PPI Reclaiming Discussion Part 5

amersall

dilus wrote: »

We try to fill in when your not here but you're a hard act to follow
Good luck to your daughter and son in law, I don't blame them and I'm not jealous

Aww :o:o you are too kind i am humbled xxx.

qml1968

Hi to all...

...well, response from RBS today for the Credit Card PPI claim that I sent in December, no surprise in that they have not admitted any liability to a mis sell but they have offerred a 'goodwill' payment of £629.01, they have even broken this down as a 'Refund of premiums paid from January 1993 & November 2011' which is equal to £401 and then the usual interest calculations. My issue with this is that they are well short in their calculations, I only have statements going back 3 years and have worked out that on average I have paid £7.00 per month in PPI, my spending pattern on the credit card over the last 19 years has been pretty much the same as it is the one & only credit card that I have ever had. So by my calculations they should have offered me somewhere in the region of £1500 + the interest, with that in mind I have written back to them in a very polite manner requesting that they re-calculate (I have not actually rejected the offer) and come back to me with an offer that accurately reflects the actual premiums paid. It seems to me that if they are going to base a 'goodwill payment' on the premiums that I have paid then that in itself is an admission of guilt....In my mind a 'goodwill payment' would be say a £100 or the like, in other words a set figure to close the case...

I invite comments from the wise people on the forum as to whether I have chosen the correct course of action as I would prefer not to involve the FOS due to the timescales and it would appear that the only real sticking point is the amount of refund as they have already agreed to a payout...

amersall

Moneyineptitude wrote: »

Since front-loaded ppi is apparently the most commonly upheld complaint, why is it so conspicuously absent from the Main Site's checklist I wonder?
Also, can't it also be deemed front-loaded when it's paid for separately each month and still incurs interest?

I wonder this too, that is why when i give the link to "reasons for mis sell" i now put about the front loaded part.
If the ppi is paid monthly on its own then the interest is monthly so if you cancel the ppi, that is the end of it there is no more interest to pay, if it is put on the front of the loan and it is paid back over the loan term the interest is spread, so if you cancel you get a pro rata rebate of the ppi, but the remaining ppi and interest is still on the loan.

amersall

qml1968 wrote: »

Hi to all...

...well, response from RBS today for the Credit Card PPI claim that I sent in December, no surprise in that they have not admitted any liability to a mis sell but they have offerred a 'goodwill' payment of £629.01, they have even broken this down as a 'Refund of premiums paid from January 1993 & November 2011' which is equal to £401 and then the usual interest calculations. My issue with this is that they are well short in their calculations, I only have statements going back 3 years and have worked out that on average I have paid £7.00 per month in PPI, my spending pattern on the credit card over the last 19 years has been pretty much the same as it is the one & only credit card that I have ever had. So by my calculations they should have offered me somewhere in the region of £1500 + the interest, with that in mind I have written back to them in a very polite manner requesting that they re-calculate (I have not actually rejected the offer) and come back to me with an offer that accurately reflects the actual premiums paid. It seems to me that if they are going to base a 'goodwill payment' on the premiums that I have paid then that in itself is an admission of guilt....In my mind a 'goodwill payment' would be say a £100 or the like, in other words a set figure to close the case...

I invite comments from the wise people on the forum as to whether I have chosen the correct course of action as I would prefer not to involve the FOS due to the timescales and it would appear that the only real sticking point is the amount of refund as they have already agreed to a payout...

Stick with what you have done for the time being see what they come back with, if they don't reconsider then do a SAR and see if this gets you anymore info or statements, if you have statements then you can go back to them and tell them to redress the statements.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

Angel78

Hi,

I took out a loan with PPI (from Lloyds 7 years ago and the loan is due to end in August. However I was made redundant from my job so claimed against the PPI, will this go against my claim of being mis-sold the PPI?

Thanks in advance.

sugarpuss27

amersall wrote: »

If this has insurance and it was mis sold to you, put a claim into Mitsubishi.

Thanks Amersall will do

[Deleted User]

Angel78 wrote: »

Hi,

I took out a loan with PPI (from Lloyds 7 years ago and the loan is due to end in August. However I was made redundant from my job so claimed against the PPI, will this go against my claim of being mis-sold the PPI?

Thanks in advance.

It certainly weakens any complaint you may bring about not needing the insurance!
However, it could still have been mis-sold if you fulfil any of the checklist criteria here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

kayla

amersall wrote: »

You can put the claim in, you only need the account number and reasons for mis sell

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

One reason that is not on the list, is if the ppi was put on at the start of the loan and you paid this back over term with interest and you only made one monthly payment to the loan that included the ppi.

thanks for your help

kayla

kayla wrote: »

thanks for your help

oh and it was in both mine and my husbands name do we both have to sign the letter?? or can i just sign it?

fido90

This will depend on the ppi monthly payment and if you settled early or it went to term end.
The whole ppi was just over £2000, what does the goodwill gesture in total come to?, to say they cannot find the loan details, this is a good offer.
If the loan went to term end what was the total ppi with interest?.

You can reject the offer if you want or take this to FOS (the wait there is months) without the agreement the FOS will hold with the offer you have been made.
You could SAR this

And they have 40 days to respond, this may throw the agreement up but it may not.

---

Actually, looking at the statement again it reads.
Opening balance 10,000
Insurance premium 2026
Then at the base total payment receipts 13458.

So I would assume 3458 amounted to additional interest paid on the premium insurance. Receipts along side this must be interest on loan reads as 3289.

The loan was for 60 months, paid in full and insurance was taken right until completion. First 3 years monthly payment 274.
Bank changed loan number last 2 years of loan, makes this confusing. Last 2 years paid 259 per month.

The interest was 1.09%pm first 2 or 3 years, then 1.10%pm for rest of duration.

I have sent more info onto the bank to see if it will jog their memory. After all this time, who does keep their initial letter. It's the statements that show evidence of the loan and all payments.

Thanks for your previous reply, if no result this time, it's off to Omb for me.