PPI Reclaiming Discussion part 4

di3004

thegaffer wrote: »

Hi,

Just had my original credit card application sent to me by Lloydstsb. On the form I've noticed it has a pre typed Yes next to Asset Payment Protection (which i'm assuming is the PPI) that was coming out of my account for so long.

Would this mean I am right in thinking I was miss sold this as its typed in yet next to it it says after all the wording about paying if im ill or have an accident please tick here ! Well it has Yes so i could not have ticked either way !

Many Thanks

Hi there

That sounds like Lloyds, mine and my hubby's were pre-typed as well by the bank.

If you were not aware of you paying for the ppi, and because of the reasons you have stated, you can give it a go on the reclaiming.

You can make a claim by completing the reclaim questionnaire, the details of this are also on the lloyds website, good luck.
http://www.lloydstsb.com/payment_protection_insurance_complaints.asp

di3004

ianhillwoodville wrote: »

Hi everyone

Am guessing I am not alone here in asking questions since the court ruling.

In 2004 I took out a mortgage with GE Home Finance through Purple Loans. The amount of PPI was £11,250. I moved in 2006 and closed the account (incidentally rule of 78 meant I paid a total of over £100k for the loan including monthly payments).


Anyway at the time I was fully covered for sickness and indeed the local government redundancy scheme with many years service in. The seller never explained that there were other products available or enquired into my circumstances. I don't think I was told I wouldn't get the loan without PPI but the impression was it would help. The policy was front end loaded and covered five years of a twelve year loan. Additionally the loan was in joint names but PPI was only offered to me.

I believe that GE was not covered by FSA at the time (missed by three months I think) but I do think that I was missold when all the factors are taken into consideration.

Is it worth going for? I phoned GE on Tuesday who registered the claim and said I should get an acknowledgement in five days - still waiting. I am sure all the finance companies are snowed under so will give benefit of doubt.

Anyone got any experience of GE? Does the case sound reasonable? Is the FOS ignoring pre 2005 claims and do I need to put faith in FLA? I just wonder if it's worth using one of the many claims companies instead.

Am new to this so any help or advice gratefully received.

Thanks

Hi and welcome

Below is the thread to a new separate thread (still within the ppi reclaiming part), but this question I believe dunstonh will help you with, and it won't get missed then, title it "Mortgage PPI help"
Good luck.
http://forums.moneysavingexpert.com/newthread.php?do=newthread&f=169

di3004

h0pusp0pus wrote: »

lol me again ive just been through the success stories thread what great reading and so many positive results ive read one post about hfc and it got me thinking about my loan with them now i originaly took the loan out in about 2001 for £5000 then in 2003 ish after i needed some more money so i renewed the loan now i think at the time i borrowed another £2000 which took it to £7000 what i was wondering is would this mean that i paid ppi insurance on it twice??? once when i originaly took the loan out and then again when i renewed it??

Hiya

I would assume ppi was added to all the loans taken out, if you taken out one to pay for the previous loan, its possible they would have rebated the amount (reduced), but you can still make a reclaim on all of them.;)

di3004

h0pusp0pus wrote: »

oh also when they work out the repayment and the interest do they take the interest right up to the current date? or is it only calculated over the 6 years? as i was thinking if you had the lump sum between taking out the loan and the current date you would be earning interest on it

With mine just upheld from Lloyds, this is how they said they would calculate.

Calculate the difference between the settlement balance paid on the loan, and what the settlement would have been had PPI premium not been addded to the loan.

Calculate an 8% interest payment on this sum from the say the loan was settled to the day the calculation is completed.

Then calculate the amount paid up to the date of cancellation and refund this back to you. This is worked out by calculating how much paid each month in respect of the PPI alone, then multiplying this figure by how many months the insurance was active for.

Then add simple interest at 8% per annum to each monthly payment from the date you paid each amount, to the date you settled the loan.

A further 8% simple interest per annum will be calculated on this total amount from the date of early settlement of the loan to the present date.

The 8% simple interest amount will then be calculated when we receive your signed acceptance. This will only be processed at this point to ensure the figure is calculated accurately and more importantly correctly.

They will take any rebate into account when calculating the refund.

h0pusp0pus

well it was weird really as i went into hfc to borrow more on top of what i originaly borrowed as i needed a car and when i went it i had to sign another loan agreement in their offices in exeter crumbs i didnt half get confused on that day im not even sure if i just borrow 2000 extra or if i renewed the whole loan

h0pusp0pus

di3004 wrote: »

With mine just upheld from Lloyds, this is how they said they would calculate.

Calculate the difference between the settlement balance paid on the loan, and what the settlement would have been had PPI premium not been addded to the loan.

Calculate an 8% interest payment on this sum from the say the loan was settled to the day the calculation is completed.

Then calculate the amount paid up to the date of cancellation and refund this back to you. This is worked out by calculating how much paid each month in respect of the PPI alone, then multiplying this figure by how many months the insurance was active for.

Then add simple interest at 8% per annum to each monthly payment from the date you paid each amount, to the date you settled the loan.

A further 8% simple interest per annum will be calculated on this total amount from the date of early settlement of the loan to the present date.

The 8% simple interest amount will then be calculated when we receive your signed acceptance. This will only be processed at this point to ensure the figure is calculated accurately and more importantly correctly.

They will take any rebate into account when calculating the refund.

lol thanks di crumbs shant be trying to work that out on me own then lol

odd_socks

Hi

Sent a claim to Barclays about two weeks ago now for a loan that my wife had a few years ago we waited 14 days did not receive any confirmation that they had received our letter. Rang barclays on wednesday they said that they had not recieved anything and they would look in to it

Rang them again yesterday they said they still couldnt find anything that i had sent them. Took my details over the phone, account number and loan number and she then gave me a reference number and said that i was now on the system, and that i will receive cofirmation in five days . Does this sound right as i have not got anything in writing.

Also received a letter from Barclay card yesterday regarding another claim it was a card my wife had many years ago
Barclays have rejected the claim saying that there was no ppi on it.
we havnt got any statements regarding this account so my wife does not remember if she paid PPi on it, I dont know if i will be persuing this one any further because as far as i can understand an SAR only goes back six years and this account was closed about ten years ago.

But on the plus side i found a loan agreement in my attic from 1996 last week end , had a standard letter back yesterday from lloyds saying that they are looking at the claim. Only sent the letter monday of this week.

I do advise people to send any correspondance recorded delivery as I didnt with one of them and this is why i ended up telephoning them and it can get a bit confusing, well it did for me anyway.

di3004

odd_socks wrote: »

Hi

Sent a claim to Barclays about two weeks ago now for a loan that my wife had a few years ago we waited 14 days did not receive any confirmation that they had received our letter. Rang barclays on wednesday they said that they had not recieved anything and they would look in to it

Rang them again yesterday they said they still couldnt find anything that i had sent them. Took my details over the phone, account number and loan number and she then gave me a reference number and said that i was now on the system, and that i will receive cofirmation in five days . Does this sound right as i have not got anything in writing.

Also received a letter from Barclay card yesterday regarding another claim it was a card my wife had many years ago
Barclays have rejected the claim saying that there was no ppi on it.
we havnt got any statements regarding this account so my wife does not remember if she paid PPi on it, I dont know if i will be persuing this one any further because as far as i can understand an SAR only goes back six years and this account was closed about ten years ago.

But on the plus side i found a loan agreement in my attic from 1996 last week end , had a standard letter back yesterday from lloyds saying that they are looking at the claim. Only sent the letter monday of this week.

I do advise people to send any correspondance recorded delivery as I didnt with one of them and this is why i ended up telephoning them and it can get a bit confusing, well it did for me anyway.

Hiya:D

Normally they send confirmation within a fortnight of receiving your complaint, did you post by signed for recorded delivery?
If so you can check the status of delivery on the Royal Mail website - track and trace.
To cover yourself if they claim they have not received any details, then if you kept a copy of the complaint, send again & post by recorded delivery.
Or it may be a matter just to cover yourself anyway and send another perhaps.;)

odd_socks

di3004 wrote: »

Hiya:D

Normally they send confirmation within a fortnight of receiving your complaint, did you post by signed for recorded delivery?
If so you can check the status of delivery on the Royal Mail website - track and trace.
To cover yourself if they claim they have not received any details, then if you kept a copy of the complaint, send again & post by recorded delivery.
Or it may be a matter just to cover yourself anyway and send another perhaps.;)

Hi there and thank you again

I thought i might wait to next Wednesday because thats when the five days would be up or do you think i should send them another copy now.
This is the only one i didn't send recorded delivery silly me

Thank you again

di3004

odd_socks wrote: »

Hi there and thank you again

I thought i might wait to next Wednesday because thats when the five days would be up or do you think i should send them another copy now.
This is the only one i didn't send recorded delivery silly me

Thank you again

Your welcome:D

That is entirely up to you, did you keep a copy?
Maybe email it to them and tell them this is the copy you posted previously and you have been informed they will be in touch in regards of your complaint next week (Wednesday after the bank holiday), but wait until then first if you want to.;)