Santander PPI Reclaim

amersall

RichieScouse86 wrote: »

Hi All,

After much deliberation I have finally took the plunge and started the reclaim process and thought I would document the case throughout so that it could be used a reference for those doing the same to Santander (AKA Abbey)

Right, well I took out a loan in 2005 for around £500 then paid that off in 2006 and directly took out another as result in 2006 for £2000 which has been paid fro around 2-3 years now.

Here's how much I paid for both:

£3000 loan:
£4997 with interest and £1763.52 PPI and PPI interest=£6761

Is this loan settled,if so did you settle early or did it go to term?
If settled,they will have given you a rebate of ppi,so this will come off the redress,the redress will have been the whole ppi less the rebate amount.

If it is still running,you get the loan reset,the whole ppi taken off the balance and the ppi you actually paid back to you.

£2000 loan:
£2461 with interest and £373 PPI and PPI interest=£2834
The ppi on this one i assume included the interest?if it did and this loan was settled,they owe you £373 plus 8%.The interest is included in the ppi amount and that is what you get back.
This is how much I'am owed:
PPI Paid=£531.68@22.9% interest
8% compensation=£42.53
£574.21

PPI Paid=2702@14.9%
8%=£216
£2918
How did you work this one out?.
Giving me a grand total of £3492.21

Now I find this an amazing opportunity to hassle the banks like they hassled me for so many years with no sympathy or understanding of circumstances whatsoever, so its time to get my own back, I raised the case with Santander on the 10th November 2011 and have rang at 10.30am each and every single day since, asking for an update to which to be fair, they always comply with.

On the 11th (the day after I sent my 2 envelopes containing each loan agreement with original paperwork) I received a phonecall from a Santander rep saying they had received my paperwork (for only one of the loans so the other must of been on its way) and they would like me to confirm if I would still like to pursue the claim to which...surprisingly I said YES!!,

He said that Santander will uphold that I had indeed been conned into buying PPI and my case was with a case handler who would calculate the amount owed and would put an offer on the table for me (I then asked if I could fax my paperwork for the 'missing' other claim I had submitted the same time in the same post, they agreed and gave me the fax number of the Milton Keynes PPI complaints team 01908 343 415, they confirmed they had received it within minutes)

I am now just under 2 weeks into my claim and the claim is still with the case handler who will contact me once everything has been looked into.

Once I hear or receive anything else then I'll post it up...just think this post could help those confused about what to do, Once your paperwork has been completed and sent (takes about half an hour but is pretty easy), I got lucky in regards to already having or keeping my original documents as alot of the waiting comes from the cheque you normally have to send to the archives team for Santander to look into sending you your loan agreements etc.

Just playing the waiting game really though now..........to be continued.

:j:jBrilliant :j:j
Santander should have paid you the full redress,without the actual loan term and ppi with insurance amount,i cannot tell if the second loan is correct redress,i have explained how the redress works,but the second loan is baffling me!! the ppi (i assume with interest?) as you put the total ppi,was only £1763.52,if you add this to the £373 for the other loan,this totals £2136.52 add the monthly 8% for the ppi monthly payments (i dont know what the monthly ppi was or the dates to work this out for you) then deduct the rebate for early settlement,your redress looks right.

RichieScouse86

amersall wrote: »

:j:jBrilliant :j:j
Santander should have paid you the full redress,without the actual loan term and ppi with insurance amount,i cannot tell if the second loan is correct redress,i have explained how the redress works,but the second loan is baffling me!! the ppi (i assume with interest?) as you put the total ppi,was only £1763.52,if you add this to the £373 for the other loan,this totals £2136.52 add the monthly 8% for the ppi monthly payments (i dont know what the monthly ppi was or the dates to work this out for you) then deduct the rebate for early settlement,your redress looks right.

Hi Amersall,

The calculations above were a little rushed and that second one even now baffles even me...AN I DID IT! lol, The actual break downs are as follows: feel free to do a little calculation of your own as you seem to be clued up on this so would be interesting to know what result you get...

Initial Loan: £3000 (Repayments Over 5 years)
Payment Protection Insurance Premium: £1058.80
Total Amount They Lent Me: £4058
Payment Protection Insurance (including interest): £1763.52
Total interest of loan and payment protection: £2702.48
Total I must paid: £6761.28

Initial Loan: £2000 (Repayments Over 2 years)
Payment Protection Insurance Premium: £303.20
Total Amount They Lent Me: £2303.20
Payment Protection Insurance (including interest): £373.20
Total interest of loan and payment protection: £531.68
Total I must paid: £2834.88

Both of these loans have since been paid off.

amersall

RichieScouse86 wrote: »

Hi Amersall,

The calculations above were a little rushed and that second one even now baffles even me...AN I DID IT! lol, The actual break downs are as follows: feel free to do a little calculation of your own as you seem to be clued up on this so would be interesting to know what result you get...
Thanks for the vote of confidence ;);)

Initial Loan: £3000 (Repayments Over 5 years)
Payment Protection Insurance Premium: £1058.80
Total Amount They Lent Me: £4058
Payment Protection Insurance (including interest): £1763.52YOU GET THIS BACK AND 8%,THE 8% IS ON A SLIDING SCALE FOR EACH MONTHLY PPI AMOUNT YOU PAID,LOOK HERE
http://www.moneysavingexpert.com/reclaim/bank-charges#step2
AND PUT THE MONTHLY PPI AMOUNT,THE DATE ,MONTH AND YEAR AND THIS WILL DO A RUNNING TOTAL OF THE PPI REDRESS AND THE 8%.THIS LOAN REDRESS WILL BE £1763.52 THEN THE 8%.
Total interest of loan YOU DONT GET THE LOAN INTEREST BACK,THIS IS YOUR DEBT AND YOU HAVE TO PAY THIS.and payment protection: £2702.48
Total I must paid: £6761.28

Initial Loan: £2000 (Repayments Over 2 years)
Payment Protection Insurance Premium: £303.20YOU GET THIS BACK PLUS 8%,USE THE BANK CHARGE CALCULATOR ON THE LINK I GAVE YOU.
Total Amount They Lent Me: £2303.20
Payment Protection Insurance (including interest): £373.20

REDRESS FOR THIS IS £373.20 PLUS THE 8%.
Total interest of loan YOU DONT GET THE LOAN INTEREST BACK.and payment protection: £531.68
Total I must paid: £2834.88

Both of these loans have since been paid off.

Sorry for the caps in the above i was not shouting honest.

Typed too much and could not be bothered to type it again :rotfl:

The first loan was settled early,so you would have been given a rebate of the ppi for this,that they take back from your redress,same with the second loan (unless this ran to term).
I think they are giving you the correct redress,go on the bank charge calculator and put the ppi monthly amounts in,not the total monthly payment just the ppi amount and you will have the total of ppi redress and 8%.

RichieScouse86

amersall wrote: »

Sorry for the caps in the above i was not shouting honest.

Typed too much and could not be bothered to type it again :rotfl:

The first loan was settled early,so you would have been given a rebate of the ppi for this,that they take back from your redress,same with the second loan (unless this ran to term).
I think they are giving you the correct redress,go on the bank charge calculator and put the ppi monthly amounts in,not the total monthly payment just the ppi amount and you will have the total of ppi redress and 8%.

Thanks for the advice, It does seem that they have given me the correct claim amount which I'am happy about. Very useful information, If Martin ever retires...you should look at filling them shoes of his haha

Thanks again!

RichieScouse86

4th December 2011
Received the 'sign off' letter confirming the amount Santander are offering me for PPI, with a signature slip which I signed with a fat smile on my face (Had to sign twice as my case related to 2 loans)

5th December 2011
Popped the completed 'sign off' in the free paid 1st class envelope Santander gave me....The say around 2 weeks for payment but given the work load it maybe quicker.

*PLEASE NOTE THAT ONCE YOU RECEIVE YOUR 'SIGN OFF' SHEET, IT HAS BEEN CONFIRMED BY A REPRESENTATIVE I WAS TALKING TO THAT YOU CAN FAX IT OVER TO THE MILTON KEYNES COMPLAINTS TEAM (SAVES WAITING FOR THE POST) THIS THEN SPEEDS UP THE PAYMENT PROCESS AS THEY OBVIOUSLY RECEIVE IT STRAIGHT AWAY, THE FAX NUMBER IS 01908 343415

Waiting for payment now :^ ))))

RichieScouse86

9th December 2011 @ 2.15pm
They said that they had indeed received my confirmation letter and should take around 7 to 14 working days before payment hits my account...at the final stretch now and times ticking to get the money in time for the christmas internet orders!!

amersall

RichieScouse86 wrote: »

Thanks for the advice, It does seem that they have given me the correct claim amount which I'am happy about. Very useful information, If Martin ever retires...you should look at filling them shoes of his haha

Thanks again!

If Martin ever retires...you should look at filling them shoes of his haha

Yeah right :rotfl::rotfl::rotfl:


:o:oBut thank you so much nice to be appreciated xxx

deemul

RichieScouse86 wrote: »

9th December 2011 @ 2.15pm
They said that they had indeed received my confirmation letter and should take around 7 to 14 working days before payment hits my account...at the final stretch now and times ticking to get the money in time for the christmas internet orders!!

Thank you Richie follow you step by step guide and got a settlement figure for 3 loans received my acceptance letter on 13th said like you 7-14days hoping to get before new year. on my 4 loan im having to go the more official route.

Now going to do the same with my credit cards. i have reduced my debt from 17k to 11k and hopfully can get another few quid shaved off. hope you get you payout before Christmas.


Thank you

bedford1978

had a real nightmare with santander, didnt have original paperwork, was told to write to bradford address got nothing back, this has been going on since feb 2012, i complained to santander direct.

They sent reply saying i needed to write to address in Milton keynes to get info. Paperwork was found and sent for £5.

Telephoned them they took complaint and 2 weeks later got an offer letter, now just waiting for money.

I claimed for 2 loans they have paid out on 3 loans and interest.

i know its long process for me but good result in end.

Dont give up.

If you do not have paperwork

Write to data protection team at Milton Keynes office.

nludford

Hi All - do you have the full address and department for Milton keynes. i'm just starting my claim, but thought I had to send it to Leeds?

Many Thanks