PPI Reclaiming Discussion Part 5

Curly_top

Having taken out a mortgage that would complete after my normal retirement age I was told that PPI was a condition of the loan despite the fact that I asked that the mortgage was based on my retirement income which I was already in receipt of from a previous employer. I was asked at the time the mortgage was taken out to sign a form stating that I understood that payment continued beyond retirement age.

I explained at the time that I did not want the PPI and have subsequently made a claim for mis-selling but have been turned down on the basis that the policy would have paid out even though I was in receipt of a pension.

Surely the insurers would have been aware of the fact that my income would reduce at normal pension age as this was stated at outset so I cannot believe that I could have made a claim.

Payments have always been made on time and the mortgage now settled - has anyone else had this problem?

ben80

just_trying_to_help - definitely really helpful! Thanks!!

Jaylisa_2

Hi, I have written to my lender regarding reclaiming mis sold ppi using the online form, how long should I leave it before chasing an answer to my letter?

Thansk

jones1328

Hi All,


I have a question regarding a successful PPI reclaim and the amount I've been awarded - hopefully someone can help me!

Very recently had PPI reclaim sussess from a MBNA loan I recently paid off.

The loan was taken out in October 2006 for £4000 repayable over 5 years (60 months).

The interest rate on the loan was approximately 9% with the 60 monthly re-payments at £95.02 (this included the monthly PPI payment)

In thier letter informing me of my sucessful PPI claim, MBNA have broken down the refund as follows:

Total amount of PPI premiums and associated interest charged since sale date: £978.56

Total amount of 8% interest: £236.03

Total amount payable: £1214.59

Based on the information I've set out, does this refund amount sound about right?

Would appreciate any feedback on this matter.

Thanks :beer:

amersall

trio72 wrote: »

:think:Can anyone help me?

I have had a letter from Blackhorse Finance(April 2011) to say they are going to pay me redress on my PPI. They would not tell me how much and said "you need to send back an signed acceptance before we can let you know how much we are paying you". I called the FOS and they advised to call them again which I did and got told the same thing. I called the FOS back and they said to sign the acceptance as I could always decline the amount. 2 weeks late a cheque arrived with an amount I did not understand(I will explain in a minute). Again I called the FOS who advised to send the cheque back explaining why, I did this and to this day I have still had no reply. I rang Blackhorse only to be told "that is the final offer". I sent all the paperwork I had to the FOS in August 2011 disputing the amount and asking for help. They did not get to my case until last month. I have asked them if they think the redress is correct and the person dealing with my case is not sure, he is trying to explain to me what Blackhorse have told him but I really do not understand it. This is my case:-

Loan amount £16,000.00 08/04/04 - £249.39 monthly
PPI amount £5955.40 08/04/04 - £92.83 monthly

My statement shows an opening balance of £21,995.00, the loan was paid off on 14/02/05 10 moths after taking out the loan. The amount paid to settle the loan was £19,081.35 which includes a minus figure of £3,002.76 for settlement interest. So I had the loan for 10 months and made 10 monthly payments of £342.22 and paid back £19,081.35 to settle a loan of £16,000.00.

The letter I got from Blackhorse showing how my redress was worked out is as follows:-
Total sums paid towards cost of policy via monthly instalments £742.64
Sum paid towards the cost of the policy within early settlement figure** £1756.22
SUB TOTAL £2498.86
8% statutory interest £1267.45
TOTAL REDRESS DUE ££3766.31

Now this is what I don't understand the figure with the ** has a footnote on the letter "Even though your agreement has been paid in full, you have not paid the full cost of the policy as shown on your agreement as we gave you a rebate of £4564.99 when you early settled the agreement".

If someone can tell me if this is correct or not I would be that would be great as this has been going on for nearly 2 years and has been with the FOS for 10 months who still cannot explain to me what the figure should be.

Thanks in advance from a very confused person

Bumping this post for anyone who cares to take a look and see why the redress is correct, PPI paid plus the PPI amount paid back to loan at early settlement, but the total PPI less the rebate does not add up.
Thanks xx.
It is most likely staring me in the face but I cannot see it

amersall

jones1328 wrote: »

Hi All,


I have a question regarding a successful PPI reclaim and the amount I've been awarded - hopefully someone can help me!

Very recently had PPI reclaim sussess from a MBNA loan I recently paid off.

The loan was taken out in October 2006 for £4000 repayable over 5 years (60 months).

The interest rate on the loan was approximately 9% with the 60 monthly re-payments at £95.02 (this included the monthly PPI payment)

In thier letter informing me of my sucessful PPI claim, MBNA have broken down the refund as follows:

Total amount of PPI premiums and associated interest charged since sale date: £978.56

Total amount of 8% interest: £236.03

Total amount payable: £1214.59

Based on the information I've set out, does this refund amount sound about right?

Would appreciate any feedback on this matter.

Thanks :beer:

:j well done
You get the whole PPI amount back to you, you need to know what the total PPI payment was at the start of the loan, if this matches the redress then they have paid what you are owed.

amersall

samson79 wrote: »

I have a Capital One credit card and recently noticed that I am paying PPI - it looks like a percentage of the outstanding balance on the card. I wasn't aware of having purchased this so thought I would go through the claims process.

The first step was to get a copy of my credit card agreement as I no longer had it - this has now arrived and the box to ask for PPI was never ticked. The form also asks for a second signature to confirm that PPI is wanted and this was also blank.

So it seems like this isn't really a case of Capital One mis-selling me a policy, more that they have gone against the actual agreement. Because of this I'm finding it difficult to fill in the standard claim form - I can't answer any of the questions about how the policy was sold to me because it wasn't!!

I was thinking a straightforward letter might work given the simpler nature of my complaint but having read some of the stories on here I'm not so sure.....anyone else have any similar experience?

The PPI could have been added at a later date, during a cold call, banks are good at that, that is why it does not show on the agreement, just put that you did not want this PPI and did not take it at application so this was not sold to you, put a copy of the agreement in to show the box not ticked, if they come back and reject saying you added this at a later date over the phone, write back and reject the reason for not upholding, ask for the phone call as you want to know what was said to you to take the PPI that you did not want initially.
If you do not remember anything the form is asking for, then just put you don't know.

amersall

Hole-in-my-shoe wrote: »

Yes they were all loans, would I be right in including a copy of the original credit agreements?

Did you pay one payment each month to this loan and PPI and not a separate payment for the PPI? if you did, this is Single Premium PPI and this is the reason for mis sell that you use, this was a loan on the loan paid to term end with interest, if you cancelled the PPI they would have given you a pro rata rebate of the PPI and the remaining PPI is still on the loan to term end.

If you settled this loan early then, as above you, would have a pro rata rebate and you would have paid back the remaining PPI in with the settlement figure.

amersall

Richie1 wrote: »

In 2005 I took out a PPI plan via Paymentshield when I took out a new mortgage.

Both the mortgage and the PPI were sold to me by a third party broker, the one at the estate agent whom we purchased the house from.

I have subsequently put in a PPI reclaim against Paymentshield. They have written back to me neither confirming nor rejecting my claim but stating I must contact the Mortgage Broker and levy the claim for misselling against them?

The mortgage broker acted as an appointed representative so are Paymentshield correct or just playing a game in the hope that I go away?

It is the Broker you make the claim to as they sold you the insurance.
Some MPPI is not reclaimable, I would post your question here
http://forums.moneysavingexpert.com/forumdisplay.php?f=187
and see what the guys on there think.

amersall

Hole-in-my-shoe wrote: »

Thank you very much for your help, I just have one more question, the Yorkshire Bank branch I used for the loan has closed, should I use another branch in a different area or should I post to the head office in Glasgow?

I would send this to the head office and put that your branch is closed.

http://www.ybonline.co.uk/contact-us/complaints-procedure-contact-us