PPI Reclaiming Discussion part 4

cappo

angelita wrote: »

Good morning everyone! I'm hoping someone can help... I have a capital one credit card that I applied for in 2000 and have been charged for numerous over limit charges and missed payment charges which I have downloaded a template letter from here to claim back but I am now questioning whether I took out PPI too. I am quite sure I did but can I ask for this info at the same time as requesting a list of charges or do I have to request it separately? Ie do I need to send one letter with a £10 cheque or two?! I would really appreciate your help as I am a bit clueless on the whole thing to be honest! Many thanks in advance.

Hi angelita as i said to the downsman you could ask them but don't expect them to be entirely trueful i'd advise you both to ask the question if you get no joy, you could cca them which would be a £1.00 fee if they refuse to give you this sar them they have to comply with that info below




https://forums.moneysavingexpert.com/discussion/1475553

cappo

fioewi wrote: »

Hi
I have heard that they have extended the amount of years that you can go back for claims but not sure how long this now is - I had a couple of loans when the kids were younger around 10-12 years ago, one with Northern Rock and one with Alliance & Leicster, I have no documents to hand any longer but I have a inkling that I was asked to take payment protection in order to get at least one of those loans. Is it possible to go that far back for credit info with experian etc and thus make a claim?
Thanks
Fiona

Hi fiona you can go back much further it's ideal to have the paperwork but then how many of us do me included,my mate has just claimed on a LTSB credit card from 1988 without paperwork. experian might give you some account numbers if they don't a sar will see link below



https://forums.moneysavingexpert.com/discussion/1475553

angelita_2

cappo wrote: »

Hi angelita as i said to the downsman you could ask them but don't expect them to be entirely trueful i'd advise you both to ask the question if you get no joy, you could cca them which would be a £1.00 fee if they refuse to give you this sar them they have to comply with that info below



Thanks Cappo, so I should ask if I had ppi in the same letter that I am sending to ask for list of charges? And excuse my ignorance but what do you mean by cca them? Sorry! I'm not very good at all this! Thanks again for your help

cappo

betandbill wrote: »

Hi cappo, tried to send my email to ppi customer relations but had it returned "undeliverable" so presumably I have address wrong.
I used [EMAIL="ppi.customer.relations@lloydstsb.co.uk"]ppi.customer.relations@lloydstsb.co.uk[/EMAIL] which I found on a thread in this forum
Would be much obliged if you could confirm the address you used.
Many thanks

Hi yes thats the one i used there inbox is probably full, give it a day or two and come back to me if it still can't be delivered and i'll find one of the old email addys for you.:)

cappo

Candyboo wrote: »

Cheers Jeannie.
I found the agreement which has fallen down the back of the filing cabinet! No ppi on the agreement! Doh! Never mind!

Ive got 3 ppi loans which ive sent recorded delivery yesterday with the following over 6,235 total PPI so fingers crossed...havent a clue if ill get a penny back or thousand...im nervous starting this PPI lark!

Hi candy don't be nervous it's as easy as boiling a kettle.

amersall

Kuffs1978 wrote: »

Incomplete

I'm not quite sure about this. GE Money informed us several times in 2011 that when the PPi had been taken off, the loan would take less time to clear. Then in October 2011 we were informed that my sister's payments were completely upto date, and the outstanding balance was £3354.20. This was before the PPI was taken off and the FOS decision was passed. Yet Norton wrote to my sister after the FOS had ruled in her favour, and told her that the £3354.20 still remained as the outstanding balance after the PPI rebate. The original loan agreement stated that without the PPI the interest to be repaid over 60 months was £3,009.20 on top of the 10k loan, yet £3,637 in interest has already been repaid after 48 months of repayments. The interest is the real crux of the problem as if the loan had been sold without PPI, by my calculations that means that £3,009.20 interest should have cost £50.15 per month, with the 10k costing £166.66 in capital repayments. Yet because of the PPI the initial sum even before repayments commenced rose by nearly £500 rather than the £150.45 it should have, and interest each month started at £101.30 per month and didn't get anywhere near £51.00 until January 2011. I've checked every single one of my sister's payments to GE and having deducted the cost of PPI each month, she has repaid £11,334 already. But the interest on the account has increased the outstanding balance dramatically every month, which nobody appears to want to acknowledge.

This is just a guess,but, when the ppi monthly payments were made,this reduced the balance of the loan by this amount,this included the interest.
The ppi is then taken off the loan balance,the interest on those payments should not have reduced the balance as these have been given back to you for what you paid,so these are put back to the loan,this is hard to follow i know,but they cannot reduce the loan by what should not have been paid in the first place.
This happens with FP loans,people have wondered why the balance has gone up when they have had the ppi removed.
They cannot give you this interest back twice as this would put you into a better position than you were before the ppi and redress is to put you back into the position you should have been had the ppi not been added.

Best thing to do is take the loan monthly payment add how many have been paid to date,these should include interest,if the interest is not shown as a seperate amount,this will show you the balance that should now be owing,less the overpayments that were made,this should tally.
What was the term and the loan monthly payment (with no ppi)?.

For clarification on what i have said,ring FOS and ask if this is what has been done,this may explain why they said
"Norton cannot require X to reduce the loan beyond that which would now have applied had the PPI not been sold"

I may be wrong,and if i am,please let me know.

Also,the loan would not have taken less time to clear,the loan would have carried on to term end with the monthly payment for the loan,as from the start date,without the ppi monthly amount.

amersall

Does this mean that regardless of how many times my sister has paid the monthly instalment of £261.15 (including PPI) when the monthly amount without PPI would have been £216.88, whatever excess she has paid over the last 4 years will just be disregarded, and only NOW can she expect the monthly instalments to be £216.88? Or does it mean that since 48 payments of at least £216.88 had been paid, the difference between that figure and the £25.63 in PPI each month would count towards paying off the outstanding balance?

The loan monthly payment will only reduce on the upheld verdict and not because of overpayments,the overpayments should have reduced the loan balance,it is the interest that is a sore point,is it variable or fixed?.
All the monthly ppi paid by your sister was given back with the redress ,so the ppi overpayments did not come off the loan they came back to her.

beamerguy

Banks accused over PPI delays

http://www.moneysavingexpert.com/news/reclaim/2012/01/banks-accused-on-ppi-delays?utm_source=forum&utm_medium=sidebar&utm_campaign=box

It has been very clear that banks have delayed payments with excuses, fob-offs and worst of all .... passing the buck back to the FOS.

That is why the FOS is now bogged down with complaints.

The FOS should just do a blanket "upheld" against the banks which would clear the backlog quickly and teach these thieving banks a lesson.

"Lloyds TSB, in particular, has been guilty of failing to pay mis-selling victims within 28 days of agreeing the redress sum"

IS IT TRUE THAT LLOYDS ARE REALLY RUNNING OUT OF MONEY ?

Newgirl711

Hi,

Just had a rejection letter from Nationwide for PPI on an old mortgage with Dunfermline Building Society I had about 12 years ago.

I complained it was missold for the following reasons:

* We were not told it was optional, we were told it was compulsary to get the mortgage
* We were not told what it would and would not cover
* We were not asked if we had appropriate cover elsewhere
* Sales person pushy in selling policy
* We had adequate cover through our employers (full pay for 6 months, then 6 months at 75%)
* We were concerned that sales assistant who sold us the policy had no financial background & the policy was not sold in our best interests

They rejected it on the basis of:

* Dunfermline Building Society never insisted on the purchase of a MPPI policy
* Purchasing the policy had no influence on whether I would be granted the mortgage
* Their representatives were under no obligation to ask about my employee benefits
* Their representatives are sufficiently trained & it was up to me to decide whether or not the policy met my needs.

Can anyone please advise how to respond to this? Do I ask them to reconsider claim or do I have go to the Ombudsman?

What are my chances that they will reconsider and uphold my complaint?

fioewi

cappo wrote: »

Hi fiona you can go back much further it's ideal to have the paperwork but then how many of us do me included,my mate has just claimed on a LTSB credit card from 1988 without paperwork. experian might give you some account numbers if they don't a sar will see link below




Just phoned PPI Claimline to see if they could assist, they said that banks dont keep the paperwork for more than 6 yrs so its really difficult to go back further if the customer doesnt have the paperwork - do you think I would be wasting my time and money pursuing this?