PPI Reclaiming successes and failures

peoplescollege

I have reclaimed ppi on 2 loans spanning 6 years.
Halifax was the provider.I got back just under £3000.
My situation was when I first took out a loan I had 2 jobs . I did inform them and we chose one to put on the form as I had been there the longest. That was 2002.In 2005 they rang me about a loan which I agreed to take out replacing the other one. Both having ppi insurance if something should happen ie unemployment. In august this year I was made redundant from that job but still had my other job. I rang to claim as my wages were lower as I only had one job now and was told I couldnot claim as I had another job. A letter was sent straight away and within 3 weeks the full amount was given back to me plus interest. Although they said they did not conclude that I was not mis sold my policy but they did not tell me I have to lose both my jobs to be able to claim. Thanks for your letter templates . This was a well needed boost to my finances. :rotfl:

Bisoy

Hi marshallka I just want to update you with regards to my inquiry on their settlement figure. Here's part of the reply from Halifax.

http://s452.photobucket.com/albums/qq241/Bisoy24/?action=view&current=Halifaxletter2.jpg

Are they correct on their calculation? Many thanks.

marshallka

marshallka wrote: »

Right,

The loan was 16500 (on the statement)
PPI was 4187.29 (on the statement)
Repayments 66 x 417.89 = £27580 total loan including interest

You made 6 repayments and the PPI element of the loan is 20.24% You get this by dividing the PPI by the total loan (excluding interest) so 4187 divide by 20687 = 20.24%


So 20.24% of the repayments (being 417.89) is £84.58
84.58 x 6 = 507.48
The PPI cost you with interest which is 20.24 of the total loan with interest being £5582.00

5582.00 - repayments made 507.48 - rebate of insurance 2656.86 (got this from the figures on the statements???) = 2417.66
2417.66 + repayments made 507.48 = £2925.14 is what the PPI actually cost you so if they repaid to you £1604.62 then something is wrong with either their repayment to you or my calculations from the figures you gave.
Also note that that figure is without STATUTORY INTEREST either.


If you could check the total loan from the agreement and check it was actually £27280 as this is 66 x £417.89 being the repayments.


I got the insurance rebate from the statements by on the 01/03/04 you owed to them £19423.15 and then there are two blacked out items in the repayments column and then your total went down to 2998.52 and then again to 341.66. I assumed the first to be the settlement of the loan being 16424.63 and then the rebate of the insurance they made against it of 2656.86.. Can you confirm this and then there was £341.66 left that was paid again??? You really need this agreement to work this out and the total that they rebated on the insurance when you settled...

They are staing that the rebate of insurance was 3340.18 and I could not tell what the rebate was and thought it was the figure of 2656.86 so I will have another go with this new figure that they state they rebated... . Although have to check the settlement statements again. Bear with me on this one Bisoy..

Right they are saying that the total PPI was only 4187.29 and that you made payments of 847.11 and then had a rebate of 3340.18..

All completely different to the statement you put on here.

Was your PPI this amount of £4187.29 or did this have interest on it. I assumed this was the amount before interest...I calculated the repayments were 6 times the PPI of 84.58.(PPI total with interest was 5582)

All these figures are so different.

If you look at your statement I did not know what the amount received as rebate of insurance was exactly but now they are saving that you received the 2998.52 and also the 341.66 as well totalling 3340.18 so that is correct.

I know now what they have done... They have not given you the interest on top of the £4187.29 in their calculation here..They have stated that they would refund to you

"refund the PPI premiums that you have paid plus the interest paid on the premiums and 8% statutory interest." No mention of the interest that you would have paid on the premiums here!!! This would be buried in your settlement figure somewhere perhaps.

Usually it states interest due on the PPI too.

I don't think your PPI in total was the 4187.29 as this amount being a single premium would have interest on it too which they forget to tell you of. They have to now state this seperate on loans.


If you included the interest on the PPI then I get

total PPI 5582.00 - repayments against PPI (which are different to theirs too ) 507.48 for 6 repayments - the rebate 3340.18 = 1734.34

1734.34 + repayments made 507.48 = 2241.82 (this is the amount I get now I have actually found out the rebate amount was both the figures...

You need to ask them about the PPI total including interest here I think. Ask them if the amount of £4187.29 was the actual total including interest...see what they say here. Let me know....

And also ask them about the repayments of PPI made... How they arrived at that figure when you made 6 repayments.

Sorry if I have made any mistakes but I still think if that figure of PPI was without interest they owe you more...although their offer of redress did not include it from what i can tell.

dreamer33

mrbilbs wrote: »

I cant give the name on the forum just yet. I have emailed Martin with the fulll details. I am just awaiting the final bit of money to clear first - as it has come in two parts.

What I can say is that it was a from a loan brokered by a well known brokerage company and they agreed I had been miss sold PPI by themselves. There was no arguing or anything. I received a phone call frm them and then a confirmation letter.

I certantly dont mind revealing all very soon as I think this site is great...and yes I didnt beleive it either until I got the confirmation letter.:j

Can I just ask how did you claim the refund of ppi back from the well known company, think it might be the same company I dealt with and am hitting brick walls also?

mar_ash

What were you reclaiming: PPI
Who was the provider: HSBC
How much did you get back: £1836.00
Did you get it back after a letter or did you go to the Financial Ombudsman: 1 Letter

Hi All,

Sent a standard template letter (From this site Thanks) on 04/09/08

Received confirmation letter 19/09/08 from HSBC we have received your letter we will be in touch in 8 weeks.

Received 2nd letter 18/10/08, we require an additional 4 weeks.

Received 3rd letter
'I am upholding your compliant, as a result of my decision it is not my intention to respond specifically to the individual issues that you have raised other than to explain how I intend resolving the matter.
In order to ensure this matter has not financially disadvantaged you, I propose to offer you the amount £1836. complete attached if you want to settle.'
The breakdown - full amount of 1700 (This is the initial PPI including HSBC interest on the PPI) and a additional 8%.
To anyone considering reclaiming MAKE SURE YOU DO IT , takes 1 letter to get back your own money from the big shots :mad: .

The things I sent:
Standard template (cut and change to your needs)
The Loan agreement papers (Copies Only)
The Quotes I received (Copies Only).
Send the letter to the Banks complaints department make sure it is recorded delivery.

Thank you so much Martin :money: and the full team at MoneySavingExpert.com :j , I really did not think this would be possible, but by reading your advise using the letter provided and reading the posts this is most definitely possible.:rotfl: :rotfl: THANKS.:rotfl: :rotfl: This is my happy face.

cot1198

mar_ash wrote: »

What were you reclaiming: PPI
Who was the provider: HSBC
How much did you get back: £1836.00
Did you get it back after a letter or did you go to the Financial Ombudsman: 1 Letter

Hi All,

Sent a standard template letter (From this site Thanks) on 04/09/08

Received confirmation letter 19/09/08 from HSBC we have received your letter we will be in touch in 8 weeks.

Received 2nd letter 18/10/08, we require an additional 4 weeks.

Received 3rd letter
'I am upholding your compliant, as a result of my decision it is not my intention to respond specifically to the individual issues that you have raised other than to explain how I intend resolving the matter.
In order to ensure this matter has not financially disadvantaged you, I propose to offer you the amount £1836. complete attached if you want to settle.'
The breakdown - full amount of 1700 (This is the initial PPI including HSBC interest on the PPI) and a additional 8%.
To anyone considering reclaiming MAKE SURE YOU DO IT , takes 1 letter to get back your own money from the big shots :mad: .

The things I sent:
Standard template (cut and change to your needs)
The Loan agreement papers (Copies Only)
The Quotes I received (Copies Only).
Send the letter to the Banks complaints department make sure it is recorded delivery.

Thank you so much Martin :money: and the full team at MoneySavingExpert.com :j , I really did not think this would be possible, but by reading your advise using the letter provided and reading the posts this is most definitely possible.:rotfl: :rotfl: THANKS.:rotfl: :rotfl: This is my happy face.

well done mar_ash good news
I have a ppi claim with HSBC going and have had the same letters so far
first one : we are looking into it second one: we need another four weeks, so fingers crossed

bezntom

Heres my response to Egg
Dear Sir/Madam
Further to your letter dated 24/9/08 I have taken further advice and they have confirmed my reasoning in that your terms and conditions cannot be applied i was unlawfully deprived of money and i want both the statutory 8 % interest element adding on and ALL the amount repaying directly to me otherwise i will take my complaint to the FSO.
As for your paragraph "Please find the paragraph below which has been authorised by an adjudicator in the Financial Ombudsman Service in relation to how banks calculate refunds.Basically if a customer owes money to the bank the bank can deduct the amount the customer owes from the amount it owes to the customer.It usually does this by transferring money held to the credit of one of the customers other accounts,."
This is a load of rubbish and I totally reject your attempts to baffle me with it.I again repeat .......You UNLAWFULLY deprived me of the money and I wish to have that money
as stated above plus 8% statutory interest element placed back into my Bank account.
I hereby inform you I am rejecting your attempt to settle in this way.
Egg still sticking out they wont repay me in cash as account still active .I was going to take to FSO but as I have other issues I am dealing with in my personal life have decided to not proceed to that level.It is still a victory just not paid back in the way i wished.However at the same time i reclaimed from Egg I also sent in a claim to HSBC, they were slower to respond but they did keep me informed along the way and today I have had an offer of £2,238.82 this figure the say effectively returns the protection premiums paid plus interest so a success again.
The claiming was easy enough I used the template letters on site and just tailored them to my circumstances.I have been lucky because the 2 companies involved accepted my claim pretty quicly and offered me a settlement.
Thank-you everyone that has encouraged me and I hope this encourages others to persue their claims .:T :rotfl:

gpaul49

hi i found an old halifax loan with ppi can i claim it back it was 548 pounds

di3004

gpaul49 wrote: »

hi i found an old halifax loan with ppi can i claim it back it was 548 pounds

Hi there.

If you want to post this over on the PPI reclaim -discussion forum which is normally next to this one where myself and others will be able to help you.

We will take it from there.;)

When was it that you had taken out the loan?
And if you believe you were mis sold then you can try to reclaim on this, but as I said above please feel free to post on the mentioned forum.
Cheers.:D

ZeeZuu

:j Egg has recently kindly reimbursed the PPI on a loan I took out a few years ago - a tidy sum of more than £6500 (which includes interest)!! So I've just a few monthly payments left instead of more than two years! Nice one Martin and team - I used your template for the letter. Got a quick and professional response and obviously I am really pleased/delighted with the outcome - keep up the great work!:T