PPI Reclaiming Discussion Part 5

Streudel

Anyone had any luck with Santander for topshop store cards?

[Deleted User]

martyj999 wrote: »

It's funny, but I never claimed anything about ppi covering my inland revenue bills or anything else other than my mortgage.(Text removed by Forum Team)

I realise that, my point was that you said the PPI would be worthless precisely because it only covers your mortgage. I was merely pointing out that you cannot use this as your sole complaint since that is all the PPI was designed to do.

dunstonh wrote: »

You do not need to declare bankruptcy. The good MPPI plans will require you to cease trading and sign on. The bad ones require more. The bad ones tend to get upheld on complaints. The good ones tend to get rejected if tht is your only area of complaint.

Yes I questioned the inevitability of bankruptcy too.


The OP will now have to wait and see what the Bank's investigation of his complaint brings.

unluckylenny

Hi,I took out 3 credit cards with Alliance and Leicester in about 2002.
The first two were visa credit cards which were offered at the time I opened my current accounts and the third a Mastercard when it was offered by one of their staff while I was queuing to deposit money.
They all initially had PPI which covered unemployment.As I was self-employed at the time(and still am),this cover was useless to me.
I did cancel the cover after a few months when I realised how much it was costing me.
I would still like to reclaim the payments I made,but am uncertain whether to contact Santander,who took over Alliance and Leicester or MBNA who took over the Credit Card accounts.
Your advise would be gratefully received.

W33GEE

I have recently submitted a PPI claim which I took all the way to the FOS. I have recently received a letter from them advising that my bank (TSB) are now in a position to make me an offer.

I only had a small loan of £2500. I paid £16.42 per month for PPI. The loan term was 30 months however I paid the loan off early.

Firstly, will I still be given the full 30 months of PPI back even though I paid back the loan early?

And secondly, how does the interest on the PPI work? Is it added from when the loan was paid off or from when it should have been paid off?

I have worked out that I should be due back around £600. If the bank does not offer me this, should I reject the offer?

Thanks in advance for help & apologies for the silly questions. Very confused!

[Deleted User]

W33GEE wrote: »

Firstly, will I still be given the full 30 months of PPI back even though I paid back the loan early?

No, a rebate of the PPI cost will have been part of the settlement figure you were given. The earlier you paid off the loan, the less PPI you will have actually paid.

You'll only receive a refund of the PPI you paid, plus 8% simple interest.
This is likely to be considerably less than the figure you "have worked out", but it's impossible to say for certain since there are so many variables for which you have posted no details.

W33GEE

Moneyineptitude wrote: »

No, a rebate of the PPI cost will have been part of the settlement figure you were given. The earlier you paid off the loan, the less PPI you will have actually paid.

You'll only receive a refund of the PPI you paid, plus 8% simple interest.
This is likely to be considerably less than the figure you "have worked out", but it's impossible to say for certain since there are so many variables for which you have posted no details.

Sorry but I am new to this. Perhaps if you explain what these "variables" are I can give more details.

InDeeperThan_I_wanted

Moneyineptitude wrote: »

InDeeperThan_I_wanted wrote: »

Well that was hard work. I rang Bcard on the advertised number 0844 8119111and was told to ring 0500 500700 who told me they dealt with PPI policies but not claims for mis-sold policies and to ring 0845 7555555.

They (0845 7555555) told me they were personal banking and couldn't deal with anything to do with mis-sold PPI but could check on the status of my claim, but the system was down. I told him my first letter to BCard was on the 12/11/2012 and he said something wrong then as most mis-sold claims are settled within 2 months but to ring back in an hour and they can check on the progress of my claim.

So I decided to ring back on 0844 8119111 and I explained to the Lady that the numbers I'd been given were incorrect and could she advise me on the status of my claim. She seemed to think there was no claim registered on my account but would log a complaint about my PPI being mis-sold and someone would write to me within the next 5 days.

All seems very odd as they wrote and acknowledged my letter a few months back but now they say there is nothing showing up on my account?

What generally happens once they recieve your claim? Do they deny it, or simply offer you a settlement, or does it get a lot more involved than that?

They don't deny it existed unless they never received it.
They have 8 weeks to respond fully and finally.
You've had an acknowledgement, you can't complain again-you need to find out the status of your original complaint.
At the top of your acknowledgement letter there will have been a complaint reference number, it's this you must quote when communicating with the bank.

I really don't know why you've left it so long, other forum users told you to do this back in March.

Remember that you only have six months to refer your complaint to FOS.

Wel I'm not sure what's been going on but since the Lady on the phone registered my complaint I've been sent out a claim from to fill in and send back , which I've done. Hopefully I'm now in the system and they look at my claim. At lest I have reference number now. Fingers crossed.

amersall

W33GEE wrote: »

Sorry but I am new to this. Perhaps if you explain what these "variables" are I can give more details.

As you paid this loan off early, you will not have paid all of the PPI as they would have given you rebate for early settlement.

If you win redress they will give you the total PPI back, this will include the interest on the PPI payments that you actually made and the remaining PPI that was paid back by you at settlement after the rebate came off.

They will take off the remaining PPI that you did not pay and the rebate they gave you at settlement, you get what is left back plus the 8% compensation.

So basically you will get however many months of the PPI that you actually paid plus the PPI after the rebate and the 8% back.

ObstinateOcelot

Hi all,

I thought I’d enter the foray of PPI claiming as I have no idea about these things and just yesterday received a letter from HSBC saying I could have been mis-sold PPI on a personal loan I had with them after university sometime between 2001& 2003.

I do not remember having this explained to me, and nor would I have accepted this charge as I was in full time employment and still living at home had the benefit of my parents being willing to help me out should I have fallen into financial difficulty.

I do not have any of the paper work to this loan, which is why I cannot tell exactly when I took this out, as I paid it off quite a few years ago now so details on it are a little cloudy but I do wish to pursue it personally rather than through a claims company as I do believe I was mis-sold it or it may have just been added on without my knowledge.

I plan to fill out the questionnaire and return it to them, but can I also call them to confirm the dates and amount the loan was for without compromising my claim at all?

Many thanks!

hutch610

Hi all

Well i was one of these that thought it was too much hassle to go about claiming as i didnt have any paperwork or remember exactly what i was told.

Did some research and submitted letter my bank with reason why i thought i had been missold.

Just today 3 weeks later have had offer of settlement of £12000, totally gobsmacked that i got anything let alone that much.

Anyone who has put off doing it, dont, get writing.