PPI Reclaiming Discussion part 4

jolfc

di3004 wrote: »

Hi there

And yes, if mis sold the ppi, she can make a reclaim of what was paid of the PPI into the account plus interest.
It makes no difference if there were arrears, or that it was settled on a lower offer. I assume they would have to pay the interest as well.
The refund could be an an offer basis or they may uphold and agree in her favour where in this case full redress of the ppi paid plus interest would be included.
And offer can be anything they think reasonable.

For more on reclaiming, follow the link below to the reclaim questionnaire, send a completed copy to the ones who sold the account (head office or complaints dept), keep another completed copy in case you need to refer to it again.
They have 8 weeks but may write to ask for more time, but should keep you posted.

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

I am asking this question for my friend that I have just been telling about ppi. She got a loan in November 1999 over 7 years at 11.7% for £5400. Interest was £2978.87 and ppi was £1318.93, therefore total repayment of £9697.80. She fell into arrears, had charges added, but did pay the loan off in November 2006 they accepted a slightly lower payment settlement figure through a dca.She has tried to work out all the charges to see how much less she thinks they accepted but is not sure if she has done it correctly as the statement she has from Nationwide is apparently quite confusing to her. Basically what she is asking is
a, can she claim when she got into arrears
b, even though she paid back a little less than they wanted with all the charges will that make a difference to a claim.
c, if she did work it out correctly it would appear that she paid back all but a litttle under £500 of the loan and interest amount in total. Does interest include ppi amount interest in the total.
So if she is entitled will any payment cover the reminder of the loan they let her off as it were and would she be entitled to claim the rest. I am really sorry if this is confusing but it is quite hard to explain 2nd hand,


Oh fiddlesticks I have put my quotes back to front, sorry,

Hi, my friend has now recieved from Nationwide a form to fill in. Question is did you fall into arrears, which she did and is asking for details, does this mean she needs to explain it went to a dca with approx £400 - £500 of bank charges for late payments added on or will they be able to see this from their paperwork and will she need to put the amount she paid back in total on the loan as she has full records on her bank and loan statement of all payments she made, sorry if this seems as though we are a bit thick, but she did not want to fill something in incorrectly and have to start again if they send the form back for more information. Many thanks in advance. Also she asked me to see if anyone would know that if she had to retire due to ill health or a workplace accident would she have got any financial payout from unison or her lgps as she was a member of both at the time of taking the loan out, it is to save having to phone them both as it apparantly takes ages to them to get through.

di3004

jolfc wrote: »

I am asking this question for my friend that I have just been telling about ppi. She got a loan in November 1999 over 7 years at 11.7% for £5400. Interest was £2978.87 and ppi was £1318.93, therefore total repayment of £9697.80. She fell into arrears, had charges added, but did pay the loan off in November 2006 they accepted a slightly lower payment settlement figure through a dca.She has tried to work out all the charges to see how much less she thinks they accepted but is not sure if she has done it correctly as the statement she has from Nationwide is apparently quite confusing to her. Basically what she is asking is
a, can she claim when she got into arrears
b, even though she paid back a little less than they wanted with all the charges will that make a difference to a claim.
c, if she did work it out correctly it would appear that she paid back all but a litttle under £500 of the loan and interest amount in total. Does interest include ppi amount interest in the total.
So if she is entitled will any payment cover the reminder of the loan they let her off as it were and would she be entitled to claim the rest. I am really sorry if this is confusing but it is quite hard to explain 2nd hand,


Oh fiddlesticks I have put my quotes back to front, sorry,

Hi, my friend has now recieved from Nationwide a form to fill in. Question is did you fall into arrears, which she did and is asking for details, does this mean she needs to explain it went to a dca with approx £400 - £500 of bank charges for late payments added on or will they be able to see this from their paperwork and will she need to put the amount she paid back in total on the loan as she has full records on her bank and loan statement of all payments she made, sorry if this seems as though we are a bit thick, but she did not want to fill something in incorrectly and have to start again if they send the form back for more information. Many thanks in advance. Also she asked me to see if anyone would know that if she had to retire due to ill health or a workplace accident would she have got any financial payout from unison or her lgps as she was a member of both at the time of taking the loan out, it is to save having to phone them both as it apparantly takes ages to them to get through.

Hiya

Thats fine and not to worry, and no none of you are thick, these matters can be rather confusing.:D;)

Personally, on the questionnaire, I would give as many details as possible (to save going back to it again) or maybe enclose a letter with the questionnaire just to explain, but they should hold records anyway.

And in her case I would get in touch with unison and ask for the policy details, they should send them to her if she no longer had any details on this, it may vary but they should send copies of what she is covered for - due to ill health or retirement etc.
I would definately check this out.

Maybe someone on here will now more about Unison etc and will post up some details, but as stated this may vary from individual circumstances perhaps.

Good luck on this and ask for further help anytime.:)

bflare

di3004 wrote: »

Hi there

Are you saying that you made a reclaim on loan or credit card ppi, and nothing about an overdraft, and they just sent a letter back assuming your making a reclaim on overdraft ppi?

If this is the case I would write back to correct them on this, ask them where they got the overdraft issue from.

Sorry if I have misunderstood.

Hi, this is what i sent Barclays:


[FONT=&quot]Dear Sir or Madam,[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]Re: Account number: [/FONT][FONT=&quot]xxxxxxx[/FONT]
[FONT=&quot]Sort Code: xxxxx[/FONT]

[FONT=&quot] [/FONT]

[FONT=&quot] [/FONT]

[FONT=&quot]I am writing in relation to the above payment protection (PPI) policy which I believe was mis-sold to me.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]I believe you have not treated me fairly for the following reasons;[/FONT]
[FONT=&quot] [/FONT]
· [FONT=&quot]The salesperson selling the insurance was pushy and strongly advised me to take the insurance.[/FONT]
[FONT=&quot]
[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]Unless you can prove that the policy was fair and reasonable and that I was treated fairly when I was sold the insurance, I demand a full refund of all premiums, and subsequent interest on these payments, that I have paid in relation to this policy. I also expect 8% interest to be added to each payment I have made as this is the statutory amount a court would pay.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]I look forward to your full and prompt response to this letter. If this matter is not settled within eight weeks of this letter I shall be contacting the Financial Ombudsman to investigate my complaint.[/FONT]

[FONT=&quot][/FONT]

[FONT=&quot][/FONT]
[FONT=&quot]
[/FONT]

di3004

bflare wrote: »

Hi, this is what i sent Barclays:


[FONT=&quot]Dear Sir or Madam,[/FONT]

[FONT=&quot]Re: Account number: [/FONT][FONT=&quot]xxxxxxx[/FONT]
[FONT=&quot]Sort Code: xxxxx[/FONT]



[FONT=&quot]I am writing in relation to the above payment protection (PPI) policy which I believe was mis-sold to me.[/FONT]

[FONT=&quot]I believe you have not treated me fairly for the following reasons;[/FONT]

· [FONT=&quot]The salesperson selling the insurance was pushy and strongly advised me to take the insurance.[/FONT]
I was not given any alternative to say No to the Payment Protection Insurance (PPI), and was expected to accept and sign for the policy.
If I had not accepted the PPI, I assumed I would not have been able to have the loan, I believe this is not fair and and should have been given the opportunity to say yes or no.
I feel deprived of my money, and wish you to refund what is rightfully owed to me, plus interest, and 8% interest of what a court would award.




[FONT=&quot]Unless you can prove that the policy was fair and reasonable and that I was treated fairly when I was sold the insurance, I demand a full refund of all premiums, and subsequent interest on these payments, that I have paid in relation to this policy. I also expect 8% interest to be added to each payment I have made as this is the statutory amount a court would pay.[/FONT]


[FONT=&quot]I look forward to your full and prompt response to this letter. If this matter is not settled within eight weeks of this letter I shall be contacting the Financial Ombudsman to investigate my complaint.[/FONT]

Hiya

I have just added a bit more info for you in RED, hope it helps, and anything else you want to add to support your reclaim, give as much info as possible, good luck.:)

sjpkgp

Would be very interested in your opinion of the six year rule and how firm it is re: PPI on loans. We got fleeced more than six years ago and we made a formal complaint that wasn't dealt with well. I haven't got the details to hand (for numbers and dates) but I have everything documented. I had long buried it as "you win some, you lose some", but I am now wondering whether we shouldn't do something.

We took a loan out for £66,000 (more than 6 years ago - probably more like 10) and we were told we had to have PPI as a condition of the loan (no reason given, but we have this in writing). We paid and after about 5 years managed to pay it off and I phoned the bank to cancel to PPI (no record of this) and to cancel the loan repayments. The bank continued to take PPI for the loan for a further 2 years despite nothing owing and all papers released (they did stop the loan repayments). I know it seems incredible but we paid nearly £1400 in PPI over period where we didn't even have a loan and when I discovered they were still charging us I complained. They stopped the payment, and I was still annoyed about the 2 years we had been paying for protection for a debt that did not exist. I phoned the bank, and when I got no response, I wrote to the bank again (letter kept) and said I would go to the ombudsman if I did not get a satisfactory response. I got a letter back that said that I had to speak to the bank before I spoke to the ombudsman so they could "guide me through the process". The letter was also fairly odd/patronising/sarcastic in tone, saying they would not pay us anything back, and thought it "surprising" that I had not noticed earlier anyway. It said something like "given you have already taken this long to bring this to our attention, if we do not hear from you within 14 days, we will consider this matter closed". I admit (to my chagrin now) that I didn't follow it up. I had four young children, and find this sort of thing a bit stressful, so I just let it lie thinking I was going to get worked up and for nothing, and time passed.

Unfortunately, all of the furore about PPI has re-opened old wounds. We took the loan out and paid it off more than 6 years ago, and although the complaint will have been within 2 years of the loan finishing (basically, when I noticed), I am not even sure this is within 6 years (it might be).

My question is, should I do anything about this now, or should I just do what I have done so far, and chalk it up to experience. I realise I should have done something sooner, and now feel stupid for letting it lie, but at the time, i did have a lot on my plate.

Thanks for any responses. Sal x

di3004

sjpkgp wrote: »

Would be very interested in your opinion of the six year rule and how firm it is re: PPI on loans. We got fleeced more than six years ago and we made a formal complaint that wasn't dealt with well. I haven't got the details to hand (for numbers and dates) but I have everything documented. I had long buried it as "you win some, you lose some", but I am now wondering whether we shouldn't do something.

We took a loan out for £66,000 (more than 6 years ago - probably more like 10) and we were told we had to have PPI as a condition of the loan (no reason given, but we have this in writing). We paid and after about 5 years managed to pay it off and I phoned the bank to cancel to PPI (no record of this) and to cancel the loan repayments. The bank continued to take PPI for the loan for a further 2 years despite nothing owing and all papers released (they did stop the loan repayments). I know it seems incredible but we paid nearly £1400 in PPI over period where we didn't even have a loan and when I discovered they were still charging us I complained. They stopped the payment, and I was still annoyed about the 2 years we had been paying for protection for a debt that did not exist. I phoned the bank, and when I got no response, I wrote to the bank again (letter kept) and said I would go to the ombudsman if I did not get a satisfactory response. I got a letter back that said that I had to speak to the bank before I spoke to the ombudsman so they could "guide me through the process". The letter was also fairly odd/patronising/sarcastic in tone, saying they would not pay us anything back, and thought it "surprising" that I had not noticed earlier anyway. It said something like "given you have already taken this long to bring this to our attention, if we do not hear from you within 14 days, we will consider this matter closed". I admit (to my chagrin now) that I didn't follow it up. I had four young children, and find this sort of thing a bit stressful, so I just let it lie thinking I was going to get worked up and for nothing, and time passed.

Unfortunately, all of the furore about PPI has re-opened old wounds. We took the loan out and paid it off more than 6 years ago, and although the complaint will have been within 2 years of the loan finishing (basically, when I noticed), I am not even sure this is within 6 years (it might be).

My question is, should I do anything about this now, or should I just do what I have done so far, and chalk it up to experience. I realise I should have done something sooner, and now feel stupid for letting it lie, but at the time, i did have a lot on my plate.

Thanks for any responses. Sal x

Hi Sal

As you may be aware, it may be the case since the Judicial Review judgement that old cases may be re-opened anyway, but despite that, you could either write to them again and make them aware of this, or give the FOS a ring and see what they suggest.

Many have still been successful in making reclaims from accounts taken out since 1990's.
The way I see it, if you don't try you will never know.;)

sjpkgp

Thanks Di,

I think I will get the papers out tomorrow and send a letter. We didn't really have any objection to them putting a PPI on the loan while we owed the bank money, and probably still don't, it was more that they continued taking the payments for the PPI 2 years after we paid off the loan. As you say, a quick letter can't harm, and good to see that others have been successful from before the 6 year limit if the circumstances warranted it.

thanks for post, Sal x

alex111

Hi,

Back in 2004 I tried to reclaim my PPI charges from HSBC. After sending a letter of complaint about the PPI that i was miss sold the policy they wrote back with a final decision stating that I had not as I had been given all the correct information at the time of taking the loan and PPI out.

I know this was not the case but did not know I could anything else about it.

Is it too late now to carry on with this??

Thanks

Alex

Mich973

sjpkgp wrote: »

Would be very interested in your opinion of the six year rule and how firm it is re: PPI on loans. We got fleeced more than six years ago and we made a formal complaint that wasn't dealt with well. I haven't got the details to hand (for numbers and dates) but I have everything documented. I had long buried it as "you win some, you lose some", but I am now wondering whether we shouldn't do something.

We took a loan out for £66,000 (more than 6 years ago - probably more like 10) and we were told we had to have PPI as a condition of the loan (no reason given, but we have this in writing). We paid and after about 5 years managed to pay it off and I phoned the bank to cancel to PPI (no record of this) and to cancel the loan repayments. The bank continued to take PPI for the loan for a further 2 years despite nothing owing and all papers released (they did stop the loan repayments). I know it seems incredible but we paid nearly £1400 in PPI over period where we didn't even have a loan and when I discovered they were still charging us I complained. They stopped the payment, and I was still annoyed about the 2 years we had been paying for protection for a debt that did not exist. I phoned the bank, and when I got no response, I wrote to the bank again (letter kept) and said I would go to the ombudsman if I did not get a satisfactory response. I got a letter back that said that I had to speak to the bank before I spoke to the ombudsman so they could "guide me through the process". The letter was also fairly odd/patronising/sarcastic in tone, saying they would not pay us anything back, and thought it "surprising" that I had not noticed earlier anyway. It said something like "given you have already taken this long to bring this to our attention, if we do not hear from you within 14 days, we will consider this matter closed". I admit (to my chagrin now) that I didn't follow it up. I had four young children, and find this sort of thing a bit stressful, so I just let it lie thinking I was going to get worked up and for nothing, and time passed.

Unfortunately, all of the furore about PPI has re-opened old wounds. We took the loan out and paid it off more than 6 years ago, and although the complaint will have been within 2 years of the loan finishing (basically, when I noticed), I am not even sure this is within 6 years (it might be).

My question is, should I do anything about this now, or should I just do what I have done so far, and chalk it up to experience. I realise I should have done something sooner, and now feel stupid for letting it lie, but at the time, i did have a lot on my plate.

Thanks for any responses. Sal x

Do it - claim it back.

I have put 4 claims in and 2 are over 6 years old but they are all working their way through the system and from the phone call I had last week, I'm probably going to get them ALL paid out - eventually.

Just go for it, you have nothing to loose.

di3004

alex111 wrote: »

Hi,

Back in 2004 I tried to reclaim my PPI charges from HSBC. After sending a letter of complaint about the PPI that i was miss sold the policy they wrote back with a final decision stating that I had not as I had been given all the correct information at the time of taking the loan and PPI out.

I know this was not the case but did not know I could anything else about it.

Is it too late now to carry on with this??

Thanks

Alex

Hi Alex and welcome

Did you receive a final decision letter with suggestions of the Financial ombudsman service (FOS)?
If not then give it a go on making the reclaim again.

Its possibly going to be a case they will have to re-open and pay out anyway, but you can always start the ball rolling yourself.

Good luck and please keep us posted.