PPI Reclaiming Discussion part 4

amersall

kate_y81 wrote: »

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

Hi there, Niggly knows how this works,waut and see if he comes on to help you.

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.

This is because you have the ppi back,if they give you this amount back,the ppi stays on the loan,as you cant have this twice.

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

Do they say you get the premiums back to you?.

As you had the cashback,they have to take this into account.
With either of the offers does your loan reduce by the ppi monthly amount and your loan reset?,they have offered this option to people who have had the cashback.

beverleykim

Fatigue forces Lloyds chief's break

@import url( http://db3.stc.s-msn.com/br/csl/css/23AA27A79E3687063673C2CD56F30E46/twtutility.css );




Lloyds boss Antonio Horta-Osorio was told to take a break by doctors



Taxpayer-backed Lloyds Banking Group has been thrown into chaos as its boss took an unexpected leave of absence due to illness.
Antonio Horta-Osorio, who became Lloyds chief executive in March, is understood to be suffering from fatigue due to overwork and has taken leave following medical advice.
The 47-year-old, who is expected to return before the end of the year, was in the midst of implementing his strategic vision for the bank, which includes overseeing an EU-imposed sale of 632 branches, a revamp of its Halifax brand and around 15,000 job losses.
In a statement, Lloyds said: "The board of Lloyds Banking Group announces that following medical advice Antonio Horta-Osorio is taking a temporary leave of absence from his duties as group chief executive of the bank due to illness. Antonio is expected to return to his position before the end of the year."
Lloyds, which is 40.2% state-owned, said its board will meet later this morning to agree interim arrangements which will be announced in due course.
Shares in the bank fell 1.5% after Lloyds confirmed Mr Horta-Osorio's leave - but had already been under pressure amid increased uncertainty in the eurozone.
Group finance director Tim Tookey is understood to be lined up to stand in for Mr Horta-Osorio, however, Mr Tookey is leaving the company in February to join life assurer Friends Life.
Mr Horta-Osorio, who was absent from a parliamentary committee meeting on Tuesday, takes leave less than a week before the banking giant is due to reveal its third-quarter results.
Lloyds reported a £3.3 billion pre-tax loss in the six months to June, compared with a £1.3 billion profit last year, as the cost of the payment protection insurance (PPI) scandal took its toll.
Stripping out the provision set aside for customers mis-sold PPI, the bank saw underlying profits plunge 31% to £1.1 billion as it struggled with the "subdued" economic climate.

amersall

Am i right with thinking that under FSA guidelines that the loan should still be restructured even though i have made a claim?

When you win mis sell,the whole ppi should be taken off the balance,i assume this works in the same way as a loan,with it being a mortgage it may be different,check with the FOS.

If it is the same redress as a loan,you get the monthly payments back to you that have been paid to date with 8%, they take off the amount that you claimed on the insurance,your monthly payment should go down by the ppi monthly amount.

amersall

sammy87 wrote: »

Hi. I was just wondering whether someone could help us. I have read all the information on reclaiming ppi but still unsure of what to do fist.
My husband took a credit card out with halifax nearly 6 years ago. The first few years he hardly used it and when he did, he repayed it very quickly. However in the last few years we have used it more frequently and have quite a large balance on it. We have just realised on our last statement we have payed 'repayment cover'. We havent got all our statements as we tend to shred them. I have a couple however, and have noticed we have been charged 'repayment cover' on those too. My husband never thought he had taken any insurance out with the card as he has his own private insurance policy and therefore has never needed it and doesnt want it.
Do you think we can reclaim? and where should i start?

Hi there,look here for reasons for mis sell
http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance#step2

If any/all apply to you then put a claim in,on this link is all you need to know to make a claim,all you need is the credit card number,ring Halifax complaints and they sometimes take your complaint over the phone.
http://www.halifax.co.uk/contactus/howtocomplain/complain-about-ppi/

amersall

gem31 wrote: »

Hi. I have had several credit cards over the past few years and have 4 now, 2 of which i do pay protection on :-( How can i check if id been paying PPI on my old ones or not? Would a company look into it for me if i have the credit card company names but no paperwork??
Thanks

Do this yourself and dont get a company to do it for you,they take a % of any win and they do no more than you can do your delf.
Send a SAR to the credit card companies,one for each cc if they are with different banks,donr forget to include the £10.
Just ask for all information they hold on you and this will give you all you need.
Some banks give you this info over the phone so it may be worth giving them a ring.

azza082

beamerguy wrote: »

chase them up, remind them they are overdue

Phoned mbna... extended deadline by 2 weeks!!

beamerguy

beverleykim wrote: »

Fatigue forces Lloyds chief's break

@import url( http://db3.stc.s-msn.com/br/csl/css/23AA27A79E3687063673C2CD56F30E46/twtutility.css );




Lloyds boss Antonio Horta-Osorio was told to take a break by doctors



Taxpayer-backed Lloyds Banking Group has been thrown into chaos as its boss took an unexpected leave of absence due to illness.
Antonio Horta-Osorio, who became Lloyds chief executive in March, is understood to be suffering from fatigue due to overwork and has taken leave following medical advice.
The 47-year-old, who is expected to return before the end of the year, was in the midst of implementing his strategic vision for the bank, which includes overseeing an EU-imposed sale of 632 branches, a revamp of its Halifax brand and around 15,000 job losses.
In a statement, Lloyds said: "The board of Lloyds Banking Group announces that following medical advice Antonio Horta-Osorio is taking a temporary leave of absence from his duties as group chief executive of the bank due to illness. Antonio is expected to return to his position before the end of the year."
Lloyds, which is 40.2% state-owned, said its board will meet later this morning to agree interim arrangements which will be announced in due course.
Shares in the bank fell 1.5% after Lloyds confirmed Mr Horta-Osorio's leave - but had already been under pressure amid increased uncertainty in the eurozone.
Group finance director Tim Tookey is understood to be lined up to stand in for Mr Horta-Osorio, however, Mr Tookey is leaving the company in February to join life assurer Friends Life.
Mr Horta-Osorio, who was absent from a parliamentary committee meeting on Tuesday, takes leave less than a week before the banking giant is due to reveal its third-quarter results.
Lloyds reported a £3.3 billion pre-tax loss in the six months to June, compared with a £1.3 billion profit last year, as the cost of the payment protection insurance (PPI) scandal took its toll.
Stripping out the provision set aside for customers mis-sold PPI, the bank saw underlying profits plunge 31% to £1.1 billion as it struggled with the "subdued" economic climate.

Hi Bev, as the link does not connect above, here is one that everyone can look at
http://www.moneymarketing.co.uk/regulation/lloyds-chief-horta-osorio-to-step-back-on-health-grounds/1040694.article

Whilst none of us want to see people getting sick, regardless who they are, the old saying "what goes around comes around" is very applicable here, all the people who these bankers have stressed out, got sick, had payments on PPI's refused, all the stress of us dealing with these nasty bankers, I do not think they will be any remorse that Osorio has gone sick.
QUESTION IS, will the company who does his PPI, honour his claim ???

beamerguy

PPI compensation rockets

http://www.moneysavingexpert.com/news/insurance/2011/11/ppi-compensation-rises?utm_source=forum&utm_medium=sidebar&utm_campaign=box

beamerguy

Lloyds reports £3.3bn loss after PPI costs

http://www.moneymarketing.co.uk/regulation/lloyds-reports-%C2%A333bn-loss-after-ppi-costs/1035706.article

And when you look at this report going back to August, any CEO would either resign or go sick

kate_y81

[/QUOTE]Do they say you get the premiums back to you?. [/QUOTE]

Hi,

Thanks for explaining about the £9k PPI premiums though I'm still a little confused. We received just under £15k in cashback in January so I'm not sure where the £9k figure has come from. Any ideas? I don't recall seeing anyhting on the paperwork other than it being premiums.

[/QUOTE] As you had the cashback,they have to take this into account.
With either of the offers does your loan reduce by the ppi monthly amount and your loan reset?,they have offered this option to people who have had the cashback.[/QUOTE]


In the acceptance letter the £9k figure is used and they state the loan will reduce by this amount. However, the illustration only uses the £8k interest figure. So the loan will reduce by the interest figure and apparently not the £9k premium figure as stated in the accpetance documentation. I'll double check the paperwork when I get home this evening but I'm guessing from what you've said that the loan won't reduce by the premiums because we've already had those.

thanks

Kate