PPI Reclaiming successes and failures

ker34

Hi

Just looking for some advice, I asked Ikano for a refund of PPI charges, they have finally replied saying they will refund but don't accept responsibility and this is the final offer, they have not included interest, should I reject and ask them to include interest or just accept the offer?

MoodyBlues

MoodyBlues wrote: »

Thanks amersall, that's eased my mind a little. Without the interest (just on the PPI payments alone on this card), we are looking at £345 from March 2001 to August 2005. I don't have records from before March 2001 (I must have lost them when we moved last year), so I have no idea if they applied PPI to either of the cards before this time, but I suspect they did. Do you think they have records on this somewhere, since they didn't supply me with info on this when I did a SAR? They supplied an A395 which gave the date when I cancelled the PPI ( the month I found out about it - I really should have paid attention to the statements), but had no actual numbers. I supplied them with copies of my statements from March 01 to Aug 05 and highlighted the PPI's on each statement.
Do you think they will only pay this or do you think they will have a more detailed account of payments somewhere??

For the other one the PPI is £790 - totals £1135!!

I really should have been paying attention to the statements but part of the problem was I was studying, studying abroad and abroad after studying, and during my second year I had to use my cards when there was a problem with the bank freezing my account that had my grant and loan payment in it. It started with paying for food and rent to survive and just snowballed from that.
My dad said he would help me out by paying the cards (if but just the minimums). I would calculate out how much I had left on the cards not realising they were charging PPI (since I hadn't actually looked at the statements and my dad just told me what the limit was and what was in the account). A couple of times the cards incurred overlimit fees, primarily I feel because I was unaware of the PPI being charged.
I know I was a bit of an idiot but at the time I had no other way to pay for things at times...and I guess I started to not look at it as "their money" but "my credit".
Ah but I am rambling, and hopefully in control of my finances better.

Can anyone help with the number crunching?

Anyone able to help me with some number crunching? I had a look at Max's post but couldn't figure out how to work out anything!!

di3004

ker34 wrote: »

Hi

Just looking for some advice, I asked Ikano for a refund of PPI charges, they have finally replied saying they will refund but don't accept responsibility and this is the final offer, they have not included interest, should I reject and ask them to include interest or just accept the offer?

Hi there, when its an offer when they will not take liability, sometimes they will refund the interest and sometimes they do not, but of course if your not happy with that decision you can if you want to ask if they will reconsider the offer to at least a more reasonable offer or inform them that you still believe the policy was mis sold and with you already been out of pocket and deprived of your money due to this, you believe it should be upheld and the interest should also be included.

However, its a chance you take really, but if you have any further information to give them to strengthen your complaint, do give this to them as well, and you are then in your right to complain to the FOS if they do not change the decision with a better offer or uphold.

Please be aware though the FOS may take some time, due to the high volumes of complaints they are dealing with.;)

di3004

MoodyBlues wrote: »

Anyone able to help me with some number crunching? I had a look at Max's post but couldn't figure out how to work out anything!!

Hi Sorry Moody, I am absolutely hopeless with calculations, however Robbedofmymoney did work mine out for me, hopefully he will be along at some point soon to have a looksie for you.;)

Sandyhills

Hi all, new member here have been reading the interest all your questions etc about dare I say Firstplus, we had a loan with them PPI was £13649 loan is now paid but have started to try and claim the ppi, your site gives out brill support

MoodyBlues

di3004 wrote: »

Hi Sorry Moody, I am absolutely hopeless with calculations, however Robbedofmymoney did work mine out for me, hopefully he will be along at some point soon to have a looksie for you.;)

It's ok Di.
I'm usually good with numbers...it's just compound interest etc that confuses me!
And to think I was thinking of doing bookkeeping when I left school!

hlegs

amersall wrote: »

Hi there, you just put a letter in for mis sell with your reasons, and you want ppi paid to date back with interest. Is this loan paid off or still running?

Thanks for info. Loan paid off in full while ago thank goodness. Just trying to recoup PPI/charges on this and few other cards etc. Fingers crossed.:)

lickoloctupus

pinger2006 wrote: »

Hey guys, im after a bit of advice.

After discovering my mother-in-law was paying £200 a month on PPi i decided to reclaim on her behalf. First i sent the initial letter to first plus to which they responded saying i had no case and we wernt misold the policy, so i then sent a second letter telling them they had 14 days to reconsider or i would go to the ombudsman.

8 weeks later! the mother-in-law has today received a letter saying that as an offer of goodwill they will payback £13500 plus interest off the loan!! (no doubt im in the good books now!)

Just wondering if you guys think we should accept or tell them we are still not happy and want more?? this is a substantial amount of money so i dont want to loose their offer but surely this is an admission that they are in the wrong??

Im not entirely sure how much she is entitled to or how i could work it out.

any advice will be appreciated.

Work out how much ppi was paid over the course of the loan (months paid x £200) and then add 8% compound interest on each month to see what you could reasonably get. There are plenty of sites that have interest calculators and it should give you an insight into what you should have received back. if the figure is near to 13.5k its then upto you

dec22

mollymoo96 wrote: »

Hi I was told by the adjudicator over the phone 2 weeks ago that she had upheld our complaint but I have heard nothing as yet by post is this standard practice do the get in touch with the loan company first

There is a new internal procedure at the FOS where the letter from the bank agreeing to a refund contains the terms of the redress which has to be reviewed first. I waited 4 weeks for my RBS offer letter and I have been waiting 2 weeks for an offer on a second RBS one. I just keep e-mailing the adjudicator.

Hope you don't wait too long, keep chasing!!

Billok

Just a few old ones i forgot to put up on here.

Alliance and Leicester x2 loan ppi £2700 and £1400 unbelievably the first one was claimed while i was claiming the second one,i just mentioned to the fella on the phone that i wouldn't have asked for ppi like i didn't in the first loan i had from them,hang on he said he came back and said you had it on the loan:eek:.

Remember to check it people.

Lloyd's TSB loan ppi £1000,they said i wasn't miss-sold and they didn't think they had done anything wrong but will give me my money back:rotfl:.