PPI Reclaiming Discussion part 4

Flamingo80

amersall wrote: »

Think they are a lot more confused find out for sure if they have taken the refund off the loan, as in their "confused state" you never know;)
Just re read your original post,
2nd letter, received today ~ New loan, restricted use to pay off remaining loan.
This sounds to me like they have taken your refund off your new loan, if you have a full breakdown of refund and how the loan was restructured then post on here so someone can take a look and maybe help you with this.If you have not got this, then ring them and get a full breakdown of new loan and old as to how they arrived at the figures.

Thanks Amersall, I knew I'd probably be unclear in my post

Here goes...

As of last statement (August 2010)
Remaining balance ~ £5935.54
Monthly payment ~ £264.38 (£41.62 ~ PPI)

Restructured loan:
Balance ~ £4804.85
Monthly payment ~ £222.76 (Just removed PPI)

They said they'd repay £2497.20 (Sixty payments @ £41.62 to Aug 2010) and take it off loan. Interest at 8% per year will be added.

So: £5935.54 - £4804.85 = £866.31 ~ I assume this is future PPi payments, however...

24 months left on loan x £41.62 = £998.88 not £866.31

So it appears to me that they've taken off wrong amount of remaining PPi and haven't actually refunded what I've already paid!! Am I completely off base?

Calculators at the ready guys

Hezzy

Hi everyone,

First off I'd like to say that I'm pretty clueless when it comes to things like this...I don't really understand financial lingo, no matter how hard i try!

I have a credit card with Natwest that i pay ppi for, although I'm not actually sure what it is! I got the card in Jan '09 and I do vaguely remember a phone call and someone trying to scare me into getting extras for my card....I'm assuming this was the payment protection. 'What will happen if you get sick and can't pay?!' etc. etc.

Not sure if this counts as miss-selling.

Most people seem to be talking about loans, so not sure if I have a case with a credit card?? It seems every time I make a payment it just gets swallowed by the interest and ppi

If anyone can give me advice in the most simple terms as possible that would be great

Thank you!

di3004

Hezzy wrote: »

Hi everyone,

First off I'd like to say that I'm pretty clueless when it comes to things like this...I don't really understand financial lingo, no matter how hard i try!

I have a credit card with Natwest that i pay ppi for, although I'm not actually sure what it is! I got the card in Jan '09 and I do vaguely remember a phone call and someone trying to scare me into getting extras for my card....I'm assuming this was the payment protection. 'What will happen if you get sick and can't pay?!' etc. etc.

Not sure if this counts as miss-selling.

Most people seem to be talking about loans, so not sure if I have a case with a credit card?? It seems every time I make a payment it just gets swallowed by the interest and ppi

If anyone can give me advice in the most simple terms as possible that would be great

Thank you!

Hi there and welcome.;)

You will soon get the hang of it I promise .

Right it doesn't matter is its loan ppi/credit card ppi/store card ppi/catalogue ppi/car finance PPI, although they may not be all called PPI, some are known as PPP and other.

Basically, if you were forced/pressured into taking out the ppi this is classed as a mis selling reason, because you should have had the option to say yes or no, as you may have had other means to protect your account, maybe through the employer etc, or a stand alone income protection and so on.

And there are many reasons as well, so its worth checking on the checklist here...
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#checklist

Now to make a reclaim, on this site the reclaiming sample template letter was replaced by a questionnaire.

You complete the questionnaire - and send to whoever was responsible for arranging and selling you the policy.

Keep a copy for yourself as well, in case you need to refer to it at some point, or maybe complain to the financial ombudsman service (FOS), as you would have to supply copies of written evidence to make a complaint and you should also enclose the final decision (copy) from the company you made a reclaim from.

You can write a cover letter if you want to - to enclose with the questionnaire, but its not essential.

They have 8 weeks in full to get back with a decision, you may receive a letter to ask for more time - in this case they should also supply you with a date timescale of when you should hear of a decision.

The questionnaire you will find here as stage one of the reclaiming;
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

Hope you found this helpful, but ask for help when required anytime.

Good luck, please also keep us posted, cheers.;)

AOA67

amersall wrote: »

Hi there, you only get ppi back that you have paid to date with interest, you have been paying less on the loan each month (and 6 years is a long time of reduced payments) and therefore you will have paid a lot less ppi. The calculations may be right, if you ask them for a breakdown of your redress you may realise that they could be right.x And as for you not being able to go fos because you accepted the offer, this is crap, you signed without knowing the figures and you can go back to fos with this, but as i said you need to find out the actual ppi you have paid so that you can see if the offer is right, before you go to fos, as this may take some time to be resolved by them.Good luck with this and please keep us posted x

Thanks for your reply and I understand that with my reduced repayments not all the PPI was paid and therefore can't be reimbursed. However what concerns me more is that Lloyds have not, from what I see, put me back in the position had I not had PPI added. This would have included the interest on the original loan. As I was paying a reduced sum it was still based on whole interest, including the PPI. During all the 6 years the settlement figure never dropped due to the interest ie stayed at £15000. This settlement figure was passed onto the DRD last month. Now with the PPI rebate the settlement figure is reduced only by £2600 after 6 YEARS? Remember the loan was due to finish in 2007 and when my contract ended it was 2004 I had only 3 years left. I continued with my reduced payments until August 2010, an extra 3 years........ That is a lot of interest accrued for the wrongly added PPI.

bugsy161

AOA67 wrote: »

Thanks for your reply and I understand that with my reduced repayments not all the PPI was paid and therefore can't be reimbursed. However what concerns me more is that Lloyds have not, from what I see, put me back in the position had I not had PPI added. This would have included the interest on the original loan. As I was paying a reduced sum it was still based on whole interest, including the PPI. During all the 6 years the settlement figure never dropped due to the interest ie stayed at £15000. This settlement figure was passed onto the DRD last month. Now with the PPI rebate the settlement figure is reduced only by £2600 after 6 YEARS? Remember the loan was due to finish in 2007 and when my contract ended it was 2004 I had only 3 years left. I continued with my reduced payments until August 2010, an extra 3 years........ That is a lot of interest accrued for the wrongly added PPI.

I have questioned my recent win against Lloyds TSB for several reasons. The PPI payments went back 23 years on my card but all Lloyds have done is pay me back the PPI plus interest after they cleared my cc balance and then reduced my limit.
What I have contested with the FOS is that Lloyds have effectively removed my cc balance which had accumulated due to the PPI and interest being added all over the years, instead of removing the PPI plus interest, and then reconstructing the account.
They have used my money to pay off their PPI and interest!!
If I get no joy from the FOS then I am taking Lloyds to court.

cheerios_2

cheerios wrote: »

Hi all

I am new to this site. I only became aware that I may have been mis-sold PPI for my credit cards and loans when I had a cold call from a company offering their services, but charging a percentage of the overall amount that may be reclaimed. After doing some research, I thought I would try to do it myself and save myself the fees!

I have several loans and credit cards which I have settled, because they are all settled I am unsure whether PPI was actually applied. All paper work for the loans have been destroyed so I do not have the original paper work or agreement number. I am aware my first port of call is to write to these companies to obtain a copy of my agreement with some charging £10 and some £1. Will the agreement show if I was paying PPI?

Loans I will attempt to reclaim:

Alliance and Leicester
Direct Line (RBS)
Goldfish (Lloyds TSB)

In addition I had an egg card taken out in 2001 but settled in 2007 and a MBNA virgin card settled in 2009 which I also want to look into (also not sure if i was charged PPI) Virgin charge £4 for each statement, so shall I just request the last statement of the cleared amount? Not sure what egg will charge yet.

But at first I'm going to concentrate on the loans first.

Any tips would be grateful!

Cheerios

Hi guys

Just a quick update on my situation.

I managed to get a settlement from A&L quite easily. I was worried that I may need to fight abit due to it being an online applicationl.

Premium £393.94
Rebate £462
Interest £255.30
Total £1,1010.24

Awaiting Eggs decision, not sure if they did it on purpose, but they wasted my time by searching PPI charges on my current Egg card, even though I specifically requested the old account number.

Having problems with Lloyds (I had a loan with Goldfish) which Lloyds bought out. I had a reply from Lloyds saying they cannot deal with an account which they do not hold. Any advice on this will be great.

Thank you in advance!

AOA67

bugsy161 wrote: »

I have questioned my recent win against Lloyds TSB for several reasons. The PPI payments went back 23 years on my card but all Lloyds have done is pay me back the PPI plus interest after they cleared my cc balance and then reduced my limit.
What I have contested with the FOS is that Lloyds have effectively removed my cc balance which had accumulated due to the PPI and interest being added all over the years, instead of removing the PPI plus interest, and then reconstructing the account.
They have used my money to pay off their PPI and interest!!
If I get no joy from the FOS then I am taking Lloyds to court.

That an extremely underhanded way of retaining your money. It would appear that they give with one hand and 'try' to take away with the other. I am convinced that by not giving me a proper breakdown of what proportion of my reduced payments were actually paying, whether it be PPI or interest, they can confuse me into accepting what they offered.
Judging by the way Lloyds have dealt with my claim, if I had not paid a penny after I was told I wasn't covered when my contract ended in 2004, I would be better off overall once their PPI rebate calculation was paid. I would have saved the £10000 I was paying over the last 6 years and still would have had the same amount of loan remaining.

di3004

cheerios wrote: »

Hi guys

Just a quick update on my situation.

I managed to get a settlement from A&L quite easily. I was worried that I may need to fight abit due to it being an online applicationl.

Premium £393.94
Rebate £462
Interest £255.30
Total £1,1010.24

Awaiting Eggs decision, not sure if they did it on purpose, but they wasted my time by searching PPI charges on my current Egg card, even though I specifically requested the old account number.

Having problems with Lloyds (I had a loan with Goldfish) which Lloyds bought out. I had a reply from Lloyds saying they cannot deal with an account which they do not hold. Any advice on this will be great.

Thank you in advance!

Hi there

First of all well done on your success.:T:beer::j

Good luck on the others too.

May I ask if you requested a Subject access request (SAR) from Lloyds and how old that actual account is?
More on SAR here:
https://forums.moneysavingexpert.com/discussion/1475553

cheerios_2

di3004 wrote: »

Hi there

First of all well done on your success.:T:beer::j

Good luck on the others too.

May I ask if you requested a Subject access request (SAR) from Lloyds and how old that actual account is?
More on SAR here:
https://forums.moneysavingexpert.com/discussion/1475553

Hi di

The loan was taken out on 4/2/2004 and the full amount was settled early on 31/5/2006.

I've done some googling and am confused of who would hold my details now. As it seems goldfish has changed hands a few times. Morgan Stanley, Lloyds TSb, Barclays.

I did include a £1 fee to get a copy of my paper work, but Lloyds sent it back saying they do not hold my details.

Cheers!

di3004

cheerios wrote: »

Hi di

The loan was taken out on 4/2/2004 and the full amount was settled early on 31/5/2006.

I've done some googling and am confused of who would hold my details now. As it seems goldfish has changed hands a few times. Morgan Stanley, Lloyds TSb, Barclays.

I did include a £1 fee to get a copy of my paper work, but Lloyds sent it back saying they do not hold my details.

Cheers!

Hiya

With Lloyds, I am surprised if they still don't hold any details on your account really, many have received data when requesting a SAR going back to even earlier than 6 years (even though the last 6 years is normally what they go up to).
My hubby requested a SAR earlier this year and received info going back even from the late 90's.

So if you have not requested a SAR from LLoyds it may be a good idea to do so and not only they - if they are unable to supply the data, they must return the payment of £10 cheque/postal order back to you with a letter to explain.

With the others, I would write to the ones who set this up in the first place and they will then forward on to the company they moved to (data dept). This is what they normally do anyway, but if you can post by recorded delivery, for your proof of posting, this way you will know they received your letters by checking them out with the #Royal Mail - Track and Trace#.;)