Miss-sold PPI... but i might need to use it now! help needed.

marshallka

controversialmike wrote: »

Hi all,

Right then, I left another message for my manager earlier and the person taking the message knew what the call was regarding as soon as I said my name (so it's obviously been discussed around the bank). I received a call back within a couple of hours and we had a nice friendly chat as form of introduction and to discuss my main points.

She quickly said, once a second letter has been received, she will pass this onto the "next level", no mention of the FOS. She said that she understood my points but this will now be left for others to make the decision of how to proceed.

I made sure I had my input on my reasons for the refund but it seemed to fall on deaf ears after she mentioned that it is now "out of her hands". All seems pretty "text book" to me.

So another letter ("stage 2") was sent recorded delivery about an hour ago....

Thanks for your support again guys and gals, I will be back with more news as soon as it arrives through the letter box

I have a feeling this will not need to go to the FOS but cannot be sure but like I say, have a good feeling here. I am glad you have written back and they should now write back to you with their final response on it which could be an offer in goodwill so all is not lost yet. If they do not uphold this for you at least you will be able to take this to the FOS then for another bash. Like melorablack says, FOS will not accept a complaint without a final response or until 8 weeks have past since you first complained.

Good luck

controversialmike

Hi all.... no further response, just wanted to stop in and say thanks for the re-assurance. Their letter stated that they said they would respond within 14 days of receiving my response. First class recorded so their response should arrive in the next 6 days.

Fingers crossed.

marshallka

controversialmike wrote: »

Hi all.... no further response, just wanted to stop in and say thanks for the re-assurance. Their letter stated that they said they would respond within 14 days of receiving my response. First class recorded so their response should arrive in the next 6 days.

Fingers crossed.

Around where I live we are affected by the post strikes up and down the country so just be patient and check on google if your area is affected. I was told of a national strike also predicted by the end of the month by one postie yesterday. I am waiting for a parcel sent 1st class recorded posted 1st september and still not arrived.

steve56uk

my wife had ppi on here next account this was put on without her knowledge she wrote to next asking them to refund her preimium but they
replied that because her agrement was taken out before2005 it is not covered by the fso in fact it was taken out in 1998 does she have any other options or does she just write off 10 years of payments

marshallka

steve56uk wrote: »

my wife had ppi on here next account this was put on without her knowledge she wrote to next asking them to refund her preimium but they
replied that because her agrement was taken out before2005 it is not covered by the fso in fact it was taken out in 1998 does she have any other options or does she just write off 10 years of payments

Steve, I have put a reply on your own thread.

controversialmike

Morning all!

I hope everyone is well. I've been out of the fold for a while as I've been eagerly awaiting some further news to report to you all.

It's been some time now since LTSB have done anything constructive with my case. Over the past few weeks I have received 3 letters from the bank stating: "we are sorry that we have not been able to draw conclusion on this matter. We will endeavor to provide you with and full response within 4 weeks."

The most recent of these (4th Nov, 4 weeks from the previous) continues with: "We are sorry we are not in a position to complete a final response, please be assured that we will continue to investigate your complaint and I expect to provide you with a full response shortly. If you are unhappy with the delay you are entitled to take your complaint directly to the FSO..."

Now, I thought this was pretty much an open/shut case so am I right in thinking that these "delay" letter are just a standard template for those cases that have not been finalised?

Thanks

di3004

controversialmike wrote: »

Morning all!

I hope everyone is well. I've been out of the fold for a while as I've been eagerly awaiting some further news to report to you all.

It's been some time now since LTSB have done anything constructive with my case. Over the past few weeks I have received 3 letters from the bank stating: "we are sorry that we have not been able to draw conclusion on this matter. We will endeavor to provide you with and full response within 4 weeks."

The most recent of these (4th Nov, 4 weeks from the previous) continues with: "We are sorry we are not in a position to complete a final response, please be assured that we will continue to investigate your complaint and I expect to provide you with a full response shortly. If you are unhappy with the delay you are entitled to take your complaint directly to the FSO..."

Now, I thought this was pretty much an open/shut case so am I right in thinking that these "delay" letter are just a standard template for those cases that have not been finalised?

Thanks

Hi there

This is totally basic of Lloyds TSB.

I have been there with them in regards of Credit Card PPI and now that is resolved (through the FOS) we are on to them about the loan PPI, we recently received the basic first letter, the one to confirm they have received the letters and that they are sorry - the usual stuff, and that they will be in contact by 4 weeks.

Hope you hear soon, remember just as long as the 8 weeks have passed you have the right to take your complaint to the FOS.
I assume they do have rather a lot of these complaints to deal with, maybe a backlog of them perhaps.

Fingers crossed for you.;)

controversialmike

Good afternoon all.

It's a bit early but, hey, what the hell... happy Christmas!

Big step forward this morning: I received the final decision:

"We have decided to uphold your complaint and offer to settle in the following manner which is in line with the standard redress remedy recommended by the FSO. I propose to:
- calculate a refund of the PPI monthly payments that you have paid to date and
- calculate simple interest at 8% per annum on each of the monthly payments.

Please refer to the Credit Agreement as this will be where I will obtain the figures to calculate your refund. This amount will then be multiplied by the number of monthly payments you have made. The 8% interest amount will be calculated when I recieve your acceptance and will then be refunded into your bank account.

Should you choose to accept this offer, I will instruct the loan center to pay this refund into the bank account that pays your loan. I will also instruct an ammendment to your existing loan to reduce the monthly repayment of your loan. This new repayment sum will reflect what your mnthly loan repayment would have been had you not purchased the PPI policy.
..............................
..................
........
...
.

So.... from what I can make out, they have accepted all my concerns and offered a full refund of all payments + 8% (please advise if I've missed something). Now all i need to do is find out exactly what those payments are. I have the credit agreement and all the monthly figures (posted on page1 of this thread). From that it suggests that it's £51.77pm for the PPI (x36 mths + 8% pa).

However; Is it not the PPI that is paid off first?, then the interest, then the loan amount? Interesting that they have not issued any figures.

Looks like were on the final chapter of this book but until the fat lady sings.....

di3004

controversialmike wrote: »

Good afternoon all.

It's a bit early but, hey, what the hell... happy Christmas!

Big step forward this morning: I received the final decision:

"We have decided to uphold your complaint and offer to settle in the following manner which is in line with the standard redress remedy recommended by the FSO. I propose to:
- calculate a refund of the PPI monthly payments that you have paid to date and
- calculate simple interest at 8% per annum on each of the monthly payments.

Please refer to the Credit Agreement as this will be where I will obtain the figures to calculate your refund. This amount will then be multiplied by the number of monthly payments you have made. The 8% interest amount will be calculated when I recieve your acceptance and will then be refunded into your bank account.

Should you choose to accept this offer, I will instruct the loan center to pay this refund into the bank account that pays your loan. I will also instruct an ammendment to your existing loan to reduce the monthly repayment of your loan. This new repayment sum will reflect what your mnthly loan repayment would have been had you not purchased the PPI policy.
..............................
..................
........
...
.

So.... from what I can make out, they have accepted all my concerns and offered a full refund of all payments + 8% (please advise if I've missed something). Now all i need to do is find out exactly what those payments are. I have the credit agreement and all the monthly figures (posted on page1 of this thread). From that it suggests that it's £51.77pm for the PPI (x36 mths + 8% pa).

However; Is it not the PPI that is paid off first?, then the interest, then the loan amount? Interesting that they have not issued any figures.

Looks like were on the final chapter of this book but until the fat lady sings.....

WOW, this is fab news, well done and Congratulations.:beer::T:beer:

So by looking at it they refund you all you have paid in PPI and the interest etc.
I'm sure someone will come along to make sure this is right Mike, me I am hopeless with calculations......:o, looking great though, well done.:beer:

marshallka

controversialmike wrote: »

Good afternoon all.

It's a bit early but, hey, what the hell... happy Christmas!

Big step forward this morning: I received the final decision:

"We have decided to uphold your complaint and offer to settle in the following manner which is in line with the standard redress remedy recommended by the FSO. I propose to:
- calculate a refund of the PPI monthly payments that you have paid to date and
- calculate simple interest at 8% per annum on each of the monthly payments.

Please refer to the Credit Agreement as this will be where I will obtain the figures to calculate your refund. This amount will then be multiplied by the number of monthly payments you have made. The 8% interest amount will be calculated when I recieve your acceptance and will then be refunded into your bank account.

Should you choose to accept this offer, I will instruct the loan center to pay this refund into the bank account that pays your loan. I will also instruct an ammendment to your existing loan to reduce the monthly repayment of your loan. This new repayment sum will reflect what your mnthly loan repayment would have been had you not purchased the PPI policy.
..............................
..................
........
...
.

So.... from what I can make out, they have accepted all my concerns and offered a full refund of all payments + 8% (please advise if I've missed something). Now all i need to do is find out exactly what those payments are. I have the credit agreement and all the monthly figures (posted on page1 of this thread). From that it suggests that it's £51.77pm for the PPI (x36 mths + 8% pa).

However; Is it not the PPI that is paid off first?, then the interest, then the loan amount? Interesting that they have not issued any figures.

Looks like were on the final chapter of this book but until the fat lady sings.....

Hi Mike, It would suggest from what you have posted that they will pay back to you in a cheque the 51.77 x 36 months and then the remaining PPI amount of 48 months is taken from the loan and the new loan repayments will (or should be) that without the PPI being the £167.75.


Well done and glad you got there in the end.:beer::T