PPI Reclaiming Discussion part 4

tortilla_2

Hi all

I'm a new forum member but have been avidly reading all the posts for a year or so now as I have a loan with PPI. I took it out in 2005 with Barclays (secured) and it was always part of the agreement that I would receive back the PPI premium (paid up front) after 5 years as long as I hadn't claimed etc. I received the cheque yesterday which I am extremely pleased about :j. However, it is only the original loan amount (no interest) and my monthly repayment isn't changing so I am effectively still paying for PPI which I no longer have - so frustrating :mad:

My question is, can I write to Barclays and ask for a reasonable amount of interest on that cash that would have been in my bank for the last 5 years and has anyone else tried something similar?

Sorry for being so long winded - thanks.

di3004

tortilla wrote: »

Hi all

I'm a new forum member but have been avidly reading all the posts for a year or so now as I have a loan with PPI. I took it out in 2005 with Barclays (secured) and it was always part of the agreement that I would receive back the PPI premium (paid up front) after 5 years as long as I hadn't claimed etc. I received the cheque yesterday which I am extremely pleased about :j. However, it is only the original loan amount (no interest) and my monthly repayment isn't changing so I am effectively still paying for PPI which I no longer have - so frustrating :mad:

My question is, can I write to Barclays and ask for a reasonable amount of interest on that cash that would have been in my bank for the last 5 years and has anyone else tried something similar?

Sorry for being so long winded - thanks.

Hi and welcome

Was this an offer, or did they confirm they upheld and will calculate the same as the FOS guidelines?

If an offer, they don't always offer the interest, but if upheld, they should calculate inline with the fos.

Well done on your success.:beer:

Please be aware of the ppi complaint freeze at this time, due to Judicial Review, lots of posts about this below, good luck.

amersall

tortilla wrote: »

Hi all

I'm a new forum member but have been avidly reading all the posts for a year or so now as I have a loan with PPI. I took it out in 2005 with Barclays (secured) and it was always part of the agreement that I would receive back the PPI premium (paid up front) after 5 years as long as I hadn't claimed etc. I received the cheque yesterday which I am extremely pleased about :j. However, it is only the original loan amount (no interest) and my monthly repayment isn't changing so I am effectively still paying for PPI which I no longer have - so frustrating :mad:

My question is, can I write to Barclays and ask for a reasonable amount of interest on that cash that would have been in my bank for the last 5 years and has anyone else tried something similar?

Sorry for being so long winded - thanks.

Hi there, you were mis sold this insurance as it was front loaded and i am afraid you only get the ppi amount back and not any interest.And trust me, barclays will not sway from this.Your best course of action would be to write to barclays and say you were mis sold this policy as you were not told that it was added on at the front but you paid interest on this over the term of the loan and that the ppi only covers you for 5 years but you continue to pay this back with interest.Mis sell is the road to go with this as when you win the loan is restated without ppi and your monthly payment goes down by the ppi monthly amount and you get all ppi payments made to date back with the interest on these payments.I know a lump sum is nice but if you work out how much the ppi monthly payment is and times that over the life of the loan you will see how many thousands extra this will cost you, so you will recieve this nice lump sum but the cost over the term will be a lot more. and your payment each month stays the same. You can still go mis sell even though you have had the payout, the refund will be reduced by the amount you have recieved but your payment will come down and your loan will reduce by the ppi amount.

tortilla_2

Hi all

Thank you very much for your responses. I think what I'll do is wait until I receive the settlement figure and work out how much more I've got left to pay (deducting the cash I've already received) then take it away from Barclays and pursue them for interest once it's all done. I think with the claims on hold at the moment this is the best course of action. The cash I received was an offer so presumably no interest will be forthcoming - I'm counting myself lucky that I got the rebate :jand don't want to push my luck.

Thanks very much

amersall

tortilla wrote: »

Hi all

Thank you very much for your responses. I think what I'll do is wait until I receive the settlement figure and work out how much more I've got left to pay (deducting the cash I've already received) then take it away from Barclays and pursue them for interest once it's all done. I think with the claims on hold at the moment this is the best course of action. The cash I received was an offer so presumably no interest will be forthcoming - I'm counting myself lucky that I got the rebate :jand don't want to push my luck.

Thanks very much

Hi there, your settlement figure will not be less the payout you have recieved, this is never taken off as you pay the ppi untill the end of the loan with interest, that is why you should go mis sell as then this is taken off. i dont think you will get interest back for this ppi for the five years you have paid, as it is still on the loan,if you do then please post up as there will be others who have had this five year payout and will be pleased to know that they can get this back also.
I have paid 5 years with barclays fp (i won mis sell last year did not want the cash back it would cost me more over the term) and in 5 years of paying this loan (£960 a month)my settlement as of this september on my original loan amount as the ppi was taken off the balance was only reduced overall by £4000.But at least i have saved £200 a month that was the ppi payment.Good luck with the interest bit and i hope you find a loophole with this, barclays will use the terms and conditions on your loan to not pay you the interest,in your terms and conditions it does state that this ppi payback is only the ppi amount.

evie_g_2

Hi all,
Does anyone know who provided the finance for Kwik Fit cards? I have an idea that it was GE Money but not absolutely sure. Any help would be much appreciated.

andy164

Hi all, sorry to seem a simpleton, but I've looked about the site and cant really decide what form i should be sending to try to reclaim a PPI, I took out a 15k loan 4 1/2yrs ago, and after talking to a A&L member of staff, she mentioned that my loan as PPI on, so do i send them a SAR form along with £10 cheque and await there response?
Thanks Andy

di3004

evie_g wrote: »

Hi all,
Does anyone know who provided the finance for Kwik Fit cards? I have an idea that it was GE Money but not absolutely sure. Any help would be much appreciated.

Hi there

I am not sure to be honest, maybe the Financial ombudsman service (FOS) may know.
http://www.financial-ombudsman.org.uk/contact/index.html
Give them a call, post back and ask for any help if required.


Good luck.

marshallka

tortilla wrote: »

Hi all

I'm a new forum member but have been avidly reading all the posts for a year or so now as I have a loan with PPI. I took it out in 2005 with Barclays (secured) and it was always part of the agreement that I would receive back the PPI premium (paid up front) after 5 years as long as I hadn't claimed etc. I received the cheque yesterday which I am extremely pleased about :j. However, it is only the original loan amount (no interest) and my monthly repayment isn't changing so I am effectively still paying for PPI which I no longer have - so frustrating :mad:

My question is, can I write to Barclays and ask for a reasonable amount of interest on that cash that would have been in my bank for the last 5 years and has anyone else tried something similar?

Sorry for being so long winded - thanks.

Hi, if you went for a missale on this then you would get back the amount of PPI with interest (ie the amount of your repayment that went towards paying your PPI) you have paid to date and then the remaining amount of PPI and interest would be taken off the loan and a new loan drawn up usually to reflect this.

As you have had your 5 year cashback then this would be taken into account and you would have this amount deducted from whatever you are actually paid out (if this is less than the 5 year rebate) and the rest taken off the loan balance. The new loan would then be as if you never had PPI at all.

di3004

andy164 wrote: »

Hi all, sorry to seem a simpleton, but I've looked about the site and cant really decide what form i should be sending to try to reclaim a PPI, I took out a 15k loan 4 1/2yrs ago, and after talking to a A&L member of staff, she mentioned that my loan as PPI on, so do i send them a SAR form along with £10 cheque and await there response?
Thanks Andy

Hi Andy

Your doing okay, don't worry.

You only send the payment for the request, only if you require the paperwork, but if not and you want to continue to make a reclaim, the template letter was replaced by a questionnaire, issued by the FOS, for customers to complete and send to whoever mis sold and set up the policy.
You will find the reclaiming questionnaire here as stage one.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

Remember to keep copies of all you send and receive, in case you need to refer to it at some point.

They have 8 weeks but may ask for more time.

Hope this helps, good luck with this.

Di