PPI Reclaiming Discussion part 4

IANC

jolfc wrote: »

hoping for some help here, after getting my refund from halifax :T, my partner piped up that he thinks he pays payment care on his santander mortgage (he got it when they were abbey), after delving deeper into all the paperwork it appears he pays £19.23 a month to santander paymentcare insurance which looks to be something to do with aviva, he has paid this since 1994. they sent a letter to say after increasing his payment in july 2009 they were refunding him the increase due to fsa guidelines, and gave him £54.30 back. when taking the policy my partner was and still is self employed and he also said to me when talking to him that he did not realise that he did not have to have this policy as they also gave him a pension policy attached to the mortgage, from reading up am i right in thinking that as he was self employed this policy should not have been sold to him, sorry if we are a bit slow between us, but as the policy is not called ppi and paymentcare insurance we were not sure if it was the same thing, i think it is, any help much appreciated.




additional info,

aviva have said the paymentcare policy can be cancelled and that it is a ppi, also in the quotation the mortgage advisor did in 1994 it says

if you are self employed you can still apply, but pcare benefit will only be paid while you are in receipt of national insurance unemployment benefit.

can anyone tell me what national insurance unemployment benefit is please, many thanks in advance,

It is now jobseekers allowance.

Provided that he paid class 2 NICS and depending on his S/E profit level also class 4 NICS, he is entitled to claim on the mortgage protection policy.

He cannot claim on it if he isn't.

Go for the claim as it sounds like he didn't know what it was and therefore it can't have been explained properly

Niggly_2

a1chrissie wrote: »

Good evening all,

I wonder if someone can give me a but of advice.
I was sold PPI 5 loans that i have had with HSBC I wrote to them last year and have today at long last had a reply from them This is what their letter says

I have reviewed your compliant and in doing so i have taken into account the outcome of the recent court case concerning PPI and can confirm that your compliant is being upheld. As a result of this decision, it is not my intention to respond specifically to the individul issues that tou have raised other than to explain how i intend resolving the matter.
In order to ensure that this matter has not financially disadvantaged you, i propose to offer to repay the outstanding balance of £3,675.73 on your Personal Loan account and offer you a refund of £128.71. This effectively returns the protection premiums you have paid to date including interest. Details of the offer are shown on the Acceptance of Offer form enclosed.
You should note that included in this total offer of £3804.44 is an element of gross interest amounting to £1,246.53. SUBJCT TO YOUR PERSONAL TAX STATUS.
With regards to your Gradute Loan Protection Plan **** i note that you made a successful claim under the sickness benefit from 07/11/06 to 29/03/08. The claim amounted to the sum of £9,397.59. Although we are upholding your compliant in relation to this policy, the claim amount paid exceeds the total redress due.
However, to put you back in a position you would have been prior to taking the loan protection. I propose to reduce your outstanding loan to the amount of £3,675.73 and repay the loan with the redress due.
As the above offer includes the payment due on the 19th July, it will not be possble to repay the loan until after this date.
Should you wish to accept this offer, please complete the Acceptance of Offer form and return it to me using the prepaid envelope provided. Please note the aove will remain open for six weeks from the date of this letter, after which time it will be withdrawn, unless it has been previously accepted.


Then it breaks down how they have decided how much to pay.
LOAN 1
5 premiums paid
1/12/2003 RO 03/03/2004 115.00
pLUS TAXABLE INTEREST 8% 2.09
Plus refund of coss incurred for early settlement 124.10
TOTAL 241.19
PLUS TAXABLE INTEREST 8% from date the loan
was repaid 139.62
OFFER 380.81

LOAN 2
9 premiums paid from
01/06/2004 to 31/10/2005 302.49
Plus taxable interest at 8% 8.87
Plus refund of costs incurred for early settlement 195.45
TOTAL 506.81
PLUS TAXABLE INTEREST 8% from date the loan
was repaid 260.64
OFFER 767.45

LOAN 3
5 Premiums paid from 29.03.2005 to 28/07/2005 286.96
Plus taxable interest at 8% 5.09
Plus refund of costs incurred for early settlement 450.63
TOTAL 742.68
PLUS TAXABLE INTEREST 8% from date the loan
was repaid 351.36
OFFER 1,094.04

LOAN 4
5 Premiums paid from 29/09/2005 to 30/01/2006 355.94
Plus taxable interest at 8% 5.66
Plus refund of costs incurred for early settlement 727.34
TOTAL 1,088.94
PLUS TAXABLE INTEREST 8% from date the loan
was repaid 473.20
OFFER 1,562.14

TOTAL OFFER 3,804.44

LESS LOAN CLOSURE COST -3,675.73

TOTAL OFFER 128.71


I am very confused as i really do not know if this is a good offer or not. Plus what confuses me is the outstanding balance i have on my last loan, (the one i made a sickness benefit claim on) is 5007.60 Will this all be paid off if i accept their offer....

Help.. i need advice.

Regards

Chrissie:o

They are using the compensation on the previous loans to pay off the current loan and you get to keep the change. This of course means you will be debt free with them.

Just a couple of things I have thought of. The interest of £1,246.53 will be added to your taxable income this year so if you earn more than your personel allowance or this takes you over the personel allowance you will have to pay tax on it at the rate you pay. 20% of £1246.53 is £249.31

Also I see no mention of ppi on the existing loan. If there is ppi you might want to check out what they have done to compensate you on this loan.

N:beer:

Niggly_2

jadest wrote: »

Can any-one please tell me the complaints proceedure against the FOS they have had my case 3 years and 2 month and they have still not made a final decision. they ignor my emails and just keep saying it is in a queue waiting for ombudsman.

I an really fed-up with them. Please help!

HERE
http://www.financial-ombudsman.org.uk/about/our-service-standards.htm

And here
http://www.financial-ombudsman.org.uk/publications/factsheets/complaints-about-our-service.pdf

:beer: n

Xanadu20

Emma2588 wrote: »

I'm really sorry, been bad week and it's only Tuesday.

I wouldnt be angry about it if they actually told me what stage it is upto I have had nothing from them. I email them and I'm made to feel like I shouldn't be.

I'm paying £55 a month for PPI I don't even need, my loan is still running and has been for the last 43 months and I've still got 17 months left. I no I can cancel but won't be worth it with what they take off.

And I really don't feel sorry for the poor sod, because their shouldn't of mis-sold you in the first place. But I hope you don't have to wait years.

I guess what the others are saying is correct, some will be more complex, i have noticed a few complaints being delt with, only summited in the last couple of months, which is unfair.

What frustrates me more is the lack of information coming back from Lloyds, even if you call them they just state the 31st August dead line, well if it has taken them this long to even get up to November 2010 there is no way they will be done in the next 4 weeks.

I wonder what will happen when they get a week away from that date? send out a lot of letters asking for more time is my bet.

Rich

Niggly_2

Lou.T wrote: »

Hi,

I havent heard anything from the horrid Halifax regarding my PPI claims for 2 loans and possibly one TMP

Just wondering if anyone would be able to give me a rough idea of what amount to expect should I be successful, both 'front loaded' ie insurance and interest added to beginning of loan

Loan 1
Started nov-02 for 7 years
Amount 8000.00
Interest 2714.80
Loan insurance 1722.50
Interest on Ins 541.30

Settlement figure 6500 after 24 payments of 216.31
Paid off by loan 2 in Nov 04

Loan 2
started Nov-04 for 7 years
Amount 11642 (6500 paid off loan 1 borrowed addn 5000 and fee 142)
Interest 2843.90
Loan Insurance 2719.51
Interest on Ins 664.31

Monthly payments of 212.43

I have tried the calculations myself based on all your input on the forums and on the worked examples on the FOS website but the answer I get seems to good to be true.....

Here's hoping

Thanks for any input

Here is my stab at the calculations

Loan 1
Actual overpayments payments to ppi (£1722 .50/£9722.50 x 100 = 17.7% x £216.31 = £38.29 x 24) =
£918 .96

8% interest on the 24 payments of £38.29 = £80.64

PPI premium £1722.50 less any rebate (£6500/£9722.50 x 100 = 67% x £1722.50 £1154 = £568.50

So £1568.10 (£918.96 + £80.64 + £568.50) is amount owing at Nov 04 from loan 1.
On top of which you get interest at 8% simple
£1568.10 x 8% 6 years 9 months ( 81 months ) = £846.77

Total loan 1 is £1568.10 + £846.77 = £2414.87 less 20 % tax on 8% interest is £185.48 (846.77 + £80.64 x 20%) = £2229.39

Loan 2
PPI premium monthly payments £2719.51/£14361.51 x 100 = 18.94% x £212.43 = £40.23
Overpaid monthly premiums = £40.23 x 81 months = £3258.63
8% on overpayments = £1043.37
There could be a small amount of rebate interest as well

Total Loan 2 is £3258.63 + £1043.37 = £4302 less 20% tax on 8% interest is £208.67 = £4093.33

Loan 1 £2229.39 + loan 2 £4093.33 = Total repayment of £6322.72

N

amersall

di3004 wrote: »

Hi

That is just not fair that your still waiting on an October reclaim!:eek:

Have you also told them that you are aware that other complaints made after your own have been resolved?

I would be inclined in this case to ask for further redress for the distress and inconvenience this have causes, you never know they may even consider it if you tell them that your not happy and with what we said above. x

I am waiting on a claim from last july Di.
When the 8 weeks were up,they asked for more time and then they held for the JR.
that is why i am mad when people get their claims paid out from this year! and others are still waiting,e mailing the CEO and then getting a payout is no way treating customers fairly.

I sent a snotty e mail to Bob Diamond regarding this and one to FSA and FOS to ask why this is happening.
Watch this space!!!.

IANC

Xanadu20 wrote: »

I guess what the others are saying is correct, some will be more complex, i have noticed a few complaints being delt with, only summited in the last couple of months, which is unfair.

What frustrates me more is the lack of information coming back from Lloyds, even if you call them they just state the 31st August dead line, well if it has taken them this long to even get up to November 2010 there is no way they will be done in the next 4 weeks.

I wonder what will happen when they get a week away from that date? send out a lot of letters asking for more time is my bet.

Rich

No, they cannot extend the deadline.

They must reach a decision on or before the 31st August.

If they fail, the FSA will issue massive fines.

My theory therefore is that they will just uphold every complaint that they would normally look into and beef up the calculations departments so that they can send out upheld letters.

Upholding will save them a fortune compared to the FSA fines, plus upholding anyway with further 8% interest added.

If anything, the time it takes for them to issue refunds may grow due to the sheer number of payouts.

So to me, the delay now is a good thing.

If the institutions reject complaints en mass on or around the deadline, they will be crucified if they cannot justify it.

The next 4-5 weeks will mean that the successes thread will be bombarded :money:

di3004

Emma2588 wrote: »

Hi Di

I have been emailing them every week asking for updates, I have also rang them. I have on a few occasions told them that I know of people that have had there claims upheld that went it after mine, they response 'we can't comment on other customers cases'.

Also this is part of the reply I got back from a recent email:

'As I have already provided you with our position on this matter, you will not hear from us until our next update on or before 31st August 2011'

Their position is not telling they customers nothing.

I have copied the CEO that's not work (actually the above response is what I got after emailing the CEO)

So everyone you can understand my frustration.

Any ideas, would be really appreciated.

Contact the FSA, I would ring them and explain, they may even contact them on your behalf.;)

di3004

a1chrissie wrote: »

Good evening all,

I wonder if someone can give me a but of advice.
I was sold PPI 5 loans that i have had with HSBC I wrote to them last year and have today at long last had a reply from them This is what their letter says

I have reviewed your compliant and in doing so i have taken into account the outcome of the recent court case concerning PPI and can confirm that your compliant is being upheld. As a result of this decision, it is not my intention to respond specifically to the individul issues that tou have raised other than to explain how i intend resolving the matter.
In order to ensure that this matter has not financially disadvantaged you, i propose to offer to repay the outstanding balance of £3,675.73 on your Personal Loan account and offer you a refund of £128.71. This effectively returns the protection premiums you have paid to date including interest. Details of the offer are shown on the Acceptance of Offer form enclosed.
You should note that included in this total offer of £3804.44 is an element of gross interest amounting to £1,246.53. SUBJCT TO YOUR PERSONAL TAX STATUS.
With regards to your Gradute Loan Protection Plan **** i note that you made a successful claim under the sickness benefit from 07/11/06 to 29/03/08. The claim amounted to the sum of £9,397.59. Although we are upholding your compliant in relation to this policy, the claim amount paid exceeds the total redress due.
However, to put you back in a position you would have been prior to taking the loan protection. I propose to reduce your outstanding loan to the amount of £3,675.73 and repay the loan with the redress due.
As the above offer includes the payment due on the 19th July, it will not be possble to repay the loan until after this date.
Should you wish to accept this offer, please complete the Acceptance of Offer form and return it to me using the prepaid envelope provided. Please note the aove will remain open for six weeks from the date of this letter, after which time it will be withdrawn, unless it has been previously accepted.


Then it breaks down how they have decided how much to pay.
LOAN 1
5 premiums paid
1/12/2003 RO 03/03/2004 115.00
pLUS TAXABLE INTEREST 8% 2.09
Plus refund of coss incurred for early settlement 124.10
TOTAL 241.19
PLUS TAXABLE INTEREST 8% from date the loan
was repaid 139.62
OFFER 380.81

LOAN 2
9 premiums paid from
01/06/2004 to 31/10/2005 302.49
Plus taxable interest at 8% 8.87
Plus refund of costs incurred for early settlement 195.45
TOTAL 506.81
PLUS TAXABLE INTEREST 8% from date the loan
was repaid 260.64
OFFER 767.45

LOAN 3
5 Premiums paid from 29.03.2005 to 28/07/2005 286.96
Plus taxable interest at 8% 5.09
Plus refund of costs incurred for early settlement 450.63
TOTAL 742.68
PLUS TAXABLE INTEREST 8% from date the loan
was repaid 351.36
OFFER 1,094.04

LOAN 4
5 Premiums paid from 29/09/2005 to 30/01/2006 355.94
Plus taxable interest at 8% 5.66
Plus refund of costs incurred for early settlement 727.34
TOTAL 1,088.94
PLUS TAXABLE INTEREST 8% from date the loan
was repaid 473.20
OFFER 1,562.14

TOTAL OFFER 3,804.44

LESS LOAN CLOSURE COST -3,675.73

TOTAL OFFER 128.71


I am very confused as i really do not know if this is a good offer or not. Plus what confuses me is the outstanding balance i have on my last loan, (the one i made a sickness benefit claim on) is 5007.60 Will this all be paid off if i accept their offer....

Help.. i need advice.

Regards

Chrissie:o

Well done!:T & Congratulations :beer:

I'm sure someone will check these out for you.;)

di3004

jadest wrote: »

Can any-one please tell me the complaints proceedure against the FOS they have had my case 3 years and 2 month and they have still not made a final decision. they ignor my emails and just keep saying it is in a queue waiting for ombudsman.

I an really fed-up with them. Please help!

Just a thought, do you have a good local MP?
If so I'm sure if you ask they will contact them for some answers on your behalf.
Hope this helps and the very best of luck.;)