PPI Reclaiming successes and failures

di3004

lea2001gb wrote: »

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.

Hiya

I would re-contact the FOS and ask them now then what would be your best direction. Over the last year or so many in the same situation with the business not being regulated as such, its been advised to go the underwriter/insurer direction - as another avenue to try to get back what is owed to you. These would have been regulated as being a insurer/underwriter.

I am one of those that have been informed to go this direction because the broker had dissolved, and they were not regulated anyway back in 2004.
It may though just take some time.

The FOS suggest you write to the business for the PPI policy (if you do not have these) normally its a booklet of details of the insurer/underwriter only, then you write to them the same way as you would the broker, if rejected the FOS normally take it on.

Give the FOS a ring and see what they suggest, good luck.

amersall

Munro_Bagger wrote: »

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!

Not 100% sure on this, but take a look here
http://www.moneysavingexpert.com/reclaim/bank-charges
Scroll down the page to the bank charges calculator,this works out the 8%, you put in the date and amount of ppi and this totals as you do each ppi payment. Hope this helps.

Mrsbowbow

Hi I've just won my Missold PPi Case against Northern Rock and I'm now waiting for a letter confirming the amount to be refunded.
Does anybody know roughly how long you wait to get the money from when you send the acceptance form back ???
Days ?, Weeks ?, Months?

Thanks

di3004

Mrsbowbow wrote: »

Hi I've just won my Missold PPi Case against Northern Rock and I'm now waiting for a letter confirming the amount to be refunded.
Does anybody know roughly how long you wait to get the money from when you send the acceptance form back ???
Days ?, Weeks ?, Months?

Thanks

Hiya

Was this directly with NR or dealt with by the FOS?

Have you signed the acceptance and returned this back to them?
If so it may anytime from 2 weeks up to 45 days, in most cases 28 days, call that a month.
If dealt with by the FOS when sending back the acceptance to them, it may just take slightly a little longer but not much more.

Well done anyway and hope you get your money soon.
Give them a ring to make sure on this if you want to.

:beer:

Footiemad_2

Mrsbowbow wrote: »

Hi I've just won my Missold PPi Case against Northern Rock and I'm now waiting for a letter confirming the amount to be refunded.
Does anybody know roughly how long you wait to get the money from when you send the acceptance form back ???
Days ?, Weeks ?, Months?

Thanks

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

It varies I think. Some are very quick and others drag their heels. I am sure there are a few a little way back that have won with Northern Rock.

Hope they dont keep you waiting too long. Well done again

Footiemad_2

Whoops sorry Di

I must have been typing as you posted a reply. Good morning hun. x

amersall

Mrsbowbow wrote: »

Hi I've just won my Missold PPi Case against Northern Rock and I'm now waiting for a letter confirming the amount to be refunded.
Does anybody know roughly how long you wait to get the money from when you send the acceptance form back ???
Days ?, Weeks ?, Months?

Thanks

:beer: Congrats:money:

di3004

Footiemad wrote: »

Whoops sorry Di

I must have been typing as you posted a reply. Good morning hun. x

LOL, not a problem, I missed yours too unfortunately , and good morning sweetie xx

badlydrawngirl

I saw Martin Lewis on Daybreak in September last year urging folks to recalim the ppi on their credit cards.
I looked at my Virgin (MBNA) statements and realised I had been charged this EVENTHOUGH I HAD NEVER ASKED FOR IT TO BE ADDED and never gave my authority to do so.

So, I downloaded the forms available on this site to claim the ppi back and sent them off on 23rd September 2010 to MBNA Bank (who were running Virgin Money at the time).
I received an acknowlegement letter within a few weeks stating they would look at my case and expect a response within a set period of time (sorry, can't remember how long and can't find the letter, it wasn't a long time).

Received another letter saying they were very busy and wanted a little more time to look into the matter, but adding they would let me know results of my claim within the next 3 weeks.

Exactly 3 weeks later I received a letter of (in my opinion) complete "legal-speak" of which I did not understand a word.
Basically it said they were waiting until the court decided whether they HAD to acknowlege legitimate claims.

I was rather disappointed to say the least.
I decided to just leave it.

This morning I received a letter stating my claim was valid. I am entitled to over £1000 (this includes about £388 interest earned on the amount they "stole" from me. They have paid off my current balance of just over £165 (I still use the card regularly) and will send the a cheque for the balance withn 28 days.

The letter also says I may be due more money in the future are there is another court battle in progress (it doesn't say what).

So in a nutshell it has taken just over 7 months to get my money back and I only had to fill in Martin's pre-prepared form and send it to my card provider.

THANKS SO MUCH MARTIN !

The_Marksman

Top Marks!

Well done you!!