PPI Reclaiming successes and failures

neilb1977

Well, after seeking advice from poeple on here I have finally submitted my complaint to HSBC via the online banking messaging service. Had a loan for £8,000 in 2002 which was costing me £41 a month extra for the PPI so thought i would give it a go.

I've not been able to find all my paperwork relating to the loan yet (its in the loft but dont fancy the hassle of looking for it just yet!) but will dig it out as and when HSBC respond.

Has anyone here had a claim refused by HSBC? Also, how long do they usually take to respond?

I cannot recall signing anything at the time to take out the PPI on my loan, so i am convinced that it was all hidden in the terms and conditions, rather than being given the choice. I remember thinking at the time that the monthly repayments were larger than i had anticipated but desperately needed the loan so didnt question it. What a fool i was.

i dont hold out much hope of getting my money back, but thought it was worth a try and i'll fight them if they refuse. Are they legally requied to provide me will copies of all their paperwork relating to the loan (ie the stuff i signed)? It be good to know if i can get it back from them.

anyway, i'll post back if i and when i get a response from them and int he meantime i'll keep checking back to see how everyone else is getting on!

thanks
n

Critchyboy

• What were you reclaiming: Payment Protection Insurance on 2 Loans
• Who was the provider: Royal Bank of Scotland PLC on a loan from Direct Line
• How much did you get back: Not sure yet!
• Did you get it back after a letter or did you go to the Financial Ombudsman: One letter to HBoS. One letter to FO.
• And then write your brief reclaim tale

My first loan had PPI on it - solo cover on a joint loan. Sold on basis that "some cover is better than none". First loan got swallowed up into a second loan that automatically had PPI placed on it.

Hoping to get back £7,000 with PPI from loan 1 that was lumped into Loan 2, and PPI from Loan 2.

First response from HBoS was no and that the FO would agree with their own findings. Wrote to FO and had many letters back saying they were busy and the case was waiting. Suddenly got a letter saying that HBoS were settling the matter on a "goodwill basis".

I've got to write to FO first to agree, then will find out what HBoS are giving me back.

Thanks!

Franbrad_2

I took out a loan with Lloyds TSB in September 2005 for £13000.00 and purchased an insurance contract for a one off premium of £3335.66. I signed a form saying that I wanted to purchase the loan protection insurance - there was lots of small print that I wouldn't have read as I was desperate at the time.

Earlier in the summer I received a letter from LTSB saying that I could cancel my insurance and receive a rebate on what was left of my loan, I rang them and they told me I couldn't without taking out a new credit agreement - I said I didn't want to do this and didn't get much of a response so gave up.

I decided to try again and sent the PPI letter on this website stating that I didn't think I had been sold the insurance properly and that I had tried to cancel it. I received a letter back basically saying that I was told that the loan protection was optional and was given documents saying this.

I'm not sure what to do now as I really don't need the insurance - i work for a college and have an extremely secure job, my credit score isn't very good at the moment due to past stupidness so I don't want to have to take out another loan - this seems the only way LTSB will cancel my insurance. HELP!!

sharky620ti

sue149 wrote: »

well done just had my offer just waitng for the cheque lol dont know how long that will take:beer:

I accepted the offer at the start of November and recieved the cheque on the 4th of December... So pretty much a month from accepting to recieving the cheque.

If you've only just had the offer i doubt you'll see the cheque before xmas... and dont spend the money til you have it!

Mahluf

I just wanted to say a BIG thank you!!

I was mis-sold PPI through Marks and Spencer 5 years ago. I finished paying the loan in April this year. The loan was for £15000 and paid over 4 years.

I only sent the initial letter and got a reply this week saying that they are paying me back the whole of the PPI plus interest. Which comes to £4880.64!!!

I am so pleased

Thank you

showergirl

Mahluf wrote: »

I just wanted to say a BIG thank you!!

I was mis-sold PPI through Marks and Spencer 5 years ago. I finished paying the loan in April this year. The loan was for £15000 and paid over 4 years.

I only sent the initial letter and got a reply this week saying that they are paying me back the whole of the PPI plus interest. Which comes to £4880.64!!!

I am so pleased

Thank you

Well done. :beer: How long did this whole process take

Scubacooper

:T THANKS SO MUCH, I sent the template letter off on 1st Nov as I was pressurised into PPI with Halifax. Loan was 20K, Insurance added almost 8K.
They have confirmed although they will not admit liability as a good will gesture they will refund all premims paid to date (almost 4K) Cancle all future premiums which almost 4K plus on top of this pay me interest at 8%.

Complicated bit is they effectively cancel old loan and set up a new one but then the bonus in that is new loan doesnt start for two months so nice break.

Couldnt be happier Thanks I am now 8K better off than I was after being mis-sold this policy.
:beer:

di3004

Franbrad wrote: »

I took out a loan with Lloyds TSB in September 2005 for £13000.00 and purchased an insurance contract for a one off premium of £3335.66. I signed a form saying that I wanted to purchase the loan protection insurance - there was lots of small print that I wouldn't have read as I was desperate at the time.

Earlier in the summer I received a letter from LTSB saying that I could cancel my insurance and receive a rebate on what was left of my loan, I rang them and they told me I couldn't without taking out a new credit agreement - I said I didn't want to do this and didn't get much of a response so gave up.

I decided to try again and sent the PPI letter on this website stating that I didn't think I had been sold the insurance properly and that I had tried to cancel it. I received a letter back basically saying that I was told that the loan protection was optional and was given documents saying this.

I'm not sure what to do now as I really don't need the insurance - i work for a college and have an extremely secure job, my credit score isn't very good at the moment due to past stupidness so I don't want to have to take out another loan - this seems the only way LTSB will cancel my insurance. HELP!!

Hi there hun
Unfortunately yes this is the way Lloyds does this, some banks do some don't, the reason why hun is because they added the PPI within the loan and then it has to be rescheduled into a new loan.
Now you say they said about a rebate of the PPI, the only issue here is I am not sure if they will pay back the full amount as if it were mis sold to you.

To have been mis sold they should put you back in the position as if the PPI was not on it in the first place plus interest etc.

Now if you don't require the PPI and know your secure here then its up to you if you want to cancel.

I am certain though you would get more back if it were mis sold, although I am sure someone else in this situation maybe able to confirm this to you.

Other than that, request for a written breakdown if cancelling, through the post of the calculations and it can be worked out here, maybe this would help and hopefully it will be the full amount of PPI and interest if you did cancel.;)

To compare the difference may help you decide on this.

Good luck and hopefully someone will come along soon to confirm this for you.

Di
x

alan300a

two months ago i sent the template letter from this site to the halifax bank about the ppi i had taken out on a personal loan 5 years ago.

at the time of purchase i was told i needed unemployment cover even though i had informed them that i was self employed,after reading other peoples comments on ppi i decided to check the policy, and found out i was only covered if i went insolvent or bankrupt.

i was expecting a long fight but after just the one letter i have today recieved the following letter from the halifax.

a full refund of all ppi premiums paid to date

a full refund of interest paid on the premiums

interest at 8% on the above

and as a good will gesture a refund of the last 3 months interest on the loan

giving me a total refund of wait for it :beer: £3814.03:beer: :j

I WOULD LIKE TO GIVE A SPECIAL THANK TO DI3004 WHO WITHOUT HER ENCOURAGEMENT I PROBABLY WOULDENT HAVE EVEN BOVERED

so to every one please try you never know

di3004

alan300a wrote: »

two months ago i sent the template letter from this site to the halifax bank about the ppi i had taken out on a personal loan 5 years ago.

at the time of purchase i was told i needed unemployment cover even though i had informed them that i was self employed,after reading other peoples comments on ppi i decided to check the policy, and found out i was only covered if i went insolvent or bankrupt.

i was expecting a long fight but after just the one letter i have today recieved the following letter from the halifax.

a full refund of all ppi premiums paid to date

a full refund of interest paid on the premiums

interest at 8% on the above

and as a good will gesture a refund of the last 3 months interest on the loan

giving me a total refund of wait for it :beer: £3814.03:beer: :j

I WOULD LIKE TO GIVE A SPECIAL THANK TO DI3004 WHO WITHOUT HER ENCOURAGEMENT I PROBABLY WOULDENT HAVE EVEN BOVERED

so to every one please try you never know

Alan Congratulations :beer: :j :T this is fantastic news......well done hunni, I am so pleased for you:T , and just received your PM as well.:A .Thank you xx

Your going to have a fantastic Christmas hun.:j :beer: :A .

Di.
xxx