PPI Reclaiming Discussion Part 5

[Deleted User]

heather.mckenzie25 wrote: »

sorry just so im clear i should really be speaking to slater hogg about this rather than northern rock/nram?

If Slater Hogg sold you the policy then that it is to them you should address your complaint

heather.mckenzie25 wrote: »

i would have thought it was mis-sold due to the fact that my partner has a pre existing condition (which they were well aware of as intially we took out policies for both life insurance and medical cover with them that were a fortune due to my partner having these problems) therefore ppi would be useless to us

Yes, these are the reasons you should be listing for mis-sell.
Good luck!

dolphingazer

Hi Amersall,
Yes the ppi was included in the loan.

heather.mckenzie25

thanks guys uve been a great help

sarymclary

Just posting to update on my PPI claim, so you know how it's gone. I posted on the previous thread back in mid-January, when I made my claim.

Details here:

I had a bank loan, taken out in 4/4/2003 for £6,000 over 60 payments. I repaid the loan early, in 2007... Shockingly, I've just realised I was paying a whopping 13.9% on this loan!!!

Here are the figures:
Loan : £6k (repayment £136.91 p/m)
Loan Protection : £1,382.21 (repayment £31.55 p/m)
Total loan : £7,382.21 (repayment £168.46 p/m)

TOTAL REPAID : £10,107.60

The thing is, my job at the time was not as a direct employee of the courier firm, but more as a contractor, or self-employed courier. I supplied my own vehicle, submitted the paperwork for the parcels delivered/collected, and I got paid direct into my bank a/c. I started the job in the previous autumn (2002), but by September 2003 my job was made redundant, but of course, I received no redundancy. I tried to make a claim on the policy, but was told that as my benefit claim was for Income Support, not Unemployment Benefit, the policy wouldn't pay out.


I have now received their offer 'as our final response'. They are offering me £2,831.71

Broken down this represents:
Refund of premiums - £1577.00
Early Settlement Fee - £274.36
Interest at 8% calculated up until 26 March 2012 - £980.35
Total : £2,831.71

They have said that if I do nothing, I will receive the payment as quickly as possible. But, they also ask if I attemted to make a claim against the PPI policy in the past, which I had rejected, and if I am concerned that the offer is less than the amount of money I would have received if my claim was accepted. They've included a 'Previously Declined Claim on PPI' form for me to complete if this is the case. In this they ask for the reason for my claim, the number (no idea of this), period of my claim, if I returned to work, and if so when, and then proof of any benefits I may have claimed at this time... they wouldn't pay out on my claim because I was put onto Income Support by the DSS and Lloyds TSB said I needed to be on Job Seeker's Allowance to be eligible to claim, therefore I had to keep up my loan repayments of £168 p/m out of my Income Support, and never defaulted on the loan.

Now, I did try to claim, as quoted above in my initial post. I didn't manage to become re-employed, partly because there wasn't another job similar that I could find at the time, and also because I was widowed about 6 months after I lost my job, and therefore life changed completely for me anyway with a young family to contend with.

So, my question now is do I just take the money and run, and is there any point in pursuing the declined claim part? I have no idea how this would affect the reclaimed amount that they wish to settle with me.

Many thanks once again for the help given on this thread, you guys are absolute stars.

di3004

sarymclary wrote: »

Just posting to update on my PPI claim, so you know how it's gone. I posted on the previous thread back in mid-January, when I made my claim.

Details here:

I had a bank loan, taken out in 4/4/2003 for £6,000 over 60 payments. I repaid the loan early, in 2007... Shockingly, I've just realised I was paying a whopping 13.9% on this loan!!!

Here are the figures:
Loan : £6k (repayment £136.91 p/m)
Loan Protection : £1,382.21 (repayment £31.55 p/m)
Total loan : £7,382.21 (repayment £168.46 p/m)

TOTAL REPAID : £10,107.60

The thing is, my job at the time was not as a direct employee of the courier firm, but more as a contractor, or self-employed courier. I supplied my own vehicle, submitted the paperwork for the parcels delivered/collected, and I got paid direct into my bank a/c. I started the job in the previous autumn (2002), but by September 2003 my job was made redundant, but of course, I received no redundancy. I tried to make a claim on the policy, but was told that as my benefit claim was for Income Support, not Unemployment Benefit, the policy wouldn't pay out.


I have now received their offer 'as our final response'. They are offering me £2,831.71

Broken down this represents:
Refund of premiums - £1577.00
Early Settlement Fee - £274.36
Interest at 8% calculated up until 26 March 2012 - £980.35
Total : £2,831.71

They have said that if I do nothing, I will receive the payment as quickly as possible. But, they also ask if I attemted to make a claim against the PPI policy in the past, which I had rejected, and if I am concerned that the offer is less than the amount of money I would have received if my claim was accepted. They've included a 'Previously Declined Claim on PPI' form for me to complete if this is the case. In this they ask for the reason for my claim, the number (no idea of this), period of my claim, if I returned to work, and if so when, and then proof of any benefits I may have claimed at this time... they wouldn't pay out on my claim because I was put onto Income Support by the DSS and Lloyds TSB said I needed to be on Job Seeker's Allowance to be eligible to claim, therefore I had to keep up my loan repayments of £168 p/m out of my Income Support, and never defaulted on the loan.

Now, I did try to claim, as quoted above in my initial post. I didn't manage to become re-employed, partly because there wasn't another job similar that I could find at the time, and also because I was widowed about 6 months after I lost my job, and therefore life changed completely for me anyway with a young family to contend with.

So, my question now is do I just take the money and run, and is there any point in pursuing the declined claim part? I have no idea how this would affect the reclaimed amount that they wish to settle with me.

Many thanks once again for the help given on this thread, you guys are absolute stars.

Hi

Well done on your success!:beer:

Well I am not good on the calculation side of it but sure someone will be here to check them soon.
What you should get back is all you paid of the PPI on each premium plus the relevant interest, and 8%int of what a court would award.

If they agreed to uphold your complaint, then they should work within the FOS guidelines when calculating.

Below link for more info, good luck.
https://forums.moneysavingexpert.com/discussion/1596473

amersall

Moneyineptitude wrote: »

No, we've already established (on another thread) that he was paying a single monthly payment and so had front-loaded PPI.

That is what i said in my original answer to the poster that this was front loaded,

Originally Posted by amersall
Front loaded ppi is the most upheld of all mis sell claims,as you only made one monthly payment to the loan then this was front loaded, fingers crossed for you x.


they then came back and said


Originally Posted by dolphingazer
Thanks Amersall for your response.
I didn't make myself very clear on my post, i'm sorry.
I had several loans with Black horse, each one had ppi added to the loan and was paid as a single monthly payment over the term of the loan [hope this makes sense]

My original answer was misread.

[Deleted User]

amersall wrote: »

That is what i said in my original answer to the poster that this was frontloaded,

I'm aware of that, but we'd already established this (on another thread) before you ever replied-hence the confusion!
I know you're not on line 24/7, so I fill in for your absences!:D

amersall

sarymclary wrote: »

Just posting to update on my PPI claim, so you know how it's gone. I posted on the previous thread back in mid-January, when I made my claim.

Details here:

I had a bank loan, taken out in 4/4/2003 for £6,000 over 60 payments. I repaid the loan early, in 2007... Shockingly, I've just realised I was paying a whopping 13.9% on this loan!!!

Here are the figures:
Loan : £6k (repayment £136.91 p/m)
Loan Protection : £1,382.21 (repayment £31.55 p/m)
Total loan : £7,382.21 (repayment £168.46 p/m)

TOTAL REPAID : £10,107.60

The thing is, my job at the time was not as a direct employee of the courier firm, but more as a contractor, or self-employed courier. I supplied my own vehicle, submitted the paperwork for the parcels delivered/collected, and I got paid direct into my bank a/c. I started the job in the previous autumn (2002), but by September 2003 my job was made redundant, but of course, I received no redundancy. I tried to make a claim on the policy, but was told that as my benefit claim was for Income Support, not Unemployment Benefit, the policy wouldn't pay out.


I have now received their offer 'as our final response'. They are offering me £2,831.71

Broken down this represents:
Refund of premiums - £1577.00
Early Settlement Fee - £274.36
Interest at 8% calculated up until 26 March 2012 - £980.35
Total : £2,831.71

They have said that if I do nothing, I will receive the payment as quickly as possible. But, they also ask if I attemted to make a claim against the PPI policy in the past, which I had rejected, and if I am concerned that the offer is less than the amount of money I would have received if my claim was accepted. They've included a 'Previously Declined Claim on PPI' form for me to complete if this is the case. In this they ask for the reason for my claim, the number (no idea of this), period of my claim, if I returned to work, and if so when, and then proof of any benefits I may have claimed at this time... they wouldn't pay out on my claim because I was put onto Income Support by the DSS and Lloyds TSB said I needed to be on Job Seeker's Allowance to be eligible to claim, therefore I had to keep up my loan repayments of £168 p/m out of my Income Support, and never defaulted on the loan.

Now, I did try to claim, as quoted above in my initial post. I didn't manage to become re-employed, partly because there wasn't another job similar that I could find at the time, and also because I was widowed about 6 months after I lost my job, and therefore life changed completely for me anyway with a young family to contend with.

So, my question now is do I just take the money and run, and is there any point in pursuing the declined claim part? I have no idea how this would affect the reclaimed amount that they wish to settle with me.

Many thanks once again for the help given on this thread, you guys are absolute stars.

Hi there, sorry for your loss xx.

They have given you the full redress as per FOS rule.
Your monthly loan payment was £168.46 times this by 12 months, that is what you could have claimed for unemployment =£2.021.52

They have given you the 8% in the offer they have made, you would not have received this for the claim for unemployment, you will be no better off going for the rejected claim, take the money and run x.

[Deleted User]

sarymclary wrote: »

So, my question now is do I just take the money and run, and is there any point in pursuing the declined claim part? I have no idea how this would affect the reclaimed amount that they wish to settle with me.

I'm certain you could check the period you were claiming Income Support from the DSS and it wouldn't be difficult for them to provide you with proof of benefit payment. However, whether you think it would be worth the extra effort only you can decide. As Amersall said, the 8% interest already offered more than compensates you for the period they refused to pay.

toni66

Thanks for all the great replies today, im keeping everything crossed, my nationwide claim will be 5 weeks old on tuesday, of course i will send my credit card claim on monday, recorded delivery, lets hope they include that too xx

Toni