PPI Reclaiming successes and failures

di3004

Kuffs1978 wrote: »

di3004 wrote: »

Hi

The standard for a decision is 8 weeks, but normally an acknowledgement by 2-3 weeks after they received your complaint, some only a 1 week to confirm.
If they require more time, they should write to let you know

Hi there,

Can this really be true? I only ask because the FOS have been dealing with the claim I'm helping my sister with since January 2011; almost 12 months after it had been submitted to the Claims Recovery Company.
Approximately nine weeks have passed since the FOS acknowledged receipt of the final piece of evidence to support my sister's claim (she hadn't worked enough to pay the correct rate of N.I. so she wasn't eligible for the PPI). Yet nine weeks later we haven't heard a word from the FOS; the staff at GE Money remain a bunch of unpleasant sods, and we are no further forward. I just don't understand; my sister explained that she was self-employed because of being disabled; her award letters for her DLA were submitted as her only proof of income; the adjudicator is aware of all of this, yet the whole thing appears to have been a waste
of time. Has anybody had any similar experiences or maybe has a better understanding of the process than we do?

Hi there

So sorry to hear of these issues.

Where the banks standard timescale is that normally of 8 weeks, if they do not send a decision by then they should let you know why, however, we do know they have backlogs just like the main of the banks and loan companies but they should keep you updated regularly at least.
And of course now the FSA have given them extra time to deal with the complaints due to the backlogs.

When it comes to the FOS (if you end up moving your complaint on to them) this is where it can take a long time.
For example one of mine taken 15 months from start to finish, yet that was a few years ago, and now they have even more to deal with due to the hold up of the Judicial review, so higher volumes yet again.
The FOS though should keep us posted approx every 2 months, I would otherwise be keeping on at them if this isn't the case for you (your sister). Good luck.;)

Kuffs1978

Thanks di3004. I've just been on the phone to my sis who has told me that she phoned GE earlier, having made a payment on Monday so she wanted to find out how it had affected the outstanding balance. Sadly it hadn't changed much, but she tells me that the person she spoke to suggested that she might consider applying for a new loan elsewhere to pay off the one to GE. Of course, she said that this was a daft idea, but could this be a tactic on GE's part so that they get the full outstanding balance before the PPI rebate kicks in?

di3004

Kuffs1978 wrote: »

Thanks di3004. I've just been on the phone to my sis who has told me that she phoned GE earlier, having made a payment on Monday so she wanted to find out how it had affected the outstanding balance. Sadly it hadn't changed much, but she tells me that the person she spoke to suggested that she might consider applying for a new loan elsewhere to pay off the one to GE. Of course, she said that this was a daft idea, but could this be a tactic on GE's part so that they get the full outstanding balance before the PPI rebate kicks in?

Hiya

That does make you think doesn't it?
I don't trust them to be honest, and for them to suggest to take out another loan from elsewhere!!!

amersall

ppc1 wrote: »

I just wanted to Thank everyone especially Di and Amersall.

You might remember remember that Barclays paid out one of my policies before the JR giving a refund of about £3200.00 in September 2010.

Barclays placed the other policy on hold during JR. I forwarded the complaint to FOS but today I recieved a further cheque from Barclays for £920.00. Thank you for all your help.

Yes i remember,glad to have been of help x.
Well done :j:j:j:j

tiesteelm

Got a letter from MBNA today saying that they will be intouch in 28 days... fingers crossed.

di3004

tiesteelm wrote: »

Got a letter from MBNA today saying that they will be intouch in 28 days... fingers crossed.

Fingers crossed.:j;)

amersall

tiesteelm wrote: »

Got a letter from MBNA today saying that they will be intouch in 28 days... fingers crossed.

And everything else crossed too good luck.

MattyA

thegaffer wrote: »

Hi all,

I posted on here back 3 weeks ago 9ish) about getting 13k from MBNA, They paid %k off my card so zero balance and the rest was coming via chq. Anyone had their chq yet and how long did it take, Ive been onto MBNA who say the chw was raised and sent, but not had it yet. Going by their dates on their letters their post takes roughly 10 days to arrive !, but just curious if anyone had their chq back yet.

Reading the posts it appears MBNA are paying out quite a lot, ive got another going thorugh with them at the moment so hoping for anotehr one.

llloyds wrote to me to say my claim was being dealt with but they now have 16 weeks to respond due to the new ruling, Anyone had any success with Llloyds out of interest ?

Thanks

Well done - Result!

I have received a similar letter from MBNA today offering a similar amount but I think it is only for the last 6 years premiums and associated interest.
Im going to give them a ring to ask for a breakdown of the figures.
(I think it should be double the amount they have offered as I have statements going back to the late 90's)

Its a bloody good starting point though!

Do you get a breakdown of how they arrived at the figure?

Matty

Kuffs1978

di3004 wrote: »

Hiya

That does make you think doesn't it?
I don't trust them to be honest, and for them to suggest to take out another loan from elsewhere!!!

Good morning!

I've been giving the situation some thought over night and whilst making coffee a few minutes ago a thought struck me; since my sis has cancelled the PPI and is therefore no longer paying for it, should she be entitled to lower monthly repayments? I remember that GE sent her a letter to confirm the remaining PPI had been removed from the outstanding balance, but also said that her monthly repayments would remain the same. Surely this is her choice, not theirs? GE did shoot themselves in the foot though, since on their website they have a loan calculator which allows consumers to see what the monthly repayments would be on a loan, in both capital and interest, and interest only. According to their calculator, and at the rate of interest my sister's loan repayments would have been around £216 per month, not the £261 she has been paying (when it included the PPI) She is also slightly in arrears; around £351, yet is currently paying a mammoth £300 per month. If she pays any less, she is penalised with a £40 charge, and her credit record is affected. Bur surely now she is no longer paying for PPI, she is within her rights to pay the £216 each month, and anything on top of that should go towards her arrears? I'm amazed it has taken quite so long for me to realise that through GE claiming that if she was to continue repayments of £300 a month-something she often struggles to do, she would repay the loan quicker, when in reality, by making the payments a little beyond her budget, she is more likely to fall into arrears which works better for GE as they will impose penalties and make more money. Does any of this make sense or am I barking up the wrong tree?

loopyloz84

Hi Everyone

I've received my offer letter from Nationwide this morning just 4 weeks after I put in my claim for mis-sold PPI.

They've provided a full breakdown of my repayment for each of my loans (I increased the value of it 3 times in the space of 6 months!)

Here goes:

Loan 1: £22.30 in premiums + £21.07 in overpayment + 8% simple interest from repayment of the loan (October 2005) to date

Loan 2: £90.39 in premiums + £219.60 in overpayment + 8% simple interest from repayment of the loan (February 2006) to date

Loan 3: £569.37 in premiums + £963.81 in overpayment + 8% simple interest from repayment of the loan (April 2007) to date

I'm more than happy with their decision and will be accepting their offer

I didn't have any details of my loan accounts other than the dates I took them out (which I got from my credit report), Nationwide located them all, sent me a holding letter within 7 days letting me know I'd have a decision by the end of July and they've done it in just 4 weeks

I wouldn't have bothered claiming this money back if it wasn't for this forum so a big thanks to everyone who has had/is waiting for success and to everyone who provides much needed advice, you all deserve a gold star!!!