PPI Reclaiming successes and failures

billiejones

Hi
Could somebody please tell me the e-mail address for the chief executive of lloyds tsb
thank-you

Munro_Bagger

Hello everyone!

After following the superb advice on this forum, I helped my OH to submit the questionnaire to Egg for credit card PPI. It was sent on 20/04/11 and my OH received a final response today (the first!) dated 03/05/11 offering;

£680.54 (CRP premium paid)
£315.97 refund of interest at 8% rate
Total = £996.51.

Refund covers the past 6 years...even though the account was opened in November 2003, was terminated by Egg in March 2007 and has been in DMP since 2006. Egg have not provided a further breakdown of the premiums that were paid (only the total amount), and advise that the complaint is now closed. They also state,

"On 8th October 2010 the BBA commenced a judicial review of PPI...as a consequence, there is currently uncertainty as to the rules applicable to how we should calculate any refund in relation to your complaint. Accordingly, if as a result of the JR, an additional sum of money is due to you, we shall be in touch and will make any additional payment as necessary".

Estimated outstanding balance of Egg on the DMP is £2,300, so £996.51 is a sizeable chunk.

Firstly, can anyone advise if the 8% interest calculation is correct?
Secondly, should/can my OH write to them asking for a further breakdown, to try and find out if the figure they're offering is correct? My OH only has statements going back to 2005, so can only add up some of the premiums.

Many, many thanks for all your help and support so far

robbedofmymoney

Munro_Bagger wrote: »

Hello everyone!

After following the superb advice on this forum, I helped my OH to submit the questionnaire to Egg for credit card PPI. It was sent on 20/04/11 and my OH received a final response today (the first!) dated 03/05/11 offering;

£680.54 (CRP premium paid)
£315.97 refund of interest at 8% rate
Total = £996.51.

Refund covers the past 6 years...even though the account was opened in November 2003, was terminated by Egg in March 2007 and has been in DMP since 2006. Egg have not provided a further breakdown of the premiums that were paid (only the total amount), and advise that the complaint is now closed. They also state,

"On 8th October 2010 the BBA commenced a judicial review of PPI...as a consequence, there is currently uncertainty as to the rules applicable to how we should calculate any refund in relation to your complaint. Accordingly, if as a result of the JR, an additional sum of money is due to you, we shall be in touch and will make any additional payment as necessary".

Estimated outstanding balance of Egg on the DMP is £2,300, so £996.51 is a sizeable chunk.

Firstly, can anyone advise if the 8% interest calculation is correct?
Secondly, should/can my OH write to them asking for a further breakdown, to try and find out if the figure they're offering is correct? My OH only has statements going back to 2005, so can only add up some of the premiums.

Many, many thanks for all your help and support so far

Egg are obliged to supply you a full breakdown of all the premiums you have paid so i would suggest he does request a full breakdown.

the 8% figure does look about correct on the amount they have quoted.

well done on your success,

di3004

Well done on your win, Congratulations!:beer:

amersall

Well done to you !!!!
You could ask for a breakdown, but if you have statements from 2005 then that is years, just add up each payment for ppi.
The 8% can only be worked out by how much ppi you paid each month on the cc so you need look here
http://www.moneysavingexpert.com/reclaim/bank-charges
Scroll down to bank charges calculator and enter th edate and ppi amount from 2005, this will total at the side and you will know if this is correct.
You may get a further payout if they find they owe you more in the future.


By the way, when this went on to a dmp, was the ppi cancelled? as if EGG passed this over then they could still not be adding ppi on? so in effect from 2006 when this was passed over you would not have paid ppi from then?.

Footiemad_2

clinton636 wrote: »

Just received a letter from Northern Rock offering me £2300.00 for missold PPI, fabulous news:T:T.

One more claim outstanding with Co-Operative Bank it looking good

HUGE thanks to ML and all the money saving expert team

Brilliant. Well done:money::money::beer:

Footiemad_2

JamJarPot wrote: »

I Punched Pinched and Insulted the thieves and they gave me loads of money :beer:. Result, Thanks to everyone on the forum and the web site. :rotfl:

Fantastic well done.:beer::D

Footiemad_2

Munro_Bagger wrote: »

Hello everyone!

After following the superb advice on this forum, I helped my OH to submit the questionnaire to Egg for credit card PPI. It was sent on 20/04/11 and my OH received a final response today (the first!) dated 03/05/11 offering;

£680.54 (CRP premium paid)
£315.97 refund of interest at 8% rate
Total = £996.51.

Refund covers the past 6 years...even though the account was opened in November 2003, was terminated by Egg in March 2007 and has been in DMP since 2006. Egg have not provided a further breakdown of the premiums that were paid (only the total amount), and advise that the complaint is now closed. They also state,

"On 8th October 2010 the BBA commenced a judicial review of PPI...as a consequence, there is currently uncertainty as to the rules applicable to how we should calculate any refund in relation to your complaint. Accordingly, if as a result of the JR, an additional sum of money is due to you, we shall be in touch and will make any additional payment as necessary".

Estimated outstanding balance of Egg on the DMP is £2,300, so £996.51 is a sizeable chunk.

Firstly, can anyone advise if the 8% interest calculation is correct?
Secondly, should/can my OH write to them asking for a further breakdown, to try and find out if the figure they're offering is correct? My OH only has statements going back to 2005, so can only add up some of the premiums.

Many, many thanks for all your help and support so far

Well done on what you have managed to get back so far.:T:T Good luck with getting the rest back.:D

Munro_Bagger

Many thanks to you all, for your support and fantastic advice!:p

Just out of interest (no pun intended!), I'm trying to check in excel whether the refund of interest (8% rate) Egg have calculated is correct. The PPI paid each month varied - some payments were £25-odd, others as low as £7. Does anyone use an excel formula that they're willing to share, so that I can get to the bottom of this?

I had tried =PV*(1+8)^0.083 to calculate (what I thought) was monthly interest at 8%...so £25 PPI for one month would be =£25*(1+8)^0.083 = £30. However, when I apply this to each month, add it up and then subtract the PPI total (minus interest) from it, it doesn't match the Egg figure!

My old maths teacher would be appalled! I really am a total dunderhead!

lea2001gb

I had PPI forced upon me by a company called DAF. They told me I couldnt have the car I wanted unless I paid for PPI as well. I told them I didnt want it and was told I couldnt have the car, which I was in dire need of at the time. I have been going backwards and forwards for years with DAF to get the PPI back only to be told they were not regulated so I was unable to get a single penny back. I noticed on the initial sale document, the car was £4400 and I was charged £3800 for PPI which included a single premium policy, interest on top the initial PPI amount plus a commission to the actual company who DAF obtained the PPI insurance from. Has been a complete nightmare, but I was point blank refused by both DAF and the FOS. I even have the document from the Insurance provider that states only £500 was paid them and it was cancelled by DAF without my knowledge.