PPI Reclaiming Discussion part 4

di3004

richalan wrote: »

Hi all, here's a tricky one for you

Recently successfully reclaimed ppi from halifax, although not the full amount. The loan which I had with ppi was repaid in full, however a second loan I got after this was placed into my iva. Halifax picked up on this and have told me they will be sending my cheque directly to the iva company as it is classed as a windfall. Can they do this? I am currently self employed and in arrears with the inland revenue and I'd like to use the money to pay my tax arrears. Any ideas???/

Hi there.

Unfortunately, yes it seems this is what they do it another account with them are in arrears, yet I'm not guaranteeing this will work, but you could write and show copies of proof of evidence from Inland Revenue which are more a priority than that of unsecured credit, and ask if this could be considered for them to write the cheque payment to them.

At least you have sorted an IVA with the inland revenue I am not sure what chances they give you on their matters.

If your not happy with the way this is done, after giving the bank a chance first to see if they will consider this option for you, if this does not go your way, you can complain to the ombudsman.

Hopefully though you will receive more posts on this matter, who have more knowledge on how this works.

Good luck.;)

melorablack

richalan wrote: »

Hi all, here's a tricky one for you

Recently successfully reclaimed ppi from halifax, although not the full amount. The loan which I had with ppi was repaid in full, however a second loan I got after this was placed into my iva. Halifax picked up on this and have told me they will be sending my cheque directly to the iva company as it is classed as a windfall. Can they do this? I am currently self employed and in arrears with the inland revenue and I'd like to use the money to pay my tax arrears. Any ideas???/

Yes they can - you still owe the money on the loan and they can use the PPI to reduce any outstanding debt. If you aren't happy I'd suggest you go to the FOS and see what they say as I think the bank would be unlikely to change their minds about this.

di3004

melorablack wrote: »

Yes they can - you still owe the money on the loan and they can use the PPI to reduce any outstanding debt. If you aren't happy I'd suggest you go to the FOS and see what they say as I think the bank would be unlikely to change their minds about this.

Hi Mel, glad you came along again lol .
Cheers hunni, when it comes to IVA's, I get rather confused, but with it still being an owing debt, as such with arrears (being the same thing then), I can see how they do this now.;)

woppo26

hi people,
Just wondering if anyone can help me. my wife and i took a personal loan out with LTSB around 2005/2006 i cant find the original loan agreement at the min but im still looking.Anyway they forced my wife to take out PPI (i was at work when she went to the bank to agree the loan)when i got home i told her to go back to the bank and cancell the PPI. so the next day she went to cancel the PPI but the bank said she couldnt and said if she wanted to cancel the PPI she would have to take out a new loan to pay the original loan AND the whole of the PPI cover. all im asking is do i have a case and if so what do you suggest.

Kind regards
Woppo26

di3004

woppo26 wrote: »

hi people,
Just wondering if anyone can help me. my wife and i took a personal loan out with LTSB around 2005/2006 i cant find the original loan agreement at the min but im still looking.Anyway they forced my wife to take out PPI (i was at work when she went to the bank to agree the loan)when i got home i told her to go back to the bank and cancell the PPI. so the next day she went to cancel the PPI but the bank said she couldnt and said if she wanted to cancel the PPI she would have to take out a new loan to pay the original loan AND the whole of the PPI cover. all im asking is do i have a case and if so what do you suggest.

Kind regards
Woppo26

Hi Woppo26

If this loan is still running, you can write to them and enclose a £1 postal order or cheque payment, ask that they send you the copy of your agreement by 12 days, post by recorded delivery.

To track down the account number, check your bank statements, this should be shown next to the monthly repayments, this way you can continue to write to complain and reclaim.
They may even send you your agreement free with their first response then.

For more on reclaiming, check the link below, with useful info, a checklist of mis selling reasons and templates, give us a yell if you require any help, good luck.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Going back to cancelling, this seems to be the way they do this, if you do this you make sure the apr is at least the same as the existing one, or lower, this will then pay off the old/existing loan, to have a new one without the ppi, then you can still continue to reclaim then on the older/existing one of the PPI.

Lloyds are not normally that easy to deal with, but have mellowed since being in the media, remember though, if they do not resolve in your favour by the final response, you can take to the FOS.
The FOS are on to these big time at the moment in regards of PPI complaints, so it should all go okay for you.

PaulinWeston

melorablack wrote: »

Yes they can - you still owe the money on the loan and they can use the PPI to reduce any outstanding debt. If you aren't happy I'd suggest you go to the FOS and see what they say as I think the bank would be unlikely to change their minds about this.

Sorry - but I agree. They can send it to your IVA supervisor and what happens to it depends on the terms you accepted in your IVA. Some people have to pay 100% of any windfall into their IVA (to be distributed as a dividend to all your creditors), I've known others have to pay 50% (and keep 50%) or - be allowed to keep the first £500 windfall in any year.

It's the same as if you won on the lottery, or even successfully claimed for unfair Credit Card charges etc.

If you'd kept the cheque and NOT disclosed it - and Halifax had then told your IVA supervisor - then you could have ended up in all kinds of trouble.

I'm sorry I wish I could suggest they were wrong - but I don't think they are

lewey

hi there everyone,

i am a little confused about the mis selling of PPI and also bank charges,

firstly i'd like to apologies if i have put these in the wrong places, (spot the Newbie).

well 1st off i used to be self employed and i took out a £5000 laon for 5 years 3 years ago with lloyds. whom i bank with, my bussiness bank manager sorted out the loan and all i had to do was sign, this includes the PPI and as far as i new i had to have this as she gave me no options not to, seeing as i was self employed i thought this was not very usefull but had the impression i could only have the loan if i had the PPI, is this an open and shut case for the reclaim proccess or just my bad luck?
any light on this would be really appreciated

on another note, does anybody know if you can reclaim bank charges from a bussiness current account, well seeing as it was a contributing factor of giving up the self empolyment life, over the 3 year period of self employment i must have paid lloyds 1000's of there charges as they chase you whilst you chase the customers to pay thge bank charges, just seemed like ever decreasing circles!!

thankyou all

your help is greatly welcomed

lewis

di3004

lewey wrote: »

hi there everyone,

i am a little confused about the mis selling of PPI and also bank charges,

firstly i'd like to apologies if i have put these in the wrong places, (spot the Newbie).

well 1st off i used to be self employed and i took out a £5000 laon for 5 years 3 years ago with lloyds. whom i bank with, my bussiness bank manager sorted out the loan and all i had to do was sign, this includes the PPI and as far as i new i had to have this as she gave me no options not to, seeing as i was self employed i thought this was not very usefull but had the impression i could only have the loan if i had the PPI, is this an open and shut case for the reclaim proccess or just my bad luck?
any light on this would be really appreciated

on another note, does anybody know if you can reclaim bank charges from a bussiness current account, well seeing as it was a contributing factor of giving up the self empolyment life, over the 3 year period of self employment i must have paid lloyds 1000's of there charges as they chase you whilst you chase the customers to pay thge bank charges, just seemed like ever decreasing circles!!

thankyou all

your help is greatly welcomed

lewis

Hi Lewis and welcome.;)

Your in the correct place in regards of reclaiming PPI, there is another thread to reclaim your charges, which is here:
http://forums.moneysavingexpert.com/forumdisplay.html?f=102
They should be able to help and tell you more on the charges matter.

However, I would check the link below, to give you an idea of mis selling of PPI and with your reasons you have, write to the Lloyds to reclaim on the mis sold ppi and the interest etc.
Link here to useful info, a checklist of mis selling reasons and letter templates, you can use the templates if you want to or as a guide.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Write to them, with the reasons you have stated, also check on the above link for the checklist of other reasons that may also occur to you, they have 8 weeks to respond in full.
Do not worry about writing the amounts down though.

If they do not uphold/resolve in your favour, you can take your complaint to the Financial ombudsman service (FOS), the final decision should enclose the FOS details.

Post by recorded delivery, this is your proof of posting.

I am aware that the FOS are on the Lloyds bit time at the moment in regards of the ppi mis selling etc, so hopefully Lloyds will resolve in your favour, and it may not have to go as far as the FOS, but you have this option of the FOS if your not happy with the decision.

Another option is you can ring the FOS and ask if they can deal with this on your behalf, they will do this on request, just as long as you give all the info and details, this way it may get dealt with quicker for you.

So if you want to give the FOS a ring and see what they have to say, good luck and please keep us posted.;)
http://www.financial-ombudsman.org.uk/contact/index.html

janey17

Hi all

I was just wondering if anyone had any advice that I posted above?


Thanks in advance just want to get this sorted now!

amersall

janey17 wrote: »

Hi thanks as Di3004 mentioned I would be very grateful for any advice that you can give regarding these calculations? I feel as if we may have paid for the single ppi added on in loan 2 again on to loan 3 ( that didnt have ppi) because when we refinanced the balance transfers would have been incorrect.

have received the paperwork from LTSB on my return from work. They state the following in their letter:

Loan 1 they state they rebated 1923.43 it was in actual fact £1892
'Calculation 1

I will calculate the difference between the settlement balance you have paid on the loan and what the settlement would have been had the PPI premium not been added to your loan. The difference between these figures shows that the settlement figure should have been reduced by £392.71 We will then calculate an 8% interest payment on his sum from the day the loan was settled to the day the calculation is completed.

Calculation 2

I will then calculate the amount you have paid up to the date of cancellation and refund this back to you. This is worked out by calculating how much you paid in respect of the insurance loan and then multiplying this figure by how many months the insurance was active for, which is calculated to be £348.99.

I will then add simple interest at 8% per annum to each monthly payment from the date you paid each amount, to the date you settled the loan.

A further 8% simple interest will be calculated on this total amount from the date of early settlement of the loan to the present date.'

Total offer £1082.11

This first loan was therefore incorrectly refinanced into loan 2

Their calculations for loan 2 are as follows:
'Calculation 1

I will calculate the difference between the settlement balance you have paid on the loan and what the settlement would have been had the PPI premium not been added to your loan. The difference between these figures shows that the settlement figure should have been reduced by £1036.25. We will then calculate an 8% interest payment on his sum from the day the loan was settled to the day the calculation is completed.

Calculation 2

I will then calculate the amount you have paid up to the date of cancellation and refund this back to you. This is worked out by calculating how much you paid in respect of the insurance loan and then multiplying this figure by how many months the insurance was active for, which is calculated to be £1464,72.

I will then add simple interest at 8% per annum to each monthly payment from the date you paid each amount, to the date you settled the loan.

A further 8% simple interest will be calculated on this total amount from the date of early settlement of the loan to the present date.'



Total offer is £3293.66

As I mentioned yesterday I have disputed the figures with LTSB. I even had a call on moblie to ask if I had received these calculations today. The figures today dont seem to offer any consideration for the fact that both loan 2 and 3 have been refinaced incorrectly- I am probably been short changed by quite a bit more than I said yesterday?


Doing some calculations myself with spreadsheets available I get the following:
OK, for Loan 1 LTSB intially quoted me £1982.11 last tues, then on Fri £1082.11 though nothing in writing as yet. I imputed the data and the raw figure before stat interest was

No. of Years5
Actual Costs (So far)Monthly Payment £ 321.11
Monthly PPI Int. £ 25.06 (B )
No. of Months Paid to Date6
PPI Interest Paid to date £ 150.38
Settlement (If applicable)Settlement Figure £ 11,759.96
PPI Kept by Lender £ 827.90
Settlement PPI Rebate £ 1,826.60
Actual Settlement £ 13,586.56
What should be refunded* £ 2,654.50

Then with interest £4295.77

Loan 2 was just about right what LLoyds quoted me £3296.66 with stat interest £5096.33
Please could anyone let me know if these look about right as I want to put these in writing and ask for immediate payment otherwise I will take legal action as its going on too long now and getting so much conflicting info from LTSB.

hi janey, i am sure one of our very good mathematicians will be along to help you, just hang in there