PPI Reclaiming successes and failures

Lovingitifitsabargain

HSBC - PPI added without my knowledge on card - paid up and cancelled my card a couple of months ago - they wrote to me a couple of days later saying thanks for deciding to take out Payment Protection Insurance on my card - hellooooo !!!!! wrote to them and am awaiting their reply !

Lovingitifitsabargain

Darth_chaffinch wrote: »

Well done! Can I ask why you were mis-sold please?

I got letter from them saying it was on my statements and could of cancelled - you know the norm ! Why was you mis sold ? hoping it was a case of you never realised as mine was - I was honestly just going to leave it but reading through this thread think I may procedd afterall - see what happens - letter two just gone back to them:rolleyes:

prichey

2 consecutive loans through first plus with PPI. Problems only came to light at the termination of the 2nd loan regarding the high cancellation charges - 75% charge if you cancel in year one !!!!!. I paid £7500 Plus interest for 1 years cover. First Plus didn't want to know until I went to the Ombudsman. At that point First Plus issued me a SECOND final response(?) offering me £3900 - I queried this because what they offered and how they calculated it....it didnt add up. They tried to tie me up in jargon. Knowing this wasn't correct I forwarded their correspondance to FOS to hold on file. After 6 months I got £8917 for the full refund of all premiums paid inc interest and fees etc and another cheque for £862 for 1 years interest (at 8%!!!) since the loan was cancelled. In total £9779...all because of the way the policy was sold. Lenders should take 10-15 mins going through PPI to ensure you know what you are buying and allow you to make an informed choice. This is in addition to the suitability questions. First Plus was sold on the expectation of you getting your premiums back after 5 years without them explaining how they can do this (interest) and what happens if you dont have your policy for 5 years. I have now written a letter to the broker who sold me my first first plus loan to ask for a full refund of my premiums..hopefully I'll get back another few thousand.

massive

HAS777 wrote: »

I have just had a letter from GE Money saying that they are going to refund me £2500 plus interest for a PPI they added to a loan 5 1/2 years ago. It has taken 6 months to get this far and they fobbed me off at every stage. I kept writing to them asking them to supply me with the evidence and the methodology used to come to their decision and eventually after i threatened court action they finally agreed to pay in full (without ever supplying me with the documentation, i don't think they had it). Am so pleased that i persevered and would urge anyone else in the same position not to give up. Thank you Martin:rotfl: :T :money: :beer: :j

Thanks for that I will keep going however my claims are in the hands of a solitor now

Thank again

mazblake

Sent a letter for my partner 3 weeks ago to Alliance and Leicester to try and reclaim PPI that he paid and he has just received a reply to say that he will receive £3,792! Can't believe it was so quick and that they agreed straight away!

He took out a loan in October 2003 and was wrongly told that it was essential for him to have PPI as he is self-employed and he was also not asked about his medical history.

Thank you so much Martin Lewis!

nicolajane1

Just to thank martin for his template letters after no success with co-op bank re ppi mis-sold i went to the fos and within 2 weeks they said i had been mis-sold on all 5 of my loans 4 had been paid one was running. After waiting for co-op bank to get in touch and several calls to them from the fos they finally contacted me and said they owed me over £8000 (this was including all interest on my payments), that means my current loan has been reduced to just over £1000 and i am paying it off over 6 months instead of the 42 months that was left to pay. Wow what a result! It just shows you to keep at them i was told twice from the bank that i was not mis-sold but contacting the fos payed off!! Go for it everyone!

nicolajane1

sorry not been on for ages, hope you have had success with co-op and your ppi, it took only a few weeks to hear back from the fos for me, how about you?

marshallka

nicolajane1 wrote: »

Just to thank martin for his template letters after no success with co-op bank re ppi mis-sold i went to the fos and within 2 weeks they said i had been mis-sold on all 5 of my loans 4 had been paid one was running. After waiting for co-op bank to get in touch and several calls to them from the fos they finally contacted me and said they owed me over £8000 (this was including all interest on my payments), that means my current loan has been reduced to just over £1000 and i am paying it off over 6 months instead of the 42 months that was left to pay. Wow what a result! It just shows you to keep at them i was told twice from the bank that i was not mis-sold but contacting the fos payed off!! Go for it everyone!

WOW, brilliant news for you. I have got a claim in with FOS about co-op and they offered to redress two of the four loans and will look into the others if i have the paperwork which i have... LOL.... Just waiting to hear from the other two... :beer:

marshallka

prichey wrote: »

2 consecutive loans through first plus with PPI. Problems only came to light at the termination of the 2nd loan regarding the high cancellation charges - 75% charge if you cancel in year one !!!!!. I paid £7500 Plus interest for 1 years cover. First Plus didn't want to know until I went to the Ombudsman. At that point First Plus issued me a SECOND final response(?) offering me £3900 - I queried this because what they offered and how they calculated it....it didnt add up. They tried to tie me up in jargon. Knowing this wasn't correct I forwarded their correspondance to FOS to hold on file. After 6 months I got £8917 for the full refund of all premiums paid inc interest and fees etc and another cheque for £862 for 1 years interest (at 8%!!!) since the loan was cancelled. In total £9779...all because of the way the policy was sold. Lenders should take 10-15 mins going through PPI to ensure you know what you are buying and allow you to make an informed choice. This is in addition to the suitability questions. First Plus was sold on the expectation of you getting your premiums back after 5 years without them explaining how they can do this (interest) and what happens if you dont have your policy for 5 years. I have now written a letter to the broker who sold me my first first plus loan to ask for a full refund of my premiums..hopefully I'll get back another few thousand.

Did Firstplus pay you back even though a broker sold the loan and PPI here or was the first loan a broker and then the second direct with Firstplus...if this is the case then very well done... what year was the loan and PPI taken out??



What a result...:j

Good luck with the other loan too.

Mister_aaa

PPI initial letter sent 15/10/08.
Bank: HBOS
Letter recieved today 22/11/08
PPI payment £4378
PPI interest £1340
total amount £5718

Plus compensatory interest payment of £1391

Total amount reclaimed £7109
:j:j:j:j:j:j

Thank you! all for the price of a stamp!