PPI Reclaiming Discussion Part 5

dilus

katiecoulson wrote: »

yep i agree so they cant say they didnt get it. Just been looking on net for more info as i cancelled my ppi on my loan after paying 5-6 months then rang and asked what it stood for. Is it still worth me claiming for them few months?

Why not, every penny counts

mspotter

Hi
I sent off the questionaire to Santander re a loan i had with A&L in 2004. I did write to them about this a couple of years ago but did not get a reply (it was when there was a template letter on this site before the questionaire). Last week they sent me this letter...

Thankyou for telling us of your concerns about the PPI policy you took out with Santander product.
Please be advised that a Final Response from us has been sent previousely while acting independantly/under another third party representative. Therefore our response will remain unchanged and no further action is required on our part.
The previous Final Response was generated inline with the current regulations and therefore no further investigation is required.

Now, i have never received the final response that they are talking about and i can only assume that it went to the address i was living at the time of the loan (i have since got married and moved house) Am i entitled to ask them for a copy of their letter and does this mean that my claim will not be upheld?

ekoforshow

Hi I have been going round in circles with egg over the past 9 months and am finally ready to put some paperwork together. Egg have given me copies of my statements showing PPI payments, however they ovrr time, have failed to provide any details of the signing up paperwork as in their "opinion the account is closed and are not obliged to forward any information". The PPI period is over 6 years ago , however, I am sure that it was mis-sold. I was wondering if anyone whom has had previous success with an egg claim could share their reasons for believing that the PPI was mis-sold or what methods egg employed when selling this PPI. I applied online and am wondering if there was a box pre-ticked or if there was a recommendation online to take the PPI.

malamutesamoyed

amersall wrote: »

Hi, did you get the cash back at the 5 year stage, how did you work out the above figures and is the redress you put in your other post exact for the redress they have offered you?

This is a secured loan so the interest will have fluctuated over the time you have paid this.

You should get the ppi monthly amount back that you paid from the start date to the redress date (63 months), they then take the whole ppi off the loan and give you 8%, i do not see the ppi you have paid to date being given back to you in the offer they made.

Hi again,

No I didn't get any cash back, the cash back is due on the 10th year anniversary. So I'm guessing by what you say that I should may be ask the bank to re consider the offer. If so would you be able to offer any advice on how to word this to them?

Thanks for the advice so far!

dilus

malamutesamoyed wrote: »

Hi again,

No I didn't get any cash back, the cash back is due on the 10th year anniversary. So I'm guessing by what you say that I should may be ask the bank to re consider the offer. If so would you be able to offer any advice on how to word this to them?

Thanks for the advice so far!

From what I can understand with this, the PPI monthly figure you have calculated is correct £66.34, you have made 63 payments so total PPI paid to date = £4,179.42 and 8% standard interest on this over 63 months works out at £887.04 Total £5,066.46

Instead of paying you back the PPI paid to date they are deducting the full PPI costs (over the whole term) off the loan + interest incurred and giving you back 8% standard interest, as if the loan had gone to term!!!! Which it hasn’t.
This I find a very strange way of doing it but the figures look Ok. If anything the 8% standard interest figure is generous, you should be getting £887.04 going by what you have paid to date but you are getting over £2k

My head hurts

bigboo123

Evileddie wrote: »

Ok i'll start,

I have not made a claim yet and after reading this board am thinking seriously about claiming.

I had two loans from HSBC over the years both having PPI, I just cant remmeber about how I agreed to them or anything, so im at a loss on what to say about my claim.

Also I have an HSBC credit card, I have been paying PPI for many years on this and did not realise I was paying this until a few months ago, I then promptly cancelled it.

A person on another thread said he just called there customer services and put in a claim over the phone.

I'm totally thick when it comes to things like this and not sure what to say, any help in what i say and any other help would be appreciated.

Thanks

Chris.

hi chris,

ive just settled yesterday with hsbc for 2 loans in which one was paid off in 2005......settled for £5775

settled with the hfc which loan fininshed in 2004....settled for £5358 so over £11000 come very shortly me and my wife r well happy lol

dnt use a claims company doit yourself.....just send a letter to the banks stated that you were mis-sold ppi on your loan.....you were told that you couldnt have the loan if ppi wasnt taken......i sent only 1 letter to both companys and just sat back and waited.....its took 12 weeks ive accepted there offer

sent 3 other letters now as they are done so hopefully more to follow

hope this helps and fingers crossed for you

regards

neil:j

Isthisusernametaken_2

Having spent over a year contemplating making a claim for mis selling of PPI with Lloydstsb I finally took the bull by the horns today and phoned LLoyds. I have had loans since 2000 and each one ran into the next, i.e. one taken out to pay the previous one off plus some....etc., I was unemployed when the first loan was taken out, although I did have a private monthly income. I had just come out of a 20 year relationship and was feeling extremely vulnerable as well as being short of money. I can remember feeling sorry for the 'loan arranger' in the bank as I was in floods of tears at the time. Anyway, I was sold a front loaded loan which was then exchanged 2 years later for another loan and so the trend continued almost every 2 years until the present day. All had PPI front loaded except the latest one taken out in 2009. I hadn't a clue what PPI was for except I thought that I had to have it. Each time a new loan was arranged, PPI was never discussed clearly, if at all. Two of the other loans were taken out whilst I was self employed. Luckily I have all of the relevant paperwork ( I never throw anything away) so I was able to give all of the loan dates and loan numbers. The latest loan taken out in 2009 is the only one I have not had PPI added to. Does anyone think it sounds as though I have a good case for complaint? Anyway, I thought I would try to get in before the rush now that the banks are having to write to everyone inviting them to make a claim. I have been told to expect a letter within 5 days. Wish me luck !!

mill1980

amersall wrote: »

If you put the complaint in 1st Feb they have 8 weeks not twelve to give you a final response.

thanks, just phoned them and they said still investigating but they will make an offer by the 8 weeks! I wondered if its a preference account and not a standard loan it will take them longer to work it out? think i had the account for 4 years and I gather PPI payments would change dependant on account balance, either that or they are struggling to find the info...they have till a week on monday so sure it won't be long!

amersall

katiecoulson wrote: »

hows ppi worked out when it was cancelled half way through the loan?

You get the ppi monthly amount that you paid to date of cancellation back and the remainder of the ppi back that was still on the loan if you cancelled after the 30 days allowed, when you cancelled this, did they reset the loan to change the monthly payment?.

amersall

roseycheeks2 wrote: »

Hi,

Really hoping someone can advise.

I'm just away to try reclaiming PPI from RBS, and think I've just about got my head around how to do that, but I also had a hire purchase agreement for my old car, starting back in 2005, and looking through the paperwork I found for it I have uncovered documentation for 'Vardycare Payment Protection Plan' and a separate agreement for 'financial shortfall protection' which seems to have been through Pinnacle Insurance plc. I'm really unsure if I can apply to reclaim payments made to one or both of these, or if it's just banks that you can complain to?

Does 'financial shortfall protection' even come under the heading of PPI?

I really wish I wasn't so easily confused by financial stuff!:(

The VPP is, not sure about the other, you need to find out what this covered, then if you did not need this put a claim in for both to who you bought the car from, this will be the dealer, look here for reasons for mis sell and use any/all that apply to you.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2