PPI Reclaiming successes and failures

mumofjanda

Can someone check the details for me please!

I have been offered:

A) Total mthly premiums until Nov 2005 (loan started Nov 2000) £1233.00
Statutory Interest on A) until July 2011 £809.67.

Total £2042.67

I am assuming the total mthly prems. include the interest charged but I will check this with them on Monday before I send off the acceptance. If it does then does the '8% simple per annum calculated interest' look correct. The letter states that this is consistent with the FOS approach but I thought this should be 8% compound interest? Grateful for what I have been offered but want to make sure it is correct!

Sorry to bump my own post but I would be really grateful if someone could give me their opinion on this. I realise Sunday is a quiet day on here......anyone around?:)

Thank you!

amersall

Looks like everyone is having an afternoon nap :rotfl::rotfl:
I am sure someone will be along later to help you out.

Look here

http://www.moneysavingexpert.com/reclaim/bank-charges#calc
This will total the 8% for you,put each ppi amount,the month it was paid and the year,this keeps a total for you and you will see if the 8% is correct.

LynK_3

Rae115 wrote: »

hi Lynk had anything from b-card today?

Sorry it's taken me so long to reply, I'm afraid I over indulged yesterday and have spent most of my day in the bathroom. NEVER AGAIN!!
I rang late Friday afternoon and spoke to a very nice man who told me my claim was being handled personally by Cassandra (he was mightly impressed she was handling it!) she does in fact work in the office of David Chan, he emailed her as she had finished work and asked her to call me tomorrow. So fingers and toes crossed!!

mumofjanda

amersall wrote: »

Looks like everyone is having an afternoon nap :rotfl::rotfl:
I am sure someone will be along later to help you out.

Look here

http://www.moneysavingexpert.com/reclaim/bank-charges#calc
This will total the 8% for you,put each ppi amount,the month it was paid and the year,this keeps a total for you and you will see if the 8% is correct.

Thanks for this Amersall, I've checked on this calculator (didn't know it existed!) did exactly as you said and it has calculated the PPI payments with 8% from 2000-2005 to be exactly as offered.

Should I have been offered anything from 2005 to now?

Right everyone, nap time over!! I need some help, please!:rotfl:

di3004

mumofjanda wrote: »

Thanks for this Amersall, I've checked on this calculator (didn't know it existed!) did exactly as you said and it has calculated the PPI payments with 8% from 2000-2005 to be exactly as offered.

Should I have been offered anything from 2005 to now?

Right everyone, nap time over!! I need some help, please!:rotfl:

Hi

Yes I should think so.:D;)
That is 6 years interest then?:j

mumofjanda

di3004 wrote: »

Hi

Yes I should think so.:D;)
That is 6 years interest then?:j

I knew you wouldn't be napping Di!:rotfl:..........thank you!

Now,so I am fore-armed before I ring them tomorrow how on earth do I calculate how much interest I am entitled to for the period 12/05-07/11.
My husband is worried that if we don't just accept what's been offered we might loose the lot. What do you think?

di3004

mumofjanda wrote: »

I knew you wouldn't be napping Di!:rotfl:..........thank you!

Now,so I am fore-armed before I ring them tomorrow how on earth do I calculate how much interest I am entitled to for the period 12/05-07/11.
My husband is worried that if we don't just accept what's been offered we might loose the lot. What do you think?

Yikes, well I'm not the one for the calculations, but hopefully our lovely amersall will be back to explain before you do go ahead on contacting them tomorrow, but I will post up an example of mine below in regards of my recent success via Lloyds which may give you an idea perhaps - whilst waiting for amersall to confirm, so hope it helps in a way.;)

We processed your refund upon the receipt of your acceptance. If you have not received this payment please allow up to 21 days for the refund to reach your account.

Your refund will include the following;


Loan number ********


1) £310.43 - this is the amount I have calculated that you paid for the policy during the policy was active. When making this calculation I have only taken into account the actual payments you have made.

2) £279.43 - This is an additional payment of 8% simple interest which we have calculated on the amount that you paid for the policy during the period it was active.

As you settled your loan early, I have also calculated the difference between the settlement balance you paid and what your settlement balance would have been if you had not taken out the policy.
We will pay you the difference of £173.34 with an additional payment of £143.29 which represents 8% siimple interest. I have calculated your refund in accordance with the Financial Ombudsman Service guidelines.



(Next loan ppi refund)

Loan number ********

Wording on letter the same as above.

Your refund will include the following:

1) £268.48 - this is the amount that I have calculated that you paid for during the period that the policy was active. When making this calculation I have only taken into account the actual payments you have made.

2) £214.40 - this is an additional payment of 8% interest which we have calculated on the amount you have paid for the policy during the period it was active.

As you settled early, I have also calculated the difference between the settlement balance you have paid and what your settlement balance would have been if you had not taken out the policy.
We will pay you this difference of £432.06 with an additional payment of £330.59 which represents 8% simple interest.

I have calculated your refund in accordance with the Financial Ombudsman Service guidelines.
__________________

LynK_3

What do I do next. Recieved this yesterday from the FLA re my D Perkins Claim.

Sandtander Cards has contacted the FLA about your complaint. A copy of the response is attached.
The company has referred us to the reponse it sent you previously. This means the company's position and decision remains unchanged. Whilst we appreciate that this does not match the resolution you are seeking, you must decide if it resolves your complaint.
Complaints involving the sale of PPI are particularly difficult where the matter is being raised after the fact and where it appears the only documentation is the signed credit agreement and/or records of the sale indicating that you wished to accept the insurance. In the absence of any other information, investigations can only be based on this. Santander has confirmed that it provided you with the information about your policy. As well as giving you the details about the policy, this informtion also outlined your cancellation rights. Given this the company hqas chosen not to refund the premiums paid.
In the absence of information to support your claim of mis-selling it is difficult to see how this matter cqan progress further. If you do have any additional information please let me know.
Yours sincerely


Letter from Santander to FLA.

~I understand you have already recieved a copy of our final response and in order to speed up the complaints process would like us to reconsider our decision based on the information you have provided.
Having reviewed matters, we are confident the business complied and adhered to all industry guidelines required at this time. Therefore as Msxxxxx has not provided any additional information, our decision not to uphold the complaint remains.
I would also point out at this time the statements which Ms xxxxx submitted showing that insurance premiums were taken out after 8th Sept 1998 refer to a/c no. xxxxxxxx. This account is not related to the above account.
Naturally I appreciate this will come as a disappointment to Ms xxxx however without any aqdditional information I am unable to provide any further assistance on this occassion.
Yours sincerely


Firstly, they changed the account number after I lost my card. I am so cross about this, I've already appealed to the underwriter but they said it was not sold by them!!!
Do I go down the long road of the FOS claiming against the underwriter, or do I reply and give them one last chance. ~If so what do I say?? I actually even remember the store assistance name and was told it was a necessary part of the application without it I would be turned down, this is the absolute truth that' why I feel so gutted, I reckon I paid well over 1k on this bleeding insurance!! Or do I just give up. Advice appreciated.

di3004

di3004 wrote: »

Yikes, well I'm not the one for the calculations, but hopefully our lovely amersall will be back to explain before you do go ahead on contacting them tomorrow, but I will post up an example of mine below in regards of my recent success via Lloyds which may give you an idea perhaps - whilst waiting for amersall to confirm, so hope it helps in a way.;)

We processed your refund upon the receipt of your acceptance. If you have not received this payment please allow up to 21 days for the refund to reach your account.

Your refund will include the following;


Loan number ********


1) £310.43 - this is the amount I have calculated that you paid for the policy during the policy was active. When making this calculation I have only taken into account the actual payments you have made.

2) £279.43 - This is an additional payment of 8% simple interest which we have calculated on the amount that you paid for the policy during the period it was active.

As you settled your loan early, I have also calculated the difference between the settlement balance you paid and what your settlement balance would have been if you had not taken out the policy.
We will pay you the difference of £173.34 with an additional payment of £143.29 which represents 8% siimple interest. I have calculated your refund in accordance with the Financial Ombudsman Service guidelines.



(Next loan ppi refund)

Loan number ********

Wording on letter the same as above.

Your refund will include the following:

1) £268.48 - this is the amount that I have calculated that you paid for during the period that the policy was active. When making this calculation I have only taken into account the actual payments you have made.

2) £214.40 - this is an additional payment of 8% interest which we have calculated on the amount you have paid for the policy during the period it was active.

As you settled early, I have also calculated the difference between the settlement balance you have paid and what your settlement balance would have been if you had not taken out the policy.
We will pay you this difference of £432.06 with an additional payment of £330.59 which represents 8% simple interest.

I have calculated your refund in accordance with the Financial Ombudsman Service guidelines.
__________________

And the letter received prior to the above.......

Dear

I refer to your recent complaint relating to the mis-sale of Payment Protection Insurance (PPI) on your lloyds TSB Personal loan.

Thank you for your patience while I have investigated the concerns you raised regarding your PPI.

I am sorry to hear you have had reason to make a complaint. I have conducted a further review of your complaint and feel I am in the position to provide you with a response based on the information available to me.

I have completed my investigation into your complaint, reviewed any records relating to the sale of your protection policy and have taken into account your complaint points and the comments noting on your circumstances at the time of the sale.

loan XXXXXXXXX

I have decided to uphold your complaint and to offer to settle your complaint in the following manner, I propose to:

Calculate the difference between the settlement balance you have paid on the loan and what the settlement would have been had the PPI premium not been added to your loan.

We will then calculate an 8% interest payment on this sum from the day the loan was settled to the day the calculation is completed.

We will then calculate the amount you have paid to the date of cancellation and refund this back to you. This is worked out by calculating how much you paid each month in respect of the insurance alone and then multiplying this figure by how many months the insurance was active for.

If you would like a clearer indication of the PPI monthly payments you have paid to date, you will be able to obtain the copy of the Consumer Credit Agreement you received when taking out the loan. This document will tell you the PPI monthly premuim amount. I can confirm from our records that the premium was for £443.24 in total.

We will then add simple interest at 8% per annum to each monthly payment from the date you paid each amount, to the date you settled the 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 we receive your signed acceptance. This will only be 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 into your bank account.

As you received partial rebate in respect of your insurance of £69.88 on 30 January 2011, this will be taken into consideration when calculating the refund.

If you would like to accept this offer, please sign the enclosed acceptance slip to confirm this and return it in the pre-paid envelope.

Should you choose to accept this offer, I will instruct our redress function to commence the relevant calculation. Please be advised that this redress remedey has been designed to ensure that you are put back to the same position you would have been in, had the PPI not been sold to you.


Loan xxxxxxxxxx

I have decided to uphold your complaint and offer to settle your complaint in the following manner. I propose to:

Calculate the difference between the settlement balance you have paid on the loan and what the settlement would have been had the PPI premium had not been added to your loan.

We will then calculate an 8% interest payment on this sum from the day the loan was settled to the day the calculation is completed.

We will then calculate the amount you have paid to the date of cancellation and refund this back to you. This is worked out by calculating how much you paid each month in respect of the insurance alone and then multiplying this figure by how many months the insurance was active for.

If you would like a clearer indication of the PPI monthly payments you had paid to date, you will need to obtain the copy of the Consumer Credit agreement you received when taking out the loan. This document will tell you the PPI monthly amount and will be the figure I use when calculating your refund. This amount will then be multiplied by the number of the monthly payments you have made. Having checking the records, I can confirm that the full premium was for £1305.18.

We will then add simple interest at 8% per annum to each monthly payment from the date you paid each amount, to the date you settled the 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 we receive your signed acceptance. This will only be processed at this point to ensure the figure is calcuated correctly and more importantly, correctly. The calculated simple interest will then be refunded into your bank account.

As you received a partial rebate in respect of your insurance of £739.16 on 22 November 2001, this will be taken into consideration when calculating the refund.

(And the remaining is the same as above, to be put back in the position as if no ppi).

.................................................. .................................................. .........

di3004

LynK wrote: »

What do I do next. Recieved this yesterday from the FLA re my D Perkins Claim.

Sandtander Cards has contacted the FLA about your complaint. A copy of the response is attached.
The company has referred us to the reponse it sent you previously. This means the company's position and decision remains unchanged. Whilst we appreciate that this does not match the resolution you are seeking, you must decide if it resolves your complaint.
Complaints involving the sale of PPI are particularly difficult where the matter is being raised after the fact and where it appears the only documentation is the signed credit agreement and/or records of the sale indicating that you wished to accept the insurance. In the absence of any other information, investigations can only be based on this. Santander has confirmed that it provided you with the information about your policy. As well as giving you the details about the policy, this informtion also outlined your cancellation rights. Given this the company hqas chosen not to refund the premiums paid.
In the absence of information to support your claim of mis-selling it is difficult to see how this matter cqan progress further. If you do have any additional information please let me know.
Yours sincerely


Letter from Santander to FLA.

~I understand you have already recieved a copy of our final response and in order to speed up the complaints process would like us to reconsider our decision based on the information you have provided.
Having reviewed matters, we are confident the business complied and adhered to all industry guidelines required at this time. Therefore as Msxxxxx has not provided any additional information, our decision not to uphold the complaint remains.
I would also point out at this time the statements which Ms xxxxx submitted showing that insurance premiums were taken out after 8th Sept 1998 refer to a/c no. xxxxxxxx. This account is not related to the above account.
Naturally I appreciate this will come as a disappointment to Ms xxxx however without any aqdditional information I am unable to provide any further assistance on this occassion.
Yours sincerely


Firstly, they changed the account number after I lost my card. I am so cross about this, I've already appealed to the underwriter but they said it was not sold by them!!!
Do I go down the long road of the FOS claiming against the underwriter, or do I reply and give them one last chance. ~If so what do I say?? I actually even remember the store assistance name and was told it was a necessary part of the application without it I would be turned down, this is the absolute truth that' why I feel so gutted, I reckon I paid well over 1k on this bleeding insurance!! Or do I just give up. Advice appreciated.

So damn annoying when this happens!

But if you want to give it another go there's no harm in doing so, and remember as well the underwriter/insurer will not take any liability anyway, but it's a direction taken suggested by the FOS, and they will take the case on under the underwriter and investigate the connection relationship from the broker to the insurer as such.

As you know mine is still ongoing and have been a long old haul, but I did read some weeks ago that someone did post up they were successful, cannot recall if they went as far as the FOS though.;)

If you decide to go the underwriter route, I would if you've not done so yet do this on the recommendation of the FOS as I and others have, so give them a call and see what they suggest as well.

Hope this helps hon x