PPI Reclaiming successes and failures

smitchy73

MattyA wrote: »

Agreed - but it all seems a little too contrived to me.

BBA action / JR .......Bad Bad Banks, then when the banks lost...it seems that whatever the banks say is taken as gospel now by FOS.
I have had it on three or four seperate occassions now.
Like you say - why would they bite the hand that feeds ,even though it cost them a reputed £60million + in court fees in the recent action....?

If anyone can work out this 8% - or at least knows what it should be applied to in relation to credit card PPI claims I would love to chat to.
MBNA say it is only due when the total of the PPI premiums is more than the outstanding balance on the card.
Fine - however they are happy to refund the associated interest applied to the premiums compounded which obviously outweighs the balance of the card much more quickly than the value of the PPI premiums on their own.
Therefore my point is the 8% should 'kick in sooner' - no can do say MBNA ....FOS say this sounds about right?

How can it be correct is my question when they charged me PPI premiums and added interest to them.

I want this back and when the cumulative total is more than the outstanding balance I want 8% on top of this in compensation for being denied the use of this money.

Am I missing something here?

All comments greatly appreciated.

Matty

From what I've read the 8% which isn't guaranteed by any lender on redressing a complaint, although, if they go by the rules of FOS they will pay it, but as far as credit cards go they only pay 8% if you had your account in credit, which on a credit card isn't normally the case, and you wouldn't normally pay ppi on a zero balance either, I'll have another look later at the FSA papers and see what they say...more to follow(unless whilst catching up with the next few pages of posts, someone else has done it!!):D

unittj

Riggsy1367 wrote: »

Make sure you let us all know how much!!!!;)

I certainly will, Thankyou

tiny_cola

Hi all, I saw Martin on the telly ranting about PPI and I knew that i had this years ago on an ongoing loan. I found my paperwork for one of the loans and filled in the template from this site and sent it off to Santander 2 weeks ago. I thought I might get back a couple of hundred pounds for my loans that were with Alliance & Leicester(now Santander)Totally shocked to get an offer today of £1700.I urge everyone to do it now!!!!Thank you Martin xx

smitchy73

tifosi wrote: »

Interesting -

Can someone clear this up for me - I was under the impression only Lloyds Group, HSBC, Barclays and RBS had been granted the extended timeline (due to the JR hold ups) - yet every man and his dog (bar a few) seem to now be hiding behind this 16 week deadline?

Natwest is part of RBS, and isn't Egg part of Lloyds/HBOS group?

smitchy73

smitchy73 wrote: »

From what I've read the 8% which isn't guaranteed by any lender on redressing a complaint, although, if they go by the rules of FOS they will pay it, but as far as credit cards go they only pay 8% if you had your account in credit, which on a credit card isn't normally the case, and you wouldn't normally pay ppi on a zero balance either, I'll have another look later at the FSA papers and see what they say...more to follow(unless whilst catching up with the next few pages of posts, someone else has done it!!):D

I've looked at the FSA guidance(ps10-12-fsa-guidance-pdf), in the Final Handbook text, section 'appendix 2', and it is example 6, it has a redress table, and it states on there that 8% simple interest only gets added if in credit(or I would assume zero balance?!!)

amersall

themass wrote: »

Not quite as exiting here, but complaint sent to FOS today and a letter to Norton to inform them that they owe me some wonga which will increase every day until they settle, Amersall numpty?????? nah dont think so.

Awww bless you :A i have one friend at least

Fingers crossed xxxx.

di3004

scottishmum wrote: »

Hi, I am looking for some advice. I submitted four PPI claims with The Bank of Scotland. 3 in paper from 1 over the phone. I have just been told that all the data gathering has been done and I should hear in the next five weeks.

But I am not happy with this. I have been waiting for ages!

One of the claims is for a a credit card which I have held since I was 18 - I am now 25 and have been paying PPI on it for all this time!

I want to know what the decision is!

Hello there

Wishing you luck on reclaims, and hope you hear some good news soon.

The usual timescales is that of 8 weeks, but the main of the banks etc have been given extra time by the FSA due to the backlogs.

How long have you had your reclaims in?

amersall

deanofrancisco wrote: »

hi
First just to say a big thanks to all the help i have had especially from di and amersall .
Anyway after 18 months and over a year with the FOS i receive a letter from the fos today to say hsbc have decided to uphold my claim although they do not accept misselling , why they couldnt do this 18months ago i dont know . So now i have to wait upto 8 weeks for them to work out figures etc .Is there anyone out there who can give me some ideas from the figures i give to what i will be paid out .
ppi 1 taken out april 2004 and paid until august 2005 (18 months )
amount £ 8060.67
amount refunded after 18months £ 5609.23
amount paid £2451.44

ppi2
taken out august 2005 until nov 2008 (40 months )
amount £ 6448.54
refunded £2210.45
amount paid £ 4238.09

bit complex but any help gratefully recieved
dean

Pleased to have helped you :D:D:D At last you have it :D:D
Someone who is good with calculations will help you with this.

amersall

They are dealing with claims in strict order of receipt,

I am glad one bank is treating customers fairly,and not dealing with recent claims and leaving the ones from last year, as some are doing.

di3004

Little_Miss_Uni-Debt wrote: »

Hi all,

Looking for a little bit of advice. I'm about to try again and reclaim my PPI from a HSBC loan in 2007 (yes, I know I'm in for a looong wait! ) So I want to get the ball rolling.

I want to make sure that the info I send through is clear and accurate. I want to avoid as many back and forth exchanges as possible.

Firstly if I request my SAR will it specifically tell me a) the PPI premium top-loaded to my loan or b)the total amount I paid in premiums.

As don't know how to work out what is due back to me as there are several ways. (I'd like to get the highest amount of course )

All I know is when I cancelled my PPI part way through the loan because they wouldn't let me claim my loan payment reduced by £15 pcm. So I presume that the PPI was worked out as follows

£15 x 3 years = £540 PPI premium top loaded.

I cancelled the PPI after 9 months and they took off £373.27 from the loan, meaning I had paid £166.73.

However I can only see that I paid 9 months with the premium on top. £15 x 9 = £135.

I'm just wondering did I pay £135 or £166.73. Do they have a standard way of working it out?

Anyone who can shed some light on this please?

Hi there

You could ask them to send you a detailed breakdown of how this was worked out then you cancelled the policy, they may even supply them free to you, but a SAR may help if you require more details of the account and hopefully the details you want will be enclosed on the SAR, they should be.

I am not the one for workings out, but there are some clever folks on here who can, so hopefully they will get back to you soon.
There is interest to add on top as well.;)

There is a SAR template letter below if you want to use and tweak, you enclose £10 cheque or postal order and they must comply by 40 calendar days.
https://forums.moneysavingexpert.com/discussion/1475553

Hope this helps, good luck.