PPI Reclaiming successes and failures

di3004

jonnyharb1 wrote: »

yeah im super chuffed!!! the welsh always stick together see :T

:T:T:T
I am so happy for you Jonny.:beer:

So your a Welshie like me then?:D:j

cadjoseph

I recently went into HSBC and the customer advisor, after looking into my account, advised me to take another loan to payoff the existing one (which has PPI). She then offered me protection on my salary as an alternative to protection on the loan.

I am currently going throught the reclaim process for the exisiting loan, I mentioned this to her and she shruddered when she realised that I was somehow clued up to the fact that she was trying to get me to eradicate the loan which had the PPI and she knew it would have the potential of reclaim.

Humbly I mentioned "I was a fool once but not now love." She duely aplogised.

I don't know if it makes it harder to claim but I would advise that people do not cancel their loans under any encouragement or duress from staff.

di3004

cadjoseph wrote: »

I recently went into HSBC and the customer advisor, after looking into my account, advised me to take another loan to payoff the existing one (which has PPI). She then offered me protection on my salary as an alternative to protection on the loan.

I am currently going throught the reclaim process for the exisiting loan, I mentioned this to her and she shruddered when she realised that I was somehow clued up to the fact that she was trying to get me to eradicate the loan which had the PPI and she knew it would have the potential of reclaim.

Humbly I mentioned "I was a fool once but not now love." She duely aplogised.

I don't know if it makes it harder to claim but I would advise that people do not cancel their loans under any encouragement or duress from staff.

Hi and welcome.

Well done for speaking your mind and the best of luck on your reclaiming, fingers crossed.;)

robbedofmymoney

jubs wrote: »

I first wrote to Norton in September 2007 to say that I felt that I had been mis-sold the PPI on my loan. The total of the PPI was for £13000.

They wrote back with the usual 'The sale people here use a script, you have not been mis-sold PPI' etc. I wrote to them explaining that I wasn't given an option, not told it was optional and that I was not told that I would be paying for this policy up-front and interest on this £13000 for the course of the loan.

They wrote again to me in October saying that they had no mis-sold anything and if I wanted to take this further I would have to take it to the FOS within 30 days.

I downloaded the forms from the FOS in October and sent them off with all relevant backup documentation.

I waited and waited, then in March had a letter to explain that they were very busy. I had a couple more like this and had almost given up hope when I heard last year that my case had been passed toan Adjuducator. I waited again and heard in March this year that Norton had not agreed with the adjudicator and my case was being passed to an Ombudsman (and that due to the volume of cases, it could, unfortunately, take more time still).

I then had a very similar letter about a week ago. I was confused that a different Adjudicator now had my case so I emailed to ask why. The lady called me striaght back and was so lovely. She explained that the Ombudsman had passed the documentation back to an adjudicator (my original one was no longer with the service) as more information was needed. She explained that she had contacted Norton again and was waiting for a response.

Yesterday I got another call from her to say that Norton had been back to her and agreed to the proposal set out in the letter. This states:

Where the consumer agrees to cancellation of the PPI and to restructuring of the loan, the financial business should:



(A) Arrange for the Loan to be restructured (without charge to the consumer) so that

• any Amounts outstanding in respect of the PPI (including any interest and charges) are cancelled; and
• The number and amounts of any repayments (including any interest and charges) are the same as would have applied if the consumer had taken the loan without PPI

(B) Calculate and pay the consumer, the amount of net payments the consumer will make up to the time of settlement in respect of the PPI (Including any interest or charges) by comparing:

• The Payments actually made
• the payments which would have applied if the consumer had taken the loan without PPI; and
• Add interest on each of these net payments at the rate of 8% per year simple from the date of each payment to the date that the compensation is paid;
• less any premium refund actually paid to the consumer on cancellation of the policy; and

(C) Set out in writing for the consumer the amount outstanding, and the number and amount of future payments, under (A); and the details of the calculation under (B)

The Adjudicator also told me that Norton had advised that due to a backlog of similar cases, it could take up to 3 months for this to be settled.

So, after almost 3 years it looks like this may finally be settled.

I have had the loan since November 2006 and have made 40 payments so far. Can anyone help me with the calculations? I have tried using 2 different methods found on this site and get figures of around £21000 and £22500, but these both seem really high to me.

The total amount for the PPI is: £13153.80 over 5 years.
The amount per month that I pay for this 'privilege' is £119.27
The Interest rate (not APR) is: 9.97
Payments made: x40

Any help would be gratefully received.

Many thanks and I hope that this will encourage more people to claim from Norton and that more successes like this will be forthcoming.

Love to all and thanks for all the wonderful posts that have kept me going over the last few years Had this site not been here, I would have never known about reclaiming this! xxx :T

well done on your win.

in terms of a refund you will get the following

40 x £119.27 = £4770.80
8% simple interest on this would be an additional £782 (approx)

then your monthly loan repayments will go down by £119.27 per month.

jonnyharb1

di3004 wrote: »

:T:T:T
I am so happy for you Jonny.:beer:

So your a Welshie like me then?:D:j

Yep, yep yep

di3004

jonnyharb1 wrote: »

Yep, yep yep

Cool :j:j:D:D
nice day again so far in Wales.

jonnyharb1

di3004 wrote: »

Cool :j:j:D:D
nice day again so far in Wales.

the sun is just coming out now!! haha

just had a letter off MINT this morning, saying they have had my complaint and are investigating it :T

things are looking up

di3004

jonnyharb1 wrote: »

the sun is just coming out now!! haha

just had a letter off MINT this morning, saying they have had my complaint and are investigating it :T

things are looking up

It did start going a little overcast just as I pegged the washing out, with a few specks of rain.....:eek:, its passed now. Here's hoping the sun will stay out.:D

Really? That is more good news then Jonny :T, good luck here too then.;)

donotpassgo_2

HI Everyone,
Sorry not been on for ages. When youve got a few hours Ill bore you with whats been happening ..anyway in the meantime I just wanted you all to know that following my complaint to FOS they have found in my favour against MBNA not calculating interest correctly so I have eight weeks to hear from them. Result...:rotfl: I would'nt have queried this if it hadnt been for you guys so big big thanks.. :T:T
I'm still waiting to hear from FOS on another MBNA complaint and an EGG loan I will keep you informed.

di3004

donotpassgo wrote: »

HI Everyone,
Sorry not been on for ages. When youve got a few hours Ill bore you with whats been happening ..anyway in the meantime I just wanted you all to know that following my complaint to FOS they have found in my favour against MBNA not calculating interest correctly so I have eight weeks to hear from them. Result...:rotfl: I would'nt have queried this if it hadnt been for you guys so big big thanks.. :T:T
I'm still waiting to hear from FOS on another MBNA complaint and an EGG loan I will keep you informed.

Hiya honey how are you?:j:j:j, its lovely to hear from you, hope you and your family are doing okayX

That is great news, Congratulations!:T:beer::j

Fantastic :j:j:j:j:beer:, oh and welcome back.:D:AXXXXXX