PPI Reclaiming successes and failures

theflowerpotman

Hi everyone,

It was only a couple of days ago I was moaning about Barclays. Taking Di's advice I emailed CEO yesterday. All credit to them now. CEO assistant tried to ring me today (unfortunately I was out) BUT in the post was a letter accepting my complaint offering £971.33!! Fantastic! More than I was expecting and I will never have a bad word for Barclays again!

Thank you yet again for all the help and support I have received on this site.

di3004

tophies wrote: »

Quick question to the gurus here, is the compensatory 8% interest added to the full amount that you are owed or just on the payments that you have made towards paying off the premuim.. For example premuim is £509.50 and monthly installments paid were £18.53 (Premuim payments). Loan cleared early (june 2000) so only 11 payments were made.

Offer of settlement is Premuim £509.50
Interest on payments made £ 81.44
Total £590.94

So is the 8% on the £590.94 or the £203.83 (11 x £18.53) payments made

Cheers

Hi there

I am hopeless at explaining this, but hopefully someone will soon.;)

I assumed 8% Simple interest on each payment made and to the date of acceptance, and 8% int awarded on top again for being deprived of your money, hopefully someone will clarify on this for you.:)

di3004

theflowerpotman wrote: »

Hi everyone,

It was only a couple of days ago I was moaning about Barclays. Taking Di's advice I emailed CEO yesterday. All credit to them now. CEO assistant tried to ring me today (unfortunately I was out) BUT in the post was a letter accepting my complaint offering £971.33!! Fantastic! More than I was expecting and I will never have a bad word for Barclays again!

Thank you yet again for all the help and support I have received on this site.

Fantastic :T:j, well done and Congratulations!:beer:

shamrock7

I posted that I received a call from a lovely lady 9 days ago telling me I was getting a PPI refund and that the money was being calculated with the re-dress team and that I would receive a cheque in the post. Does anyone know how long it takes?:)

di3004

shamrock7 wrote: »

I posted that I received a call from a lovely lady 9 days ago telling me I was getting a PPI refund and that the money was being calculated with the re-dress team and that I would receive a cheque in the post. Does anyone know how long it takes?:)

Hiya

Happy to hear of your refund, great news that!:beer:

I understand they tell people different dates, so I would give them another call if you can, good luck.;)

Basher47

Hi All,
Just received the following offer in response to my PPI reclaim with FirstPlus brokered through HFS (now Capitol One).

Thank you for your recent letter regarding the payment protection on your secured loan.
I am disappointed to hear that you remain unhappy with the results of our detailed investigation. we have ensured that we have answered each of the points you have raised in your original letter and have also provided you with relevant documentation to support our findings where necessary.

We maintain that the PPi policy has not been mis-sold. However, despite the fact that you have had the peace of mind that you have been covered for accident, sickness and unemployment since the loan was taken out, we are prepared to offer to refund 50% of the premiums, interest and statutory 8% interest that has been charged, as this is the proportion of the loan that the policy did not cover. This totals £2,914.06. The calculations are shown below.

Original PPI premium - £8571.50

Cashback Rebate received of £8372.60 = 198.90
+
Interest paid on the PPI premium - £3,817.36 + 8% interest - £1,811.87 = £5,828.13 50% of this figure = £2,914.06.

On receipt of the settlement form we can arrange for payment.

Financial regulations require me to advise you that this is my final response in relation to this matter. I need to make you aware that HFS was only subscribed to the Financial Ombudsman Scheme after 15 Jan 2005. As your complaint is based on events which took place before this date this complaint falls outside the jurisdiction of the FOS and therefore they are unable to arbitrate on this case.

They quote "we have also provided you with relevant documentation to support our findings where necessary". This makes me laugh as I have requested on 3 occasions the SAR telephone recordings they state they have listened to and continue refuse to supply.

I am totally confused with this offer and any advice would be most appreciated. The initial loan was £35,000 taken out in Jul 04 over a period of 16 years and I have received the cashback sum of £8372.50 after 5 years. I continue to pay the sum of £100 per month on top of my loan repaymentfor the next 10 years for a non existent policy.

Thankyou in advance
Best Regards
Basher

di3004

Basher47 wrote: »

Hi All,
Just received the following offer in response to my PPI reclaim with FirstPlus brokered through HFS (now Capitol One).

Thank you for your recent letter regarding the payment protection on your secured loan.
I am disappointed to hear that you remain unhappy with the results of our detailed investigation. we have ensured that we have answered each of the points you have raised in your original letter and have also provided you with relevant documentation to support our findings where necessary.

We maintain that the PPi policy has not been mis-sold. However, despite the fact that you have had the peace of mind that you have been covered for accident, sickness and unemployment since the loan was taken out, we are prepared to offer to refund 50% of the premiums, interest and statutory 8% interest that has been charged, as this is the proportion of the loan that the policy did not cover. This totals £2,914.06. The calculations are shown below.

Original PPI premium - £8571.50

Cashback Rebate received of £8372.60 = 198.90
+
Interest paid on the PPI premium - £3,817.36 + 8% interest - £1,811.87 = £5,828.13 50% of this figure = £2,914.06.

On receipt of the settlement form we can arrange for payment.

Financial regulations require me to advise you that this is my final response in relation to this matter. I need to make you aware that HFS was only subscribed to the Financial Ombudsman Scheme after 15 Jan 2005. As your complaint is based on events which took place before this date this complaint falls outside the jurisdiction of the FOS and therefore they are unable to arbitrate on this case.

They quote "we have also provided you with relevant documentation to support our findings where necessary". This makes me laugh as I have requested on 3 occasions the SAR telephone recordings they state they have listened to and continue refuse to supply.

I am totally confused with this offer and any advice would be most appreciated. The initial loan was £35,000 taken out in Jul 04 over a period of 16 years and I have received the cashback sum of £8372.50 after 5 years. I continue to pay the sum of £100 per month on top of my loan repaymentfor the next 10 years for a non existent policy.

Thankyou in advance
Best Regards
Basher

Hi and welcome Basher.

Hopefully someone will take a look through the figures for you and give you some advice on what to do here.

As far as I am aware HFS were governed before the date they have given you. But I would make sure on this.

You could check on this with the FOS first by giving them a ring on the link below, and if your not happy with the decision and HFS does not reconsider a better offer to you, then at least you know then if your able to make a complaint to the FOS or not.

The FOS will let you now when the HFS were governed from.
http://www.financial-ombudsman.org.uk/contact/index.html

Good luck, please let us know how you get on, cheers.

Di

Alikat_2

I used the letter template to complain about the PPI that was sold on my loan. When I took the loan out I was self employed and used the same branch for my business bank account. When the business failed two years later, I tried to claim and was advised that I couldn't as self employed. When I asked for the PPI to be removed I was advised that it would n't make a lot of difference to my loan repayments and the loan would have to be reassessed.
The letter failed and my case was rejected a few months later. I didn't pursue it at the time.
Last Saturday, completely out of the blue and almost a year since I first contacted the bank I received a letter from Lloyds saying that they had re-reviewed my complaint and had decided to uphold it! They were paying me all the payments made to date, plus 8% and would remove the PPI from future repayments. In total around £1500!:j
I am now hoping that they will be reviewing my £10k of interest charged on my business account complaint that they rejected too!!!

What are they scared off suddenly??????

[Deleted User]

Hi there

Sorry if I am being dim, but is there a template letter for writing to the bank to request refund of PPI (first contact), and should I attach the FOS questionnaire with this letter?? Just want to get this right.
Thanks

di3004

Alikat wrote: »

I used the letter template to complain about the PPI that was sold on my loan. When I took the loan out I was self employed and used the same branch for my business bank account. When the business failed two years later, I tried to claim and was advised that I couldn't as self employed. When I asked for the PPI to be removed I was advised that it would n't make a lot of difference to my loan repayments and the loan would have to be reassessed.
The letter failed and my case was rejected a few months later. I didn't pursue it at the time.
Last Saturday, completely out of the blue and almost a year since I first contacted the bank I received a letter from Lloyds saying that they had re-reviewed my complaint and had decided to uphold it! They were paying me all the payments made to date, plus 8% and would remove the PPI from future repayments. In total around £1500!:j
I am now hoping that they will be reviewing my £10k of interest charged on my business account complaint that they rejected too!!!

What are they scared off suddenly??????

Hi and welcome.

Well done that is fab:beer:

Its possible that they reopened your case, due to some FSA rulings in the media recently, because banks can be punished now for not investigating and rejecting genuine complaints, so that is great news, well done to you.:beer: