PPI Reclaiming Discussion part 4

Placida

Armed with last week's success(money in bank) with my Barclay loans I decided to phone and register my complaint for mis sale of a monthly overdraft protection of £20(no longer having an overdraft):j

After a few annoying minutes, trying to explain to the girl that I could cancel it and it was optional-she thought I was trying to cancel the account monthly fee:( I was passed to the manager who was extremely helpful. Credit where it is due.

She told me that this month's £20 has not been charged even though account fee due on same day has! She asked if I'd cancelled it which I haven't so she didn't know why it had. Gremlins!!

Told her that I had been successful last week about mis sale of loan ppi and I had asked for recalculation re my current loan payments. She offered to look into this and added several more notes though she said she couldn't tell me honestly when I would hear. I asked if I could add on this complaint to other as it was still open but unfortunately not as they are different policies and I have to go through the whole process again. She sounded very positive and as my last complaint was dealt with within 11 weeks perhaps more money in the new year. Just my BOS loan to do now. Fingers crossed!

dilus

Placida wrote: »

Armed with last week's success(money in bank) with my Barclay loans I decided to phone and register my complaint for mis sale of a monthly overdraft protection of £20(no longer having an overdraft):j

After a few annoying minutes, trying to explain to the girl that I could cancel it and it was optional-she thought I was trying to cancel the account monthly fee:( I was passed to the manager who was extremely helpful. Credit where it is due.

She told me that this month's £20 has not been charged even though account fee due on same day has! She asked if I'd cancelled it which I haven't so she didn't know why it had. Gremlins!!

Told her that I had been successful last week about mis sale of loan ppi and I had asked for recalculation re my current loan payments. She offered to look into this and added several more notes though she said she couldn't tell me honestly when I would hear. I asked if I could add on this complaint to other as it was still open but unfortunately not as they are different policies and I have to go through the whole process again. She sounded very positive and as my last complaint was dealt with within 11 weeks perhaps more money in the new year. Just my BOS loan to do now. Fingers crossed!

Well done and good luck with BOS

kate_y81

Hi,

We received our PPI premiums back in January 2011. We then made a complaint about the mis-selling of the PPI and have had our complaint upheld. They have offered us a settlement but I'm struggling to get my head around it. Essentially, they are saying they will refund the PPI premiums made which total £9622.99. We have also been offered 8% in the sum of £1734.62. Total of £11,357.61.

They then go on to say that the interest incurred due to the PPI is £8709.27.

However, when they have done the illustration of how this will apply to our loan they have said that if we choose to have the £11,357.61 they will deduct the interest charged from our loan but will then add on the £9622.99 to our loan balance, increasing the balance due.

If we apply the refund to our loan then they will only deduct the interest of £8709.27 and not the premiums too.

I'm really struggling with this as I thought that if they were offering us a refund they couldn't then decide to just add parts of it back to our loan??? Is this correct?? Is this because we've already received our premiums back in a lump sum earlier this year?? Seems a bit mad if they can just increase our loan because of their misselling.

We need to reply to their offer within 10 days and I'm hoping someone can tell me if this is normal and we should accept the offer or whether this is more Firstplus tactics and we should push on to the Ombudsman.

Thanks in anticipation.

Kate

cappo

gingamonkey wrote: »

Cool, thanks!

I'd calculated the total PPI payments I'd made (inc. interest) with 8% additional interest added as a percentage of the total, forgetting that earlier payments made back in 2008 would generate more interest than more recent payments.

According to this calculator, if I get a refund I stand to gain nearly £6,700, as well as be over £120 a month lighter in PPI payments for the next 17 years!

Please let it happen! Thanks amersall :beer:

Fingers crossed for you ginga:cool::cool::cool::cool:

viccaleva

Hi guys, I'm 12 weeks into a 16 week wait with HSBC, any ideas if this is likely to be a good or bad thing? Had the 8 week letter to say still looking into complaint.

beamerguy

NEW for all those having problems with EGG (Barclays)
http://www.youtube.com/watch?v=qXbNl944Oec

MARTIN LEWIS ON WATCHDOG
http://www.youtube.com/watch?v=2o1nhVZiuzg

MBNA - LLOYDS - ST.ANDREWS PPI FRAUD
http://www.youtube.com/watch?v=rz686fmXzpE

ROYAL BANK OF SCOTLAND -- ROGUE TRADERS
http://www.youtube.com/watch?v=PE7ptfZAcqw

THE GREAT UK BANKING FRAUD
http://www.youtube.com/watch?v=Jy69qxhRV9k

UK BANK SCAMS
http://www.youtube.com/watch?v=DOAfgSlniG8

bertatswad

:mad:

bertatswad wrote: »

Hi, I am now into week 21 of a claim on a single premium policy sold to me in 2005 alongside my mortgage. Although i have had 3 holding letters i keep getting the same response which is still investigating will respond hopefully in the next 4 weeks. :mad: I am really starting to get frustrated as my last letter from them was 7 weeks ago and no answer to my emails, if i phone i get the same response, we are still investigating, Thankyou for your patience. But my patience is now wearing thin :mad: They have had much longer than 8 weeks. What is my next step ? Didn't really want to go to the Ombudsman due to the timescales.

:mad:Hi, after 26 weeks of waiting for a response, and no contact since August and sending numerous emails with no reply, i phoned to ask for an update. My answer was you have claimed on the policy so you'll get nothing back and it is not worth restructuring your mortgage !!:mad: so yes i did claim for 6 months on the policy, but i am now left to pay for this policy for the 25 years of my mortgage and i was only covered for the first 5 years. I am so angry as i have worked out i will pay far more for this policy over the term of my mortgage than i actually claimed !! They said i would receive a response with their calculations 2 weeks ago and i still haven.t received this. Am i right with thinking that under FSA guidelines that the loan should still be restructured even though i have made a claim? I will now take this to the FOS and have already spoken to them and they are sending the forms out. I am so mad as i have still not received a final response:mad:

di3004

bertatswad wrote: »

:mad:
:mad:Hi, after 26 weeks of waiting for a response, and no contact since August and sending numerous emails with no reply, i phoned to ask for an update. My answer was you have claimed on the policy so you'll get nothing back and it is not worth restructuring your mortgage !!:mad: so yes i did claim for 6 months on the policy, but i am now left to pay for this policy for the 25 years of my mortgage and i was only covered for the first 5 years. I am so angry as i have worked out i will pay far more for this policy over the term of my mortgage than i actually claimed !! They said i would receive a response with their calculations 2 weeks ago and i still haven.t received this. Am i right with thinking that under FSA guidelines that the loan should still be restructured even though i have made a claim? I will now take this to the FOS and have already spoken to them and they are sending the forms out. I am so mad as i have still not received a final response:mad:

Hi

Even if you've made a successful claim, you are still entitled to reclaim on the remaining depending on your reasons, and depending on how long you have been paying the PPI, in your case it continues into the 25 year term so you have good grounds to reclaim on this type of policy.

As its not final, you can write back to them with further information, tell them you are disapppointed with the outcome of your complaint, as these polices are frowned upon, and its not fair that you should be paying this over the 25 year term.
Tell them you believe they overlooked your complaint and as you have genuine reasons to make a reclaim, and as a valued customer you are requesting they review this matter.

Good luck.

amersall

gingamonkey wrote: »

Cool, thanks!

I'd calculated the total PPI payments I'd made (inc. interest) with 8% additional interest added as a percentage of the total, forgetting that earlier payments made back in 2008 would generate more interest than more recent payments.

According to this calculator, if I get a refund I stand to gain nearly £6,700, as well as be over £120 a month lighter in PPI payments for the next 17 years!

Please let it happen! Thanks amersall :beer:

Fingers crossed,if they come back with a "no" and we will take it from there.
They may try this to eke out the claim,but dont worry we can sort this.

cappo

bertatswad wrote: »

:mad:
:mad:Hi, after 26 weeks of waiting for a response, and no contact since August and sending numerous emails with no reply, i phoned to ask for an update. My answer was you have claimed on the policy so you'll get nothing back and it is not worth restructuring your mortgage !!:mad: so yes i did claim for 6 months on the policy, but i am now left to pay for this policy for the 25 years of my mortgage and i was only covered for the first 5 years. I am so angry as i have worked out i will pay far more for this policy over the term of my mortgage than i actually claimed !! They said i would receive a response with their calculations 2 weeks ago and i still haven.t received this. Am i right with thinking that under FSA guidelines that the loan should still be restructured even though i have made a claim? I will now take this to the FOS and have already spoken to them and they are sending the forms out. I am so mad as i have still not received a final response:mad:

Hi bert i'm in total agreement with Di, this is a fob off decision
they have made the wrong call, it doesn't matter if you've claimed on the policy or not if it's a misale it's a misale don't be put off by there tactics, i've just been told that the hsbc mortgage ppi i'm claiming as misold is out of time as it was longer than 6 years ago so i've just sent in an official fos questionaire and a stronger complaint letter and a threat to take it to the fos as it's an active mortgage the statute of limitations doesn't apply, keep at em. the banks are telling people anything to put them off reclaiming now as they are obviously running out of funds.