PPI Reclaiming Discussion Part 5

-taff

skint.co.uk wrote: »

Hi there I am new here and after a bit of advice. I have just claimed back ppi on 2 loans with llyoyds. Both loans are on a dmp with stepchange, am I right in thinking the remaining balances should both get reduced now that the policy has been cancelled and repaid as the balances on my dmp is with the policy hope this makes sense.

depends on whether they took any amounts off or stopped charging interest....if the original balance was the totla you owed, then yes, it should go down, if it was reduced in any way, it may not.

-taff

far2812 wrote: »

Is it normal for HSBC to call to discuss? What should he say?

He should just tell the truth.

-taff

INSPIRED wrote: »

I would be grateful for any hints on alternate ways to contact credit card and mortgage providers..

Phone and complain.

Insider101

INSPIRED wrote: »

I am sure that this question has been asked before but I have spent too many hours reading through the threads looking for the answer.

My printer is pretty ropy and I have 17 claims - yes, that many!

I would be grateful for any hints on alternate ways to contact credit card and mortgage providers.

Many thanks.

Ask Alexander Graham Bell (I.e phone them).

How many PPI policies have you taken out in your lifetime?

Insider101

far2812 wrote: »

I sent off all the forms to HSBC for my partner trying to reclaim PPI on 4 cards, loans etc.

He received a call saying that they want more details, times etc etc.

When taking out the cards/loans, he was told that PPI was compulsory!

Is it normal for HSBC to call to discuss? What should he say?

So grateful for advice as always xx

As Taff said, the truth.

What you have to bear in mind is that this is what everyone says. Whilst obviously there was a fair bit of Mis-selling, the banks has monitoring processes in place. If you state you were told every time you took out any product that you were told PPI was compulsory they are likely to smell a rat and to want significant further details to verify it.

Insider101

skint.co.uk wrote: »

Hi there I am new here and after a bit of advice. I have just claimed back ppi on 2 loans with llyoyds. Both loans are on a dmp with stepchange, am I right in thinking the remaining balances should both get reduced now that the policy has been cancelled and repaid as the balances on my dmp is with the policy hope this makes sense.

Yes there should be a reduction in the outstanding balance. Any funds offered to to will usually go to this rather than directly to you. There will also be a reduction in the balance of the loan to represent the fact that you are no longer paying for the PPI (unless the loan is past it's scheduled closure date).

skint.co.uk

-taff wrote: »

depends on whether they took any amounts off or stopped charging interest....if the original balance was the totla you owed, then yes, it should go down, if it was reduced in any way, it may not.

Yes taff they stopped interest but the original amout stayed the same and went on to the dmp.

skint.co.uk

Insider101 wrote: »

Yes there should be a reduction in the outstanding balance. Any funds offered to to will usually go to this rather than directly to you. There will also be a reduction in the balance of the loan to represent the fact that you are no longer paying for the PPI (unless the loan is past it's scheduled closure date).

Hi there thanks for the reply the refund has come directly to us and loan is past it's closure date but it still has ppi on the loan even though we have had a refund it is still included in the loan balance so would have thought that balance would go down weather we pay the ppi to to the loan or not.

Insider101

skint.co.uk wrote: »

Hi there thanks for the reply the refund has come directly to us and loan is past it's closure date but it still has ppi on the loan even though we have had a refund it is still included in the loan balance so would have thought that balance would go down weather we pay the ppi to to the loan or not.

If you've actually been made an offer of redress then yes it should include restructuring the remaining payments. I wasn't sure whether you meant your complaint was still active.

skint.co.uk

Insider101 wrote: »

If you've actually been made an offer of redress then yes it should in life restructuring the remaining payments. I wasn't sure whether you meant your complaint was still active.

No sorry my way with word is rubbish. We have had the payout just received the cheque. I just thought the remaining balance on my dmp should go down a bit because there is no longer any ppi on the loan.