PPI Reclaiming successes and failures

amersall

rach000uk wrote: »

Hi

Has anyone had any luck reclaiming from Capital One? We originally put our claim in back in Sept 10 they said in Nov 10 they didnt believe it was mis-sold (at the same time we did MBNA who in May this year contacted us to say it was mis-sold & repaid us the PPI + Interest) so I wrote to Cap One again and they now say we're out of time etc.

Any advice?

Thanks

Rachael

Hi there, you only have 6 months to take this to FOS when you get a letter from cap 1 telling you to do so,from november to may was your 6 months, that is why they say you are out of time.

The FOS will only look at this if you have a very good reason why you did not go to them (hospitalized etc) when cap 1 gave you the option in november.

boycey01

di3004 wrote: »

Yes you should be entitled to the interest you paid into the account, plus 8% further interest etc.;)

Hi Di,

Sorry to butt in!
Was just reading this and thought where does the interest come from? The interest you paid on the PPI or the interest you paid on the actual loan/credit card? I understand about the 8% further interest but the the other interest i'm afraid I don't. Sorry to sound so thick!

di3004

boycey01 wrote: »

Hi Di,

Sorry to butt in!
Was just reading this and thought where does the interest come from? The interest you paid on the PPI or the interest you paid on the actual loan/credit card? I understand about the 8% further interest but the the other interest i'm afraid I don't. Sorry to sound so thick!

Hiya and you don't sound thick lol , well basically I'm just going on what is shown on my letter from the bank when they upheld mine, it may work out different to a loan than to a credit card ppi refund in regards of interest.

But in my case it was upheld in my favour.........

Calculated the difference between the settlement balance paid on the loan to what the settlement would have been if PPI not been added to the loan.

Then calculate 8% interest on this sum from the day of the loan was settled to the day the calculation is completed.

The calculate the amount paid up to date of cancellation/settlement and refund this back.

then add simple interest per annum to each monthly payment from the date we paid each amount, to the date settled loan.

A further 8% Simple interest per annum will be calculated on this total amount from the date of early settlement of the loan to the present date.

The 8% simple interest amount will then be calculated when received your signed acceptance, and this is processed at this point to ensure the figure is calculated accurately and more importantly correctly. The calculated simple interest at 8% will then be refunded.

(this is for the loan ppi) via Lloyds

Hope this helps and your welcome to ask and post anytime lol.:D;)

boycey01

di3004 wrote: »

Hiya and you don't sound thick lol , well basically I'm just going on what is shown on my letter from the bank when they upheld mine, it may work out different to a loan than to a credit card ppi refund in regards of interest.

But in my case it was upheld in my favour.........

Calculated the difference between the settlement balance paid on the loan to what the settlement would have been if PPI not been added to the loan.

Then calculate 8% interest on this sum from the day of the loan was settled to the day the calculation is completed.

The calculate the amount paid up to date of cancellation/settlement and refund this back.

then add simple interest per annum to each monthly payment from the date we paid each amount, to the date settled loan.

A further 8% Simple interest per annum will be calculated on this totoal amount from the date of early settlement of the loan to the present date.

The 8% simple interest amount will then be calculated when received your signed acceptance, and this is processed at this point to ensure the figure is calculated accurately and more importantly correctly. The calculated simple interest at 8% will then be refunded.

(this is for the loan ppi) via Lloyds

Hope this helps and your welcome to ask and post anytime lol.:D;)

Thanks Di :A
That does help. The letter I got from Black Horse, when they upheld both my complaints, is quite confusing and hard to understand but sounds the same as you've explained it here. You just do a better job of explaining it!
It's probably so confusing because they haven't gave me any figures yet but hopefully they will arrive soon!

di3004

boycey01 wrote: »

Thanks Di :A
That does help. The letter I got from Black Horse, when they upheld both my complaints, is quite confusing and hard to understand but sounds the same as you've explained it here. You just do a better job of explaining it!
It's probably so confusing because they haven't gave me any figures yet but hopefully they will arrive soon!

With pleasure......:D

Well I hope they arrive soon, fingers crossed x:A

Tofty

Oh my god, oh my god, oh my god!!!!!!
Started back in february by asking MBNA for ppi info on my credit card. My account is still active but massively over the limit thanks to some wild years in my youth. Have spent the last 4 years basically paying interest on the account, with th balance hovering around £6,000.
Sent a claim form 26th April, and received a letter this morning.
PPI premiums charged - £1,971.73
Interest associated with premiums - £4,861.88
8% interest - £13.68 (strange amount?!)

Total amount payable to you - £6,847.29 !!!!!!

Oh my god! They have paid £6,092.11 into the account which clears my balance completely, and will send a cheque for £755.18 to me within 28 days!
I'm still having trouble believing this! I am now DEBT FREE for the 1st time since I was 18.
I feel like I've won the lottery, I was never expecting this much back.
Thank you so much to everyone on here,everyones help and success stories have been fantastic.
Stick with it, it is so worth it. Need another drink now, my face is hurting from smiling like an idiot all day!
Thanks for your time.

di3004

Tofty wrote: »

Oh my god, oh my god, oh my god!!!!!!
Started back in february by asking MBNA for ppi info on my credit card. My account is still active but massively over the limit thanks to some wild years in my youth. Have spent the last 4 years basically paying interest on the account, with th balance hovering around £6,000.
Sent a claim form 26th April, and received a letter this morning.
PPI premiums charged - £1,971.73
Interest associated with premiums - £4,861.88
8% interest - £13.68 (strange amount?!)

Total amount payable to you - £6,847.29 !!!!!!

Oh my god! They have paid £6,092.11 into the account which clears my balance completely, and will send a cheque for £755.18 to me within 28 days!
I'm still having trouble believing this! I am now DEBT FREE for the 1st time since I was 18.
I feel like I've won the lottery, I was never expecting this much back.
Thank you so much to everyone on here,everyones help and success stories have been fantastic.
Stick with it, it is so worth it. Need another drink now, my face is hurting from smiling like an idiot all day!
Thanks for your time.

WOW that is fantastic :T:j Well done and Congratulations!:beer:

Tofty

Thanks Di, you are a massive help to everyone on here.
Beers are on me!

Scotty1.7

Scotty1.7 wrote: »

Well- Giot the first letter from the Co-Op

8 week wait at the longest know for a descion/ offer if I get one.

Fingers crossed

Mines still with the co-op no news or comms from them.

Aslo found a old Virgin Money loan with PPi on as well Grrr

Anyone got the address for them? and what letter to send- should i include this new questionaire?

tifosi

nutty_nat wrote: »

Thank you for giving me the confidence. The loan was paid up in 2007, I have separate claims in with Central trust for the £10,000 ppi added at the start of the first loan and firstplus for the £21,000 ppi added at the beginning of the top up loan. Started with the FOS for the central trust loan yesterday and still waiting to hear from firstplus regarding my complaint i am only four weeks in with that one.

Keep your fingers crossed for me:p

Def doing the right thing - their offer to you is nothing short of an insult, with s tab in the dark guess I would imagine your claim (with CT for the 10k PPI) to be worth at least £12,500 by the time you factor the interest you paid on the PPI and 8% compensatory iinterest, so they are only about £10,000 short!

Your husband stating "no" (if indeed he did!) has absolutely no relevance on this product being missold - I'm assuming here it was a frontloaded single premium like all loans of this type

Chances are the PPI cover ended 5 years after the premium was loaded on, so you were still paying the premium and interest long after cover expired

The manure they come out with to try and wriggle out of this never ceases to amaze me!