled to. Egg has made very LARGE mistakes and they must pay for them. It has been happening since October 2009.
Under the NEW FSA rules regarding PPI disputes, We SHOULD be entitled to reimbersment of the PPI going to the position of NOT having it in the first place. EGG did NOT take off the REFUND when this LOAN was SOLD to APEX CREDIT MANAGEMENT in MAY 2010. I have 2 COMPLETELY different amounts £10,235.29 & £10620.03. It SHOULD be £8215.31, BUT it is NOT.

I will let you know what the outcome will be as soon as I can.

Nickybutch