PPI Reclaiming Discussion part 4

Placida

Placida wrote: »

I am waiting for Barclays to review my complaint about mis sold PPIs & have been told to expect their decision by November 4th. I have had successive personal loans in 2004 (with PPI), refinanced in Feb 2005, November 2005 (PPI), November 2007 & December 2010 which is still in force.

When looking through paper work this weekend, I noticed the amount for my loan in Nov 2007(£16900 no PPI)) was less than the previous loan Nov 2005 (£17, 7000 with PPI) after 23 payments of £399.63 x 23 = £9 191.49.
I then had a "light bulb moment" & seem to remember talking to bank & saying I didn’t need PPI as I was a teacher & hence the new loan. I do not have the settlement figures so I don’t know how they calculated new £16,900 loan amount.

Nov 2005
Amount of loan: £17,700 + Premium loan £5,334.19
Total charge for credit: £8,095.56 + £2,439.17
Total amount payable: £25,795.56 + £7773.36
Monthly payment: £307.09 + £92.54
Interest 11.435% p.a.
payments 84

Nov 2007
Amount of loan: £16,900
Total charge for credit: £3,135.80
Total amount payable: £20,035.80
Monthly payment: £333.93
Interest 6.910% p.a.
payments 60

My questions are
1. If Barclays agreed to cancel my PPI in Nov 2007 does this mean they will have to agree they mis sold ppi in 2004 (My circumstances were the same)
2. Will Barclays now follow FOS guidelines for “successive single premium payment protection insurance” to recalculate the all my loans & the payments up to my present one, to what they would have been if I had taken the first loan in 2004 without PPI & pay me compensation?
I would really appreciate some help. Should Request a SAR now or wait for their decision?

Thanks I would be so grateful for any advice

just wondered if any one could help me with this please?

Rockbird_2

Some good news! I received a letter from the ombudsman on Saturday and quote from it:

"I am writing to you about your complaint concerning the payment protection insurance (PPI) you took out with MBNA.

Following our involvement MBNA has told us that it would like to make an offer, as a gesture of goodwill and with no admission of liability, to settle your complaint.

It has told us that how much compensation you will receive will be based on the general approach the the Financial Ombudsman Service takes when we decide that a consumer has been mis-sold PPI. MBNA will calculate the exact amount you will receive if you decide to accept its offer.

(And they go on to explain the offer and several scenarios that would apply). In my case, they go on to explain (and I quote again):

"The financial business should:

A carry out a hypothetical calculation to determine what the current balance of the account would have been if the consumer had not taken out PPI. When calculating the revised balance it should:
- assume the consumer would have made the same payments to their account each month without PPI;
- remove the PPI premiums and the interest and charges that resulted from those premiums (including those arising because the ongoing monthly balance of the account was higher than it would have been if the consumer had made the same payments to any account without PPI);

B pay interest at 8% simple per year on any credit balance identified by the calculation for the period that the account would have remained in credit;

C pay the consumer the difference between the revised balance and the consumer's actual balance; and

D send the consumer details of how the revised balance, the difference and the interest were calculated."

I should hear back from MBNA within 10 weeks and if I don't am to contact the ombudsman again.

So, it's taken a bit of time, I have won! I made my point, which was just refunding PPI was not 'putting me back in the position I would have been in if I had not paid PPI' because the monthly payments I made did not clear the balance completely as a lot of it had to pay PPI - see the example from my previous post below.

I was offered an apology some time ago, via the ombudsman, but did not want to accept and apology with no admission of wrongdoing or an offer to put it right, so chose to pursue on principle really, thinking that I'd rather accept a decision made by the ombudsman if it turned out that they upheld the bank's stance. However, I have now come out (or will when I get the money!) on top. Underdog - 1, big financial corporation - 0!

Rockbird wrote: »

Thanks for that, but I'm still not so sure! If my minimum payment that I have to pay includes a PPI amount and I pay the whole minimum payment, then if I had not had the PPI, the amount I paid would take more off the balance.

Just having dug out an old statement from April, I can give and example:

Balance previous statement £6595.25
Payment received £200.00 cr
Payment protection Cover on balance of £6595.25 £52.51
Interest charged £129.50
New balance this sheet £6577.26
Payment due date 12 May 10
Available to spend £122.74
Minimum payment £187.01
New balance this statement £6577.26

There it all is, listed in black and white - so I made a payment of £190 and £52.51 of that will have paid the PPC (PPI). So, instead of reducing the balance of the credit card loan by £190, it was only reduced by £137.49.

This is NOT putting me back in the position I would have been in if PPI had not been included. Admittedly, if the PPI was not on there in the first place, then the minimum payment required would have probably been less and I may have paid less back each month, but that doesn't alter the fact that I paid at least what I was being asked to pay each month and my balance was hardly reducing because of this - plus, of course, I was mis-sold the PPI in the first place.

That's my logic, anyway. Though I did say I didn't have a head for figures - especially at this time of the morning...!

sunny8_2

Hi Guys, Congratulations to all winners today..:T:Tthere are some big one's in there :money::money: BRILLIANT!!

Just after some advice please...my claim has been in with CB & i emailed them yesterday after they said they would be in touch with a positive update...well..they never got in touch so i emailed them and the reply this morning was that they need to speak to me with regards to my claim ...Has anyone else had this? I know Smitchy had mentioned that someone had rang his OH before but didnt elaborate on what was said.

Anyway, lady rang me this afternoon & i was at work so i told her i would ring her back at 9 am tomorrow....the thing is i'm feeling really nervous & i dont want her to put words in my mouth :o... I was just wondering what to say to her...in my complaint i stated that the loans were always conducted in the bank and i was advised that it was looked upon as favorable when ppi was added, and not having the most gleaming credit history i was influenced by this advice, also, i was never really explained to what ppi was all about as i already had private policies to cover what the ppi could have offered me......

Is there any other advice/guidance you guys could give me as what to say when i call her.....i am a nervous wreck as i am not the confrontational type at all

Thank you very much :) xx

pepeaiket

I have been following the posts on this website in my lunch hour for months and after following all the advice from others I have successfully reclaimed all PPI paid on previous Bank Loans (as far back as 1994!)

I will post my details on the other thread for successes.

I didn't try reclaiming the Credit Card PPI until July. I have been a customer with Clydesdale Bank since 1991 and both myself and my husbands salaries have been paid in since that date. I am an NHS employee and as such have sick pay cover for 6months full pay and six months half pay.

I received a letter saying my complaint had not been upheld and they sent me the original application which had been ticked as no and then scored out and decided yes we would want the PPI cover. However, on the letter they said "please provide documentary evidence to support the assertion that yuor policy was unsuitable as you had existing accident, sickness, unemployment and life cover at the time of the sale.........within a period of two months. I sent a P60 dated 1996 which proved Superannuation and a copy of our Life insurance policy.

I received a letter about three weeks later stating "I have carefully reviewed your complaint and the investigation carried out and I am unable to overturn the decision. Please note that the PPI is designed to protect loan repayments only and any other income you myay have qualified for would have been available to meet your regular commitments......................."

I emailed their CEO and got a phone call from a very nice lady to say that they still were not going to uphold my claim and if I was not satisfied to go to the Ombudsman

I apologise for being so long winded but I would like the Experts view on this please!!

di3004

Rockbird wrote: »

Some good news! I received a letter from the ombudsman on Saturday and quote from it:

"I am writing to you about your complaint concerning the payment protection insurance (PPI) you took out with MBNA.

Following our involvement MBNA has told us that it would like to make an offer, as a gesture of goodwill and with no admission of liability, to settle your complaint.

It has told us that how much compensation you will receive will be based on the general approach the the Financial Ombudsman Service takes when we decide that a consumer has been mis-sold PPI. MBNA will calculate the exact amount you will receive if you decide to accept its offer.

(And they go on to explain the offer and several scenarios that would apply). In my case, they go on to explain (and I quote again):

"The financial business should:

A carry out a hypothetical calculation to determine what the current balance of the account would have been if the consumer had not taken out PPI. When calculating the revised balance it should:
- assume the consumer would have made the same payments to their account each month without PPI;
- remove the PPI premiums and the interest and charges that resulted from those premiums (including those arising because the ongoing monthly balance of the account was higher than it would have been if the consumer had made the same payments to any account without PPI);

B pay interest at 8% simple per year on any credit balance identified by the calculation for the period that the account would have remained in credit;

C pay the consumer the difference between the revised balance and the consumer's actual balance; and

D send the consumer details of how the revised balance, the difference and the interest were calculated."

I should hear back from MBNA within 10 weeks and if I don't am to contact the ombudsman again.

So, it's taken a bit of time, I have won! I made my point, which was just refunding PPI was not 'putting me back in the position I would have been in if I had not paid PPI' because the monthly payments I made did not clear the balance completely as a lot of it had to pay PPI - see the example from my previous post below.

I was offered an apology some time ago, via the ombudsman, but did not want to accept and apology with no admission of wrongdoing or an offer to put it right, so chose to pursue on principle really, thinking that I'd rather accept a decision made by the ombudsman if it turned out that they upheld the bank's stance. However, I have now come out (or will when I get the money!) on top. Underdog - 1, big financial corporation - 0!

Great work and Great news!:T Congratulations!:beer:

di3004

sunny8 wrote: »

Hi Guys, Congratulations to all winners today..:T:Tthere are some big one's in there :money::money: BRILLIANT!!

Just after some advice please...my claim has been in with CB & i emailed them yesterday after they said they would be in touch with a positive update...well..they never got in touch so i emailed them and the reply this morning was that they need to speak to me with regards to my claim ...Has anyone else had this? I know Smitchy had mentioned that someone had rang his OH before but didnt elaborate on what was said.

Anyway, lady rang me this afternoon & i was at work so i told her i would ring her back at 9 am tomorrow....the thing is i'm feeling really nervous & i dont want her to put words in my mouth :o... I was just wondering what to say to her...in my complaint i stated that the loans were always conducted in the bank and i was advised that it was looked upon as favorable when ppi was added, and not having the most gleaming credit history i was influenced by this advice, also, i was never really explained to what ppi was all about as i already had private policies to cover what the ppi could have offered me......

Is there any other advice/guidance you guys could give me as what to say when i call her.....i am a nervous wreck as i am not the confrontational type at all

Thank you very much :) xx

Hiya
Stick to your guns and do not worry, they may be ok and maybe just trying to get this resolved quicker.
Stay strong.

However, personally myself always ask them to correspond in writing only, this is because I keep copies in case of taking the complaint to the FOS.
If you don't feel comfortable about discussing these matters over the phone, have you the email address of whom to contact?

However, try not worry, you will be fine and as said above, stick to your guns.
Good luck xx:);)

di3004

pepeaiket wrote: »

I have been following the posts on this website in my lunch hour for months and after following all the advice from others I have successfully reclaimed all PPI paid on previous Bank Loans (as far back as 1994!)

I will post my details on the other thread for successes.

I didn't try reclaiming the Credit Card PPI until July. I have been a customer with Clydesdale Bank since 1991 and both myself and my husbands salaries have been paid in since that date. I am an NHS employee and as such have sick pay cover for 6months full pay and six months half pay.

I received a letter saying my complaint had not been upheld and they sent me the original application which had been ticked as no and then scored out and decided yes we would want the PPI cover. However, on the letter they said "please provide documentary evidence to support the assertion that yuor policy was unsuitable as you had existing accident, sickness, unemployment and life cover at the time of the sale.........within a period of two months. I sent a P60 dated 1996 which proved Superannuation and a copy of our Life insurance policy.

I received a letter about three weeks later stating "I have carefully reviewed your complaint and the investigation carried out and I am unable to overturn the decision. Please note that the PPI is designed to protect loan repayments only and any other income you myay have qualified for would have been available to meet your regular commitments......................."

I emailed their CEO and got a phone call from a very nice lady to say that they still were not going to uphold my claim and if I was not satisfied to go to the Ombudsman

I apologise for being so long winded but I would like the Experts view on this please!!

Hi there

First of all well done on your successes so far.:beer:
I take it then, this is the final response and they will not go any further on reviewing this again?
If this is the case have they mentioned the Financial Ombudsman Service (FOS)?
They should let you know in the final letter of your eligibility of the FOS, and maybe now this would be the best direction to take.

However, if you can think of anything else to add, although in my opinion I think you already had genuine reasons of making a reclaim, but if you feel they have not investigated this properly and missed anything you could write to let them know that and tell them your in mind of also contacting the regulator about this as well. (FSA).
Its just a suggestion, and maybe others on here will have other and better advice for you, but keep at them.

Fingers crossed x;)

smitchy73

pepeaiket wrote: »

I have been following the posts on this website in my lunch hour for months and after following all the advice from others I have successfully reclaimed all PPI paid on previous Bank Loans (as far back as 1994!)

I will post my details on the other thread for successes.

I didn't try reclaiming the Credit Card PPI until July. I have been a customer with Clydesdale Bank since 1991 and both myself and my husbands salaries have been paid in since that date. I am an NHS employee and as such have sick pay cover for 6months full pay and six months half pay.

I received a letter saying my complaint had not been upheld and they sent me the original application which had been ticked as no and then scored out and decided yes we would want the PPI cover. However, on the letter they said "please provide documentary evidence to support the assertion that yuor policy was unsuitable as you had existing accident, sickness, unemployment and life cover at the time of the sale.........within a period of two months. I sent a P60 dated 1996 which proved Superannuation and a copy of our Life insurance policy.

I received a letter about three weeks later stating "I have carefully reviewed your complaint and the investigation carried out and I am unable to overturn the decision. Please note that the PPI is designed to protect loan repayments only and any other income you myay have qualified for would have been available to meet your regular commitments......................."

I emailed their CEO and got a phone call from a very nice lady to say that they still were not going to uphold my claim and if I was not satisfied to go to the Ombudsman

I apologise for being so long winded but I would like the Experts view on this please!!

Hi pepe,

I think it might be a case of going to FOS, but if you were employed by the NHS then that should be enough to convince them that you had no requirement for loan protection or indeed card protection, as your sickness cover or redundancy cover and indeed if you needed to medically retire you would've been well looked after.

It seems Clydesdale are paying out on loans but not on credit cards, do you still have your original application form? If so does it match the copy that they sent you? If not I think you should be calling the cops as they have fraudulently changed a credit agreement to benefit them.

In the meantime contact FOS and if you had done one of their complaint forms to Clydesdale in the first place, just print off a new copy and print off your emails and note phone calls etc and conversations.

Some of the other may give you more advice.

sunny8_2

di3004 wrote: »

Hiya
Stick to your guns and do not worry, they may be ok and maybe just trying to get this resolved quicker.
Stay strong.

However, personally myself always ask them to correspond in writing only, this is because I keep copies in case of taking the complaint to the FOS.
If you don't feel comfortable about discussing these matters over the phone, have you the email address of whom to contact?

However, try not worry, you will be fine and as said above, stick to your guns.
Good luck xx:);)

Thank you di :) I will be awake all night!!hahaha. I would rather not speak but it wont kill me..i will let you know how i get on :)xx

fifi123_2

HI all
I recently successfully reclaimed PPI on my credit card of £3600 :jand received a chq for this amount even though I had an outstanding balance on the card of £4600. I then asked for a detailed calculation on how they worked this out and have received this, which shows a reconstructed balance outstanding of £1000. I've looked at these calculations (for hours on end:cool: and getting really confused) my question is do I now just owe them £1k because my statements still show that I owe them £4600. Confused.com to say the least
thanks in advance
Fi xx