PPI Reclaiming successes and failures

di3004

dirty_monkee wrote: »

If you phoned up banks, cc companies etc... could they tell you that you never had PPI when if fact you do. or must they be straight with you?

With mine up to now they have been upfront, but I understand some have been told no ppi only to find out there was.

amersall

Niggly wrote: »

First Read case study B found on the FOS website. An actual case upheld in favour of the client. Does it ring any bells. Prehaps after Norton read it they might change their minds and roll over.

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

Right then apart from the usual mis-selling reasons.

The cost of the policy in most cases actually is greater than the benefits it pays. Dont bother working out the figs the FSA are more than aware that the ppi premium plus the interst until the loan end will in most cases cost more than the benefits it pays.

The firm will not have done a full needs anaylysis on you/partner. They cant prove they have and so how can they offer a policy when they dont know the levels of cover elsewhere and offer a policy that meets your specific needs.

70 % commission will have been taken on the policy by Norton. A fact that will have not been disclosed anywhere on the loan/point of sale agreements. This is called secret commission. They have therefore been influenced by the high commission they could get in arranging a policy.

Your loan agreement will not have the the actual interest you will pay on the ppi loan in total.

The first life named on the policy document is the only person fully covered by the ppi. The second gets life assurance only. The FSA have deemed that the life insurance cover is irrelevent in this case because its so cheaply obtained elsewhere.

You will not have recieved annual statements of interest paid from FP so again the full cost of the ppi interest has not been disclosed.

I believe most other mis-sell reason have been mentioned above.

The best reason however still remains with the case study. The FSA have time and time again have upheld these cases primarily because the cost of the policy is greater than the benefits it can pay. In other words its cheaper to self assure.

Hope this all helps. Right back to the party which is still going on. I am getting too old for all this

Niggly

:j:j:j Brill xx :beer::beer::beer::beer:
Party animal :cool::rotfl:

fedupofbankers

Hi There I have had my complaint upheld by Black horse finally but i am a bit concerened about the way they have worked out the redress and how they are changing the loan. Can someone please help ill be as clear as mud probably.

Orignal Loan
£7000 + £4200 ppi paid over 120 months stated june 2007. Monthly repayment £229 at the moment. The Apr is 21.3%

I was made redundant in 2010 and i went into arrears of £1200 of which £116 is still due.

I have seen on previous statements that black horse have charged me £30 each month for being in arrears.

Today they sent me the offer which they have put the following.

Refund of premiums paid inc interest £3,027.94
Interest 8% £369.88
less the arrears £116.36
Total Due £3281.46

I have a couple of question.
Firstly does this seem correct?
Second why have they not given me back all the charges they have added to the account when i was redundant as if this insurance was actually worth the money i paid i would have not gone into arrears. I thought you had to be put back in the postion you were in before you took the loan.

Third they have said they will take £4200 off the outstanding loan but it will still be the same loan. If this is the case can they wipe of the arrears they are showing on my credit file.

Fourth they are asking me to sign this form but it does not show any where the new figure for the new loan once this is sorted and can if i wanted to pay more on the new loan to save even more on interest.

Any help would be appriecated.
Thanks
Dan

Rae115

LynK wrote: »

Anything from Cassie today, I've heard nothing. Gonna give her a call!!

hi Lynk had anything from b-card today?

Niggly_2

fedupofbankers wrote: »

Hi There I have had my complaint upheld by Black horse finally but i am a bit concerened about the way they have worked out the redress and how they are changing the loan. Can someone please help ill be as clear as mud probably.

Orignal Loan
£7000 + £4200 ppi paid over 120 months stated june 2007. Monthly repayment £229 at the moment. The Apr is 21.3%

I was made redundant in 2010 and i went into arrears of £1200 of which £116 is still due.

I have seen on previous statements that black horse have charged me £30 each month for being in arrears.

Today they sent me the offer which they have put the following.

Refund of premiums paid inc interest £3,027.94
Interest 8% £369.88
less the arrears £116.36
Total Due £3281.46

I have a couple of question.
Firstly does this seem correct?
Second why have they not given me back all the charges they have added to the account when i was redundant as if this insurance was actually worth the money i paid i would have not gone into arrears. I thought you had to be put back in the postion you were in before you took the loan.

Third they have said they will take £4200 off the outstanding loan but it will still be the same loan. If this is the case can they wipe of the arrears they are showing on my credit file.

Fourth they are asking me to sign this form but it does not show any where the new figure for the new loan once this is sorted and can if i wanted to pay more on the new loan to save even more on interest.

Any help would be appriecated.
Thanks
Dan

They must be having a laugh or the loan works differently from the upfront ppi I am used to dealing with,

The ppi is 37.5% of the loan making the monthly premium towards ppi at £85.00. You have been paying it for 4 years. £85.00 x 48 = £4121.

The interest on £85.00 per month payable 8% is £741.

You could argue that the interst should have been 21.3% in which case the interest is £2386.

If you have 8% interest on the ppi of £4200 thats £1514 or at 21.3% its £4892.

Get back to them and state the figs here as suggested by FOS. aND YES THEY SHOULD PAY THE ARREARS too.

I wouldnt be accepting these figures.

N

Katescottie

Great news this morning, opened letter with claim being upheld from Liverpool Victoria for an old loan:beer: first phoned on 30th June!! Not bad at all!!!! £3426.99 total which is amazing.......... But I did think it was going to be a little more because on my loan agreement the total premium was £2916.05 & £748.87 charge for credit at APR 6.9% totalling £3664.92. I thought I would have got that back plus the 8% interest???? Very confused, I did pay the loan off after 34 months instead of the planned 84, but as this was added to the loan, why the reduction???? Don't mean to be ungrateful for offer made but just want to check that they haven't made a mistake!!! Please could the experts on this site enlighten me!!!!! Their offer is £2356.02 for premium & interest & £1070.97 for the 8% interest. Thankyou in advance!!!!

IANC

Katescottie wrote: »

Great news this morning, opened letter with claim being upheld from Liverpool Victoria for an old loan:beer: first phoned on 30th June!! Not bad at all!!!! £3426.99 total which is amazing.......... But I did think it was going to be a little more because on my loan agreement the total premium was £2916.05 & £748.87 charge for credit at APR 6.9% totalling £3664.92. I thought I would have got that back plus the 8% interest???? Very confused, I did pay the loan off after 34 months instead of the planned 84, but as this was added to the loan, why the reduction???? Don't mean to be ungrateful for offer made but just want to check that they haven't made a mistake!!! Please could the experts on this site enlighten me!!!!! Their offer is £2356.02 for premium & interest & £1070.97 for the 8% interest. Thankyou in advance!!!!

My guess is that when you repaid the loan early, the redemption figure included a rebate of some of the PPI you paid upfront.

di3004

Katescottie wrote: »

Great news this morning, opened letter with claim being upheld from Liverpool Victoria for an old loan:beer: first phoned on 30th June!! Not bad at all!!!! £3426.99 total which is amazing.......... But I did think it was going to be a little more because on my loan agreement the total premium was £2916.05 & £748.87 charge for credit at APR 6.9% totalling £3664.92. I thought I would have got that back plus the 8% interest???? Very confused, I did pay the loan off after 34 months instead of the planned 84, but as this was added to the loan, why the reduction???? Don't mean to be ungrateful for offer made but just want to check that they haven't made a mistake!!! Please could the experts on this site enlighten me!!!!! Their offer is £2356.02 for premium & interest & £1070.97 for the 8% interest. Thankyou in advance!!!!

Well done :T:j & Congratulations Kates:beer:

I won a reclaim against these back about 2 years ago and strangely enough mine worked out a bit weird on the figures, maybe someone will check them for you, good luck.;)

boycey01

fedupofbankers wrote: »

Hi There I have had my complaint upheld by Black horse finally but i am a bit concerened about the way they have worked out the redress and how they are changing the loan. Can someone please help ill be as clear as mud probably.

Orignal Loan
£7000 + £4200 ppi paid over 120 months stated june 2007. Monthly repayment £229 at the moment. The Apr is 21.3%

I was made redundant in 2010 and i went into arrears of £1200 of which £116 is still due.

I have seen on previous statements that black horse have charged me £30 each month for being in arrears.

Today they sent me the offer which they have put the following.

Refund of premiums paid inc interest £3,027.94
Interest 8% £369.88
less the arrears £116.36
Total Due £3281.46

I have a couple of question.
Firstly does this seem correct?
Second why have they not given me back all the charges they have added to the account when i was redundant as if this insurance was actually worth the money i paid i would have not gone into arrears. I thought you had to be put back in the postion you were in before you took the loan.

Third they have said they will take £4200 off the outstanding loan but it will still be the same loan. If this is the case can they wipe of the arrears they are showing on my credit file.

Fourth they are asking me to sign this form but it does not show any where the new figure for the new loan once this is sorted and can if i wanted to pay more on the new loan to save even more on interest.

Any help would be appriecated.
Thanks
Dan

Hi there,

I know exactly how you feel. I had 2 complaints upheld by Halifax last week. The calculations don't look right to me, they have underpaid me by a good few hundred pound plus the interest on top of this amount! :mad: So i've sent them a letter requesting that they relook at the calculations because I believe they are not right. I just hope they do something about it
I was going to ring them but its all to confusing to explain it over the phone when they keep passing you around to different departments. You should definitely write them a letter about this. They seem to think we won't notice and will just shut up and go away!
As with Black Horse, they upheld 2 complaints 7 weeks ago, last week i received a cheque and figures for the first loan. The second loan i've heard nothing about the redress. I was still paying it off so I guess they would of used the redress to pay off the loan. Thing is, I would of thought they would of sent me a letter explaining how much they had paid off the loan. Plus they did explain in the upheld letter that I would receive the 8% interest and that won't be paid off the loan??? Any advice what I should do here anyone??

di3004

boycey01 wrote: »

Hi there,

I know exactly how you feel. I had 2 complaints upheld by Halifax last week. The calculations don't look right to me, they have underpaid me by a good few hundred pound plus the interest on top of this amount! :mad: So i've sent them a letter requesting that they relook at the calculations because I believe they are not right. I just hope they do something about it
I was going to ring them but its all to confusing to explain it over the phone when they keep passing you around to different departments. You should definitely write them a letter about this. They seem to think we won't notice and will just shut up and go away!
As with Black Horse, they upheld 2 complaints 7 weeks ago, last week i received a cheque and figures for the first loan. The second loan i've heard nothing about the redress. I was still paying it off so I guess they would of used the redress to pay off the loan. Thing is, I would of thought they would of sent me a letter explaining how much they had paid off the loan. Plus they did explain in the upheld letter that I would receive the 8% interest and that won't be paid off the loan??? Any advice what I should do here anyone??

Hiya

Well done on your success.:beer:

I would email/write or ring to make sure on this, tell them you've heard absolutely nothing in regards of the 2nd loan, so do not know where you are with this, tell them you understand it was upheld, but you've no figures and received nothing in regards of the interest.

Copy the emails (if you email) to the CEO for a quicker response, put down "urgent" in the subject line.

But otherwise see what the other folks thinks as well, I would be nagging and nagging at them lol.;)