PPI Reclaiming successes and failures

BlythBoy

Derwent wrote: »

You are very welcome, keep at them. HSBC were very surprised when I rejected their offer and asked for contractual interest. They said it was not company policy, to which I simply replied that it was FOS policy and would they like to explain to the FOS why they were not following the guidelines ? They relented.

As for your question about the value, it is very difficult to calculate the interest due on credit card PPI as your payments are not equal every month. They are a % of your card balance and so as your balance changes each month so do the PPI payments.

For example, if you paid £20 PPI premium on 1st May 2003 then the interest on that single payment would be £104.44. If you paid £30 on 1st May 2007 then the interest on that would be £46.70. On a very simplistic basis that all your PPI payments were equal every month, then that would yield contractual interest of £7,337 at todays date so you can see how much difference the application of CI makes.

For info, the FOS guidelines state that banks must do...

The reconstruction of the credit-card account, to work out what the current balance would have been (where the account remains open) – or what the closing balance would have been (where the account has been cleared or closed) – if the consumer had made the same monthly payments but without PPI. This should be calculated by deducting the PPI premiums and the interest and charges that resulted from those premiums (including those arising because the ongoing monthly balance on the credit-card account was higher than it would have been, if the consumer had made the same payments to an account without PPI).

Many thanks Derwent for this it's much appreciated. Makes me wonder if HSBC knew that by lumping the loans and credit cards together they could get away without paying CI on the card. Another mistake by a bank trying to sort out an original mistake. I'll let you know what happens but I will be phoning each day until this is sorted having already waited far too long in the first instant to get this far. :beer: again guys!

Dizzywithmoney

jo1982 wrote: »

Dizzywithmoney wrote: »

Hey just to let you all know my cheque from Egg has arrived this morning (less than the 7-10 days that they said) for £3637 and this is the amount owing to me after the balance has been cleared.

Can I ask? When did you send your complaint to egg? I am waiting to hear from them, they have said I will hear by 24th Aug

Well done on your win.

Hi

It was around 7th April 2011. I had a letter from them stating I would hear by 31st August 2011 but got the offer letter on 2/8/2011 and the cheque today, 6/8/2011.

And to think I remember when I posted this off having serious doubts whethere I actually had PPI on this account or not!!!

Good luck with your claim.

donda

morning guys
great news, finally had offer from bos 7500, been a long slog since last october but what a great feeling

jo1982

Dizzywithmoney wrote: »

jo1982 wrote: »

Hi

It was around 7th April 2011. I had a letter from them stating I would hear by 31st August 2011 but got the offer letter on 2/8/2011 and the cheque today, 6/8/2011.

And to think I remember when I posted this off having serious doubts whethere I actually had PPI on this account or not!!!

Good luck with your claim.

Thanks, A really good amount of money for not being sure, well done again

amersall

donda wrote: »

morning guys
great news, finally had offer from bos 7500, been a long slog since last october but what a great feeling

:j:j Ab Fab :j:j:j

The_Marksman

Massive thanks to Di & Amersall ;);)

Got turned down (rejected by EGG) for the loan being from 2000 and closed in 2002 and it being outside 6 years time barred and its not EGG's policy to uphold complaints beyond 6 years. But with Di & Amersall's 100% spot on advice & other helpfuls I wrote back to them. Just got to my mums to pick up my skid lid for my bike and a letter was waiting for me since 27/7/11

What were you reclaiming: EGG LOAN PPI taken out in 2000
Who was the provider: EGG
How much did you get back: £2960.29
Did you get it back after a letter or did you go to the Financial Ombudsman: 1st attempt was rejected due to it being beyond 6 years, noticed they had'nt used the term its our final decision! so asked Di & Amersall's advice and wrote back to correct them!

SO DONT GIVE UP! TRY, TRY & TRY AGAIN


THANK YOU EVERYONE FOR ALL YOUR HELP & ADVICE
TO ME & TO OTHERS

The_Marksman

donda wrote: »

morning guys
great news, finally had offer from bos 7500, been a long slog since last october but what a great feeling

:rotfl::j:beer: WELL DONE :beer::j:rotfl:

scottishmum_2

Morning Everyone!

Well finally some good news! My husband and I recieved 2 cheques in the post this morning totalling £1200. We werent even expecting them as we didnt recieve an offer letter - which is rather strange!! My husband also recieved an offer for another loan that he had.

Im still waiting to hear about my credit card which I think will be pretty big £20/£50 per month @ 18%apr for 6 years!

If anyone would be kind enough to work that out for me?

Good start to the weekend!

The_Marksman

scottishmum wrote: »

Morning Everyone!

Well finally some good news! My husband and I recieved 2 cheques in the post this morning totalling £1200. We werent even expecting them as we didnt recieve an offer letter - which is rather strange!! My husband also recieved an offer for another loan that he had.

Im still waiting to hear about my credit card which I think will be pretty big £20/£50 per month @ 18%apr for 6 years!

If anyone would be kind enough to work that out for me?

Good start to the weekend!

:rotfl::j:beer: WELL DONE & BEST OF LUCK :beer::j:rotfl:

donda

This is all thanks to amersall and Di you are brill, party time i think.