PPI Reclaiming Discussion Part 5

Ericmckie

Ericmckie wrote: »

Hi

I have just found out that I was charged PPI under the name of MSF Creditcare to the tune of £2290.

The loan was signed in Dec 1999 and from what I remember I was told I had to have this if I wanted the loan.

After around 3 years into the loan I ran into difficulties and have been paying it back at a reduced amount since. What annoyed me was they added all the interest for the loan plus the PPI (which I was unable to claim against because I had defaulted) making a 5k loan over 10k in total.

I have a copy of the agreement and am going to try reclaiming the amount.

The thing I would like to know is I have heard through a claim handler of an addition of 8% can be claimed of the interest had it been in my bank. How do you calculate the interest??

Thanks for reading.

Had a nice supprise in the post today a cheque for £4646.19 as settlement for my complaint.

I thought I was not going to get anything as I hadn't heard from them in over 8 weeks. I rang them towards the end of the 10th week to be told a letter had gone out to me on the 11/6 (which I have not received) with an offer of the amount above. I was able to accept the offer on the phone.

I think the reason it was sent to me is I have paid off the original amount and HBOS had sold the remainder of the debt to a collection agency. Now all I have to do is contact the agency when the cheque clears and make them an "offer" to clear the debt and hopefully they will accept and leave me with a couple more creditors to tackle and I'm debt free.

Looking at the amount I got I would have parted with a few £££ in fees had I gone to a PPI Claim company, so anyone reading this and are not sure if they can make a claim themselves, read the posts and you will be supprised at how easy it is to do.

Thank you MSE for pointing me in the right direction. :A

izzybusy23

Hi guys

Quick question. Husband posted off his PPI letter to RBS on 1st June; it was signed for the following week but we have only just received an acknowledgement letter today dated 25th June.

When do we take the 8 weeks from, when they received it or when they sent us the letter as the two dates are two weeks apart.

Many thanks

Ericmckie

izzybusy23 wrote: »

Hi guys

Quick question. Husband posted off his PPI letter to RBS on 1st June; it was signed for the following week but we have only just received an acknowledgement letter today dated 25th June.

When do we take the 8 weeks from, when they received it or when they sent us the letter as the two dates are two weeks apart.

Many thanks

With my claim my letter was signed for the day after I had sent it but when I rang them I think they take the day the claims handler started the claim which, in my case, was a week after they had received the complaint.

Can only suggest you ring them to clarify. Hope that helps.

sanfran1

sanfran1 wrote: »

First post but I'll try to be brief!
We received an offer from Santander consisting of £845.48 refund plus £832.30 interest.
After further enquiries from us they sent us a breakdown showing all the monthly premiums (totalling £845.48) and the interest calc s/sheet.
This is where I'm stuck - I can't work out how the interest has been calculated;
May 98 Premium £34.32 interest offered £0.23
They say that the interest rate of 15% applies from May 98 - Mar 93 and this reduces to 8% from Apr 93 to date.
No matter what formula I try I can't get back to the first calc. of £0.23.

I'm hoping your interest expert might be able to throw some light on this.

Another hopeful bump - anyone???:)

littlepip

Hi Got back a acknowledgement letter/s today from RBS in response to my letter of complaint re: PPI. In total they sent three standard letters within the same envelope all saying the same thing, but each one has a different reference number on them. Anyone know why they have sent me three?

american_bulldog

Received a letter from blackhorse today which reads as follows.

As part af an initial review of your complaint I was able to identify that the ppi policy that you have complained about was associated wih a loan which was part of a chain of loans with us.The loans were settled early and refinanced by a subsequent loan.

When assesing your complaint,I have fully considered whether you were eligible for the the policies,whether the policies were suitable for you and wether we provided appropriate information to you in relation to your ppi policies when you took them out having completed all of these steps,I also lookeed to ensure that we acted fairly towards you in relation to the sale of your ppi policies,taking into account any other relevent circumstances or information that may be available.

As a result of this review,I am satisfied that there were no issues with the sale of the ppi attached to the loans.however due to to the way we calculate the rebate due on settlement or cancellation of a single premium ppi policy,you incured additional costs when you settled or cancelled these policies compared to what you would have paid if they had not been single premium policies.

Due to these additional costs your borrowing for the subsequent loans would also have been higher than you needed it to be,which in turn increased the size of the monthly repayments

OUR OFFER
As a final response we are now able to offer you a payment of £11,636.39:beer:

This represents a refund of the extra amount paid by you at the time that the policies were settled or cancelled and also the additional amounts that you have paid due to the incresed borrowing on your subsequent loans.

We have also applied additional interest at 8%.This interest rate is in line withthe approach of the courts and the Financial Ombudsman Service and is cosidered to be fair and represetative of the annual growth you could have expected to receive.

Have I won and got my ppi back

dolphingazer

american_bulldog wrote: »

Received a letter from blackhorse today which reads as follows.

As part af an initial review of your complaint I was able to identify that the ppi policy that you have complained about was associated wih a loan which was part of a chain of loans with us.The loans were settled early and refinanced by a subsequent loan.

When assesing your complaint,I have fully considered whether you were eligible for the the policies,whether the policies were suitable for you and wether we provided appropriate information to you in relation to your ppi policies when you took them out having completed all of these steps,I also lookeed to ensure that we acted fairly towards you in relation to the sale of your ppi policies,taking into account any other relevent circumstances or information that may be available.

As a result of this review,I am satisfied that there were no issues with the sale of the ppi attached to the loans.however due to to the way we calculate the rebate due on settlement or cancellation of a single premium ppi policy,you incured additional costs when you settled or cancelled these policies compared to what you would have paid if they had not been single premium policies.

Due to these additional costs your borrowing for the subsequent loans would also have been higher than you needed it to be,which in turn increased the size of the monthly repayments

OUR OFFER
As a final response we are now able to offer you a payment of £11,636.39:beer:

This represents a refund of the extra amount paid by you at the time that the policies were settled or cancelled and also the additional amounts that you have paid due to the incresed borrowing on your subsequent loans.

We have also applied additional interest at 8%.This interest rate is in line withthe approach of the courts and the Financial Ombudsman Service and is cosidered to be fair and represetative of the annual growth you could have expected to receive.

Have I won and got my ppi back

The first bit of the letter is exactly the same as mine. Strange that:cool:

american_bulldog

dolphingazer wrote: »

The first bit of the letter is exactly the same as mine. Strange that:cool:

not sure if I won or not but if you get 11 and half grand for not winning that will have to do :beer::beer: :T:T

dolphingazer

littlepip wrote: »

Hi Got back a acknowledgement letter/s today from RBS in response to my letter of complaint re: PPI. In total they sent three standard letters within the same envelope all saying the same thing, but each one has a different reference number on them. Anyone know why they have sent me three?

Hi littepip,

Maybe you had more than 1 loan with them. Is this possible?

bunnie1980

amersall wrote: »

The Hitachi one covered against repairs, this may not be claimable as a mis sell as the item would have been repaired had you damaged it, you could contact them if you did not need this cover and feel that it was mis sold and ask that you be paid this cover back, when you took this cover, was it separate to the loan agreement and was it fully explained to you?.

With the Toyota one, 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.

If the above applies to your loan then write back to Toyota and reject the reasons for them not upholding due to the Single Premium and also if you already had life cover elsewhere.

I called Hitachi first to check if i had PPI and they confirmed i did so thats when i went ahead with the claim and thats when they said they had cancelled the PPI agreement but nothing to say about reimbursing me for what i have already paid.
With Toyota the PPI is paid every month along with the repayment for the loan.