PPI Reclaiming Discussion part 4

di3004

RNLS wrote: »

thx for the advice and email address, will get onto it 1st thing and let you all know with updates
:beer:

Hiya, your very welcome, and the best of luck.;):beer:

Flamingo80

robbedofmymoney wrote: »

hi, based on the other figures posted it looks like they have refunded the outstanding ppi to the loan only, and would be paying the ppi already paid back to the OP, it may be in the wording, (this can sometimes be contradictory)
otherwise the outstanding loan amount would be much lower (by 2497 + the 8% simple)
it would be worth the OP speaking to the lender for clarification.
i have re-run the loan at the APR above without the ppi and the balance would be the 4804 as of now.

OP?? Sorry

Thanks for looking into it for me guys. Will ring them tomorrow and get it clarified.

bonjen3

I sent my letter to Royal Bank of Scotland on 28/08/10 and have not heard anything back yet, should I phone them to chase it up or send another letter? thanks in advance

di3004

bonjen3 wrote: »

I sent my letter to Royal Bank of Scotland on 28/08/10 and have not heard anything back yet, should I phone them to chase it up or send another letter? thanks in advance

Hi there

Yes, give them a ring and ask if they are actually dealing with your letter, they should be able to confirm, good luck.;)

MattyA

di3004 wrote: »

Hi Matty

This may vary.

But with telephone calls, I think it was from Jan 2005 they would hold recordings on data, and written transcripts, but not sure about any earlier than that.

Good luck.;)

Thanks di its appreciated.

catharsis

des123 wrote: »

Hi someone said when went the bank that i cannot make a complaint if the loan is over 6 years old . As a limitation period applies and loans before 2005 were not regulated by FSA. i think the bank sales person was again trying to put me off pursuing this The bank is halifax . My partner took the loan out in 2003 with ppi added without her knowing and misold but its over six years . Is there such a thing as time limitation to make a claim . Has there been any success stories in how far back people have claimed and won.:j

any advise would be great

I have been successful in making claims and winning for four loans dating back to 1995 with Lloyds TSB, however only because I had the original loan statements and in a couple of instances CCAs. Without such information LTSB seems to be making a blanket offer of £1,200 for each loan where you have partial evidence. Luckily with the evidence I was able to receive four times this amount.

Barclays appears to have a mental block with regard to anything prior to 6 yrs ago, until you show them the evidence with statements etc. (I sent CCAs for smaller Masterloan claims to them including CCAs and they just sent me a letter saying they have no record of the existence of one of the loans!).

All of the banks seem to be saying that they cannot account for more than six years ago. This seems to be using the legislation in their favour, but if you have evidence dating back into the past they must accept this.

Then the method in which they calculate PPI claims varies. Imagine you provide a series of statements, with many missing ones. The accepted method, which you should push for, is to calculate the figure for a missing month based on the average of the two payments immediately before and after the missing payment.

For Barclaycard I had provided evidence to show PPI payments back to 1989 (they claimed they had no records beyond six years, which I do not believe as they said in another correspondence that they had a record to 2001 ). However they revised their PPI refund offer to increase my payment by a mere £53 higher, equivalent to one month's PPI at the 2007 rate, even though they admit I have held the card and paid PPI for twleve more years! I wrote to the CEO and told him that this was a deliberate attempt to mislead me. Bascially what they did was calculate the average for missing months from the very first to the very last PPI payment, and they also seemingly forgot to add card APR interest for the last two years. This resulted in this ridiculous offer. I received a call last week from "The Director's Office" saying they had taken on board my feedback and would revise the offer. Rather than their previous offer of £4.5K it should now be nearer £9k.

My point is, for longer claims, look carefully at the assumptions they are making for calculations. To assume they act in your favour is wrong.

bugsy161

catharsis wrote: »

I have been successful in making claims and winning for four loans dating back to 1995 with Lloyds TSB, however only because I had the original loan statements and in a couple of instances CCAs. Without such information LTSB seems to be making a blanket offer of £1,200 for each loan where you have partial evidence. Luckily with the evidence I was able to receive four times this amount.

Barclays appears to have a mental block with regard to anything prior to 6 yrs ago, until you show them the evidence with statements etc. (I sent CCAs for smaller Masterloan claims to them including CCAs and they just sent me a letter saying they have no record of the existence of one of the loans!).

All of the banks seem to be saying that they cannot account for more than six years ago. This seems to be using the legislation in their favour, but if you have evidence dating back into the past they must accept this.

Then the method in which they calculate PPI claims varies. Imagine you provide a series of statements, with many missing ones. The accepted method, which you should push for, is to calculate the figure for a missing month based on the average of the two payments immediately before and after the missing payment.

For Barclaycard I had provided evidence to show PPI payments back to 1989 (they claimed they had no records beyond six years, which I do not believe as they said in another correspondence that they had a record to 2001 ). However they revised their PPI refund offer to increase my payment by a mere £53 higher, equivalent to one month's PPI at the 2007 rate, even though they admit I have held the card and paid PPI for twleve more years! I wrote to the CEO and told him that this was a deliberate attempt to mislead me. Bascially what they did was calculate the average for missing months from the very first to the very last PPI payment, and they also seemingly forgot to add card APR interest for the last two years. This resulted in this ridiculous offer. I received a call last week from "The Director's Office" saying they had taken on board my feedback and would revise the offer. Rather than their previous offer of £4.5K it should now be nearer £9k.

My point is, for longer claims, look carefully at the assumptions they are making for calculations. To assume they act in your favour is wrong.

Lloyds also apparantley have an agreement with the FOS that they only keep records going back 10 years, so in my case where I won redress on my cc going back to 1987, they took the PPI payment from Jan 2000 and used that to go back to 1987.
The PPI for that month was £12.00 yet the average PPI from then until I cancelled it in Oct 2007 was £55.00 per month!
If you had a balance of £10,000 in Dec 1999 and cleared it all to leave a nil balance in Jan 2000 they will pay you nothing for the previous years, based on the Jan 2000 figure.
They will only alter from this if you have evidence to support it.
I have complained again to Lloyds stating that this system is unjust and unfair, also asking them what evidence do they have to confirm that my payments did not average £55 per month before then.
My complaint with them was first refused back in January 2008 so should the 10 years not go bck from then as the FOS clearly stated that Lloyds should have known that the complaint would eventually be upheld in my favour.
I now have 3 further complaints sent to Lloyds, all off the back of my win with the FOS.

footballsaints76

Hi, we had a secured loan with First Plus which was taken out in 2006. We were declared bankrupt in Sept 2009 (discharged Mar 2010), as the house had already been handed back to the mortgage company the First Plus loan was included in the bankruptcy order as unsecured lending.
The protection on the First Plus secured loan was sold to us on the basis of 'if you dont use it you get it refunded after 5 years so it'll be like a savings account that pays out a lump sum bonus'.
Would we still be eligible to reclaim the PPI costs even though the loan was included in our bankruptcy?

di3004

footballsaints76 wrote: »

Hi, we had a secured loan with First Plus which was taken out in 2006. We were declared bankrupt in Sept 2009 (discharged Mar 2010), as the house had already been handed back to the mortgage company the First Plus loan was included in the bankruptcy order as unsecured lending.
The protection on the First Plus secured loan was sold to us on the basis of 'if you dont use it you get it refunded after 5 years so it'll be like a savings account that pays out a lump sum bonus'.
Would we still be eligible to reclaim the PPI costs even though the loan was included in our bankruptcy?

Hi there & welcome

So sorry about your house, it must have been a difficult time for you.

With being sold these rip off costly single cash back policies are a complaint alone and I am aware that people have still made reclaims, despite receiving cashback after 5 years.

To what I know of, you should still be able to make a reclaim on the PPI, and if anything is owed out to the creditors, it will be reduced and you should keep the remaining plus interest.

Just a thought, but I am sure others have been through this before, reclaiming whilst gone bankkrupt, but it may also be worth posting on the bankruptcy thread and ask about on there too, others may share their own experience with you, of going through the same thing perhaps.
http://forums.moneysavingexpert.com/forumdisplay.php?f=136

More on reclaiming below, complete the reclaiming questionnaire, shown as stage one of reclaiming, send to whoever arranged and sold you the policy from the start, give them 8 weeks, and keep a copy for yourself too, in case you need to refer to it at some point later.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

Hope this helps, good luck.

bubbles16

bubbles16 wrote: »

Hi I am new to posting on this forum although I have been an avid follower.

I requested the PPI back from my mortgage account with LLoyds a few weeks back and have already had a letter today to say I will be getting a full refund as soon as I signed the enclosed acceptance slip. There were no figures in the letter to say how much I am being refunded nor if interest was to be paid so I phoned the Complaints Team. I told them I was a bit aprehensive about signing when I didn't have the figures, they said they didnt know how much it would be but that I had to sign the slip but they did say no interest would be added. I have sent an email to Scott Copsey at Customer Care detailing my concerns about signing the slip and also to say I clearly stated on my complaint letter that I expected interest to be added at 8%. Hope I have done the right thing. Any advice

Hey Just a quick update on my last post above.

Took the advice of di3004 and sent an email to Eric Daniels at Lloyds, two days later I received a letter from Customer Services to say the the CIO Eric Daniels had told them to send me the figures and that I was to receive the 8% interest that I had asked for. I have signed the slip of paper accepting the offer and the money should be in my account in 14 days. Thanks so much to di3004 for the advice and to Martin for this fantastic web site. Carry On Claiming!:T