PPI Reclaiming successes and failures

di3004

conza21 wrote: »

Hi All,

I have recently had my claim for PPI upheld by Blackhorse for a personal loan in 2006. I am due my redress in the next week or so but to be honest I'm still not sure how much I am due. Can anyone help????

My loan was for £3000 over 36 months but I settled the loan after 10 repayments. I have been told that I paid £21 per month toward the insurance and would also receive 8% interest on top of that.

Can anyone tell me if my settlement would have included PPI as I am unsure. This was a single premium insurance so I am assuming I would have paid money towards this in my settlement.

Thanks in advance!!! :-)

Hi and welcome and well done!:beer:

Sorry I am not the one for figures but I'm sure someone will be along later or maybe the weekend who would take a look at these for you.:)

k77mss

conza21 wrote: »

Hi All,

I have recently had my claim for PPI upheld by Blackhorse for a personal loan in 2006. I am due my redress in the next week or so but to be honest I'm still not sure how much I am due. Can anyone help????

My loan was for £3000 over 36 months but I settled the loan after 10 repayments. I have been told that I paid £21 per month toward the insurance and would also receive 8% interest on top of that.

Can anyone tell me if my settlement would have included PPI as I am unsure. This was a single premium insurance so I am assuming I would have paid money towards this in my settlement.

Thanks in advance!!! :-)

well done on your success i'm trying to claim against black horse too could you give me any advice dealing with them and also some timescales i've had three loans with them. thanx

maineman_2

hi every one, newby on here, just a bit of advice on ppi please, had a hire purchase for a motor vehicle taken out in 2005, went in hospital in 2008 and after checking paperwork found had ppi, tried claiming and was told only had DEATH. or critical illness cover.... but what i was in hospital for WAS NOT COVERED. done all the claiming to the Black horse, Went to the fsa, Who then passed the file to the fscs As the Car Dealership had gone bust, anyhow after 2 and 1/2 years of waiting, i got a cheque for £1000 this week, but it was not enought to pay the debt of the car as i have been paying reduced payments due to financial restraints, i was wondering if in any figure that the ppi and interest is added to a loan and can any more ppi be claimed back or does the Fscs carry on claiming for the balance as the loan has gone over the time it would have taken to pay it off, as after paying a £1000 i still owe £1300 of the total price that i had taken out does that figure include PPI and Interest as i thought the PPI was stopped in 2008, and got no help from the 'call centre' associate nor the PPI 'associate'. so in desparate need of advice please....

amersall

maineman wrote: »

hi every one, newby on here, just a bit of advice on ppi please, had a hire purchase for a motor vehicle taken out in 2005, went in hospital in 2008 and after checking paperwork found had ppi, tried claiming and was told only had DEATH. or critical illness cover.... but what i was in hospital for WAS NOT COVERED. done all the claiming to the Black horse, Went to the fsa, Who then passed the file to the fscs As the Car Dealership had gone bust, anyhow after 2 and 1/2 years of waiting, i got a cheque for £1000 this week, but it was not enought to pay the debt of the car as i have been paying reduced payments due to financial restraints, i was wondering if in any figure that the ppi and interest is added to a loan and can any more ppi be claimed back or does the Fscs carry on claiming for the balance as the loan has gone over the time it would have taken to pay it off, as after paying a £1000 i still owe £1300 of the total price that i had taken out does that figure include PPI and Interest as i thought the PPI was stopped in 2008, and got no help from the 'call centre' associate nor the PPI 'associate'. so in desparate need of advice please....

Hi there, well done on your win :j:j:j:j
The fscs only pay a percentage of a ppi claim. Look here
http://www.fscs.org.uk/what-we-cover/eligibility-rules/compensation-limits/

The fscs will pay you the redress as per their calculations.
If you cancelled the ppi in 08, then i am sure you would not have been paying the ppi amount from then.
Also, you would not have been making the full ppi payments as you were paying a reduced amount on this loan.
In a "normal" ppi claim with a bank, they would take the ppi off the balance of the loan, and all ppi payments made to date go back to you with interest for those payments. As the firm have gone bust then the fscs have paid you the ppi back that you have paid to date, as you only get ppi back to you that you have paid to date and not what you have not yet paid, so if you paid 20 months at £10 then you get 20 x £10.Then they only give you a percentage of that back.
(you need to check when you cancelled the ppi in 08, what rebate you were given for this ppi and did your monthly payment reduce by anything?. I am sure someone who knows more than me about how fscs work, will be along to help you more.

amersall

conza21 wrote: »

Hi All,

I have recently had my claim for PPI upheld by Blackhorse for a personal loan in 2006. I am due my redress in the next week or so but to be honest I'm still not sure how much I am due. Can anyone help????

My loan was for £3000 over 36 months but I settled the loan after 10 repayments. I have been told that I paid £21 per month toward the insurance and would also receive 8% interest on top of that.

Can anyone tell me if my settlement would have included PPI as I am unsure. This was a single premium insurance so I am assuming I would have paid money towards this in my settlement.

Thanks in advance!!! :-)

Hi there, and well done on your win :j:j:j:j
Robbedof or Marshalka will be along i am sure and will help you with the calcs. All i know is you will get back 10 x £21 with the interest on that plus 8% (as you only get ppi back you have paid to date) . The rebate they gave you for ppi when you settled the loan will be taken off this. As this was a frontloaded ppi there may be other calcs they will do regarding this (and this is where you need Robbedof or Marshalka !).

conza21

amersall wrote: »

Hi there, and well done on your win :j:j:j:j
Robbedof or Marshalka will be along i am sure and will help you with the calcs. All i know is you will get back 10 x £21 with the interest on that plus 8% (as you only get ppi back you have paid to date) . The rebate they gave you for ppi when you settled the loan will be taken off this. As this was a frontloaded ppi there may be other calcs they will do regarding this (and this is where you need Robbedof or Marshalka !).

Thanks for that. I am aware that i will get the 10x£21 but wasnt sure whether the settlement i paid would have included the outstanding PPi due. After reading quite a few blogs i am assuming that part of the settlement paid (£2852) was for the insurance policy as it was a single premium added at the beginning. Hopefully the people you have quoted will know a tad more than me....................... i dont know very much when it comes to this im afraid :rotfl:. Thanks again for replying!

conza21

k77mss wrote: »

well done on your success i'm trying to claim against black horse too could you give me any advice dealing with them and also some timescales i've had three loans with them. thanx

Hi there, I used all the templates on this website and requested a copy of my agreement. Once i had this and could clearly see that PPI was added i then sent a letter requesting a refund (again this was letters on MSE). Once irecieved a letter saying they would refund the PPI I actually put it to one side as they had started off by saying they would deduct any outstanding balance on my account. This was sue to an error on their part when i settled the loan in 2007 - the customer rep took £500 short and they eventually accepted responsibility in 2008. I assumed they were trying to take this back but then decided in November to write a letter stating their original error and that i wanted a new offer without the threat of deductions being made and recieved an amended offer in December. I am due my redress before Thirsday but i am still not sure how much!!! Good luck

terrih

Just a post to thank MSE forum members for their advice. I claimed against Lloyds TSB for two mis-sold loans, one taken out when I was a student and the other when I was effectively unemployed and bullied into taking out ppi by branch employee. Have been successful in both. Lloyds admitted mis-selling in first case and offered me ex-gratia payment in second. Great start to the new year! So glad I discovered this forum!

Again, many thanks and don't give up.


Terri

amersall

terrih wrote: »

Just a post to thank MSE forum members for their advice. I claimed against Lloyds TSB for two mis-sold loans, one taken out when I was a student and the other when I was effectively unemployed and bullied into taking out ppi by branch employee. Have been successful in both. Lloyds admitted mis-selling in first case and offered me ex-gratia payment in second. Great start to the new year! So glad I discovered this forum!

Again, many thanks and don't give up.


Terri

Well done and congrats :j:j:j:money:Very good start to the new year :T:T:T

di3004

maineman wrote: »

hi every one, newby on here, just a bit of advice on ppi please, had a hire purchase for a motor vehicle taken out in 2005, went in hospital in 2008 and after checking paperwork found had ppi, tried claiming and was told only had DEATH. or critical illness cover.... but what i was in hospital for WAS NOT COVERED. done all the claiming to the Black horse, Went to the fsa, Who then passed the file to the fscs As the Car Dealership had gone bust, anyhow after 2 and 1/2 years of waiting, i got a cheque for £1000 this week, but it was not enought to pay the debt of the car as i have been paying reduced payments due to financial restraints, i was wondering if in any figure that the ppi and interest is added to a loan and can any more ppi be claimed back or does the Fscs carry on claiming for the balance as the loan has gone over the time it would have taken to pay it off, as after paying a £1000 i still owe £1300 of the total price that i had taken out does that figure include PPI and Interest as i thought the PPI was stopped in 2008, and got no help from the 'call centre' associate nor the PPI 'associate'. so in desparate need of advice please....

Hi there

Have you also checked on the FSCS thread on here, there may be some details on how the figures are worked out on there perhaps.
https://forums.moneysavingexpert.com/discussion/1897143