PPI Reclaiming Discussion part 4

di3004

fd1972uk wrote: »

Apologies if this has already been asked or if I'm just being a bit thick.

I thought in the PPI reclaim help guide there was a sample letter to send initially to the bank. Is there one, as I can't seem to see it?


Thanks in advance.


FD

Hi there

And no worries, your not thick lol , the template letter is now replaced by reclaim questionnaire as on step 3 below, remember to keep a copy as well, good luck.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

fd1972uk

Thanking you very much Di for that!!


FD

di3004

fd1972uk wrote: »

Thanking you very much Di for that!!


FD

Your very welcome. x;)

di3004

In regards of another 2 loan ppi via Lloyds, I registered them by email a few days ago, they confirmed receipt of the complaints and today I received the usual standard response.


Thanking me for the letter on the 2 accounts/of the complaint, and an explanation of the 8 weeks to 16 weeks. As expected anyway.:D

evesamcam

Hi
I'm new to this site so apologises if I'm not 100% up to speed on how to use it.
Just received a letter today from Halifax regarding my PPI claim.
They stated in the letter that I would get back £6544.46 which will bring their complaint to a conclusion.
They then proceeded to show how they got to this amount:

Refund of premiums: = £3,514.69
Refund of interest at 9.3% = £1,672,63
Interest at 8% (calculated until 19/8/11) = £1,210.37
Last 3 months interest = £ 146.77

Total: =£6,544.46

They then went on to state that their usual process would be that they would set up a new loan on the existing balance that we have left without PPI and making the payment described above, however I requested that the refund is used to reduce the balance of my new loan and therefore I will not be receiving a cash payment !!!! (Which I never asked for !!!)

I have £5,903 left on my loan - they then advise me that using the above £6,544.46 this would make my new loan balance of £4,671.00.

Original Loan was for £18,000 - took out in October 2005.

I am I missing something ?!? ... this doesn't seem to make any sense !!!

Am I entitled to the refund or not ???

Any help will be fully appreciated.

IANC

evesamcam wrote: »

Hi
I'm new to this site so apologises if I'm not 100% up to speed on how to use it.
Just received a letter today from Halifax regarding my PPI claim.
They stated in the letter that I would get back £6544.46 which will bring their complaint to a conclusion.
They then proceeded to show how they got to this amount:

Refund of premiums: = £3,514.69
Refund of interest at 9.3% = £1,672,63
Interest at 8% (calculated until 19/8/11) = £1,210.37
Last 3 months interest = £ 146.77

Total: =£6,544.46

They then went on to state that their usual process would be that they would set up a new loan on the existing balance that we have left without PPI and making the payment described above, however I requested that the refund is used to reduce the balance of my new loan and therefore I will not be receiving a cash payment !!!! (Which I never asked for !!!)

I have £5,903 left on my loan - they then advise me that using the above £6,544.46 this would make my new loan balance of £4,671.00.

Original Loan was for £18,000 - took out in October 2005.

I am I missing something ?!? ... this doesn't seem to make any sense !!!

Am I entitled to the refund or not ???

Any help will be fully appreciated.

I'm guessing that you have £5,903 left on your loan including future PPI.

If they give you a new loan without ppi, the amount of the loan would be £4,671.

This would be assuming you kept the refund of £6,544.46.

If you use the refund to repay the loan in total, I reckon you should receive the difference. £6,544.46 - £4,671 = £1,873.46.

Could you copy the exact letter on here though, as that would make it easier for me to understand.

The above is based on my assumptions.

What was the term of the original loan?

It has done nearly 6 years now.

Edited to add.

Unless the refund includes the future PPI premiums.

In which case, you either use this refund to pay the future premiums, or keep them and carry on paying the PPI.

jolfc

So my partner has set the ball rolling with Santander. They said they have 8 weeks to come to a decision from the date the complaint is logged I thought it was 16 weeks. Luckily we had all paperwork from the quotation done in July 1994 and no where is the word optional used in connection with the Paymentcare policy, also as he is self employed he told them it is unlikely he would be able to claim on the policy due to class 2 and 4 contributions not being high enough to get unemployment benefit and that he felt this was not all explained properly by the advisor and finally that he felt he had to take this policy like the home insurance and pension that he has to have alongside the mortgage and he felt very pressured, I do hope he explained things correctly as he gets a bit panicky on the phone to official type people, . How if any refund is due will they work it out, he pays £19 per month and has since August 1994, phew thats 17 years or will there be a maximum number of years they will refund. Any help would be great, thanks,

IANC

jolfc wrote: »

So my partner has set the ball rolling with Santander. They said they have 8 weeks to come to a decision from the date the complaint is logged I thought it was 16 weeks. Luckily we had all paperwork from the quotation done in July 1994 and no where is the word optional used in connection with the Paymentcare policy, also as he is self employed he told them it is unlikely he would be able to claim on the policy due to class 2 and 4 contributions not being high enough to get unemployment benefit and that he felt this was not all explained properly by the advisor and finally that he felt he had to take this policy like the home insurance and pension that he has to have alongside the mortgage and he felt very pressured, I do hope he explained things correctly as he gets a bit panicky on the phone to official type people, . How if any refund is due will they work it out, he pays £19 per month and has since August 1994, phew thats 17 years or will there be a maximum number of years they will refund. Any help would be great, thanks,

In theory they will go all the way back to 1994.

The premiums alone come to £3,876.

Then you have the 8% interest to add on which will come to more than the premiums and maybe associated interest as well.

If it is upheld, it will be a fair old payout :money:

Niggly should be able to help with the calc.

Niggly_2

IANC wrote: »

In theory they will go all the way back to 1994.

The premiums alone come to £3,876.

Then you have the 8% interest to add on which will come to more than the premiums and maybe associated interest as well.

If it is upheld, it will be a fair old payout :money:

Niggly should be able to help with the calc.

£8204 (£3876 overpaid prems and £4328 interest at 8% (3463 net of tax)

:beer:

n

cattysmum

Niggly wrote: »

Off the cuff you are both in for a nice surprise:eek::eek::eek::rotfl:

March 1994 to July 2010 is 16 years 4 months (196 months)

196 x £19.85 = £3890.6
8 % simple interest on each payment is £4082.4
Total at July 10 is £7973

Simple interest on this is at 8% £637.84

Total gross £8610.84 I feel a song coming on.......... the interest of £4720.24 is taxable income though so if over personel allowance it will be a bill of £944

TOTAL NET IS £7666.84 do you need a stamp?

:beer:

n

Oh my Days Niggly can't beleive it what a payday that will be so pleased!!!! I will wait with anticipation for the letter of offer from Lloyds, trust the taxman to get his hands on some!! Basic rate taxpayer so not too much I hope!!! thank you so much for this info I am learning more every day on this site thanks to Martin and all the helpful folk on here - Happy days!!!!:beer: