PPI claim help please!

candycane181106

Hi everyone,

I used to be on this awhile ago. I need to ask for help cos I haven't got a clue how to go about this. I got a loan last yr off Lloyds Tsb and now I've been advise off an independent advice agency to reclaim back my PPI. The thing is should I go through one of these Internet PPI sites or can someone help me on here to sort it myself? It bloody terrifies me to be honest. The thing is I've been advise to go through with this before I either go through bankruptcy or maybe a debt management plan,which I will be sorting out from next week.

Can someone help me please I've payed over a £1000 pound on this insurance and now only starting to pay for the loan.

All help will be greatly appreciated!

sharpdeath

candycane181106 wrote: »

Hi everyone,
should I go through one of these Internet PPI sites "NO" or can someone help me on here to sort it myself? "YES"

All help will be greatly appreciated!

Hi there. Don't bother with a PPI claiming company, all the info you need is here on this site with some great people here to guide you along the way. I'm sure one of the veteran users will be along soon to help you out a bit further. :T

di3004

candycane181106 wrote: »

Hi everyone,

I used to be on this awhile ago. I need to ask for help cos I haven't got a clue how to go about this. I got a loan last yr off Lloyds Tsb and now I've been advise off an independent advice agency to reclaim back my PPI. The thing is should I go through one of these Internet PPI sites or can someone help me on here to sort it myself? It bloody terrifies me to be honest. The thing is I've been advise to go through with this before I either go through bankruptcy or maybe a debt management plan,which I will be sorting out from next week.

Can someone help me please I've payed over a £1000 pound on this insurance and now only starting to pay for the loan.

All help will be greatly appreciated!

Hi there


I agree with Sharpdeath, I would not go down that road, but have a go yourself with help from this site and templates to help you through this, at least this way you get to keep all your refund if successful.

More info on reclaiming ppi here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

The above link is very useful, check it out and give it a go, post your letters by recorded delivery for your proof of posting, of course please ask for help anytime, good luck.;)

magpiecottage

I agree - there is now even less point in using a claims management company because the FSA has made its expectations very clear and both Lloyds TSB and the Financial Ombudsman Service know that.

If Lloyds TSB do not give the answer you hope for then you can take them to the Financial Ombudsman Service free of charge (apart from the cost of a stamp).

I cannot say that you will definitely win but I do not think using a claims management company will significantly increase your likelihood of doing so - but it will mean you have no chance of getting all of your money back simply because they will take a cut of any redress.

sharpdeath

I would never use a claims company for the following reasons-

1. You can do it yourself.
2. They say they can claim your money back. They can't. They can only "potentially" claim your money back.
3. You can do it yourself.
4. They will take a massive cut IF they do win.
5. You can do it yourself.
6. After handing over your money up front, you will probably never hear from them again.
7. You can do it yourself.


As far as I'm concerned, they're as bad as the PPI mis selling. :rolleyes:

candycane181106

Hi everyone, thanks for all ur help few weeks back. I have now received a reply off them and this is what they said, my loan was for 4,300 and the ppi was 1,568.60,they have agreed to calculate a refund of the ppi montly payments that you have paid to date and calculate simple interest at 8% per annum on each of the ppi monthly payments.

So then it says. To look at my monthly payment for the ppi on my document this is £43.61 then they will mulitiply it by the number of payments I've made on me loan which is 14months. They then say 8% simple interest will be calculated when I send the signed document. This their final response and if I wish to take it further I shud contact the FOS.


Could sumone tell me what this payment wud be and shud I accept it or carry on. Would I get all of the 1500 odd back as I've only been paying the loan for 14 months and still have 4yrs on it,but then again I'm going through being bankrupt or poss a dmp,not sure till have appointment 2 weeks.

Need help asap as want to sort this but if there's a chance I can get all the cash back I will go for it,but not sure where I stand

Thanks again,lorraine

di3004

candycane181106 wrote: »

Hi everyone, thanks for all ur help few weeks back. I have now received a reply off them and this is what they said, my loan was for 4,300 and the ppi was 1,568.60,they have agreed to calculate a refund of the ppi montly payments that you have paid to date and calculate simple interest at 8% per annum on each of the ppi monthly payments.

So then it says. To look at my monthly payment for the ppi on my document this is £43.61 then they will mulitiply it by the number of payments I've made on me loan which is 14months. They then say 8% simple interest will be calculated when I send the signed document. This their final response and if I wish to take it further I shud contact the FOS.


Could sumone tell me what this payment wud be and shud I accept it or carry on. Would I get all of the 1500 odd back as I've only been paying the loan for 14 months and still have 4yrs on it,but then again I'm going through being bankrupt or poss a dmp,not sure till have appointment 2 weeks.

Need help asap as want to sort this but if there's a chance I can get all the cash back I will go for it,but not sure where I stand

Thanks again,lorraine

Hi Lorraine and well done.:beer:

It looks like with what you paid in so far, times the amount of PPI x 14 months you get back plus interest as well, to me it looks correct, but hopefully someone will come along to confirm this for you as well.
Then your payments should be reduced, if the loan is still ongoing.

Check this here as well in how the FOS calculates PPI refunds, this should be helpful as well, here:
http://forums.moneysavingexpert.com/showthread.html?t=1596473

Hopefully someone else will be along soon as well.
Good luck.;)

candycane181106

Also forgot to say the interest added on the loan was £2,872.40 and for the ppi interest was £1,048.00 which was 22.32% so total loan is £9,789.00 robbing sods and that's me being polite!

di3004

candycane181106 wrote: »

Also forgot to say the interest added on the loan was £2,872.40 and for the ppi interest was £1,048.00 which was 22.32% so total loan is £9,789.00 robbing sods and that's me being polite!

Yes I know what your saying now, blimey :eek:.
Well I am hopeless with workings out, maybe Marshallka, Tiggrae or Robbedofmymoney will take a look some time today for you, fingers crossed with this.;)

candycane181106

Thanks guys just hopeless when it comes to figures, esp %! Hope sumone can help me,thanks x

candycane181106

Hi everyone can anybody help me on this please?