PPI Reclaiming Discussion Part 5

jenny45

amersall wrote: »

What info did you send them?.

Isent a letter detailing the account nos and the reasons why I was missold ppi and I also sent a copy of MBNA letter and advised that they would be sending all my paperwork over.

Prob I assumed all my questionaire etc would be forwarded as MBNA were able to tell me that my ppi was taken out in 2001 but I am not sure if Santander have received this as it took three days to make a decision since receiving my letter.

I have two statements from 2004 and 2007 showing abbey credit card and ppi being taken so can go back to 2004

There is not much to get but I want them to take reponsibility for misselling even to acknowledge it not just dimissing it outright

sorry bit long winded but have my draft for ceo and paperwork scanned and ready to go.

I have been banking with them for over 25 years and believe they owe me a bit better customer service that this

cappo

jenny45 wrote: »

Isent a letter detailing the account nos and the reasons why I was missold ppi and I also sent a copy of MBNA letter and advised that they would be sending all my paperwork over.

Prob I assumed all my questionaire etc would be forwarded as MBNA were able to tell me that my ppi was taken out in 2001 but I am not sure if Santander have received this as it took three days to make a decision since receiving my letter.

I have two statements from 2004 and 2007 showing abbey credit card and ppi being taken so can go back to 2004

There is not much to get but I want them to take reponsibility for misselling even to acknowledge it not just dimissing it outright

sorry bit long winded but have my draft for ceo and paperwork scanned and ready to go.

I have been banking with them for over 25 years and believe they owe me a bit better customer service that this

Hi Jenny We're seeing this now, the lenders have gone back pre judicial review and they seem to be causing real problems with rejections everywhere now.

amersall

jenny45 wrote: »

Isent a letter detailing the account nos and the reasons why I was missold ppi and I also sent a copy of MBNA letter and advised that they would be sending all my paperwork over.

Prob I assumed all my questionaire etc would be forwarded as MBNA were able to tell me that my ppi was taken out in 2001 but I am not sure if Santander have received this as it took three days to make a decision since receiving my letter.

I have two statements from 2004 and 2007 showing abbey credit card and ppi being taken so can go back to 2004

There is not much to get but I want them to take reponsibility for misselling even to acknowledge it not just dimissing it outright

sorry bit long winded but have my draft for ceo and paperwork scanned and ready to go.

I have been banking with them for over 25 years and believe they owe me a bit better customer service that this

Rightly so
ceo @ santander.co.uk do not leave the spaces, the powers that be deem these address's sacred and sometimes they remove them !!.
Good luck.

amersall

cappo wrote: »

Hi Jenny We're seeing this now, the lenders have gone back pre judicial review and they seem to be causing real problems with rejections everywhere now.

Agree :mad: they are back to the bad old days

cappo

amersall wrote: »

Agree :mad: they are back to the bad old days

Thats right lorraine there are so many cases being kicked into the fos now, this should'nt be happening, i think it could be a case of delaying tactics, the fos will uphold many cases but lenders rejecting claims, then consumers putting the claim into the fos is going to add some months to the timescales, it's about time the fsa sorted this out.

amersall

cappo wrote: »

Thats right lorraine there are so many cases being kicked into the fos now, this should'nt be happening, i think it could be a case of delaying tactics, the fos will uphold many cases but lenders rejecting claims, then consumers putting the claim into the fos is going to add some months to the timescales, it's about time the fsa sorted this out.

I know steve, but the regulators are as much use as a chocolate fireguard

How many people are still waiting for payouts from ages ago? the FOS cannot make them go faster either !1 they admitted miss sell but are using any delaying tactic they can to avoid paying out, they are sticking 2 fingers up to joe public as they know we can do nothing to hurry them up :mad:

PoTsyGirl74

Newbie here, hope I'm posting in the right place??:)

Trying to keep this concise and to the point, so here goes...

Called LTSB PPI Complaints Line on 02.04.12 to ask about my loans with PPI. I had no agreements to hand at that point but it was fine as they happily gave me the 4 account numbers which I noted down.

I took out an initial loan in Feb 2001, and then went onto consolidate with them in Jan 2002, Dec 2002 & Nov 2003, all had PPI attached. I've since found all the paperwork pertaining to these loans and have deduced the following:

Loan 1 PPI = £915.99
Loan 2 PPI = £1227.46
Loan 3 PPI = £1541.35
Loan 4 PPI = £2073.28

Letters received on settlement of each loan stating

Loan 1 PPI refund = £518.75
Loan 2 PPI refund = £655 approx
Loan 2 PPI refund = £825.73 (states was used to reduce your total outstanding loan)
Loan 4 PPI refund = £1391.59 (states was used to reduce your total outstanding loan)

Could someone explain what it means when they use the PPI refund to reduce the total outstanding loan at the time of settlement? Sorry if it's obvious, I'm just wondering how much I can expect to receive back if successful with my complaints.

PPI was never offered as an optional extra, therefore I believe it was definitely miss-sold. I was never given a choice not to have it, so when I consolidated each time, there was an automatic [X] in the box on the agreement & each was a premium advanced as part of the loan.

If they have proof you've signed for the protection at the time the loan was set up, is that sufficient grounds for declining the complaint, despite there being no transparency? I know for a fact I was given the impression that you had to take the PPI to be successful with your loan application.

Finally, at the time I had these loans I already had a seperate 'Income Protection Policy' in place from LTSB which would pay me an income should I lose my job, so surely I wouldn't need 2 similar products to protect me, hence being miss-sold the PPI on the loans. Surely they should've known what other policies I had in place??

Any thoughts would be appreciated, thank you:)

amersall

Loan 1 PPI = £915.99
Loan 2 PPI = £1227.46
Loan 3 PPI = £1541.35
Loan 4 PPI = £2073.28

If you win redress you get all these PPI totals back as the loans are closed, plus 8% interest, this 8% is taxable if you are a taxpayer.

Loan 1 PPI refund = £518.75
Loan 2 PPI refund = £655 approx
Loan 2 PPI refund = £825.73 (states was used to reduce your total outstanding loan)
Loan 4 PPI refund = £1391.59 (states was used to reduce your total outstanding loan)

These amounts will be taken off the redress as they reduced the loan balance on each subsequent loan by this PPI rebate amount.

each was a premium advanced as part of the loan.

If you paid these loans back with only one monthly payment to the loan then this is single premium PPI that is put on the loan and paid back to term end with interest, use this as a reason for mis sell, this is the most upheld of PPI reclaims.

If they have proof you've signed for the protection at the time the loan was set up, is that sufficient grounds for declining the complaint, despite there being no transparency? I know for a fact I was given the impression that you had to take the PPI to be successful with your loan application.

Does not matter, single premium is the reason for mis sell of these loans and the fact each of these loans were rolled over into the next loan.

Your impression does not constitute a mis sell, single premium does.

I already had a seperate 'Income Protection Policy' in place from LTSB which would pay me an income should I lose my job, so surely I wouldn't need 2 similar products to protect me, hence being miss-sold the PPI on the loans. Surely they should've known what other policies I had in place??

You could use the fact that you had income protection already so why would you take another one, they would not have known that you already had income protection in place just because it was through them, if you saw the automatic tick box then you should have asked what this box was ticked for, and if they told you what it covered you could have chosen not to take it.

Put the claim and use the Income policy you already had and the single premium for your reasons for mis sell.

PoTsyGirl74

I appreciate the helpful response:)

Just for clarity, if I do win redress would they tot up the PPI charged on each loan, less the refunds on settlement, then add 8%, or would they add the 8% on the PPI charged to each loan first, then take off the refunded premiums? So sorry if that's confusing:question:

I'm grateful for your advice on using the single premium PPI as a reason for miss-sell. It most definitely was a single payment taken monthly over the term of the loan, and I will highlight the 'Income Protection Policy' as the second reason.

amersall

you are very welcome :D
The 8% is done on a decreasing scale, the closer you get to the redress date the less 8% you get.


This is worked out for each loan PPI monthly payment from the start date to the redress date, so the first loan 8% will be from 2001 to when they pay you and so on.

If you know the monthly PPI amount for each loan, I will point you in the direction of the Bank Charge calculator, this will keep a running total of PPI you will get back for each loan and the 8%, you put the Date Month, Year and amount of each PPI payment to the present day, as yours goes back 11 years, I would wait for them to give you the offer!!! or you will still be on the calculator when they send you the calculations :rotfl: