PPI Reclaiming Discussion Part 5

amersall

getting-there-slowly wrote: »

At the risk of sounding well a bit daft I recently sent a SAR letter to LLoyds bank (PPI Team), they have returned some loan statements where I have been paying PPI which I would like to see if I can claim back.

I have printed off the PPI Questionairre from this site but do I send it back to same address as the SAR letter?

Many thanks

Send it here
Lloyds TSB, PPI Customer Services, BX1 1LT.

Or pop into a local branch if you have one close by.

amersall

nikig1 wrote: »

Hi Amersall,

I posted this a few days ago, but not sure if you saw it, so am posting again in the hope you see it and can tell me how it's worked out and if it's right I have entered the figures next to your questions.
Many thanks for your help

Originally Posted by amersall
As I do not have the figures and presumably you do, you need to know the exact amounts of.

1 The PPI total amount with interest £7177.80

2 The total loan amount with interest £30864.12 inc the above PPI amount

3 The loan start and end date sept '08 - Aug '15

4 The months that you actually paid the PPI 49 mths

5 The date you cancelled the PPI Sept '12

6 What the loan amount owing was left after the cancellation of the PPI £11310.10

5 What the total reduction amounts were taken off the loan £3891.26

If you don't have these figures ask the bank for them.

The new loan monthly payment you have now is taken from the original loan payment at the start date, they reduced this when the PPI was cancelled and you have a second reduction now.
The original loan payment was £368.41 it is now £239.00 this has saved you £129.41 so they have taken the whole PPI monthly amount off, ask for a breakdown of the whole loan rebates and this should show you they have given the correct redress.
If you get the figures I can help to show you how this worked out.

Sorry for the delay, I have been busy.

Your original loan with PPI and the interests was
£30,864.12 this gave you a loan payment of £281.98 and a PPI payment of £85.45 over the loan term, the total you paid originally was £367.43, you now pay £239.00 for the remaining term, this has the PPI taken off so they have reduced the payment by more than the original PPI amount.

PPI that you paid for the 48 months was £4,101.60, this they gave you back with the 8%.

Original loan with interest and PPI was

£30,864.12
Take of the full payments you made to the above total
48@£367.43 = £17,636.64, take this off and it leaves a balance of
£13,227.48.... take off the total PPI amount of £7177.80 leaves a balance on the loan of £6049.68 to now, they gave you a rebate of PPI when you cancelled of £3057.87 so add this on, as they already took this off the loan balance and have given you this back in the PPI redress, you now owe £9107.55

Without the PPI you still owe 36 payments to this loan of £10,151.28.
Is the balance you say you now owe on the loan a settlement figure or is that the actual balance if the loan was still going forward for the 36 months.

ruthybaby_3

Hi please recommend a claims PPI company

dunstonh

ruthybaby wrote: »

Hi please recommend a claims PPI company

You have the wrong site. This is a money saving site. Not a how-to-get-ripped-off site. You wont find recommendations here unless you have employees pretending to be consumers.

di3004

ruthybaby wrote: »

Hi please recommend a claims PPI company

Hiya

Sorry, we do not suggest using any claims companies.

It's probably more easier and straight forward to have a go yourself and less time consuming.

You do not have to go through gathering paperwork, as long as you have the account number and your reasons, it's just simply a matter of completing the form yourself (free help from this site of course):D;)
So the reclaim questionnaire below, complete and send to the business who set up and sold the account, keep a copy for future reference.

And if successful you get to keep all your refund.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

padav

@ Moneyineptitude & @dustonh
Many thanks for your helpful replies

It seems I am not as informed as I believed and I have been labouring under completely incorrect assumptions - therefore I must admit to total confusion. I had (wrongly it seems) assumed that;
1. A majority of PPI claims were linked to Credit Cards, rather than other financial instruments, ie. loans and mortgages - is this not the case?
2. A large majority of (the aforesaid Credit Card related) PPI claims arose from bolt on policies included as standard within the terms and conditions of the credit card - that the credit card companies were at fault in simply not assessing customers to determine if the policies were appropriate and/or failing to inform customers that these were optional bolt on products?
3. That the court judgement giving rise to the seeming avalanche of claims for PPI mis-selling centred on these aspects of financial practice on the part of Credit Card companies

If my assumptions are all incorrect, I am now utterly confused about where the apparent millions of claims, amounting to billions in value, have arisen from? Everyday I read a headline about how the compensation bill for PPI has risen beyond the financial industry's worst nightmare predictions - yet it seems that the credit card companies can legally rely on the small print and as long as there is no major flaw in the wording of such terms and conditions (which are often inpenetrably complex), consumers who were not informed/assessed properly and/or entirely inappropriate candidates (due to their personal circumstances) in the first place, have no redress?

If my summary is more or less correct, I'm bemused by the reported (several £billion) cost to the financial industry because I'd have thought a huge majority of PPI claims could be rejected by lenders (and they'd get away with it!) on the simple basis of; read the small print!

Beaz65

Good news and bad I have received a letter upholding my complaint BUT they are crediting my account with the money. The account is up do date and no payments missed So my question is can they do this? Or can I insist they send a cheque direct to me.

Beaz65

Hi there you seem to be a fountain on knowledge I have received a letter upholding my complaint but they crediting my store card Account with the money.. Although I have money owed my account is up to date and no payments have been missed can they do this or can I ask for the cheque direct I.m so mad after the fighting for them to decide what happens to the money.... I was hoping amongst hope the money would go towards getting my daughter her first car....

di3004

Beaz65 wrote: »

Hi there you seem to be a fountain on knowledge I have received a letter upholding my complaint but they crediting my store card Account with the money.. Although I have money owed my account is up to date and no payments have been missed can they do this or can I ask for the cheque direct I.m so mad after the fighting for them to decide what happens to the money.... I was hoping amongst hope the money would go towards getting my daughter her first car....

Hi there

First of all well done on your success!:beer:

Some tend to do this, even if no arrears, but maybe you could request in writing that you wish the refund to be paid directly to you, as you have ongoing plans on how you wished to use it, and with the account up to date etc....
Maybe worth a shot, or wait for other 's opinions if you want to.

Good luck.

stu1960_2

stu1960 wrote: »

I,ve finally managed to get an e-mail to ceo of barlays ( or an office 3 or 4 levels down)
The reply was a very standard "Sorry you feel the need to complain. I will pass this to our PPI dept. I will update you no later than 21st of December."
Given the length of time i,ve already been waiting i was hoping for something suggesting a tad more urgency.
Other posters have mentioned e-mailing ceo,s with startling results, is this the sort of response you got?

While i wasn,t very happy with the reply i received i am delighted with the response.
The money from my previously upheld claim was paid Tuesday.Guy from Barclays today told me the outstanding claim has also been upheld and paid onto my card.
Many thanks to Money and Amersall for your help.