PPI Reclaiming successes and failures

markshaw59

Hi all

After recieving a "few" calls from PPI reclaim specalists (consumer money matters just to single out one) I decided to try it out for my self. I down loaded and filled in the form from this site and sent it off. With in just 2 weeks I had a letter back from Northern Rock stating that my claim was being processed. After just 3 more weeks I called up and was told that my claim was being setteled and to expect an offer soon.
I recieved the offer letter this morning (21/07/2010) stating that "I am not satisfied that our sale of PPI met all our standards of service. On that basis I agree to uphold your complaint and refund all PPI premiums and interest of £1060.20 plus 8% interest £173.08."

I will be revieving a refund of £1233.28 plus my loan has been recalucted to what I would be paying if the PPI would have not been taken out saving £25 a month. I may have not got the thousands that these companies are offering but I have not had to pay out their expensive fees (usually 25% of what you get back) If you are having thoughts about doing it, my advice is "do it". You have nothing to lose and a few quid to gain.

Thanks for the help go to this site

Ps Only use the companies as a last resort,

markshaw59

willow70 wrote: »

i have recieved my final response today i can not understand it!! they have offered be a refund of 4606.00 and a restructer of my exsiting loan. there are no calculations on how they got this amount. also i have 14 days to sign which was monday. any ideas what i should do i am so confused!!

After a quick call to the customer relation team, I found out that the refund is calculated by what you have paid in PPI premiums already mutliplied by how long you have been paying, plus interest on those premiums. They then take the remaining PPI loan off your total loan balance. (see your key finantial info).

E.g Loan plus ppi plus interest £7155.00

PPI loan plus interest is £1413.60. Dividing that by 60 months gives £23.56. I have paid 45 months (£23.56x45 months=£1060.20) I have been offered £1060.20 plus £173.08 in interest.

Giving £1233.28 also they have taken the remaining £353.40 (£23.56x15 remaining months) off the balance of the loan, reducing the payments of the cash loan to £95.69 for 15 months.
Hope this helps you to work out if it is worth it.

willow70_2

thanks for your reply markshaw59.
my doesnt seem that easy to calculate because i have 4 roll on loans because as soon as i saved a lump sum i would pay off the balance so they would restructer the loan every time to make the payments lower. any ideas?

amersall

willow70 wrote: »

i have recieved my final response today i can not understand it!! they have offered be a refund of 4606.00 and a restructer of my exsiting loan. there are no calculations on how they got this amount. also i have 14 days to sign which was monday. any ideas what i should do i am so confused!!

Hi there and well done on your win:j:j. Does the amount they are offering sound right, how much was the original ppi and monthly payment, and how long was this loan or is it settled?

amersall

markshaw59 wrote: »

Hi all

After recieving a "few" calls from PPI reclaim specalists (consumer money matters just to single out one) I decided to try it out for my self. I down loaded and filled in the form from this site and sent it off. With in just 2 weeks I had a letter back from Northern Rock stating that my claim was being processed. After just 3 more weeks I called up and was told that my claim was being setteled and to expect an offer soon.
I recieved the offer letter this morning (21/07/2010) stating that "I am not satisfied that our sale of PPI met all our standards of service. On that basis I agree to uphold your complaint and refund all PPI premiums and interest of £1060.20 plus 8% interest £173.08."

I will be revieving a refund of £1233.28 plus my loan has been recalucted to what I would be paying if the PPI would have not been taken out saving £25 a month. I may have not got the thousands that these companies are offering but I have not had to pay out their expensive fees (usually 25% of what you get back) If you are having thoughts about doing it, my advice is "do it". You have nothing to lose and a few quid to gain.

Thanks for the help go to this site

Ps Only use the companies as a last resort,

Well done to you:T:T:T just shows what you can do for the price of a couple of stamps :D

halphy

Well done to all! I got my refund cheque finally today from A&L!! Very pleased

amersall

willow70 wrote: »

thanks for your reply markshaw59.
my doesnt seem that easy to calculate because i have 4 roll on loans because as soon as i saved a lump sum i would pay off the balance so they would restructer the loan every time to make the payments lower. any ideas?

Hi again, when you pay a loan off you get a rebate of ppi so with 4 loans you will have only paid ppi (for arguments sake)
loan1) ppi £24 a month paid 12 months, you get 12 months at £24 with interest less rebate for unused ppi,
loan2) ppi £30 paid for 6 months, you get 6 months at£30 with interest less rebate, and so on, hope you understand what i am saying.You dont get all ppi total amounts back, as unless you paid the loan to term you have not paid this ppi yet.

amersall

halphy wrote: »

Well done to all! I got my refund cheque finally today from A&L!! Very pleased

:j:j:j hooray :beer:well done:money:

halphy

amersall wrote: »

:j:j:j hooray :beer:well done:money:

And about time! LOL !!!

amersall

halphy wrote: »

And about time! LOL !!!

I will second that and third it :Dand fourth it etc etc etc:rotfl: