PPI Reclaiming Discussion part 4

nickybutch

HI all,
I am sorry that I am putting my blogs a lot on the SHOUTING SIDE and giving negative vibes to them.
I am frustrated but I feel that I need help in other ways. I am in contact with the FOS, but this is a RE-OPENED case of the same complaint I had with them 6 months ago.
AND NOTHING WAS DONE ABOUT IT. Egg keeps denying everything and NOW more lies have been produced. SOMETHING MUST BE DONE SERIOUSLY.
I wasn't being offensive by my blogs in any way. I was trying to be truthful with everything I say & do.
I do appreciate what you are say and all the advice, but Things do need to be pushed along but in a hurried way.
The errors by banks CANNOT carry on and I know this forum is campaigning for change in a big way.

If I don't get the result I want. I will write to the Chief Ombudsman and may be the Financial Services Authority for help.
I did write this week to the Daily Mail to see what they can do from a MEDIA point of view with it, maybe nothing, but it is worth a try after all.
My maths and financial skills are a little rusty and I do need help in understanding the figures. The PPi refund complaint from Egg is my biggest worry.

I will let you know when I get some sort of an outcome to this.

I am sorry to be offensive or be negative, I just wanted to let people know what problems I have and I wanted help desperately.
Nickybutch

bugsy161

nickybutch wrote: »

HI all,
I am sorry that I am putting my blogs a lot on the SHOUTING SIDE and giving negative vibes to them.
I am frustrated but I feel that I need help in other ways. I am in contact with the FOS, but this is a RE-OPENED case of the same complaint I had with them 6 months ago.
AND NOTHING WAS DONE ABOUT IT. Egg keeps denying everything and NOW more lies have been produced. SOMETHING MUST BE DONE SERIOUSLY.
I wasn't being offensive by my blogs in any way. I was trying to be truthful with everything I say & do.
I do appreciate what you are say and all the advice, but Things do need to be pushed along but in a hurried way.
The errors by banks CANNOT carry on and I know this forum is campaigning for change in a big way.

If I don't get the result I want. I will write to the Chief Ombudsman and may be the Financial Services Authority for help.
I did write this week to the Daily Mail to see what they can do from a MEDIA point of view with it, maybe nothing, but it is worth a try after all.
My maths and financial skills are a little rusty and I do need help in understanding the figures. The PPi refund complaint from Egg is my biggest worry.

I will let you know when I get some sort of an outcome to this.

I am sorry to be offensive or be negative, I just wanted to let people know what problems I have and I wanted help desperately.
Nickybutch

If I was you I would take a deep breath and step back to have a look at everything that has happened and then document everything in a chronological order.
Write a letter to Ms Natalie Ceeney MBE (Chief Executive and Ombudsman) marked private and confidential, and ask if they can email you to confirm receipt.
Do not get aggressive or threatening in your letter, just state the facts whist also appreciating that the Financial Ombudsman Service (dont put FOS as Ms Ceeney doesnt like abreviations) are very busy due to the excessive amout of complaints being made.
I work in a business where I deal with financial service complaints on a regular basis so I am able to see things from both sides and, from a personal viewpoint, I know what complaints I would look at more favourably from the nature in which the complaint was presented. Dont get me wrong, as I know that it is the facts that count, but the nature and attitude of the complainant will also play a part.
It is your choice to try and involve the press, which is great if it is highlighting the incompetence of the banks , but do not dent the reputation of the FOS. The FOS have come a long way over the last few years and a potential 'bad press' report, justified or not, will leave the banks being able to stick 2 fingers up at all of us to say wait even longer to get back what is rightfully ours.

As I said in my previous blog.........you are angry and frustrated, so just channel that into a positive to get the result that you feel you are duly entitled to. We are all here to work as a team to achieve a common goal so lets make sure we all continue to listen, learn and advise and get the successes we are due.

manc

bugsy161 wrote: »

Nor me Amersall.......................I love Lloyds TSB..!!!!!!!!!!!!!!!!!
The current monthly rate on a LLoyds TSB card is 1.6675 on purchases and 2.075% on cash.
Therefore Lloyds will owe you compounded interest on all of your monthly PPI payments and simple interest of 8% on any payments that are taken into credit.
Be very careful with Lloyds and check the figures (as Amersall says) because they will appear to be very generous but will always get away with as little as possible.

Hey again- had this going through my head last night...
Does this mean I would be paid back on interest on each PPI payment? And at which rate? And then the 8% on top?

For example -
One payment on 9th Sept 2006 was £14.31.
What should Lloyds be paying back? (there are bunch of other payments but I'm just trying to get my head round how it's calculated!)

Also, I sent back the acceptance letter yesterday - and they said they then calculate the amount to refund. How long is this likely to take?

Thanks for all your help people!:money:

bugsy161

manc wrote: »

Hey again- had this going through my head last night...
Does this mean I would be paid back on interest on each PPI payment? And at which rate? And then the 8% on top?

For example -
One payment on 9th Sept 2006 was £14.31.
What should Lloyds be paying back? (there are bunch of other payments but I'm just trying to get my head round how it's calculated!)

Also, I sent back the acceptance letter yesterday - and they said they then calculate the amount to refund. How long is this likely to take?

Thanks for all your help people!:money:

Not sure how long your money will take to get back but I would certainly keep pestering them for it.
You should get compounded interest at the rate at the time on each premium paid.
As an example, if the rate was 1.6675%...
PPI Interest (14.31x0.016675)
Month 1 £14.31 0.23

You then add the next months premium onto month 1 to get the compounded interest.......ie

Month 2 = £14.31 + month 1 £14.31 = £28.62 x 0.016675 = 0.47

You add all of the PPI payments together and all of the accumulated interest payments (0.23+0.47 etc).
You will get the 8 % statutory interest if you go into credit at any time on your card.

manc

Thanks for this -still slightly confused by it all!

Can I be cheeky- can anyone give me a figure to expect from the £14.31 charge over 4 years at 1.6675%?
I'll then know if I'm doing all my other calculations correctly and can work everything out from there.

Thanks again!!!

bugsy161

manc wrote: »

Thanks for this -still slightly confused by it all!

Can I be cheeky- can anyone give me a figure to expect from the £14.31 charge over 4 years at 1.6675%?
I'll then know if I'm doing all my other calculations correctly and can work everything out from there.

Thanks again!!!

PPI payments would be £701.19
Compounded interest would be £256.97

Total = £958.16

manc

Ah - the 14.31 was just an example of one month's payment...

I was charged about that much for 13 months between June 2006 and July 2007. After that the payments stopped.

But obviously been charged interest on each of these payment for between 3 and 4 years- that's what I'm trying to work out without much luck myself!

Sorry!

bugsy161

manc wrote: »

Ah - the 14.31 was just an example of one month's payment...

I was charged about that much for 13 months between June 2006 and July 2007. After that the payments stopped.

But obviously been charged interest on each of these payment for 4 years- that's what I'm trying to work out without much luck myself!

Sorry!

PPI would have been £200.34 with interest of £19.88 = £220.22.

By rights they should add the compounded interest since July 2007 but that would only be if it was a FOS ruling. They are more likely to add the statutory 8% as it works out cheaper for them. This would give you a total of about £277.

BGJAM

Hi we have got a ppi claim that as gone to ombudsmen. keep receiving letters saying waiting to be passed to adjudicator. does anyone know how long this takes? thanks!!!

di3004

BGJAM wrote: »

Hi we have got a ppi claim that as gone to ombudsmen. keep receiving letters saying waiting to be passed to adjudicator. does anyone know how long this takes? thanks!!!

Hi there

So this is the first stage then?

Or do you mean its already been with the adjudicator, but they are passing it on to the ombudsman for consideration.

Sorry, just making sure.

This can vary, and difficult to give a timescale but if all goes well with the adjudicator and the other party you can say more or less up to 8 weeks once its with the adjudicator, if the other party ignore and does not agree with the adjudicators decision then its then moved on to the ombudsman.

It could take approx 18 months overall but then some have been waiting longer and less than that.

If you in any financial hardship, let them know and request for fast tracking.

Hope you hear soon though with a positive result, good luck.;)