PPI Reclaiming successes and failures

amersall

stumpcutta1 wrote: »

Regarding my previous post. They have said no change to next months payment but then after that they have reduced my payment by £5 !!! so I sill have to pay £189 ...! and yes I do have a claim in on this for mis sold ppi and wonder how they will calculate my settlement figure.

I wish you had posted before saying you were going to cancel the ppi, NEVER cancel ppi on a loan when you are going for mis sell. You should have waited for your mis sell to end , hindsight is a good thing i know, but you will have to pay the loan to term end now with no reduction for the ppi i am afraid.
If you win mis sell with this ppi, then the ppi you have paid to date will be returned to you with the interest associated with that, so you will get proper redress for the ppi.

Had you not cancelled the ppi then the whole ppi payment would have been taken off your loan and the ppi monthly amount would have reduced your loan payment by this amount, plus you get the ppi paid to date with interest.


I would write to complain about this, tell them that you cancelled this ppi because the claim was put on hold and it was not explained to you that this would not affect the ppi monthly payment, and if they do not deal with this you will take this to fos.

Had you known this would affect your loan in this way, then you would not have cancelled this ppi, so in effect when you went in to cancel the ppi, the person who you spoke to should have told you what would happen, then you would have left it. Lets face it, they would not tell you this info, as it would save the bank money. Get a complaint in and let us know how you get on.
Well done on your other win :j

Kuffs1978

tifosi wrote: »

Kuffs,

whilst I can see your point of view (also possible GE just screwed up the refund?), that's one odd first post!

I wouldn't say that my post was odd, I just don't believe in tiptoeing around a subject which could potentially cause others, who may be considering embarking along the arduous path of reclaiming PPI, a lot of disappointment as they may have been expecting a similar result.
I find it extremely unlikely that GE Money, having recouped the initial value of the loan, in addition to the interest, would then, after a number of years, turn to the customer and say "Well, we acknowledge that you paid slightly too much, so instead of refunding you that amount and a bit more in interest, we'll actually give you ALL the money YOU repaid to us, plus you can also have the full value of the loan you BORROWED from
us. C'mon, let's get a dose of reality here! Like I said before, I know people who had borrowed £10,000 (twice the amount the original poster claimed) also from GE Money, with a further £1530 in PPI, over a 60 month term. Yet the maximum they could reclaim was £3133. GE Money are not a charity; like the wide majority of financial institutions they are hard, uncompromising, unscrupulous b**tards whose primary objective is to make money. Fact. They are certainly not going to sell you a product, make a profit on that sale, and then years later once again give you the value of the original loan, but then pay YOU the same level of interest you paid them. But in the original poster's defence, all I can say is whatever she was smoking when she made this claim, please let me know where to get some because I'd like to get hold of some!

Footiemad_2

stumpcutta1 wrote: »

I have had 2 loans with Nat-west both with the dreaded ppi. I used a template letter and sent it for the two separate loans. I have just received a letter awarding me £2366 back on the loan that was finished in 2007! yippee....but the current loan with ppi has been put on hold subject to judicial review.So I went to the bank to cancel my ppi on the current loan as I thought it was pretty silly paying ppi when they had agreed to give me a previous ppi back. I have received a letter today confirming cancellation of my insurance but this extract from the letter makes me a little annoyed. "Please note that, when you cancel the Loan Account Insurance,your monthly repayment figure will not reduce by the amount of the monthly insurance payment that is quoted on your Consumer Credit Act agreement form"."This is because the repayments for insurance are higher at the start of the loan, due to the risk involved,and lower at the end of the loan.Therefore the longer the loan has been operating and receiving the benefit of the protector insurance cover the less the monthly repayment will reduce" After a few phone calls to natwest regarding the content of this letter they advised me to write a complaint to Customer relations department. because I have been paying for 4 years out of 5 years 154 per month for the loan and £40per month for the insurance as it states on my agreement.So now I have cancelled the insurance should I now only pay for the loan? SURELY YES or am I wrong???

Well done on winning your claim. And as I have read you have been advised on the other one. Good luck but once again well done on winning the other one.:T:T

amersall

Hi Kuffs, i agree with what you say, regarding the redress, it is very strange that any financial institution would give anyone the whole loan and ppi back after only paying 2 years on this.
It is usually like getting blood out of a stone with ppi mis sell, and that is on a good day.
It could be misleading to newbies who may think that is what the redress is for a ppi mis sell, thanks for pointing that out.

debsom73

I received a letter from halifax today which stated
I have decided to uphold your complaint and offer to settle your complain in the following manner:
Put you back to the same position you would have been in, had the single premium ppi not been sold to you.
Where appropriate we will also arrange a new loan without PPI to replace your exisiting loan. The new monthly payment sum will reflect what your monthly loan repayment would have been had you not purchased the PPI policy.

No mention of any figures at all. Im a tad confused as to whether they going to refund me the money or what! help if you can please!

amersall

debsom73 wrote: »

I received a letter from halifax today which stated
I have decided to uphold your complaint and offer to settle your complain in the following manner:
Put you back to the same position you would have been in, had the single premium ppi not been sold to you.
Where appropriate we will also arrange a new loan without PPI to replace your exisiting loan. The new monthly payment sum will reflect what your monthly loan repayment would have been had you not purchased the PPI policy.

No mention of any figures at all. Im a tad confused as to whether they going to refund me the money or what! help if you can please!

Hi there, and well done on your win :jYes you have won :beer:
They are giving you full redress, this will give you ppi back you have paid to date with the interest on those payments and your loan will have the whole ppi amount taken off that reduces your loan balance and your monthly payment will go down by the ppi monthly amount.

di3004

debsom73 wrote: »

I received a letter from halifax today which stated
I have decided to uphold your complaint and offer to settle your complain in the following manner:
Put you back to the same position you would have been in, had the single premium ppi not been sold to you.
Where appropriate we will also arrange a new loan without PPI to replace your exisiting loan. The new monthly payment sum will reflect what your monthly loan repayment would have been had you not purchased the PPI policy.

No mention of any figures at all. Im a tad confused as to whether they going to refund me the money or what! help if you can please!

Hi and welcome

And Congratulations!:beer:

This means they are accepting liability and all you have paid in PPI, plus interest should be refunded directly to you.
I would contact them and ask if they would kindly post up the written breakdown of calculations, they may do this on request.

Well done!:beer:

Footiemad_2

debsom73 wrote: »

I received a letter from halifax today which stated
I have decided to uphold your complaint and offer to settle your complain in the following manner:
Put you back to the same position you would have been in, had the single premium ppi not been sold to you.
Where appropriate we will also arrange a new loan without PPI to replace your exisiting loan. The new monthly payment sum will reflect what your monthly loan repayment would have been had you not purchased the PPI policy.

No mention of any figures at all. Im a tad confused as to whether they going to refund me the money or what! help if you can please!

Well done you've won your claim and got redress, more money in your pocket. Congrats:T:T:T:T

debsom73

Thanks guys! I cant believe it to be honest! Thought about doing this on occasions when friends did it but never got round to it. Only started the process in January so Im really chuffed I will let you all know what they pay me out. Halifaz seem to be pulling their finger out at long last!

niku2

pardon my ignorance, but i'm so very, very new to all of this.

have people had much luck claiming ppi back on mortgages? we bought our house in 2007--both completely new to the process and totally unaware of how it all works--and got a mortgage through northern rock. we used the financial advisor at the estate agents who were selling the house. we were told that we would only be approved for the mortgage if we took out payment protection insurance. we didn't know any better, so we did it.

now that i've found this site and have been able to educate myself a bit, i'd like to file a claim based on the fact that we were missold the ppi, but how do i prove that the financial advisor at the estate agents basically twisted our arms and made us buy it?