PPI Reclaiming Discussion Part 5

Becifee

Hi all,

I was wondering if you would be able to advise me:-

I have a couple of claims going through with a couple of offers pending although one seems very low.

Loan 17000
APR 10%
Taken August 2006 over 60 months

It says on credit agreement :-

Loan amount £21651.00 incl £4651 insurance
Total amount repayable ; £27604.80 (£5930.40 insurance)
£361.24 per month loan
£98.84 per month insurance

Total charge £3958.80 (interest includes £1279.40 for insurance loan)


My confusion is:- I was refunded £1169.24 insurance interest & 4056.28 insurance rebate in sept 2006 leaving a total of £22379.28 outstanding, if you add the original loan amount I requested (£17000) and the interest they've worked excluding the loan insurance I've worked that out to be £19674.40
I've paid back (So far) £20277.08 (with creditors as lost my job) with another £2845.88 remaining balance
RBS have offered me £1041.91 refund???

I can't get the numbers to add up at all originally I was paying back £371.51 back per month x 60 months = £22,290.60 which again is a different amount!!!!!

Please please help, any advice would be gratefully received


Regards
Becifee

AlmostThere79

Hi, apologies if someone has already asked this question. I'm worried and just need someone to clarify something for me.

I have an IVA which is due to finish in May 2013. My IVA company emailed, text, phoned and sent letters badgering me to do this PPI Claim. A friend had also made a PPI Claim (he didn't have an IVA so kept all of it) and got a good result so I thought I might as well. I didn't expect anything. I filled in the paperwork which stated that they would take 40% of any money received.

Halifax have written to me saying they will refund £2800 and will make this payment to the IVA people. When I emailed my caseworker to discuss this and find out what I get his reply said

"most of the money from PPI is to be paid into the arrangement. Therefore unfortunately I can confirm that you will only receive the interest element from any successful claim"

Needless to say I am furious, upset and devastated. I have been barely making it by each month and the thought of receiving a little much needed cash was brilliant. Now its all been taken away

Is there anything I can do? Are they right in doing this?

[Deleted User]

AlmostThere79 wrote: »

Is there anything I can do? Are they right in doing this?

Just be thankful it's your IVA company doing this. If you were still in arrears with the Bank all the redress would be going towards paying off the outstanding amount on your loan or credit card.

There is nothing you can do except enjoy the interest money which will now be paid to you and realise you are a couple of grand nearer being debt free.

Why didn't you ask what proportion of any redress would be awarded to you BEFORE you complained?

yellowlally

Hi, just want to know if anyone thinks I have a valid claim here. I took out a Natwest (RBS) credit card years ago, and noticed that I was paying PPI on a couple of years ago which I promptly cancelled. I have just realised that it is possible to reclaim if it was mis-sold initially so I put in a claim on the basis that I do not recall ever being actually 'sold' this insurance, I certainly did not ask for it. Today they have answered my claim, rejecting it, sending me a blank copy of an application form which they say I would have signed at the time, and on which I would have had to sign for PPI. My claim was based on the fact that I didnt want it (cancelled it 2 years ago), didnt need it (full time employed, generous sick pay etc) and didnt ask for it (genuinely do not remember completing a form). Sounds to me like they have lost the original documentation and are just assuming that this blank form they sent me is the one I completed. I really cannot remember how I applied for this card, it was too long ago, but I have a feeling it was done in the bank. Does anyone think I have a valid claim, and if so, is the next step the Ombudsman? Any help much appreciated.

kaththomas

Hi i have managed to successfully calim by my ppi with aqua, hsbc and capital one.
However i have been unsuccessful with

Blackhorse
my husbands aqua credit card
a number of catalogue accounts
g e money (mortgage)
and a few more.

Does anyone know if ic ould place the ones i have been unsuccessful with in the hands of a PPI claims company and if they would be willing to take them on when i have been personally unsuccessful.

Kath Thomas x

AlmostThere79

Moneyineptitude wrote: »

Why didn't you ask what proportion of any redress would be awarded to you BEFORE you complained?

In the letter I was sent with the forms to make the initial claim, it said that 40% would be taken. At no point did it clearly state "We will take all the cash rewarded, put some into your IVA with it not making any difference to your monthly payments"

Thing is, they will split this cash with my creditors but it was one of the creditors that gave me this PPI refund. So that creditor is getting some of it back - which just seems wrong!

[Deleted User]

kaththomas wrote: »

Does anyone know if ic ould place the ones i have been unsuccessful with in the hands of a PPI claims company and if they would be willing to take them on when i have been personally unsuccessful.

You can only complain once I'm afraid (with or without a Claims Company).
Be assured that a Claims Company would have had no more chance of a successful complaint than you did alone.

[Deleted User]

AlmostThere79 wrote: »

Thing is, they will split this cash with my creditors but it was one of the creditors that gave me this PPI refund. So that creditor is getting some of it back - which just seems wrong!

Well, as I said earlier, if you had still been in default with the Bank's loan or credit card then all the money (including the interest) would have been offset on your outstanding debt.

eddgti

hi all
new to this site just a quick mention has anybody else had problems with ppi claims from HSBC. just after sending them 2! questionaires complete with loan agreements & statement proof they keep saying they have not received them at the ppi claim dept in bristol.This i find hard to belive that 2 pre paid envelopes addressed to hsbc can go missing in 4 weeks.

CMPM27_2

Hi all,

I used the MSE letter template to request some additional details including the 'I look forward to a response within 12 working days' line. It has now been 8 weeks and no response from HSBC though they say they are processing my letter!

ANyone know why the template states 12 days? Is this an official response time that HSBC should adhere to?

Thanks