PPI Reclaiming successes and failures

IANC

smudger69 wrote: »

TY.

My balance was £12000, minimum monthly payments were £440 (so I assume £100 of that would have been PPI), paid this for 6 years.

Yes, around £100 would be the norm.

72 payments = £7,200 in ppi premiums.

Then 8% on those will make this a large claim. I would imagine in excess of £10k.

julieprit2 wrote: »

Hi Guys

Haven't seen Niggly about to answer this for me so maybe some other bright spark maths person could help me!! :A

Found another debt with PPI attached - HP loan for a laptop.
Details are:

PPI £3.30 per month
over 36 months
Taken out in June 2004
19.8% Interest

If I make a successful reclaim does anyone know how much I would get back? Not much I'm guessing from the amount per month but maybe a wee something :-)

Cheers guys:beer:

£118.80 in respect of the premiums.

Plus 8% simple interest on each premium from the date it was paid until the date they settle.

Smamfer wrote: »

Hi Guys,

Came home today and received a letter as promised from Lloyds Tsb regarding 2 old black horse loans out

Ill apologise now for the length of this email but ill type it up from the letter and ask if someone can shed some light,

I will add my OH whose loan this is was not sure if he did pay this loan off but has never received anything about it.

It was originally 1 loan taken out feb 2006 of £2000 and then the loan of £3k taken out 2 months later one of which paid off the first loan if that makes sense.

Ok here is the letter and once again sorry if its long.

I am writing to you today in relation about your complaint ppi etc im sorry thanks for your time and now done the investigation and as a result i have decided to uphold your complaint

As our final response we would like to offer you a refund of all ppi premiums paid inclusive of interest plus simple interest @ 8%. Should you accept the offer the payment we will make to you will also take into account any other factors that are relevant to your circumstances, ex any claims etc
As part of our offer we have also included a refund of premiums ( and other costs you incurred e.g interest ) in connections with the loan you opened on 15th nov 2005. We have considered this loan because it was refinanced by the other loan/PPI you complained about,,,( so does this sound as if there was another loan they found out about?)

Now they sent a workout of figures:::
Our proposed payment has been calculated as follows::
Refund of premiums paid including interest £166.39
Excess balance and interest £36.60
Interest @ 8% calculated up until (4 weeks from now) £85.26
Outstanding balance on loan part of the agreement £4272.22
Total £85.25

The interest has been calculated at 8% simple on each payment made towards the cost of the plicy calculated from the date that we received the payment to the date that we pay the redress. (4 weeks from now on)
(excess balance) As you had more than one loan with us and a loan was settled by the proceeds of a further loan, then if the loan had PPI which is being remediated, the amount that you borrowed on the subsequent loan may have been higher than it needed to be, If this is the case ex balanbce and interest is an additional payment we offer in order to refund the extra amount you paid when you refinanced the loan and the extra interest you have paid when making your repayments on the next loan.

(outstanding balance) During the course of the agreement your repayments fell into arrears and you were unable to bring the agreement up to date, We decided not to pursue payment at that time and closed the agreement in August 2009, This figure represents the oustanding balance on the first schedule (loan only) part of the agreement at the point that we closed the agreement.

Well thats it and left me totally confused, he was never on the ball before he met me regarding payments so i only 50% know what im dealing with

Does it seem like he still owed on the loan and they ignored it and scrubbed it??

Am i right in saying that he is due £85 and thats it?

We didnt think it would be masses but with all these figures it just confused me a bit.....

It ends with " should you wish to accept the offer fill in form and return . If appropriate please include any info on the claim form regarding your previously rejected claim" ( is this just standard as we have not made a previous claim)
As previously mentioned we will then pay the greated of the two sums due to you without you needing to sign a further acceptance.

They actually sent the same letter two times over which i found a bit weird too

Any advice would be greatly appreciated,,,, thanks xxx

Yes, loan 1 was repaid by loan 2.

I'm going to re-read it, but it would appear that your OH had his loan quashed by the bank when it went into arrears and that is why they are not paying him a larger sum as the 2nd loan had the PPI and interest as well as capital written off.

The offer is purely based on the first loan IMO.

It also mentions that if the oustanding balance of loan 1 was too high due to oustanding PPI and interest, causing the 2nd loan to be more than it needed to be, they will make an additional payment.

I also think that the offer is £288.25 which is the premiums plus interest. The ex balance payment seems like it is for the extra loan he needed to take out when taking the second loan out as there was outstanding PPI on the 1st loan.

Not sure what the total £85.25 is in relation to, that seems a bit random. Unless as Marksman says, there was a rebate applied when taking the second loan, which there probably was.
But the £85.25 still doesn't add up to to me as you should only technically receive the Ex balance payment (perhaps that plus 8% comes to the £85.25)

Either way, accept and see what you get :rofl:

It also looks like your OH owed a total of £4272.22 when they wrote it off.

If that is the case, accept the offer (rip their bloody arm off) :rofl:

Smamfer

IANC wrote: »

Yes, around £100 would be the norm.

72 payments = £7,200 in ppi premiums.

Then 8% on those will make this a large claim. I would imagine in excess of £10k.



£118.80 in respect of the premiums.

Plus 8% simple interest on each premium from the date it was paid until the date they settle.





Yes, loan one was repaid by loan 2.

I'm going to re-read it, but it would appear that your OH had his loan quashed by the bank when it went into arrears and that is why they are not paying a large amount off.

It also mentions that if the oustanding balance of loan 1 was too high due to oustanding PPI and interest, causing the 2nd loan to be more than it needed to be, they will make an additional payment.

I would go back to them and ask the following.

1. Was the amount of the 2nd loan greater than it should have been due to outstanding PPI and interest. If so, you want redress.

2. Ask them how much the arrears and balance were when they wrote the loan off.

I would have a serious talk with the OH first though and find out how much he thinks he owed.

If it was a lot, I would just accept whatever they offer as you run the risk of them calculating everything properly and keeping the redress and telling your OH he owes them money.

Thanks for your time sweetie appreciate it, As we hadnt found any paperwork regarding this other loan they mentioned i know for a fact he wont have any idea of what he took out and when,

Ill re check all paperwork as they have mentioned a date in november and none of our paperwork had anything to do with that month, if not i think i better just keep stum and take what they have to offer, Found it strange tho that they just ignored any loan that wasnt paid off

Thanks for your edit i think this is certainly a confusing one, we will just sign it get it back and see what comes in the post lol x

The_Marksman

Smamfer wrote: »

Cheers flirtmeister! I was thinking if i imagine a whole £85 coming our way thats fine as we didnt expect much and anything else is a bonus lol
Just hope Santander comes out a bit more profitable lol

its only a guess and anything is better than nothing

Flirtmeister,

im hurt, one is confusing my gentlemanly charm and my friendly confidence with that of a flirt, i act kindly from the impulse of my kind heart. im brave, because, with a conscience void of offence, i have nothing to fear. im never embarrassed, for i respect myself and im profoundly conscious of my right intentions. i keep honor unstained, and to retain the good opinion of others i neglect no civility. I respect even the prejudices of men whom i believe are honest and oppose without bitterness and yield without admitting defeat. im never arrogant, never weak nor do i bear myself with dignity, but never haughtily. im too wise to despise trifles, im too noble to be mastered by the weaker man but to superiors iam respectful without servility; to equals courteous; to inferiors’ kind. i carry myself with grace in all places, im easy but never familiar, genteel without affection. i unite gentleness of manner with firmness of mind. i command with mild authority, and asks favors with grace and assurance. may be your yet to met a true gentleman :rotfl::rotfl::rotfl:

Smamfer

The_Marksman wrote: »

its only a guess and anything is better than nothing

Flirtmeister,

im hurt, one is confusing my gentlemanly charm and my friendly confidence with that of a flirt, i act kindly from the impulse of my kind heart. im brave, because, with a conscience void of offence, i have nothing to fear. im never embarrassed, for i respect myself and im profoundly conscious of my right intentions. i keep honor unstained, and to retain the good opinion of others i neglect no civility. I respect even the prejudices of men whom i believe are honest and oppose without bitterness and yield without admitting defeat. im never arrogant, never weak nor do i bear myself with dignity, but never haughtily. im too wise to despise trifles, im too noble to be mastered by the weaker man but to superiors iam respectful without servility; to equals courteous; to inferiors’ kind. i carry myself with grace in all places, im easy but never familiar, genteel without affection. i unite gentleness of manner with firmness of mind. i command with mild authority, and asks favors with grace and assurance. may be your yet to met a true gentleman :rotfl::rotfl::rotfl:

urm keep your copy n pasting to the relevant threads please:rotfl:

The_Marksman

Smamfer wrote: »

urm keep your copy n pasting to the relevant threads please:rotfl:

and you, your pm's your not having my number :rotfl:

plantforce

Since my original letter to MBNA on 4th January 2011 complaining about PPI and receiving at least seven letters from MBNA asking for a further 21 days or 28 days , I have today received a cheque for £6709.00 in full and final settlement of my claim.

RESULT!:T

The_Marksman

plantforce wrote: »

Since my original letter to MBNA on 4th January 2011 complaining about PPI and receiving at least seven letters from MBNA asking for a further 21 days or 28 days , I have today received a cheque for £6709.00 in full and final settlement of my claim.

RESULT!:T

id say!

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

Smamfer

The_Marksman wrote: »

and you, your pm's your not having my number :rotfl:

:rotfl: In your dreams angel:A

The_Marksman

Smamfer wrote: »

:rotfl: In your dreams angel:A

An angel now :A

even the hard ones fall to my charms pmsl :rotfl::rotfl::rotfl:

boycey01

Smamfer wrote: »

Hi Guys,

Came home today and received a letter as promised from Lloyds Tsb regarding 2 old black horse loans out

Ill apologise now for the length of this email but ill type it up from the letter and ask if someone can shed some light,

I will add my OH whose loan this is was not sure if he did pay this loan off but has never received anything about it.

It was originally 1 loan taken out feb 2006 of £2000 and then the loan of £3k taken out 2 months later one of which paid off the first loan if that makes sense.

Ok here is the letter and once again sorry if its long.

I am writing to you today in relation about your complaint ppi etc im sorry thanks for your time and now done the investigation and as a result i have decided to uphold your complaint

As our final response we would like to offer you a refund of all ppi premiums paid inclusive of interest plus simple interest @ 8%. Should you accept the offer the payment we will make to you will also take into account any other factors that are relevant to your circumstances, ex any claims etc
As part of our offer we have also included a refund of premiums ( and other costs you incurred e.g interest ) in connections with the loan you opened on 15th nov 2005. We have considered this loan because it was refinanced by the other loan/PPI you complained about,,,( so does this sound as if there was another loan they found out about?)

Now they sent a workout of figures:::
Our proposed payment has been calculated as follows::
Refund of premiums paid including interest £166.39
Excess balance and interest £36.60
Interest @ 8% calculated up until (4 weeks from now) £85.26
Outstanding balance on loan part of the agreement £4272.22
Total £85.25

The interest has been calculated at 8% simple on each payment made towards the cost of the plicy calculated from the date that we received the payment to the date that we pay the redress. (4 weeks from now on)
(excess balance) As you had more than one loan with us and a loan was settled by the proceeds of a further loan, then if the loan had PPI which is being remediated, the amount that you borrowed on the subsequent loan may have been higher than it needed to be, If this is the case ex balanbce and interest is an additional payment we offer in order to refund the extra amount you paid when you refinanced the loan and the extra interest you have paid when making your repayments on the next loan.

(outstanding balance) During the course of the agreement your repayments fell into arrears and you were unable to bring the agreement up to date, We decided not to pursue payment at that time and closed the agreement in August 2009, This figure represents the oustanding balance on the first schedule (loan only) part of the agreement at the point that we closed the agreement.

Well thats it and left me totally confused, he was never on the ball before he met me regarding payments so i only 50% know what im dealing with

Does it seem like he still owed on the loan and they ignored it and scrubbed it??

Am i right in saying that he is due £85 and thats it?

We didnt think it would be masses but with all these figures it just confused me a bit.....

It ends with " should you wish to accept the offer fill in form and return . If appropriate please include any info on the claim form regarding your previously rejected claim" ( is this just standard as we have not made a previous claim)
As previously mentioned we will then pay the greated of the two sums due to you without you needing to sign a further acceptance.

They actually sent the same letter two times over which i found a bit weird too

Any advice would be greatly appreciated,,,, thanks xxx

Hi there,

Thought I would shed some light as I recently had 2 PPI complaints upheld by Black Horse. Basically the same story as your OH, I took out a loan then a couple of years later took out another loan and paid off the first. So they refunded me all the redress and interest for the first loan as that was all paid off. But as I had defaulted on the second loan and it still had a balance outstanding at the time of redress, what they done was deduct the PPI premiums and associated interest off the balance of the loan. They then said that they would pay me the 8% simple interest as this is a compensation payment. My cheque should be here any day now!
Therefore it seems that is what they are doing with your OH too, just refunding the 8% interest and deducting the rest off the amount he owed on the loan.
Hope this makes sense!