PPI Reclaiming successes and failures

traz39

anybody been emailing santander they dont seem to be replying

BlythBoy

IANC wrote: »

Oh good, I'm glad Ray sorted it for you. :money:

Firstly I would like to thank Derwent and IANC for their posts regarding the contractual interest on credit cards claims. I received an offer from HSBC four weeks ago for two loans and one credit card claim. HSBC supplied me with the calcuations which involved the ppi premiums and 8% interest back on both the loans and the credit card. I queried the lack of contractual interest with HSBC and they informed that they only had to pay the 8% interest. I duly signed and received the proceeds into my account a week later. Now, due to reading the posts by Derwent and IANC I phoned HSBC and explained that they should have offered contractual interest on the creidt card as I wasn't in the position if I hadn't paid the ppi premiums. HSBC have agreed to investigate this but stated they 'are not regulated for this. I contacted the FOS and they confirmed that the credit card claim should have been paid with the contractual interest. The details are:-

98 premiums paid since May 2003 - £3868
8% interest - £1464
Total - £ 5333

If the interest rate fior the card was 24.9%, how much should they offer me to put me in the same position before paying the ppi.

Many thanks to Derwent and IANC and of course Di and Amersall

smitchy73

BlythBoy wrote: »

Firstly I would like to thank Derwent and IANC for their posts regarding the contractual interest on credit cards claims. I received an offer from HSBC four weeks ago for two loans and one credit card claim. HSBC supplied me with the calcuations which involved the ppi premiums and 8% interest back on both the loans and the credit card. I queried the lack of contractual interest with HSBC and they informed that they only had to pay the 8% interest. I duly signed and received the proceeds into my account a week later. Now, due to reading the posts by Derwent and IANC I phoned HSBC and explained that they should have offered contractual interest on the creidt card as I wasn't in the position if I hadn't paid the ppi premiums. HSBC have agreed to investigate this but stated they 'are not regulated for this. I contacted the FOS and they confirmed that the credit card claim should have been paid with the contractual interest. The details are:-

98 premiums paid since May 2003 - £3868
8% interest - £1464
Total - £ 5333

If the interest rate fior the card was 24.9%, how much should they offer me to put me in the same position before paying the ppi.

Many thanks to Derwent and IANC and of course Di and Amersall

Blythboy,
It would be the 24.9% that was charged on all your ppi payments charged to your card over the term, it could work out a lot of money, look a couple of pages back to a post from Bodoni post number 17036, read that, then follow some posts after it and see how much his contractual interest has worked out at, over £17k.

plumfin

amersall wrote: »

:T:TWell done on your win :T
This is correct,but they may calculate and pay out sooner that.

Mine was sent back to them on 22nd July, nothing yet...

nikkilala_2

I sent my filled in form to lloyds in Feb2011 and have had back the standard letters and am now part of the "31st August" gang. I'm genuinely not expecting anything back as I'm never lucky with things like this but I do really feel I was wrongly sold my PPi. I was desperate for the loan at the time for my small business and was basically told I wouldnt get it without the PPi, plus I had other incomes so could have survived if anything went wrong. Just out of curiousity what am I likely to get back should I win as after reading all todays lovely posts I am feeling a bit more optimistic.
I took the loan in 2000 for 5 years fixed rate which was for £15,000 and the business loan repayment insurance premium was £24.34 a month. The loan wasnt paid off early and ran full term. Total payments each month including ppi were £352.15 which was at an interest rate of 10.68%. APR 11.7%
Catching up on todays posts has made me realise that I have quite a few to try especially the ones from my younger years when I was really naive and feel like to be honest I was slightly bullied into PPi.
Well done to everyone who's had their claims upheld and a massive thank you to everyone who helps on here, you all deserve medals!My OH has been successful with a few claims last year but he did them through companies and lost quite a chunk of his money in fees so I was determind after reading this thread that I would try and do it myself.

IANC

BlythBoy wrote: »

Firstly I would like to thank Derwent and IANC for their posts regarding the contractual interest on credit cards claims. I received an offer from HSBC four weeks ago for two loans and one credit card claim. HSBC supplied me with the calcuations which involved the ppi premiums and 8% interest back on both the loans and the credit card. I queried the lack of contractual interest with HSBC and they informed that they only had to pay the 8% interest. I duly signed and received the proceeds into my account a week later. Now, due to reading the posts by Derwent and IANC I phoned HSBC and explained that they should have offered contractual interest on the creidt card as I wasn't in the position if I hadn't paid the ppi premiums. HSBC have agreed to investigate this but stated they 'are not regulated for this. I contacted the FOS and they confirmed that the credit card claim should have been paid with the contractual interest. The details are:-

98 premiums paid since May 2003 - £3868
8% interest - £1464
Total - £ 5333

If the interest rate fior the card was 24.9%, how much should they offer me to put me in the same position before paying the ppi.

Many thanks to Derwent and IANC and of course Di and Amersall

You are more than welcome.

I have been :beer:, so probably best that I don't get the calculator out :rotfl:

As the interest is applied to each payment, it is quite complicated and I think Niggly has a spreadsheet for it.

for eg, the first ppi payment is multiplied by 24.9%/12 x 98 the next x 97 and so on (I think lol)

Help Niggly :rotfl:

Suffice to say it will be a lot (over 8 years it will be more than the premiums I would imagine)

andypandy8

Would like to know how lloyds tsb get away with stalling and taking so long compared to other banks . Lloyds have been one of the worst banks for selling missold ppi and they seem to be dragging there heels to refund it surely the fsa should look into the matter and push them into getting there fingers out, different story if you owe them Money

Niggly_2

BlythBoy wrote: »

Firstly I would like to thank Derwent and IANC for their posts regarding the contractual interest on credit cards claims. I received an offer from HSBC four weeks ago for two loans and one credit card claim. HSBC supplied me with the calcuations which involved the ppi premiums and 8% interest back on both the loans and the credit card. I queried the lack of contractual interest with HSBC and they informed that they only had to pay the 8% interest. I duly signed and received the proceeds into my account a week later. Now, due to reading the posts by Derwent and IANC I phoned HSBC and explained that they should have offered contractual interest on the creidt card as I wasn't in the position if I hadn't paid the ppi premiums. HSBC have agreed to investigate this but stated they 'are not regulated for this. I contacted the FOS and they confirmed that the credit card claim should have been paid with the contractual interest. The details are:-

98 premiums paid since May 2003 - £3868
8% interest - £1464
Total - £ 5333

If the interest rate fior the card was 24.9%, how much should they offer me to put me in the same position before paying the ppi.

Many thanks to Derwent and IANC and of course Di and Amersall

If its simple interest then it will be roughly 3 x the 8 % interest as thats a third of 24 % roughly (£4392). Just a quick thought if its compound WELL.........

I will run some sums.

n:beer:

MattyA

BlythBoy wrote: »

Firstly I would like to thank Derwent and IANC for their posts regarding the contractual interest on credit cards claims. I received an offer from HSBC four weeks ago for two loans and one credit card claim. HSBC supplied me with the calcuations which involved the ppi premiums and 8% interest back on both the loans and the credit card. I queried the lack of contractual interest with HSBC and they informed that they only had to pay the 8% interest. I duly signed and received the proceeds into my account a week later. Now, due to reading the posts by Derwent and IANC I phoned HSBC and explained that they should have offered contractual interest on the creidt card as I wasn't in the position if I hadn't paid the ppi premiums. HSBC have agreed to investigate this but stated they 'are not regulated for this. I contacted the FOS and they confirmed that the credit card claim should have been paid with the contractual interest. The details are:-

98 premiums paid since May 2003 - £3868
8% interest - £1464
Total - £ 5333

If the interest rate fior the card was 24.9%, how much should they offer me to put me in the same position before paying the ppi.

Many thanks to Derwent and IANC and of course Di and Amersall

Stick to your guns Blythboy, I have had the exact same treatment.

I have recieved their latest offer today including all PPI premiums,CI + 8% where appropriate and it is almost 5 x more than their first offer.

Matty

MattyA

di3004 wrote: »

That is unusual :eek:
But yet again this was posted by someone before if I recall on this correctly.
How dare they though!:mad:

Maybe you could call into the local branch and ask if they would kindly enclose any details (but free of charge) do this first.;)

I had to do the same with HSBC - they also wanted to photo copy my passport and for me to sign for them.
Which I did with a dodgy siggy across my siggy on the photocopy of my passport

Matty