PPI Reclaiming Discussion part 4

maxdp

Moni1509 wrote: »

Turbo, please do you think you could take a look at this for me?
and di3004 thanks for the link and advice.

Hi I am new to this brilliant forum and need some help. Apologies for the ESSAY in advance.

I am currently in the process of reclaiming PPI from HSBC. I have had a letter to say HSBC will uphold my complaint, proposing to repay the outstanding balance on my existing personal loan and offer me a refund of £2,754.85. I have to accept this offer by 26th March. I am over the moon as you can imagine, however, they had previously asked me to provide them with a copy of a policy from 1999 as their records didn’t go back that far, so I did. Looking at the breakdown provided to me for this offer, it does not include any refund for the 1999 loan.

I thought maybe it would be a good idea to send them another copy of the 1999 loan along with copies of my bank statement showing my monthly repayments. On checking the statements, I noticed that HSBC have debited my account upfront for the amount of the loan premium. So now I am confused, as I double checked the policy documents and my monthly repayment included PPI and interest on PPI of £19.38. This has happened on all the loans I have had with them. Have I been swiped twice or am I missing something?????

Also, I am not sure how they have calculated the interest or some of the other figures to be honest. This is one of the calculations they have provided me with:
Original PPI: £1,910
Term of loan: 5 years
APR of loan: 7.9%
12 premiums paid
(from 27/02/01 to 27/03/03) £460.55
Plus taxable interest at 8% £17.21
Plus refund of costs incurred
for early settlement £417.52
Loss at date loan was repaid £895.28
Plus taxable interest at 8%
From date loan was repaid to date £435.91
SUBTOTAL £1,331.19

For a start, from 27/02/01 to 27/03/03 is not 12 months but 25 months and by my calculations:

premiums paid is (£38.39x25) £959.62
plus 8% £75.81
plus refund of costs incurred for
early settlement £417.52
Loss at date loan was repaid £1,452.95
Plus taxable interest at 8%
From date loan was repaid to date £711.35
SUBTOTAL £2,164.30

So should I go back to HSBC telling them I will accept the offer but state that they need to revise their figures to include the above calculation and to include the 1999 loan and query why they have debited the PPI for all the loans upfront and then included it in my monthly repayments??????

Is there anyone that has had a similar experience and/or can advise me how to proceed fast as I am conscious of the 26/03/09 deadline.

Moni

Hi Moni

I can only comment about the PPI showing on your bank statement

I have had the same with one of the Loan PPI's that I am claiming back as soon as the loan was but into mey account the same day the PPI amount was taken back out to obviously pay to the PPI Provider.:rolleyes:

maxdp

showergirl wrote: »

Hiya Di,

I have just received the letter from the FOS offering me my settlement. I will have to wait till my other half gets in tonight as we both need to sign it.

What a good couple of months we are having with the success rates. I am so pleased that things are moving for everyone as times are hard and this money will certainly help some get back on their feet.

I have decided to send the letter off to the FOS and give Tesco a ring in a couple of weeks to make sure things are on track.

I would like to thank you all for your help and wish everyone well for the future:A

P.S have a drink on me you deserve it

Hi Showergirl am glad that you have had success with your claims you deserve it. Well done.:T

Turboman

maxdp wrote: »

Hi Moni

I can only comment about the PPI showing on your bank statement

I have had the same with one of the Loan PPI's that I am claiming back as soon as the loan was but into mey account the same day the PPI amount was taken back out to obviously pay to the PPI Provider.:rolleyes:

Aha---preumably instead of merely depositing the Cash Advance Loan into your account--they (for their accounting purposes) deposited the Cash Advance Loan+PPI Loan SPI and then took out the PPI Loan Amount.

That would be still correct.

Yes-The PPI SPI is to pay Brokers Commission/Lenders Commission/my Uncle Tom Cobbley's commission/ and the residue to the actual insurer-lol

cot1198

Hi all

not posted for a while , nothing to report on my claims as they are still with the FOS coming up to five months now.

Is it just me or are claims going in waves at the moment.
at one point we had loads of wins from HSBC and RBS, then A&L and now quite a few of knock backs from HSBC.

Makes you think these banks are upholding all claims for a few weeks then turning down claims for a few weeks then going back to upholding again.
Is it an attempt to balance out payed out claims and unpaid claims?
or is that just me being suspicious

di3004

cot1198 wrote: »

Hi all

not posted for a while , nothing to report on my claims as they are still with the FOS coming up to five months now.

Is it just me or are claims going in waves at the moment.
at one point we had loads of wins from HSBC and RBS, then A&L and now quite a few of knock backs from HSBC.

Makes you think these banks are upholding all claims for a few weeks then turning down claims for a few weeks then going back to upholding again.
Is it an attempt to balance out payed out claims and unpaid claims?
or is that just me being suspicious

Hi hun
Its lovely to hear from you.:T

How are you?

I hope you get some good news very soon, and yes your right, there seems to be a great lot of wins for a week or 2 then suddenly it narrows down again, fingers crossed everyone will be posting up again very soon with loads of wins.:beer:

Good luck with yours hun.

Di
X

maxdp

Turboman wrote: »

Aha---preumably instead of merely depositing the Cash Advance Loan into your account--they (for their accounting purposes) deposited the Cash Advance Loan+PPI Loan SPI and then took out the PPI Loan Amount.

That would be still correct.

Yes-The PPI SPI is to pay Brokers Commission/Lenders Commission/my Uncle Tom Cobbley's commission/ and the residue to the actual insurer-lol

Tee Hee That is the one Turboman:D All above board.

It is with Solicitors at the moment. They have queried this and have had to send my bank statement in to prove it.

maxdp

cot1198 wrote: »

Hi all

not posted for a while , nothing to report on my claims as they are still with the FOS coming up to five months now.

Is it just me or are claims going in waves at the moment.
at one point we had loads of wins from HSBC and RBS, then A&L and now quite a few of knock backs from HSBC.

Makes you think these banks are upholding all claims for a few weeks then turning down claims for a few weeks then going back to upholding again.
Is it an attempt to balance out payed out claims and unpaid claims?
or is that just me being suspicious

Hi Cot

Yes you are right it does seem to go like that at the moment. I do wonder whether the FOS for instance take on one provider at a time to sort out I have had this with some of my claims in with FOS and when mine paid out I noticed lots on the success thread on here as well. I have always thought this but have no evidence.

Toffee_Penny

Hi guys! :beer: Hope you can help me?


Monument sent a letter offering a refund of £1200, I wrote back special delivery on 17th February to accept.

OH received two letters at MUM's HOUSE :mad: one from Monument to say debt been sold on to Lovell's on 27th February and one from Lovell's to say we now own the debt. Thing is the debt stands pre-refund amount

So what do I do now? Apart from don balaclava and rope and storm into Monument Head Office :rotfl:

I'm sorry if I am in the wrong section Has this happened to others claiming back ppi? The creditor passes the debt on before paying out?

Thanks

Rachel

ps we did have the 2 cheques from Halifax today :T

amersall

Toffee_Penny wrote: »

Hi guys! :beer: Hope you can help me?


Monument sent a letter offering a refund of £1200, I wrote back special delivery on 17th February to accept.

OH received two letters at MUM's HOUSE :mad: one from Monument to say debt been sold on to Lovell's on 27th February and one from Lovell's to say we now own the debt. Thing is the debt stands pre-refund amount

So what do I do now? Apart from don balaclava and rope and storm into Monument Head Office :rotfl:

I'm sorry if I am in the wrong section Has this happened to others claiming back ppi? The creditor passes the debt on before paying out?

Thanks

Rachel

ps we did have the 2 cheques from Halifax today :T

hi not 100% sure but they may have their wires crossed , i would phone them and i am sure it will be sorted out, they may not have recieved your letter of acceptance, i have never heard of a debt passed over when you have a letter saying they will refund you, there are a lot of bright people on here and i know you will be given good sound advice, good luck

EllBee

di3004 wrote: »

Hi hun

I feel you will get a good outcome out of this one, especially as it involves that loan company, and normally if the first adjudicator thinks it should be upheld the case continues......;)
Good luck and hope you hear real soon.

Good for you as well to move on with the others with the FOS.
I take it they would not higher the amount for you then?
Did you ask them first if they would?

I do hope I get a good outcome. I'm still waiting to hear but will keep you updated!

As for the NatWest one I haven't asked them about increasing the amount. It never occurred to me, I just thought I'd go straight to the FOS now. RBS did send me all the info regarding the FOS so I assumed that would be the end of negotiations with them!

I have a cold and am feeling grumpy and pessimistic now! :sad:

Hope you're well Di.