PPI Reclaiming Discussion Part 5

nocharge

medicman2011 - Can I ask you two questions regarding your success with Lloyds Bank over your credit card PPI, as I have a claim with them currently, which appears similar to yours?

1. You said they paid your claim (refund of PPI premiums paid) plus interest. Was that interest that you would have paid each month as a result of the additional PPI fee taken and added to your outstanding balance, payable at their monthly interest rate? I.e. not the statuary 8% figure added to the account for periods in credit.

2. Was your PPI detailed as 'Cardholder Protection Plan' on your statements?

Thanks

[Deleted User]

nocharge wrote: »

Was that interest that you would have paid each month as a result of the additional PPI fee taken and added to your outstanding balance, payable at their monthly interest rate? I.e. not the statuary 8% figure added to the account for periods in credit.

Since Medicman2011 is not online, I'll answer your more general queries:

The redress for a successful complaint is defined and will provide a refund of all PPI paid, plus attendant interest, plus 8% simple interest. This is to effectively put the complainant back in the position they would have been had they never had PPI.

It's unwise to compare one complaint with another since all have individual circumstances and they are dealt with on their own merits (or lack of them).

Cardholder Protection Plan was indeed another name for PPI, unless it was paid once a year as protection against loss or theft of your card. If it shows as as a monthly payment then it was PPI.

RainyUK

My bank, First Direct (a fab bank btw!), contacted me regarding PPI and after completing and sending the questionnaire (in spite of not having any details of any loans) I am due to receive a payment of £6200. Fantastic! :j
On the back of my success, I encouraged my parents to complete a form and send it to NatWest. Over quite a number of years they have taken out several car loans which they duly paid off and believe they would have had PPI for each. NatWest (RBS) responded and said they didn't have any details as it was too long ago and suggested the SAR form/£10, etc. My question is, if my parents have only ever had one account with NatWest in the last 45 years (retired for the last 15, didn't keep loan details), surely they would be able to trace the loans quite easily? Are RBS telling the truth or 'pulling a fast one' to put my parents off? Any advice gratefully received please.

[Deleted User]

RainyUK wrote: »

NatWest (RBS) responded and said they didn't have any details as it was too long ago and suggested the SAR form/£10, etc.

The Bank are correct that this is the only way to be sure of obtaining the information. Of some consolation maybe that the chances of your parents' information still being on file are significantly enhanced by them still being customers of the Bank.

nocharge

Thanks Moneyineptitude, that's confirmed my understanding, i.e. I would get refunded all the PPI payments made, plus all the addition interest charged on the addition PPI money added to my account each month, from the period I started paying PPI to the point I closed the card and the 8% simple interest.

The Cardholder Protection Plan was Lloyds name for PPI, even though their claims handling centre in the Philippines tried to tell me that it wasn't PPI! I was paying a charge every month based on the outstanding balance not a annual fee.
Thanks again

CHRISJENX

Thanks for all youre help, mbna sent me a letter (even though i was unaware i paid out ppi to them) stating that i may have been miss sold it, had £90 back from them. Still waiting on my lloyds tsb response. Credit card and loans when i left university in 1997... Can anyone help me with regards to a cahoot loan i also took out and paid ppi (allegedly they all under the santander umbrella) but i have heard nothing from them since i wrote off to them 4 weeks ago??? Many thanks for all the advice so far anyay

island2501

Hi Amersall
I have heard today that my complaint in respect of this policy has been upheld and that an offer will be made to me within the next week or so.
Whilst this is good news, I would like to know what I am actually due so that I can check against what I am offered, and can then see if I am being short changed.
It would be a great help if you could calculate what I am owed based on the following figures.
Even a rough estimate would be a great help!
The loan ran for 17 months so there were 17 payments
It was paid off early.
Loan £20,000
PPI £3800
Total £23800
interest payment per month £180
payment of loan per month £440

Hope you can help

Many thanks

amersall

island2501 wrote: »

Hi Amersall
I have heard today that my complaint in respect of this policy has been upheld and that an offer will be made to me within the next week or so.
Whilst this is good news, I would like to know what I am actually due so that I can check against what I am offered, and can then see if I am being short changed.
It would be a great help if you could calculate what I am owed based on the following figures.
Even a rough estimate would be a great help!
The loan ran for 17 months so there were 17 payments
It was paid off early.
Loan £20,000
PPI £3800
Total £23800
interest payment per month £180
payment of loan per month £440

Hope you can help

Many thanks

That is brilliant :j
You will get the whole original PPI amount back and the interest associated with this, they will take off the rebate amount they gave at settlement, after the rebate of the PPI, you would have paid the remaining PPI back in the settlement figure so you get this back plus the 8%, can't be exact as I don't know what the rebate was or the monthly PPI amount.
Let me know what they give you.

ianj1959

Hi new to forum and been reading PPI messages with great interest.

My experiences are as follows- employed up to 2004 and then self employed, declared bankrupt in 2007 and discharged in 2008.

Began claiming PPI refunds in 2012 and had some success so far...

Egg (administered by Canada House) paid of total exceeding £5000 for a credit card and personal loan
MBNA paid out £6000 for a credit card
Both credit cards were maxed out with arrears and I had no account numbers but with perseverance got a result so DONT be put off!
Am currently at Ombudsman with FirstPlus (secured loan);Marbles and Smile (Co-op Bank) my fairly detailed investigations indicate Marbles and Co-Op almost always refuse to cough off and are going down Ombudsman route in hope you will give up...DONT GIVE UP!
I am still chasing Cahoot(old Abbey National);Morgan Stanley,Capital One and Goldfish.....will keep you posted.
One final point - I was a senior manager between 1998 and 2004 with 2 leading internet card providers (wont say who but one has paid me back) and I merely point out in complaints that I know their processes and procedures were flawed - internet and phone applications and that also call centre staff were trained to deliberately give impression that PPI was needed to get the card/loan approved...it was done that way - I know it and no doubt the Ombudsman know it......especially DONT GIVE UP -if Lloyds,Cap One and Co-op as sooner or later I believe they will seek a "sweep up" with Ombudsman to clear all outstanding cases in order to cut their losses and exposure that this is placing on their balance sheets....Good Luck and if you have any questions I will try to answer them to assist.Ian

[Deleted User]

ianj1959 wrote: »

declared bankrupt in 2007 and discharged in 2008.

As a bankrupt, I think you need to urgently read this;
https://forums.moneysavingexpert.com/discussion/3766585

I wouldn't be spending any of that redress you've so far received, it's a pre-bankruptcy asset which should legally have gone to the Official Receiver for re-distribution to your former creditors.
The fact that you are discharged is irrelevant.