PPI Reclaiming Discussion part 4

amersall

gboom2000 wrote: »

Morning, I posted this yesterday and it was quickly lost amidst a myriad of other posts, Can anyone help?

Hi there,well done on your win :j
Hopefully you should hear something shortly, i would give them a few more days.
They will have a lot to calculate and the pressure is on.

LynK_3

Rae115 wrote: »

(previously posted on wrong thread)


hi all and Lynk

I have today spoken with Barclay card. They have managed to obtain my statement going back to 2002 which confirms i did not have PPI. Earlier today i did fax them through an old letter which i found in the loft about accident death insurance. Reading the letter this was a free 60 day and then monthly premium. ( i only just opened the letter last night) so these premiums where being taken out since 2002.

As i said i didnt have ppi on the policy but from the info i sent her and her going through my statement i was paying for this accident death insurance. She did advise though it was not their ppi team that would deal with this as this was not ppi. i would need to claim this back from Stonebridge.

Fare enough i didnt open the letter until now but is this classed a miss sell???? and can i really claim this back.

She did advise she would send all info for me to put a claim in.

Rae - have u heard anything yet Lynk (i spoke to our friend)

not a dickeybird Rae, really don't know what to do next, the last time I spoke to PG was 3 weeks ago today and I offered to send the collection of statements I still have and he was to let me know, but haven't heard a thing, really don't know what to do next, did try to call but gave up after 1 hours 46 mins!! Do you have maybe an email address for either Cass or PG, if you have maybe you could Pm it to me. Keep me posted with yours, maybe someday soon we'll have good news to share!

Sorry to hear about your friends Mum Di.

Derwent

Miss_Marple wrote: »

Hello everyone. I wonder if someone could help me. I was getting quite excited about my offer letter from LloydsTSB and have been poring over the wording. In particular, the following is confusing me. After offering a refund of all the PPI premiums paid plus the 8% interest etc, the next paragraph says:

In addition, as your loan repayments have not yet been completed, we will amend your existing loan to reduce the monthly payment. This new monthly repayment sum will reflect what your monthly loan repayment would have been had you not purchased the PPI policy. As part of our offer to you we will also include a refund of premiums in connection with the PPI policies with the loans you opened on. We consider these loans in your offer becuase they refinanced the loan / PPI you complained about.

My situation was that in December 2001 I took out a 17500 loan and in February 2005 I missed 2 payments & went into a DMP and a new loan was taken out to settle the existing loan - new loan had no PPI and was for £8500, although only £7250 of that was to settle the existing loan. There is approximately £3000 left on this loan which is not ( and never has been) in arrears

So - does the above paragraph in the Lloyds offer mean that the refund will go against the new loan ? I must be being a bit thick as I've read the paragraph several times and each time keep coming up with a new interpretation. :embarasse If someone could clear the fog a little, I'd be very grateful.

You have to break this down into 3 parts :-

1. On the original loan you paid PPI premiums - you will get these back in cash

2. You say that Loan 2 did not have PPI, but that is not correct. It may not have had a PPI policy attached to it but remember that the amount you refinanced (i.e. the balance of Loan 1) included the balance of the original PPI policy. Therefore, in Loan 2, you carried on paying the original PPI even though you no longer had a policy, it just became part of an amount borrowed without segregation.

3. With regard to Loan 2, for the payments already made you will get back the portion which related to the original PPI policy from Loan 1 in cash. Then your future payments will also reduce by the monthly proportion that relates to the PPI. As an example, lets say your monthly payments include £20 of hidden PPI carried over from Loan 1 and you have paid 20 payments with 10 remaining - you would get back £400 (20 x £20) and your future 10 payments would be reduced by £20 per month.

It all hinges around your comment that you weren't paying PPI on Loan 2 - you were, you just didn't realise it !

Hope this makes things clearer for you.

bugsy161

buybee wrote: »

I will definately try this, thankyou for your help

Lloyds hold your records for 10 years.
In my case my credit card PPI went back to 1987.
They pay you back, plus interest, all they have on record going back the 10 years and then, whatever the last PPI payment they have on record is, they will use to determine what the refund will be for any payments before then.
This is fine if you have a large PPI payment in that particular month but not if it is a low payment, as in my case. eg, if you had a loan to clear your credit card 10 years and 1 month ago the monthly PPI will show nil as far as Lloyds are concerned and they will try to pay you nothing for anything further back than 10 years.
The FOS are still contesting the way that Lloyds calculated my redress beyond 10 years ago and I am still awaiting the result.
3rd October marks 4 years since I started my claim against Lloyds TSB but I am not going to let the b*****ds get away with one penny that should rightfully be mine.

Miss_Marple_2

Derwent wrote: »

You have to break this down into 3 parts :-

1. On the original loan you paid PPI premiums - you will get these back in cash

2. You say that Loan 2 did not have PPI, but that is not correct. It may not have had a PPI policy attached to it but remember that the amount you refinanced (i.e. the balance of Loan 1) included the balance of the original PPI policy. Therefore, in Loan 2, you carried on paying the original PPI even though you no longer had a policy, it just became part of an amount borrowed without segregation.

3. With regard to Loan 2, for the payments already made you will get back the portion which related to the original PPI policy from Loan 1 in cash. Then your future payments will also reduce by the monthly proportion that relates to the PPI. As an example, lets say your monthly payments include £20 of hidden PPI carried over from Loan 1 and you have paid 20 payments with 10 remaining - you would get back £400 (20 x £20) and your future 10 payments would be reduced by £20 per month.

It all hinges around your comment that you weren't paying PPI on Loan 2 - you were, you just didn't realise it !

Hope this makes things clearer for you.

Thankyou so much - it all makes sense now !

I really appreciate you taking the time to explain :T

nikkilala_2

mumofjanda wrote: »

Hi!

Thanks for this info. I'm struggling to put in a complaint to M &S as I have nothing except the loan account numbers (these go back to the 1990s)...no details of loan amounts,dates etc. Did you just put in a complaint covering all the loans and did you have to go into much detail on the phone. The easiest one I've had so far has been a 5 minute conversation with the PPI dept. of Santander stating it was mis-sold because single premium sold without any advice and we already had adequate cover (upheld 2 days later!). Do you think that this is enough to put in the letter?

Thanks for your help & good luck!!

Hi there, Mine might be different because it was Lloyds but all I gave was the loan account numbers, I didnt know how much they were for or the dates of them!All they wanted on the phone was my name, current address and what really surprised me was they didnt even ask why I was missold it! I gave them all the loan numbers in one phone call.
The ones that I have been successful with I've only ever said that I felt I wouldnt get the loan without taking the ppi and that I was never told that I could get it elsewhere cheaper. The ones that I have won have all been using the template letter.
I was really nervous phoning as I felt I might be given the third degree about the missell but nothing was said:) Go for it, you have nothing to lose and everything to gain:TWell done on your santander claim:T

DrSqueeze

gboom2000 wrote: »

Just got off the phone to them, as tomorrow is the last day of my 16 weeks, they've told me they're behind and are "hoping" to get a response to me next week. Can they just keep pushing back the date? 16 weeks is set by the FOS right? Is there anything I can do?

Keep chasing them, but I suspect with the volumes they're handling and the bank holiday they probably are genuinely behind. The Financial Services Authority (FSA) - rather than the Financial Ombudsman Service (FOS) - agreed to allow the banks extra time to respond to PPI complaints, but I've not seen a clear statement about what will happen when they fail.

You could try emailing the CEO:

[EMAIL="chiefexecutivehsbcbank@hsbc.com"]chiefexecutivehsbcbank@hsbc.com[/EMAIL]

It might also be worth notifying the FSA of this breach. The more people who bring it to their attention, the more chance of some action being taken.

conkerlily123

Hi Guys,
Can someone please offer some advice on this for me?
I have recently reclaimed for mis sold PPI that I took out on a FirstPlus loan that was settled early after just one year (full 12 months payment). I am unsure how much I should expect back as compensation.

Loan Details

Cash loan £35600.00
The PPI loan was £8718.44
Total Credit £44318.44
Monthly PPI payments of £84.01
Monthly loan payment £343.01
Total monthly payment £427.02
APR 8.4%
Loan Term 180 months

Settlement figure

Total payable under agreement £75067.89
Less rebate on early settlement -£33096.57
Plus admin charge £150.00
Total payable to settle £42121.32

The letter doesn't detail how much PPI was rebated. It states;

The rebate allowed has been calculated in accordance with the consumer credit (rebate on early settlement) regulations 1993, and include a rebate of the PPI premium (where appropriate).

Not sure if any PPI was rebated at settlement or not.

Derwent

conkerlily123 wrote: »

Hi Guys,
Can someone please offer some advice on this for me?
I have recently reclaimed for mis sold PPI that I took out on a FirstPlus loan that was settled early after just one year (full 12 months payment). I am unsure how much I should expect back as compensation.

In order to calculate it you'd need to provide the date of the first loan repayment and the amount of PPI rebate given in the settlement figure. As you don't know the rebate figure then it is impossible to calculate accurately, sorry.

anne47

I phoned RBS PPI claims dept this morning re my claim from June and was told that it was being calculated and they would get back to me as soon as they had the figures .