PPI Reclaiming Discussion part 4

twinkledust

Poejay wrote: »

I have recently downloaded letter 1 of Martins ppi claim forms and wrote a letter on behalf of my mother in law. She had 2 loans with m&s money and paid off one by consolidating, however each time took out ppi.

After letter one sent in December 2009, she recieved a letter on 2nd feb advising they have looked at the mis selling of the ppi and have paid back both ppi policys.
Policy 1 with 8% interest on top = £4191.58
policy 2 with 8% interest on top = £5255.91

originally I never thought we would hear back, but now I m looking into my old loans as can't believe this case. To put it in words, I m made up for my mother in law and with martin's letters downloaded for free!!

Don't pay for a service to do this and charge you for it, get downloading and get what is rightfully yours free of charge

Excellent another winner!! Congrats to you and our mother in law! :T:T:T

di3004

laalaa41 wrote: »

The FOS had said the 18th then 25th January. Today, the VERY nice gentleman at FOS confirmed the number £1573 plus £500 in interest plus £200 for the grief in a cheque. So the 2K (ish) will take a big chunk off the outstanding balance except will only mean Im about £60 per month (Im guessing) better off. The £200 will pay an bill in arrears.

I would have preferred half the big chunk in a cheque so I could get more arrears back in the black. But the FOS said they wouldnt do that. I'd heard the refund only goes into accounts if there are arrears in it - and there never have been but their take is to get the account into the state it would be if Id never had to pay PPI.

I shouldn't moan should I?

Laalaa

Well done to you......:T:T
Congratulations.:beer::j:j

leigh83

I was knocked back by the bank charges failure just before Christmas. My case was stayed at the courts so I still do not know how to proceed. :-(
I have however just filed my PPI claim with HSBC this week, for a figure around £4500+ So fingers crossed with that. I think I may also be paying PPI with Northen Rock on an unsecure loan, so i will tackle this one next. Lets hope i'll have some luck this time round.

Ps thank you for all the usefull tips and hints.

Thebiguglyone

Hi all,
My sis got a first offer off Natwest today saying that the information they gave was accurate, but as a goodwill gesture they are offering her a refund of £1,174.22.

In March 2007, She borrowed £6000 over 48 months and the cost of the insurance was £1,347.00.

Total to repay was £9,395.04 (£1,722.72 of this for PPI) APR 13.4%. monthly payments of £195.73.

She cancelled the PPI early November 09 and the payments reduced to £185.58.

I have worked this out and it would appear that they are correct in their workings as far as paying back the original value of the policy goes.

However they haven't refunded her any of the interest that she has paid on it.

My question now is should she take this offer, or try to get the interest that she paid up to last november too, or should she go the whole hog and try for the statutory 8% interest added on as well? and if so, would anyone care to try to calculate either/both of these options for me :huh:

Thanks for your help.

marshallka

wmd1974 wrote: »

Hi all,
My sis got a first offer off Natwest today saying that the information they gave was accurate, but as a goodwill gesture they are offering her a refund of £1,174.22.

In March 2007, She borrowed £6000 over 48 months and the cost of the insurance was £1,347.00.

Total to repay was £9,395.04 (£1,722.72 of this for PPI) APR 13.4%. monthly payments of £195.73.

She cancelled the PPI early November 09 and the payments reduced to £185.58.

I have worked this out and it would appear that they are correct in their workings as far as paying back the original value of the policy goes.

However they haven't refunded her any of the interest that she has paid on it.

My question now is should she take this offer, or try to get the interest that she paid up to last november too, or should she go the whole hog and try for the statutory 8% interest added on as well? and if so, would anyone care to try to calculate either/both of these options for me :huh:

Thanks for your help.

Hi, when she paid the loan up early she would have received a rebate against the interest on the PPI also and this is difficult to see in their settlement breakdown. You have to work out what she would have paid at settlement without the PPI being added and with just the element of the repayment that went towards the loan and not the PPI to find this out. Also did you ask for the 8% statutory interest when you first complained?

I note this is a goodwill gesture and if you are not happy with the amount then you could always ask FOS to intervene and not accept it.

marshallka

leigh83 wrote: »

I was knocked back by the bank charges failure just before Christmas. My case was stayed at the courts so I still do not know how to proceed. :-(
I have however just filed my PPI claim with HSBC this week, for a figure around £4500+ So fingers crossed with that. I think I may also be paying PPI with Northen Rock on an unsecure loan, so i will tackle this one next. Lets hope i'll have some luck this time round.

Ps thank you for all the usefull tips and hints.

Well done to you:beer::j.

mylove4ever

Hello All

After my phone call to Nationwide to reclaim PPI, i received a letter this morning confirming i was miss-sold the PPI, they are ready to repay the full amount with 8% interest and the payment will go towards the arrearrs on the loan. The arrears on the loan is about £2k.

My question are: the loan account is now with Debt collector, and i have agreed a monthly payment plan of £20 with the company. Can i write to Nationwide that i want the Money paid into my account as i am in financial hardship rather than offsetting with the debt company.

2.) Recalling from my conversation with them in Jan, i was told their system says i have paid off my loan, i believe that happens cos they are sold my account to management company, I don't understand will they want to pay into my loan to reduce the current arrears.

3.) will i be getting the daily APR interest of the loan on the amount plus the government 8% as well.

Thanks

metalhead2

I am just wondering how long does the whole process takes? I fired off my complaint to FOS in June last year after my bank refused to acknowledge my claim that my PPI was mis-sold, I have recieved a letter from FOS in November 2009 stating "We have everything we need from you and my complaint is now waiting to be passed to one of our Adjudcators" (This was after a phone call making sure they had everything they needed which I sent them in July and I took a moment of panic thinking I've forgotten something)

I now have recieved a letter apologising for the delay in passing my case to the adjudicators because of the large number of complaints they have recieved and they would get in touch with me in 2 months time

The reason I am asking is that I am seeing people posting in here with successes and what have you and it's making me go "UUUrnnghhh"

Why do banks play with us? It's our money, give it back, I really wish I could post a victory instead I am seeing more grey hairs in my head everyday

di3004

mylove4ever wrote: »

Hello All

After my phone call to Nationwide to reclaim PPI, i received a letter this morning confirming i was miss-sold the PPI, they are ready to repay the full amount with 8% interest and the payment will go towards the arrearrs on the loan. The arrears on the loan is about £2k.

My question are: the loan account is now with Debt collector, and i have agreed a monthly payment plan of £20 with the company. Can i write to Nationwide that i want the Money paid into my account as i am in financial hardship rather than offsetting with the debt company.

2.) Recalling from my conversation with them in Jan, i was told their system says i have paid off my loan, i believe that happens cos they are sold my account to management company, I don't understand will they want to pay into my loan to reduce the current arrears.

3.) will i be getting the daily APR interest of the loan on the amount plus the government 8% as well.

Thanks

Hi there

Well done.:beer:

If there is arrears, normally they do refund the amount towards the debt and if anything remaining they should refund directly to you.

There is no harm in asking, but I really would not like to say what your chances are though.

I would maybe give them another call on this, it looks like they mean its sold to the debt collection agency, but do double check on this if you can.

They have admitted to the mis selling, so you should receive all you have paid in PPI, interest and the 8% interest is what a court would award for being deprived of your money.
However, as you have been deprived, (out of pocket), think maybe this part should come back to you directly, but please do not quote on me, hopefully someone will be along to confirm.

Good luck.;)

di3004

metalhead2 wrote: »

I am just wondering how long does the whole process takes? I fired off my complaint to FOS in June last year after my bank refused to acknowledge my claim the my PPI was mis-sold, I have recieved a letter from FOS in November 2009 stating "We have everything we need from you and my complaint is now waiting to be passed ro one of our Adjudcators"

I now hae recieved a letter apologising for the delay in passing my case to the adjudicators because of the large number of complaints they have recieved and they would get in touch with me in 2 months time

The reason I am asking is tht I am seeing people posting in here with successes and what have you and it's making me go "UUUrnnghhh"

Why do banks play with us? It's our money, give it back, I really wish I could post a victory instead I am seeing more grey hairs in my head everyday

Hi and welcome

The FOS have huge amounts of these complaints even more this year, and backlogs to catch up on, I am aware they are taking on more staff all the time for the adjudicating side of it, but they are still over run.

I would though if your in any financial hardship let them know, and request for fast tracking. However, there is a queue for this system as well I believe, but if your in this position its still wise to let them know.

Hope you won't have to wait much longer, I know it can be very frustrating for you, fingers crossed though your case will be moved on soon.

Please keep us posted, cheers.;)