PPI Reclaiming Discussion part 4

di3004

lisajaynec wrote: »

Hi
I have just been through all my cupboards and sent off claims for repayment of ppi
3x mbna
2 x santandar-wallis and house of fraser
1x beneficial finance loan

i have also sent two off to Friends provident endowment claims- i have sold one endowment and cashed the other in but thought it was worth a try. Any advice on this?

My question is i have just had a look at experian credit report and found 4 further loans or credit cards, i know when the loans started and were settled but i don't have any account numbers- any ideas how to get these or do i apply without the account numbers?
Thanks and congratulations to everyone whose been successful in claiming
Any advice gratefully received
Lisa

Hi Lisa

Wishing you luck on all the reclaims.

I am not sure on the endowment but sure someone will and be along soon, good luck.

You can check the loan account numbers from the credit reports, by asking the bank where you paid these monthly payments from, if any of them are local call in, or email them by giving them as many details as possible, full name, any name changes of if different when you taken them out, same for addresses, your date of birth.

Hope this helps, good luck.;)

Niggly_2

evesamcam wrote: »

Hi everyone,

Thank you all for taking the time to work out the very confusing letter for me !!!

N - I get what you have written ... makes so much sense that the new payments now total up to £4,672.00. (just wish they had written this in the letter in Plain English !!!)

But does this mean that I will get a cash refund or not of £6,544.46 ?

Many Thanks

No you need to tell them that they are wrong in their assumptions. That £4672 is the new balance of the loan without a refund of your compensation. Tell them to work out a early settlement quote (£4672), take this off the refund of £6544.46 and pay the balance to you. You never know your luck the early settlement might be less and you get to keep some more.

I would ask for £200 for the distress and inconvenience.

N:beer:

IANC

Niggly wrote: »

Cracked it:T:T:T:T

Just had another thought. The ppi premium has to be taken off the loan from outset leaving the original amount. Working on 9.3% interest rate your right there would only be the capital left to pay. The reduced repayments are £292.35 per month x 16 = £4672

oh look I have just discovered their error. They havent taken off the PPI COMPENSATION idiots.


Solved

N

My God, I got something 100% correct :rotfl:

evesamcam wrote: »

Hi everyone,

Thank you all for taking the time to work out the very confusing letter for me !!!

N - I get what you have written ... makes so much sense that the new payments now total up to £4,672.00. (just wish they had written this in the letter in Plain English !!!)

But does this mean that I will get a cash refund or not of £6,544.46 ?

Many Thanks

You need to call them and tell them that they have 2 options.

1. Give you the full settlement and a new loan for £4671.

or

2. Clear your debt completely and give you £1872.46

Explain that they haven't taken into account your compensation payment.

di3004

bigjohnuk wrote: »

Hi All,

Been awhile. I am having a bit of a battle at the moment. The financial ombudsman service delicided my claim last year saying that it had to go to the final stage for the Ombudsman to review the details. I waiting since May 2010, when they contacted me last week to say that they had not got my letter with extra information and that they wanted the information by the 5th Aug. I replied to say that I was unable to do this due to other commitments with work and home and was on holiday next week also and would complete on my return. The ombudsman has said tuff, send it your info by the 5th Aug if not will will contiune with out it. This I feel is unfair.

The case is with Captial One. I was upset last year to find that the FOS rejectect my claim. What is frustrating here is that Captial One offered a sum of £1200.40, which I rejected as I felt I had lost more than that number, over £4,000 With the application going to the ombudsman captial one withdraw the offer of £1200.40 saying that they withdraw it as I went to Ombudsman. I felt this was blackmail on Captial One's part.

Any comments or help welcome. It looks like the Ombudsman will reject my claim and Capital One will get away with it.

Hi there

I am in the same position as you and have until just the 5th of next week too, but I can see it's awkward for you.
Did the letter also state that "if you need more time is to let them know"?
If so then tell them that, because normally they would do this.

Good luck and I would have another word with them.

di3004

cappo wrote: »

Ha ha another avatar Di what's this one.:)

LOL I look a right dizzy on there don't I? :eek::o:rotfl::rotfl::rotfl:

di3004

evesamcam wrote: »

Ok letter reads:

I am writing to you today in relation to your complaint about your PPI policy. Thank you for your patience as I know it may have been some time since you first contacted us.

As our final response, we would like to offer you £6544.46 our complaint to a conclusion. To complete this process, we will also need to set up a new loan for you that does not have PPI. Accepting this offer will ensure that you are put back to the same position you would be in if you had not taken out PPI in relation to your unsecured loan.

This amount is made up of a refund of all the PPI premiums paid, plus the interest charged on these premiums at the rate of your unsecured loan, plus simple interest at 8%. You will also receive a refund of the last 3 months interest that accrued on your old loan. This will off-set any extra interest applied in the first 2 months of your new loan - we will call this the deferred period. The payment will also take into account any other factors that are relevant to your circumstances. Eg: if you have incurred other costs directly as a consequence of your PPI policy, then they have been included in our proposed payment to you.

Our proposed payment has been calculated as follows:

Refund of premiums: £3,514.69
Refund of interest @ 9.3% £1,672.63
Interest at 8% - up until 19/8/11 £1,210.37
Last 3 months interest £ 146.77

Total £6,544.46

Our usual process would involve us setting up a new loan for you, without PPI, and making the payment described above, however you have requested that the refund is used to reduce the balance of your new loan and you will therefore not receive a cash payment.

We will therefore arrange a new loan without PPI for you by taking the outstanding balance in your current loan account and reducing this by the amount of PPI remaining on the loan balance and further reducing the balance by the total refund detailed above, and thsi will be set upo with a balance of £4,671.00.

Unless you contact us to reject our offer, we will close your complaint, and consider it resolved. Once you return the new loan documentation that we will send to you shortly, we will then make the payment outlined in this letter.


HELP !!!!

I really do not understand this letter - have called my Loan provider and they have advised that I need to speak to the Redress team (will call me back within 48 hours !!!).

Our original loan was £18,000 - taken out in October 2005. (7 years).

With PPI and interest - total loan amount £31,166.52.

With PPI and interest our monthly payments are £371.03.

Loan finishes in December 2012 ... appx 16 months of payments left.

£371.03 x 16 mths = £5,936.48 left outstanding on loan.

Can anyone help explain if I will get any money back or what exactly they are talking about in the letter.

I appreciate any feedback.

Many Thanks.

Well done to you and Congratulations!:beer:

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

di3004

Niggly wrote: »

No you need to tell them that they are wrong in their assumptions. That £4672 is the new balance of the loan without a refund of your compensation. Tell them to work out a early settlement quote (£4672), take this off the refund of £6544.46 and pay the balance to you. You never know your luck the early settlement might be less and you get to keep some more.

I would ask for £200 for the distress and inconvenience.

N:beer:

LOL, missed your post again :eek::o:D cheers Niggly.;)

IANC

IANC wrote: »

My God, I got something 100% correct :rotfl:



You need to call them and tell them that they have 2 options.

1. Give you the full settlement and a new loan for £4671.

or

2. Clear your debt completely and give you £1872.46

Explain that they haven't taken into account your compensation payment.

In fact, go one better.

Email them and copy the CEO in.

Say that you find it very disheartening that you are having to point out that after many weeks, a so called calculations team have made such a huge error and you have managed to work it out.

And that you think a goodwill payment should be made for you having to deal with the whole stressful situation.

Basic maths and they have managed to !!!! it up :mad:

bigjohnuk

di3004 wrote: »

Hi there

I am in the same position as you and have until just the 5th of next week too, but I can see it's awkward for you.
Did the letter also state that "if you need more time is to let them know"?
If so then tell them that, because normally they would do this.
Good luck and I would have another word with them.

Emm, I see a pattern then.... Another one for the 5th. The email said that if I was not able to meet the date then to let htem know, so I did and I got the worse negative email I have seen for a long time.

Thank you for the attached e-mail. I should explain that at the time the letter was sent, likely to have been just before the end of May 2010, we would have automatically sent an acknowledgement letter to all correspondence received. All correspondence received is logged on our record system for each individual case and having checked there is no entry of a letter being received from you at this time. I have also had our paper file reviewed and I can confirm the letter has not been added. I note that correspondence that we have received from you earlier is typed and likely to have been produced on a computer. I appreciate that you have advised that you cannot now find a copy but wonder if it has been retained within your computer?

When we ask a consumer for their final submissions before the case is considered by an ombudsman we do not need the consumer to repeat what he or she has already told us or to rehearse the arguments already put forward. The ombudsman has this information already contained in the original submissions. The ombudsman is looking for any new information or evidence that has subsequently come to light and has not previously been provided. Normally the majority, if not all the evidence and information has already been provided and therefore any final submissions are normally very short. In these circumstances I hope that this assists you, with the knowledge that you do not need to repeat the points already made.

I appreciate your current work and family commitments and I have spoken again to the ombudsman. Unfortunately she is unwilling to extend the timescale to after your return from holiday to provide your final representations and feels the timescale indicated is reasonable. Having explained above that it is only any new information or evidence that is required, I hope that this will allow you to provide your reply. I understand from your e-mail that your holiday may start after 5 August 2011 and the ombudsman would therefore request your final representations by this date. As mentioned in my earlier e-mail you may send this to me either by e-mail or an e-mail attachment and I will ensure this is passed to the ombudsman. After 5 August 2011 the ombudsman will consider your case based on the information and evidence that we hold, including any additional information that you by this date.

Whilst I cannot provide a specific date for the ombudsman to complete her review and issue her findings I am conscious that an ombudsman's Final Decision document does contain a timescale, usually one month after the date of the Final Decision, for you to either accept or decline the decision. This is done by returning an acceptance / rejection slip attached to the Final Decision letter. Once a Final Decision has been issued the ombudsman will not enter into any further discussion about the merits the case. If you will let me know when you are due to return from your holiday I will inform the ombudsman so that the timescale for the return of the acceptance / rejection slip can take account of when you are away, so as to not disadvantage you.

I appreciate that the content of my e-mail will not be welcomed by you. But I hope that, having clarified the expectation of the ombudsman is only to be advised of any new evidence or information which has not previously been supplied, you will be able to reply by 5 August 2011.

The first line on the email was the best as I did not send them a letter with an attachment :rotfl:

Still not helpful, when I had to wait months for them to come back. I am sure they would save a ton of cost themselves by NOT sending a letter every month to people telling them of that there is a delay with the claim!

Intrested ot hear that FOS support Captial One, is it becuase they didn ot go to court? Is it that they try ot make out they are clean? I think not, they are in the boat as the others.

cappo

bigjohnuk wrote: »

Emm, I see a pattern then.... Another one for the 5th. The email said that if I was not able to meet the date then to let htem know, so I did and I got the worse negative email I have seen for a long time.

Thank you for the attached e-mail. I should explain that at the time the letter was sent, likely to have been just before the end of May 2010, we would have automatically sent an acknowledgement letter to all correspondence received. All correspondence received is logged on our record system for each individual case and having checked there is no entry of a letter being received from you at this time. I have also had our paper file reviewed and I can confirm the letter has not been added. I note that correspondence that we have received from you earlier is typed and likely to have been produced on a computer. I appreciate that you have advised that you cannot now find a copy but wonder if it has been retained within your computer?

When we ask a consumer for their final submissions before the case is considered by an ombudsman we do not need the consumer to repeat what he or she has already told us or to rehearse the arguments already put forward. The ombudsman has this information already contained in the original submissions. The ombudsman is looking for any new information or evidence that has subsequently come to light and has not previously been provided. Normally the majority, if not all the evidence and information has already been provided and therefore any final submissions are normally very short. In these circumstances I hope that this assists you, with the knowledge that you do not need to repeat the points already made.

I appreciate your current work and family commitments and I have spoken again to the ombudsman. Unfortunately she is unwilling to extend the timescale to after your return from holiday to provide your final representations and feels the timescale indicated is reasonable. Having explained above that it is only any new information or evidence that is required, I hope that this will allow you to provide your reply. I understand from your e-mail that your holiday may start after 5 August 2011 and the ombudsman would therefore request your final representations by this date. As mentioned in my earlier e-mail you may send this to me either by e-mail or an e-mail attachment and I will ensure this is passed to the ombudsman. After 5 August 2011 the ombudsman will consider your case based on the information and evidence that we hold, including any additional information that you by this date.

Whilst I cannot provide a specific date for the ombudsman to complete her review and issue her findings I am conscious that an ombudsman's Final Decision document does contain a timescale, usually one month after the date of the Final Decision, for you to either accept or decline the decision. This is done by returning an acceptance / rejection slip attached to the Final Decision letter. Once a Final Decision has been issued the ombudsman will not enter into any further discussion about the merits the case. If you will let me know when you are due to return from your holiday I will inform the ombudsman so that the timescale for the return of the acceptance / rejection slip can take account of when you are away, so as to not disadvantage you.

I appreciate that the content of my e-mail will not be welcomed by you. But I hope that, having clarified the expectation of the ombudsman is only to be advised of any new evidence or information which has not previously been supplied, you will be able to reply by 5 August 2011.

The first line on the email was the best as I did not send them a letter with an attachment :rotfl:

Still not helpful, when I had to wait months for them to come back. I am sure they would save a ton of cost themselves by NOT sending a letter every month to people telling them of that there is a delay with the claim!

Intrested ot hear that FOS support Captial One, is it becuase they didn ot go to court? Is it that they try ot make out they are clean? I think not, they are in the boat as the others.

Hi john the problem and it's one that capital one exploit to there advantage is that they sell there cards and ppi on a non advised basis this means (according to them) that you have to make sure the card and insurance is suitable for you,so in effect you have to become an insurance salesman) so to speak,confusing and a down right con as the minute they get caught out they bleat "non advised" this is there get out of jail free card.