PPI Reclaiming Discussion part 4

maxdp

:eek: :eek: :eek: That sort.:rotfl:

di3004

maxdp wrote: »

:eek: :eek: :eek: That sort.:rotfl:

this sort :eek: :eek: :eek: :rotfl: :rotfl: :rotfl: lmao

Turia

Hi to all you Money Saving Experts,

After discovering this absolute gem of a website i'm today busy going through old paperwork, agreements and statements and am in the process of using Martin's templates to try and reclaim some missold PPI, and credit card and bank charges.

I've got a few questions and would be truly grateful if any of you can shed some light

With regards to credit cards that have the PPI on, do the card companies only refund the last 6 years worth? If i provided statements going back further will they refund those as well, or are they only legally bound to do 6 years.

I'm also a bit confused as to how exactly the refund is calculated as I see people posting things like : "im getting back £xyz plus interest plus 8%". What other interest do they mean? I assumed by interest they meant the 8% that is calculated as if you had that money in your bank account from the start...

Ive found that my husbands loan with Barclays has a monthly PPI on it of just under £60... I didnt even know he had it on there! So am hoping to reclaim that also. In general have people had success with Barclays? I didn't see them on the list of companies that got fined... also, i'm a little bit worried about reclaiming this PPI on this loan, could they turn around and then say well if you're not happy just pay up the remainder of the loan now?

We also have our current account with them and the past year and half has been financially difficult for us and we've incurred a lot of charges, If i reclaim those, will they then close the bank account?

I really want to reclaim as from so many success stories here its really inspiring but im just worried if there's any fall back on us..

Any words of wisdom will be greatly recieved

cheers!

EllBee

kmerc1 wrote: »

Hi Di, thanks for putting my mind at ease saying I may have a case.

I've decided to use a company to help me with my case as I think they're the experts in this, and they're charging 20% if my case is successful. I know there are companies that charge cheaper and everything but the company who I'm going with are recommended by a colleague. The person who I spoke to about my claim sent some forms out to me yesterday, so when I get home tonight I'll be filling them in

You seem to be the expert around here Di (:p) , and I was wondering if Natwest have paid anyone back for this? I'm at work at the mo and 147 pages of part 4 of this forum is quite a lot to read through when I'm supposed to be working

Hi,

I've just had 2 successful claims for NatWest loans. The first one, which I couldn't remember the amount of the loan, I was offered ₤274.56 and the 2nd loan which was a consolidation loan and for a car (I think - it was way back in 2002!!) I was offered ₤2,775.60!! The loan was for around ₤9,000 plus PPI. I did it just using the template letters on this site, I didn't use a reclaiming company. I was completely surprised by the amount I was offered which they state is a 'goodwill offer' as they were unable to confirm precisely what information I was given at the time I purchased the policy. I'd say after the way you were pressurised into purchasing PPI you stand a damn good chance of a successful claim!!! Go for it! My first offer was made on the 4th March and the 2nd on the 20th March. I'm still waiting for both to be paid into my account.

Good luck!!

di3004

Turia wrote: »

Hi to all you Money Saving Experts,

After discovering this absolute gem of a website i'm today busy going through old paperwork, agreements and statements and am in the process of using Martin's templates to try and reclaim some missold PPI, and credit card and bank charges.

I've got a few questions and would be truly grateful if any of you can shed some light

With regards to credit cards that have the PPI on, do the card companies only refund the last 6 years worth? If i provided statements going back further will they refund those as well, or are they only legally bound to do 6 years.

I'm also a bit confused as to how exactly the refund is calculated as I see people posting things like : "im getting back £xyz plus interest plus 8%". What other interest do they mean? I assumed by interest they meant the 8% that is calculated as if you had that money in your bank account from the start...

Ive found that my husbands loan with Barclays has a monthly PPI on it of just under £60... I didnt even know he had it on there! So am hoping to reclaim that also. In general have people had success with Barclays? I didn't see them on the list of companies that got fined... also, i'm a little bit worried about reclaiming this PPI on this loan, could they turn around and then say well if you're not happy just pay up the remainder of the loan now?

We also have our current account with them and the past year and half has been financially difficult for us and we've incurred a lot of charges, If i reclaim those, will they then close the bank account?

I really want to reclaim as from so many success stories here its really inspiring but im just worried if there's any fall back on us..

Any words of wisdom will be greatly recieved

cheers!

Hi there hun.;)

In regards of the 6 years, this may sometimes be the case, however, my credit card ppi case was eventually resolved through the FOS, this was taken out in 2001 and they were informed by the FOS to put me back in the position as if PPI was not taken out in the first place, this one I paid off in 2004, so they had to repay me what I paid in PPI plus a proportion of the ppi interest, here is what the adjudicator from the FOS stated in their comments to me:

Essentially the business should refund all PPI premiums you have paid, together with any interest payments you have made to the card while the premiums had been added to your card balance. It should also pay you interest at 8% on the sum, but please note the interest is 'simple' interest rather than 'compound' interest, which means the interest here is only calculated on the sums refunded, and you are not paid interest on interest. This is slightly different therefore to how interest is calculated on your bank current account.

And:

By reference to the credit card interest that you have paid, I mean only that which pertained to the PPI premiums. Although the premiums are payable monthly, on credit card PPI sometimes it happens that the premium is added to the credit card for a period of time, before you actually make your monthly credit card payment (and you also pay that premium). Hence depending on how this works the PPI premium can attract a small amount of interest charges each month.

..............................................................................................................................
Yes there has been much success with Barclays, however some are still fighting but you have to keep at them and stay strong.
Check on the above success thread when you have time.
Not all finance companies have been fined, but due to this its found that its been happening with most finance companies of mis selling.

I would not worry hun, if you have a case then you go for it. Good luck.;)

Above the PPI reclaim thread you should also find Reclaim bank charges thread this will be separate to the PPI issue, so if you require info and/or help in regards to charges I'm sure you will receive the right response on that thread.

If you require any further help, please post anytime.

Di
X

EllBee

Getting really fed up with the FOS now. My case against Loans.co.uk has been with them since January 2008, the adjudicator found in my favour in June 2008 and passed my case to the ombudsman as, obviously, Loans.co.uk rejected the adjudicator's assessment. I've been phoning, leaving messages, emailing and finally written to the adjudicator who was dealing with my case and am STILL awaiting a response!! I've only had one phone call back, some weeks ago, with a promise to keep me updated. Feel like screaming................:eek: :mad: :mad: :mad:

di3004

EllBee wrote: »

Getting really fed up with the FOS now. My case against Loans.co.uk has been with them since January 2008, the adjudicator found in my favour in June 2008 and passed my case to the ombudsman as, obviously, Loans.co.uk rejected the adjudicator's assessment. I've been phoning, leaving messages, emailing and finally written to the adjudicator who was dealing with my case and am STILL awaiting a response!! I've only had one phone call back, some weeks ago, with a promise to keep me updated. Feel like screaming................:eek: :mad: :mad: :mad:

Hiya hunni, how are you?:A
Apart from feeling frustrated of course.......and blimey they are taking time with this one......:eek: .
As its been a few weeks since the call, contact them yourself hun and if struggling financially make them aware that you need this resolved as soon as possible, and tell them its getting you down which does not help health at all.
It may help and they may have some news for you, but it would be nice to know, I can understand that.

I was frustrated enough waiting for mine which had taken approx 14 months, but it seems like these complaints are taking longer again to deal with, obviously due to the amount of these complaints the FOS are dealing with also.
It could be the fact that loans.co.uk are held back because of so many complaints, but if the FOS kept you informed maybe a little more regular at least that would be something.

When we did not hear for a while, we made a point of getting in touch now and again, where they did have news for us but they did not always get round to keeping us updated.

Hope you and your lovely family are well hun.:A
Good luck and hope you hear some very good news very soon.

Di
X

Turia

di3004 wrote: »

Hi there hun.;)

In regards of the 6 years, this may sometimes be the case, however, my credit card ppi case was eventually resolved through the FOS, this was taken out in 2001 and they were informed by the FOS to put me back in the position as if PPI was not taken out in the first place, this one I paid off in 2004, so they had to repay me what I paid in PPI plus a proportion of the ppi interest, here is what the adjudicator from the FOS stated in their comments to me:

Essentially the business should refund all PPI premiums you have paid, together with any interest payments you have made to the card while the premiums had been added to your card balance. It should also pay you interest at 8% on the sum, but please note the interest is 'simple' interest rather than 'compound' interest, which means the interest here is only calculated on the sums refunded, and you are not paid interest on interest. This is slightly different therefore to how interest is calculated on your bank current account.

And:

By reference to the credit card interest that you have paid, I mean only that which pertained to the PPI premiums. Although the premiums are payable monthly, on credit card PPI sometimes it happens that the premium is added to the credit card for a period of time, before you actually make your monthly credit card payment (and you also pay that premium). Hence depending on how this works the PPI premium can attract a small amount of interest charges each month.

..............................................................................................................................
Yes there has been much success with Barclays, however some are still fighting but you have to keep at them and stay strong.
Check on the above success thread when you have time.
Not all finance companies have been fined, but due to this its found that its been happening with most finance companies of mis selling.

I would not worry hun, if you have a case then you go for it. Good luck.;)

Above the PPI reclaim thread you should also find Reclaim bank charges thread this will be separate to the PPI issue, so if you require info and/or help in regards to charges I'm sure you will receive the right response on that thread.

If you require any further help, please post anytime.

Di
X

Heya Di,

Thank you for the response, its helped shed some light - Will perservere, a bit worried about the bank account but will go and look at the different forum, So many threads it gets confusing when you're new to the site.

Thanks for the encouragement

Turia

di3004

Turia wrote: »

Heya Di,

Thank you for the response, its helped shed some light - Will perservere, a bit worried about the bank account but will go and look at the different forum, So many threads it gets confusing when you're new to the site.

Thanks for the encouragement

Turia

Hi Turia

Your most welcome.

Yes also check around the forum for more views on this hun to ease your mind, although your bank account should be fine, I had these worries as we have been with our bank for 18 years even more, but to be honest since our complaints they have been very good.
I understand this may not be the case for all, and I agree for you to receive more advice on this matter, good luck and by all means just give us a yell if we can help otherwise.;)

Di
X

Breezybree

Hi there

I sent off the first letter to my bank (Halifax) a few weeks ago and received a reply today but I’m rubbish when it comes to figures (that’s why I had PPI in the first place) and need help with working out if it is a fair deal.

My loan is -£2000
I made my first payment of £67.49 on 12th Dec 2007
Last payment to date of £67.49 on 12th March 2009

Making a total of 16 payments equaling £1079.84

So the without PPI should the balance be -£920.16 ?
(Or do you still have to pay something for it)

However the balance on my online bank account says -£1,763.98 ??

My letter that I have received though says;

This has been calculated as follows:

Refund of premium paid to date = £87.49
Refund of interest at 16.4% paid to date = £73.56
Interest at 8% = £9.13
Refund of last 3 months interest = £70.95
Total = £241.13

In addition we need to arrange a new loan without PPI for you and this will be set up with a balance of £1500.00 We have calculated the balance on your new loan by taking the outstanding balance on your current loan account and reduced this by the amount of your original PPI premium, less the additional premiums that are being refunded.

Is this fair or unfair?
What are my next steps?

Do I accept that and report this as a success
Or demand more?

Kind regards
Breezybree