PPI Reclaiming successes and failures

tifosi

boycey01 wrote: »

Well I received a letter today regarding my Halifax Credit Card PPI. They have upheld it but here's their calculations (you don't need to be a rocket scientist to see this is wrong!)

Refund of premiums = £752.38
Refund of interest = £135.97
Interest at 8% = £ 5.12
Total =£593.47

Now that is £300 short! And how do they work out the 8% interest is only £5.12? I had it from 2001 to 2005 and they say the interest is calculated up until 17 August 2011.

£888 (Premiums + Interest) at 8% simple interest from 31/12/2005 (you dont say what date in 2005 so I went for the latest possible) to 17/08/11

= £401.33 interest (19p/day)

So, to be fair, they are only £396 short! (or approx 80% of the amount they are offering!!!)

boycey01

tifosi wrote: »

£888 (Premiums + Interest) at 8% simple interest from 31/12/2005 (you dont say what date in 2005 so I went for the latest possible) to 17/08/11

= £401.33 interest (19p/day)

So, to be fair, they are only £396 short! (or approx 80% of the amount they are offering!!!)

Thanks for that :T
I'm sorry I can't remember the exact date in 2005

So are you saying they should of paid me £888 in premiums and interest plus £401.33 in 8% simple interest? Sorry to sound thick!

Niggly_2

and put in your figures, based on 2004 (when your loan started and the premium was placed on the loan) it says they should be paying about £520 in interest, as opposed to the £404 you've got - ?!

£520 x 20% = £104 tax so near to above fig. Prehaps they have paid net of tax?

N

tifosi

The interest they have paid back is right for the interest on the premiums

But the £5.12 is wong and should be £401

So Boycey's total payment should be approx £1289



Just noticed - its worse - the total they are giving you is £593, so they are deducting the inetest charged on the premiums and the 8% interest from the premium total!


£752.38 - £135.97 -£ 5.12
=£593.47

Did they actually say the total is £593 Boycey?

Total should be -

A) Premiums = £752.38
Interest charged on premiums = £135.97
C) 8% Interest on above from 31/12/2005 (again, guess date) =401.33


A+B+C= £1289.68

?

IANC

smitchy73 wrote: »

Don't the bank take the tax of the interest at source?:mad:

Some seem to and others mention that there may be a tax liabilty if your income exceeds the personal allowance and therefore pay it gross.

nutty_nat wrote: »

Are you still feeling lucky for Monday, August begins lets hope Barclays start paying out this month!!!!!!!!!!!!

No

My claims handler has been on holiday for 2 weeks and she is back on Monday.

But I have spoken to someone that said they are still gathering info on my case.

I shall speak to her on Moday and see if she can help speed things up

Foggster

Have heard from one of my friends who I helped get PPI back on a loan. Has just called to say he has received a letter from Lloyds TSB for £8,500! In true "claim company" stylee he has given me £500 for sorting it out for him!!!

Claim was put in mid May and he heard today. Might help others with time lines.

boycey01

tifosi wrote: »

The interest they have paid back is right for the interest on the premiums

But the £5.12 is wong and should be £401

So Boycey's total payment should be approx £1289



Just noticed - its worse - the total they are giving you is £593, so they are deducting the inetest charged on the premiums and the 8% interest from the premium total!


£752.38 - £135.97 -£ 5.12
=£593.47

Did they actually say the total is £593 Boycey?

Total should be -

A) Premiums = £752.38
Interest charged on premiums = £135.97
C) 8% Interest on above from 31/12/2005 (again, guess date) =401.33


A+B+C= £1289.68

?

Yes that is what Halifax are saying. They say the total redress is £593! :mad: I haven't a clue how they've come to that! When I rang Halifax Customer Services the lady couldn't work out how they've done that either!

Plus they state they are not going to pay me the redress as I defaulted on my credit card and they seem to think I still have an outstanding balance on it so they reckon I will not be due any of this money as it was come off the outstanding debt! What outstanding debt, I paid the credit card off, made my last payment on 20th June 2011. Just got to wait til Monday when the redress team are going to ring me. Fingers crossed I get somewhere

Hanwood01

boycey01 wrote: »

Well I received a letter today regarding my Halifax Credit Card PPI. They have upheld it but here's their calculations (you don't need to be a rocket scientist to see this is wrong!)

Refund of premiums = £752.38
Refund of interest = £135.97
Interest at 8% = £ 5.12
Total =£593.47

Now that is £300 short! And how do they work out the 8% interest is only £5.12? I had it from 2001 to 2005 and they say the interest is calculated up until 17 August 2011. Any help would be great
To top it all off they added at the end of my letter "Please note that as your credit card account has a default notice all of the payment is to be used to reduce the outstanding debt and therefore no cash payment will be made." :mad:

I am so angry as I have paid the credit card off, I don't have any outstanding debt. I made my last payment in June this year.

Just phoned the number on the letter but only open mon to fri! So found another number I had from before. Spoke to a really nice lady I told her everything and she said it's obvious they haven't calculated that properly! She's made a note of when I paid my credit card off and she will get the redress team to ring me Monday afternoon after I finish work :mad: Fingers crossed I get somewhere

I also received a similar letter from Halifax upholding my PPI claim but they stated in the letter that I had requested the money be used to reduce the outstanding loan:mad:. I didnt requested this at all and Im also worried that I wont receive any cash payment. Can they do this? Any advice would be appreciated.

boycey01

Hanwood01 wrote: »

boycey01 wrote: »

Well I received a letter today regarding my Halifax Credit Card PPI. They have upheld it but here's their calculations (you don't need to be a rocket scientist to see this is wrong!)

Refund of premiums = £752.38
Refund of interest = £135.97
Interest at 8% = £ 5.12
Total =£593.47

Now that is £300 short! And how do they work out the 8% interest is only £5.12? I had it from 2001 to 2005 and they say the interest is calculated up until 17 August 2011. Any help would be great
To top it all off they added at the end of my letter "Please note that as your credit card account has a default notice all of the payment is to be used to reduce the outstanding debt and therefore no cash payment will be made." :mad:

I am so angry as I have paid the credit card off, I don't have any outstanding debt. I made my last payment in June this year.

Just phoned the number on the letter but only open mon to fri! So found another number I had from before. Spoke to a really nice lady I told her everything and she said it's obvious they haven't calculated that properly! She's made a note of when I paid my credit card off and she will get the redress team to ring me Monday afternoon after I finish work :mad: Fingers crossed I get somewhere

I also received a similar letter from Halifax upholding my PPI claim but they stated in the letter that I had requested the money be used to reduce the outstanding loan:mad:. I didnt requested this at all and Im also worried that I wont receive any cash payment. Can they do this? Any advice would be appreciated.

I'm not quite sure but I think if you're in arrears or your account is in default then they are allowed to take it off the remaining balance. Hopefully someone will come along soon who knows more about this.
All 3 of my claims with Halifax they have mucked me about! You should phone them and say that you hadn't requested this at all and ask for an explanation. The 2 loans that were upheld by Halifax they said "Here's the money as we agreed blah blah blah" Well all the calculations are wrong and they've underpaid me on them too! I never agreed anything, didn't even know they'd been upheld til I received that letter along with the cheques!
I think they are rushing to get all claims done by the deadline now that they are not paying attention to what they are doing :mad:

di3004

In case I missed any since earlier today, well done to all Winners!:beer:
Had a lovely day with my family for my birthday, stuffed up with cake now lol .

Niggly, lovely Avatar by the way.;)