PPI Reclaiming successes and failures

tifosi

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.

Now THAT is an inspiring story!

Well done, hope you enoyed the drink - now cut that card up

nutty_nat

tifosi wrote: »

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!

Thank you for giving me some confidence to carry on fighting, the ppi was only for five years and it was a front loaded loan, we felt really unsure when we received this offer from CT on Friday. I will keep you posted along our journey.

MattyA

tifosi wrote: »

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!

Well done :T - what I dont get is why some people are getting interest associated with the premiums (as applied to the charges by the lender ) + 8% .
I have 2 claims ongoing (upheld in my favour) and niether(Amex / HSBC) will pay the interest applied by them to the charges.They are only prepared to pay the 8% as a 'jesture of goodwill'.(good will from a bank -LOL)

It makes a big difference to the amount they will have to repay.

I think that they are using the gesture of goodwill statement to get them round the rules and the argument re the interest to delay pay out by forcing me to the FOS(Which will take an age).

Matty

MattyA

amersall wrote: »

Put a complaint into FOS, these are trying it on.
Looks like they are part of HFC
http://www.gmcard.co.uk/gm_card_contact.html

Try this, they are part of HSBC.
[EMAIL="managingdirectoruk@hsbc.com"]managingdirectoruk@hsbc.com[/EMAIL]

Thanks - will give them both a try.

I am trying to avoid FOS due to huge backlog they have and the time it will take to get looked at (unknown as they have informed me with other claims I have ongoing).

Matty

MattyA

Due a decision from Barclaycard by 27/6/11 - Fingers crossed.
Its been with em since last September so hopefully may fall into the recently announced 'no quibbles refund'.
We will see.

Matty

smitchy73

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.

Congratulations, great result and must be a great feeling to get rid of a debt like that, now cut up the card! The small amount of 8% interest will probably be due to when you're account was in credit, seemingly they don't pay the normal 8% when you owe them money, but your interest on the ppi amounts should be alot more because thats given at the rate of the interest on your card(I think!)

Tofty

Hi all

I would cut the card up but I already did that about 6 years ago! Being so far over the limit meant I couldn't use it even if I wanted to. I never want to see another credit card agiain!
Because I'm not entirely sure how it works, does anyone know if my payout is a fair amount?
I'm more than happy with it, much more than I could have hoped for, but would hate to think it should be more.
Thanks for your time.

di3004

Scotty1.7 wrote: »

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?

Hi, try this as shown on the website.

Customer Feedback
The Co-operative Bank plc
4th Floor
Miller Street
Manchester
M60 0AL

http://www.co-operativebank.co.uk/servlet/Satellite/1304665649735,CFSweb/Page/CFSCtplStandard?WT.svl=copy#q1jump


Is the Virgin complaint on a Credit Card ppi?

Virgin Credit Card
The Customer Advocate Office
PO Box 1004
Chester Business Park
Wrexham Road
Chester
CH4 9WW

http://uk.virginmoney.com/virgin/contact/complaint.jsp

Good luck.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

Reclaim questionnaire above.

di3004

Tofty wrote: »

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

Its my pleasure Tofty, Well done!:beer::A

Quiggles_2

Hi there, I am looking to email Tesco Loans to reclaim PPI so need an email address. Can anyone help with the email address and how to word the letter? Thanks