PPI Reclaiming successes and failures

di3004

NickieC wrote: »

I had previously used template letters from the 'MoneySavingExpert' website and claimed back £1000 of bank charges. When I got the e-mail about reclaiming PPI I thought I may as well give it a try. I had taken out a loan for £25000 with Northern Rock and had specifically asked them not to include the payment protection. They insisted that without it I would not qualify for the loan so I took it out. I paid off the loan 18 months early and no longer had any of the details so I wrote to Northern Rock asking them to send a copy of my load agreement, which they did. I then filled out the complaint form which I took from this website and sent it back to them with a letter asking them to refund the PPI in full. I received a letter back to confirm they'd received the complaint and were looking into it. About 3 weeks later, I got another letter telling me that they agreed that i'd been mis sold the PPI and they'd refund it in full. It turned out though that i was due back more than i thought as they charge more of the PPI at the start of the loan when they consider themselves to be at more risk. I got back £5672 plus interest at 8% which gave me an extra £1200 on top! I couldn't believe how simple it was and all for the cost of a couple of stamps. Thank you so much Martin Lewis, you're a legend

Hi and welcome.
That is fab :T:j well done and Congratulations, great work!:beer:

amersall

NickieC wrote: »

I had previously used template letters from the 'MoneySavingExpert' website and claimed back £1000 of bank charges. When I got the e-mail about reclaiming PPI I thought I may as well give it a try. I had taken out a loan for £25000 with Northern Rock and had specifically asked them not to include the payment protection. They insisted that without it I would not qualify for the loan so I took it out. I paid off the loan 18 months early and no longer had any of the details so I wrote to Northern Rock asking them to send a copy of my load agreement, which they did. I then filled out the complaint form which I took from this website and sent it back to them with a letter asking them to refund the PPI in full. I received a letter back to confirm they'd received the complaint and were looking into it. About 3 weeks later, I got another letter telling me that they agreed that i'd been mis sold the PPI and they'd refund it in full. It turned out though that i was due back more than i thought as they charge more of the PPI at the start of the loan when they consider themselves to be at more risk. I got back £5672 plus interest at 8% which gave me an extra £1200 on top! I couldn't believe how simple it was and all for the cost of a couple of stamps. Thank you so much Martin Lewis, you're a legend

:money:Well done and congrats:T:T

Kay_S

I've written to Black Horse re my PPI and got a rather unclear reply, they maintain the PPI was sold correctly but have offered me redress as follows (and I quote) "we will calculate how much you would have paid towards the agreement had you not taken out the PPI and we will refund the difference between this and the amount you have actually paid. This will include any monthly added interest that was charged on the cost of the policy"
However they say they cannot provide us with a redress figure until they receive acceptance of their offer and the part I have to sign says I am accepting in full and final settlement, what should I do?

di3004

Kay_S wrote: »

I've written to Black Horse re my PPI and got a rather unclear reply, they maintain the PPI was sold correctly but have offered me redress as follows (and I quote) "we will calculate how much you would have paid towards the agreement had you not taken out the PPI and we will refund the difference between this and the amount you have actually paid. This will include any monthly added interest that was charged on the cost of the policy"
However they say they cannot provide us with a redress figure until they receive acceptance of their offer and the part I have to sign says I am accepting in full and final settlement, what should I do?

Hi there and welcome

Well done and Congratulations!:T:beer::j

The letter you received is normal really, the interest goes on and is added up until they payout.

So basically they will refund you all you paid in ppi towards the account plus interest, even though they have not admitted liability they are willing to refund you, well done.

Read more on how the FOS calculates on ppi posted by Maxdp here;
https://forums.moneysavingexpert.com/discussion/1596473

Kay_S

thank you so much for your reply, I was lost as to how to proceed

di3004

Kay_S wrote: »

thank you so much for your reply, I was lost as to how to proceed

Your very welcome Kay.
I would ask them to send you a detailed breakdown though - when you are due to receive the payout, they should supply this on request then they receive your acceptance.;)

wacky6

hi all i just wanted to let people know that i used a company to get my ppi back which they did and quick but the down side is the 255 they charge but worst of all was the constant texts emails and phones calls wanting their money before i even knew i had won the case, and even when i expalined i couldnt pay them until i had received the check and it had cleared it didnt stop them contacting night and day asking for payment, so my advice is dont use them because they are no better than the people who sold me the ppi.

di3004

wacky6 wrote: »

hi all i just wanted to let people know that i used a company to get my ppi back which they did and quick but the down side is the 255 they charge but worst of all was the constant texts emails and phones calls wanting their money before i even knew i had won the case, and even when i expalined i couldnt pay them until i had received the check and it had cleared it didnt stop them contacting night and day asking for payment, so my advice is dont use them because they are no better than the people who sold me the ppi.

Hi and welcome

Well done on your success anyway.:beer:

And your right, its best to keep away from using claims companies and having a go yourself, where if successful you get to keep all your refund and pay no charges.
Thanks for warning others on this though, that will help, cheers so much.;)

amersall

wacky6 wrote: »

hi all i just wanted to let people know that i used a company to get my ppi back which they did and quick but the down side is the 255 they charge but worst of all was the constant texts emails and phones calls wanting their money before i even knew i had won the case, and even when i expalined i couldnt pay them until i had received the check and it had cleared it didnt stop them contacting night and day asking for payment, so my advice is dont use them because they are no better than the people who sold me the ppi.

Report them to the moj, the levels these people will stoop to is beyond me !.

amersall

Kay_S wrote: »

I've written to Black Horse re my PPI and got a rather unclear reply, they maintain the PPI was sold correctly but have offered me redress as follows (and I quote) "we will calculate how much you would have paid towards the agreement had you not taken out the PPI and we will refund the difference between this and the amount you have actually paid. This will include any monthly added interest that was charged on the cost of the policy"
However they say they cannot provide us with a redress figure until they receive acceptance of their offer and the part I have to sign says I am accepting in full and final settlement, what should I do?

Well done :j:j i agree with di, accept and ask for figures, post the figures on here and someone will tell you if these are right or not.