PPI Reclaiming Discussion part 4

Dizzywithmoney

cappo wrote: »

Hi dizzy would it be worth you paying £10.00 to get your hands on the paperwork by sarring the bank after all if you took your card out 10 years ago you could be missing out on a substantial bit of money. this should give you your loan agreement going back to 2000.

I have already sent the acceptance form back!! I had 6 weeks fo accept the offer and I thought if I start with SAR requests it could go over this time and I might lose it all. I put in a SAR request with Nat West and they only sent me deails going back 6 years anyway so I thought that would be all HSBC would do anyway.

cappo

Dizzywithmoney wrote: »

I have already sent the acceptance form back!! I had 6 weeks fo accept the offer and I thought if I start with SAR requests it could go over this time and I might lose it all. I put in a SAR request with Nat West and they only sent me deails going back 6 years anyway so I thought that would be all HSBC would do anyway.

Never mind dizzy 6 years money is still worth having:beer: well done:T:):money::j

ImmortalQueen

amersall wrote: »

Hi there, could you post up the actual wording of the letter from the bank offering the "ex gratia" payment.

It seems to me that they have given a payment for the ppi and expected your friend to pay this off the loan.

This does not look to be a mis sell refund with the usual redress,as Di said the bank do not seem to have reset the loan without the ppi.

Also,if you can get them will you post up the actual redress that your friend recieved?.

I just want to save you any more time contacting the bank about this,if you post up the details then we can help you more with this.
Cheers.

Thanks for the above. Here goes, I apologise to all for the length.

Explanation from Lloyds Banks reference the refund
…I have decided to uphold your complaint and offer to settle your complaint in the following manner: these are:
o Calculate a full refund of the PPI premiums that have been paid
o Add interest charged on the premiums during the term of the loan
o Remove any outstanding payments and interest remaining on the PPI loan.
o To give you the choice of reducing your monthly repayments (assuming you wish to accept the offer

If you would like to accept this offer, please sign the enclosed acceptance slip (see below)

Acceptance by my friend of the amount offered by Lloyd’s TSB
Please sign and return if you agree to this offer.

I…accept the offer made by Lloyd’s TSB Insurance of a refund of my loan insurance premium of £5320.29 plus interest accrued as a result this amount on an ex-gratia basis, in full and final settlement of my complaint.

I understand that this payment will be made into my current account….(account details listed)

Letter from Lloyds TSB acknowledging receipt of the above
Thank you for returning your acceptance slips regarding our offer to refund your Loan Protection Insurance Premium, plus interest to date, as a gesture of goodwill.

I have contacted the relevant department today to commence the refund process. The amount of £5320.29 plus an interest adjustment will be credited to your account within the next 21 days…


My friend & I are not arguing the refund - we’re arguing that:
o It was understood by both parties that any existing PPI would be removed / should have been removed.
o Loan has not taken into account the reduction of PPI whilst payments have stayed the same through out (removal of PPI would take it back to the original loan amount).
o In agreement with the Lloyds TSB rep via phone, my friend’s monthly payments remain the same but in turn the term on each would reduce.

Lally

I sent off 2 letters on behalf of my brother on 1st June. the first one (RBS) replied to say they needed the policy numbers, I'm trying to get them now. I think they could have found them, but never mind :rotfl:

The other company (Lloyds) haven't replied. Am I right in thinking they have a certain timescale in which to reply? Worried they never got the letter.

ImmortalQueen

amersall wrote: »

Even with a goodwill gesture (although banks dont do "goodwill"), this "refund" will not reset the loan, as they have not admitted to mis sell,the person you spoke to was out of order telling you that the term would reduce if your friend continued to make the normal payment,unless the goodwill gesture should have been taken off the loan,if this is the case then the term would reduce,if your friend has used the money and not paid this off the loan then the person who told her this is right.

Thanks for the above. Our heads are ready to explode and we're confused with the above. We're sayng that with the PPI, the loan amount was £25K, with the removal of the PPI, it should have been reduced to £20K and my friend would continue to overpay on the loan to reduce the term.

Are you saying my friend gets the refund (has no removal of the PPI) and then uses the refund to pay part of the loan back. If so, he's double paying the bank

cappo

Lally wrote: »

I sent off 2 letters on behalf of my brother on 1st June. the first one (RBS) replied to say they needed the policy numbers, I'm trying to get them now. I think they could have found them, but never mind :rotfl:

The other company (Lloyds) haven't replied. Am I right in thinking they have a certain timescale in which to reply? Worried they never got the letter.

If your having trouble getting the info out of rbs you could cca them this would allow you specific agreements i.e your brothers borrowing. this will cost you £1.00 payable by cheque or postal order,i agree the banks should just give you agreements,we are all having this with the banks now


i believe LTSB have got the 16 weeks now to respond although you should get a complaint confirmation fairly quickly i would say if you havent had an acknowledgement within 2 weeks i'd contact the bank

cappo

Di could you get me natalie ceeneys email and hardcopy address for the fos,i'm hearing so much about cap 1 on all the forums i think i will write to her and ask her what she's going to do about the unfair advantage that capital one have over us, also guys if Di posts this up it might be an idea if we get some muscle behind us, so feel free to all have a go as i feel it's going to be the only way to break cap 1's stranglehold over us,what do you all think.

Dirks_Engine_Room

Evening all,

Posted yesterday regarding asking RBS to look at reviewing their PPI decision after rejecting for a third time. Pointed out that they accepted my other claim (admitted no responsibility and gesture of goodwill etc) and so as I was looking for consistency. In e-mail box at 12:00 today :

"Dear Mr Dirks Engine Room,

Your appeal was reviewed this morning and I am pleased to say that we have upheld your claim in respect to PPI/******. Therefore we will be making you an offer of settlement in accordance with FSA guidelines.

As your claim has been considered previously by the Financial Ombudsman Service, they will write to you with the formal decision. Regrettably, I cannot provide you with the figure that we will be offering you, as this has yet to be agreed with the Ombudsman. However, I have been told they intend to write to you in the next 7-10 days with our decision along with our offer.

Finally, I realise this has been a protracted process and I apologise that it has gone on for so long. However, I would like to thank you for your patience and I wish you well for the future.

Yours sincerely

** *********"

I have to say the gentleman that I have dealt with for the last 4 weeks on both claims (via mr Hester) has been excellent. Very efficient and makes a pleasant change.

amersall

Remove any outstanding payments and interest remaining on the PPI loan.

This is taking all the ppi off the loan,with a mis sell you only get the ppi back that you have paid to date so this is good that they have done this, as no one gets this offer.

To give you the choice of reducing your monthly repayments (assuming you wish to accept the offer

Did they give your friend a breakdown in writing of the choices?.

As they cannot take the whole ppi off the loan,give it back to your friend and then take this off the loan balance as well,as your friend would have had this twice.

As the loan is still running,if proper redress was given,the ppi monthly amounts paid to date with interest should have gone back to your friend and the whole ppi taken off the loan to reduce the monthly payment by the ppi monthly amount.

This was not the case,as your friend got the whole ppi back to them,but should have been told to take the excess ppi (what had not yet been paid back to the loan) back off the loan to reduce the monthly payment.

Hope you understand what i mean!.

Can you find out how much longer the loan had to run and what breakdown your friend got after the redress?,as this would help.

Your friend should ask them for this if they do not have it.

After saying all that!, the loan balance should have reduced by the payments your friend made to date with interest, but not the whole ppi they also got back.

If your friend paid £10 a month for ppi and they had paid 10 months of this they would get back 10x 10 plus interest so the loan would reduce by that amount.Has the loan reduced at all?.

Have been thinking about this for ages and that is the only conclusion i can come to at the moment.
Hope this helps x.

Lally

cappo wrote: »

If your having trouble getting the info out of rbs you could cca them this would allow you specific agreements i.e your brothers borrowing. this will cost you £1.00 payable by cheque or postal order,i agree the banks should just give you agreements,we are all having this with the banks now


i believe LTSB have got the 16 weeks now to respond although you should get a complaint confirmation fairly quickly i would say if you havent had an acknowledgement within 2 weeks i'd contact the bank

Thanks for that. I've applied for a credit check for him, I read somewhere that the PPIs should show up on that. Haven't received the PIN through the post yet to allow me to access his records. Will look into the cca.