PPI Reclaiming Discussion Part 5

cappo

curious39 wrote: »

Thank you for the reply. I am surprised though. Someone who just completed her IVA says, once the letters of satisfactions were issued and IVA finalised with the certificate, she no longer is under any obligation to pay any PPI money to the IVA therefore she is going to make a claim. I checked and one thread specifically about IVA has an IVA company actually confirm that :
iva (dot) co (dot)
uk/iva_sitemap/PPI_claim_after_completion_letter_receiv_41098.asp

so, basically IVA is finished when one gets the letters of satisfaction from all creditors. The previous scenario is quite similar : letters of satisfaction have been issued, from debt collecting companies, which bought the debt from the creditors i guess. Why would it be different than?

As our Mark (moneyineptitude) says if you reclaim don't use a claims company as they will take everything worth having in redress, and don't forget the HMRC will also want a chunk if your a tax payer, i would put a claim in and give it a go, if you've been misold and have reasons to claim, as mark says you might lose your redress into your debt but if you do it will bring your debt down and might even improve your credit rating after your iva ,you might be lucky and get some back, I don't think creditors can apply the 8% to an IVA or DMP payment anyway so you should end up with something. As mark says good luck with this and you know where we are if you need more help.

amersall

gilldee wrote: »

it was amersall who has worked out that the ppi was cancelled on the post i sent last nite! we didnt realise this had been done on the loan!! once again thanks for ur help xx

Hi, we appear to have crossed wires here regarding the last loan PPI, in one of your posts you said the PPI on this loan was claimed on by hubby, then you say it was cancelled, if this PPI was not cancelled you will have to find out why it was cancelled and by who.

If this is not correct ( the cancellation or the claim) then please post the exact details of the large PPI loan.

amersall

monstermuncher wrote: »

Why is nothing simple?!

I just got a letter from Halifax about my PPI complaint. They said the insurance connected with the loan was sold directly by Halifax Insurance Ireland Limited, so the complaint had been passed onto them.

I've had a search but there's nothing on the forum.

I swear I'm cursed

This is odd, a broker i can understand but not the Insurer, was this PPI paid separate to the loan?.
I cannot understand why they would do this.

Darkdestroyer

Sorry to bump, I'm still trying to find out if the repayment interest calculations for credit card is correct? The simple interest of 8% seems to be calculated on the refund of PPI payments cover. Is this inline with FOS calculation? Any help will be much appreciated.

Hi,

I'm new to the forum. I would like to know how a refund on credit card ppi is calculated?
I have been offered a refund broken down as follows:
Refunds of payments PPI cover £3142.53
Refund of interest charged on PPI premiums £2643.05
8% simple interest per annum £254.14

My monthly interest rate was 1.6%, APR 19.9%. Monthly balance was between 4 - 5K. PPI charges were between £30 - £50 per month.

Could you advise if this calculation is correct as the simple interest / interest charged on PPI premiums seems low after looking at one of your posts on contractual interest? Barclaycard claim from 2004.

Thanks Kim

[Deleted User]

Darkdestroyer wrote: »

I'm still trying to find out if the repayment interest calculations for credit card is correct? The simple interest of 8% seems to be calculated on the refund of PPI payments cover. Is this inline with FOS calculation? Any help will be much appreciated.

Here's a whole thread about it;
https://forums.moneysavingexpert.com/discussion/1596473

Plenty of information there:)

March2012

and it says as follows: monthly repayment with PPI: £410.87

monthly repayment without PPI: £410.87

I am very confused whether i had PPI or not. this is with santander and taken out in 2009. can anyone clarify?
thanks in advance.

Moneyineptitude wrote: »

Go here and follow the simple steps. You can download advice about filling in the form at this link too:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step1

[Deleted User]

March2012 wrote: »

and it says as follows: monthly repayment with PPI: £410.87

monthly repayment without PPI: £410.87

I am very confused whether i had PPI or not. this is with santander and taken out in 2009. can anyone clarify?
thanks in advance.

That's quite annoying and frustrating, to be honest.
Is this, perhaps, why the Bank said you were "not entitled" to payment when you fell ill. The only recourse is the Bank, to be honest. Ring them and ask!

This may mean you don't have a complaint. On the bright side, it means you never paid for it in the first place!:D

daveyadams

Darkdestroyer wrote: »

Sorry to bump, I'm still trying to find out if the repayment interest calculations for credit card is correct? The simple interest of 8% seems to be calculated on the refund of PPI payments cover. Is this inline with FOS calculation? Any help will be much appreciated.

Hi,

I'm new to the forum. I would like to know how a refund on credit card ppi is calculated?
I have been offered a refund broken down as follows:
Refunds of payments PPI cover £3142.53
Refund of interest charged on PPI premiums £2643.05
8% simple interest per annum £254.14

My monthly interest rate was 1.6%, APR 19.9%. Monthly balance was between 4 - 5K. PPI charges were between £30 - £50 per month.

Could you advise if this calculation is correct as the simple interest / interest charged on PPI premiums seems low after looking at one of your posts on contractual interest? Barclaycard claim from 2004.

Thanks Kim

I believe the 8% only comes into play if your account balance would have been in credit had you not paid the PPI. Having a balance of around £4k would mean the account wasn't in credit for very much of that time so the 8% will be low. Had you had a zero balance on that account for a while the 8% would have been much higher....
... I think :-)

Chef1980uk

Moneyineptitude wrote: »

Naw, they aren't THAT bad. But do ensure you keep copies of all correspondence.

Still haven't heard anything back Questionnaire was posted exactly one month ago today. Tried ringing the number on the letter that came with the questionnaire this morning and the automessage said they can't give any info out over the phone unless I have received a final response.

https://forums.moneysavingexpert.com/discussion/comment/51715277#Comment_51715277

[Deleted User]

Chef1980uk wrote: »

Still haven't heard anything back Questionnaire was posted exactly one month ago today. Tried ringing the number on the letter that came with the questionnaire this morning and the automessage said they can't give any info out over the phone unless I have received a final response.

https://forums.moneysavingexpert.com/discussion/comment/51715277#Comment_51715277

They have eight weeks to respond with a full and final letter, after which you can go to the Ombudsman. Usually, you'll receive an acknowledgement before that time, with another letter to update on progress. However, the latter two stages are not compulsory and many just get the full and final response.
If you're worried that your letter has gone missing, post it again with a cover letter explaining the circumstances. Remember to post it Recorded this time and track it's progress with the Post Office!
Good luck!