PPI Reclaiming Discussion Part 5

notgotenough£

Hi all

Sorry if all this has been asked before, but perhaps someone can answer and give me the confidence to maybe go ahead with a claim.

We took out a loan with HSBC probably about 10 years ago. Is that too far back to claim for? I cant remember but I think we paid the loan back with equity in the house when we moved house in 2005.

I cant remember exactly how much the loan was for either £22,000 or £26,000 and I am sure we had PPI, from reading other posts the story of more being paid into our account and them some being taken out rings a bell.

I have no account numbers or any info on the loan - where do I start?
The other problem we have is that we are currently on a DMP with the CCCS and HSBC is one of creditors we owe money to - would that matter?

Thanks for reading,
Sharon

[Deleted User]

DJKris2010 wrote: »

I got a reply from Mint today, they are not playing ball at all.



What's my next move? I'm not even sure if there was PPI on it.

cappo wrote: »

Hi Kris they are under no obligation to deal with your account under a cca if your account is closed but you can sar them and they do need to supply you with your info under the data protection act 1998 see link below.




https://forums.moneysavingexpert.com/discussion/1475553

Or you could just ring the lender and ask if there was PPI!

[Deleted User]

notgotenough£ wrote: »

We took out a loan with HSBC probably about 10 years ago.

I have no account numbers or any info on the loan - where do I start?
The other problem we have is that we are currently on a DMP with the CCCS and HSBC is one of creditors we owe money to - would that matter?

First of all, without any documentation it's going to be an uphill struggle to complain about a loan that was settled seven years ago. You could write a SAR letter to the bank
https://forums.moneysavingexpert.com/discussion/1475553
but HSBC will likely want copies of statements to prove that you actually paid the PPI since their records are destroyed after six years.
As for your DMP, HSBC would be able to apply any redress you might be awarded to an outstanding debt with them.

So it looks as if you're out of luck unless you can find some old statements.

DJKris2010

Moneyineptitude wrote: »

Or you could just ring the lender and ask if there was PPI!

They won't tell me anything over the phone. I know this because I had to ring them last week to find out why they hadn't sent my documents. All the guy on the phone could say was that he couldn't access any information as it was all archived and I needed to write again.

notgotenough£

Typical, might just have a look at the SAR letter, you just never know....thanks moneyineptitude

[Deleted User]

DJKris2010 wrote: »

They won't tell me anything over the phone. I know this because I had to ring them last week to find out why they hadn't sent my documents. All the guy on the phone could say was that he couldn't access any information as it was all archived and I needed to write again.

Some of the Banks are more forthcoming than others. I guess you no longer Bank with them?
Go the SAR route, as Cappo suggested.

hidip

Hi, just received my letter, re claiming ppi for my credit card with Lloyds tsb, in the letter it says that, i applied for my credit card ppi on the phone,on the 8th Februay, 2002,and that the cca shows that we required additional consent in the form of a tick, and that a verbal explanation of what i was consenting to was explained by the sales advisor, so that you did knowingly consent to the ppi........as i do not remember any of this, should i apply for my agreement, i am sure that the credit card was applied for in branch, so i would not have applied for ppi on the phone? In the meantime, thanks for all the help............

[Deleted User]

hidip wrote: »

should i apply for my agreement,

Even if this were available in it's original form, it's useless unless you just want account numbers. As you've already made your complaint, all you can do now is progress it to the Ombudsman;
http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance#step4

hidip

Hi thanks for your response, i just can not see me requesting ppi over the phone, i did not know what ppi was until coming onto this site......and i just wondered how they know that the sales advisor, as the letter states, told me what the policy would cost, and any exclusions......are they just assuming.. people like me find the banks intimidating, but thanks to people like you, now have the confidence to go further.........

nocharge

Hi, I need some advice quickly if at all possible (from Amersall?) on 4 offers from RBS.

I have 7 PPI Loan claims currently in the system with RBS and they have just come back with offers on the last 4, which I need to establish if they have calculated the refund correctly.

Detailed below are the individual loans, which form part of a consolidated loan chain

Loan # 4

Loan £20,000
PPI £4460
________
Total £24,460

Interest £6,933.80
Admin Fee £60.00
_________
Total Chg for interest £6,993.80

Total Payable £31,453.80

84 payments @ £374.45 (Loan £306.17 + PPI £68.28)

Paid 8 monthly payments before the loan was refinanced – Total payments £2,995.60, of which £546.24 was PPI payments.

RBS Offer:

Total refund of PPI Premium and associated interest paid to date £544.88

Statutory and Stay Interest Values
Gross interest at statutory rate added to each overpayment from the date of
payment to date plus additional interest for delay from when we informed you
the complaint was put on hold £369.86

Less Tax (20%) £73.97

Net Interest £295.89

Total Offer £840.77



Loan # 5

Loan £19,314.41 (for repayment of above loan #4)
PPI £5,629
________
Total £29,629

Interest £6,753.56
Admin Fee £60.00
_________
Total Chg for interest £6,813.56

Total Payable £36,442.56

84 payments @ £433.84 (Loan £351.41 + PPI £82.43)

Paid 27 monthly payments before the loan was refinanced – Total payments £11,713.68, of which £2,225.61 was PPI payments.

RBS Offer:

Total refund of PPI Premium and associated interest paid to date £2,466.37

Statutory and Stay Interest Values
Gross interest at statutory rate added to each overpayment from the date of
payment to date plus additional interest for delay from when we informed you
the complaint was put on hold £1,375.10

Less Tax (20%) £275.02

Net Interest £1,100.08

Total Offer £3,566.45



Loan # 6

Loan £24,100 (as provided by RBS)
PPI Not Known
________
Total £24,460

Interest Not Known
Admin Fee Not Known _________
Total Chg for interest Not Known

Total Payable £ Not Known

RBS Offer:

Total refund of PPI Premium and associated interest paid to date £1,704.97

Statutory and Stay Interest Values
Gross interest at statutory rate added to each overpayment from the date of
payment to date plus additional interest for delay from when we informed you
the complaint was put on hold £715.39

Less Tax (20%) £143.08

Net Interest £572.31

Total Offer £2,277.28



Loan # 7 (Existing Loan)

Loan £22,547.94 (To refinance Loan # 6)
Cash Loan £952
PPI £6,440
________
Total £29,949

Interest £9,244.56
_________
Total Chg for interest £6,993.80

Total Payable £39,193.56

84 payments @ £466.59 (Loan £366.11 + PPI £100.48)

Have paid 56 monthly payments to date – Total payments £26,129, of which £5,626.88 was PPI payments.

RBS Offer:

Total refund of PPI Premium and associated interest paid to date £8,700.13

Statutory and Stay Interest Values
Gross interest at statutory rate added to each overpayment from the date of
payment to date plus additional interest for delay from when we informed you
the complaint was put on hold £1,610.56

Less Tax (20%) £322.11

Net Interest £1,288.45

Total Offer £9,988.58



So the advice I’m looking for is:

1. Are the RBS calc’s correct?

2. Are they right to deduct 20% Tax? If so what’s this for?

3. As the four loans part of a consolidated loan chain, have they deducted the remaining balance (i.e. remaining balance of PPI loan less payments made) of the PPI Total when calculating the balance remaining for refinancing?

4. They state in their letter regarding payment, “On receipt of signed declaration, we will arrange for payment to be made, subject to clearance of any arrears or indebtedness you may have with the Group”. I currently have a repayment plan in place to cover a previous 6 month arrears position, but it only has a balance of £1,000 remaining and I’ve continued to pay the standard monthly loan payment in addition to this plan. So can RBS use part of the offer money to clear the £1,000 arrears balance? And could they also use the remaining offer balance to clear my existing loan because I have two months of arrears still outstanding?

Many thanks for any assistance you can provide, apologies for the long post but I want to get this right first time, as once you’ve signed the declaration, I suspect you’ve no further recall!