PPI Reclaiming successes and failures

di3004

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

It's our pleasure :A

Well done to you!:beer:

Hopefully this will be checked out for you shortly, good luck x

di3004

tiny_cola wrote: »

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

Hi and welcome, and Congratulations!:beer:

amersall

Little_Miss_Uni-Debt wrote: »

Hi all,

Looking for a little bit of advice. I'm about to try again Have you tried to claim this before?.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.

This should tell you the ppi total and the monthly payment.

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?

When you find out the ppi monthly amount,you get this back x 9 (you only get ppi you have paid and not for the whole term of the loan unless the loan is settled.) plus 8% less the rebate they gave you when you cancelled,the total ppi is taken off your loan balance and your monthly payment reduces by the ppi monthly amount less the £15 you have already saved,again if the loan is running.

If the loan is settled,you will get the whole ppi amount back less the rebate they gave you and you get the 9 ppi payments you have made to date with 8% back.

chefyboy75

Hi I know im not on the right page but i was just wondering if anybody understood mortgage shortfalls and early repayment fees please?

Niggly_2

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

Your right its a bit complex. On succesive Single premium ppi the FOS recommend the following;

[FONT=&quot](A). In respect of each loan:[/FONT][FONT=&quot]
[/FONT][FONT=&quot]- recalculate the loan and the payments to what they would have been if the consumer had taken the loan without PPI[/FONT][FONT=&quot]
[/FONT][FONT=&quot]- repay to the consumer the amounts by which the payments actually made exceeded the recalculated payments;[/FONT][FONT=&quot]
[/FONT][FONT=&quot]- pay the consumer interest on each of these amounts at 8% per year simple from the date each payment was made to the date the compensation is paid;[/FONT][FONT=&quot]
[/FONT][FONT=&quot]- recalculate the balance that would have been outstanding at the end of each loan had the recalculated loan not included PPI.[/FONT][FONT=&quot]

[/FONT][FONT=&quot](B) Calculate how much of the balance that was carried forward to the subsequent loan related to the cost of the PPI policy taken out for the previous loan: and[/FONT][FONT=&quot]
[/FONT][FONT=&quot]- repay to the consumer all amounts paid under each subsequent loan in respect of the carried forward balance, including interest and charges;[/FONT][FONT=&quot]
[/FONT][FONT=&quot]- pay the consumer interest on each of these amounts at 8% per year simple from the date each payment was made to the date the compensation is paid.[/FONT][FONT=&quot]

Looks fun to work out though I will bend my head around it and get back to you. I think though I am going to need some info on both loans. The monthly payment of interest on each ppi policy would be best otherwise the loan amount on each policy over and above the PPI SINGLE PREMIUM and the total you paid each month on the loan.

I think then I can give the calculations a bash. Its pretty obvious its going to be a big sum as the ppi less rebates are £6689 and its got to be at least that

Wait to hear from you
N
[/FONT]

mumofjanda

Niggly wrote: »

Shall I quote from the FOS handbook on redress for you and then you can point this numpty in the right direction.:rotfl:

As described in DISP App 2.5.4G, the refund is the return of all payments made on the payment protection contract to date (plus any historic interest) and 8% simple interest on each monthly payment, from the time each payment was made to the time the refund is paid.

Regards N

Hi Niggly & Amersall & Di,

I was told today that the 8% simple interest is calculated as 1/12 of 8% of the premium so in my case the 1st premium of £20ish attracted 14p,added to the premium for the next month, a further 1/12 of 8% of £20.14ish and so on to july 2011!
I'm still totally flummoxed because:
a) now being told you do get interest to date of refund
b)when I used the calculator from this forum and input the premiums at 8% the figure it came to for just the 5 year period of the loan came to exactly what I have been offered which lead me to believe I hadn't been offered anything for the 5 years since I finished paying the loan.
c) What figure do they use for adding interest from the loan end date to refund date?



Sorry to keep harping on!

Any thoughts on this?

amersall

chefyboy75 wrote: »

Hi I know im not on the right page but i was just wondering if anybody understood mortgage shortfalls and early repayment fees please?

Hi there post here

http://forums.moneysavingexpert.com/forumdisplay.php?f=15

They are more able to help you with this x.

amersall

mumofjanda wrote: »

Hi Niggly & Amersall & Di,

I was told today that the 8% simple interest is calculated as 1/12 of 8% of the premium so in my case the 1st premium of £20ish attracted 14p,added to the premium for the next month, a further 1/12 of 8% of £20.14ish and so on to july 2011!
I'm still totally flummoxed because:
a) now being told you do get interest to date of refund
b)when I used the calculator from this forum and input the premiums at 8% the figure it came to for just the 5 year period of the loan came to exactly what I have been offered which lead me to believe I hadn't been offered anything for the 5 years since I finished paying the loan.
c) What figure do they use for adding interest from the loan end date to refund date?



Sorry to keep harping on!

Any thoughts on this?

Dont ask me where the 8% is concerned :rotfl::rotfl::rotfl::rotfl:

Will leave that to those who know :D;)

mumofjanda

amersall wrote: »

Dont ask me where the 8% is concerned :rotfl::rotfl::rotfl::rotfl:

Will leave that to those who know :D;)

Don't worry, all us members of the 'NUMPTY CLUB' will be experts on the 8% Rule by the end of this!!:j:rotfl:

mumofjanda

thehullram wrote: »

Wonder if anyone can help.

I am trying to track my complaint that was put in with Santander re a Debenhams card. I have called their PPI complaints team and they say that Debenhams cards are dealt with by the complaints resolution team in Morley, Leeds. They don't have a number or can give me no way of finding one out. I have tried google but all the numbers I can find are either disconnected or constantly engaged.

Any one got any advice?

Thanks in advance

This is the number that I used to contact them:

0871 522 5167

This is the Complaints Resolution Team Morley Leeds.

Good Luck!!