PPI Reclaiming successes and failures

The_Marksman

Ladyvaletta wrote: »

So they said they expected to "settle" by 8th August - well, that date's been and gone! I phoned them on Friday, and apparently they are going to write to me again, and give me a NEW date by which they have to settle. Surely this is a letter I should have received by 8th August? And if Capital One can settle up within 3 weeks of initial letter, what is wrong with Egg - and First Direct for that matter? How come it's taking them 15 weeks or so... Cynical game-playing, do we reckon?

Egg seem to take about 9-12 wks so hang tight, i know it sucks but it will hopefully be worth the wait

Hi,

the CEO is: [EMAIL="bert.pijls@citi.com"]bert.pijls@citi.com[/EMAIL]

also cc in [EMAIL="cro.support@egg.com"]cro.support@egg.com[/EMAIL]

and then also if you have the persons name who appears on the letter they name ie, joe bloggs would be [EMAIL="joe.bloggs@egg.com"]joe.bloggs@egg.com[/EMAIL]

this works a treat..........

whiteclaw

My parents had PPI with Natwest. However, they couldn't claim when my father lost his job. after all this was brought about within the media, they approached the bank abotu the whole PPI business, the manager said she would look into it, now we find all record was wiped. Now according to the bank, they never had PPI.

So there will be no claims here. We couldn't even find the letters which said they had PPI. Foolish I know, but I think they got thrown out.

The_Marksman

whiteclaw wrote: »

My parents had PPI with Natwest. However, they couldn't claim when my father lost his job. after all this was brought about within the media, they approached the bank abotu the whole PPI business, the manager said she would look into it, now we find all record was wiped. Now according to the bank, they never had PPI.

So there will be no claims here. We couldn't even find the letters which said they had PPI. Foolish I know, but I think they got thrown out.

sorry to hear your tale....... when was this loan?

thegaffer

Well my nice email to the CEO and customer care got me a reply, A rather long one about that they have 16 weeks from point of call etc, may take longer as they want to ensure IF any payment is amde is right etc.

Has anyone had a successful Lllyds Credit card PPI claim ?
I put mine in in May so upto week 13 i belive now and still nothing, they do string it out.

Whats the lead time people are seeing with Lloyds ?

Derwent

Mrs_Impatient wrote: »

Hi, sorry about this but could someone please explain contractural interest, just seen this on a couple of previous posts?

Thanks.

Basically, when the PPI premiums go on your credit card they become part of the balance on the card. The bank then calculate your monthly interest payable on the balance which includes the PPI premiums.

So, not only are you paying PPI premiums but you are also paying interest on them as they are treated the same as a purchase on your card. If your card interest rate is 20% then you have paid 20% interest per year on all of your PPI premiums.

When banks offer a refund of your premiums plus 8% simple interest they are conveniently forgetting about all of the contractual interest they have charged you on those premiums over the years, on the basis that most people don't understand it or are unaware of it. In most cases, even after refunding the premiums, the banks have still made a profit by keeping the interest as the interest is often much larger than the amount of premiums paid (see my case where the premiums were £1,500 but the interest charged on them was £2,600 - if I'd accepted their original offer then the bank would still have been £1,100 in profit).

In a nutshell, the banks are meant to reconstruct your account as if PPI had never existed. How can they charge interest on something that doesn't exist ? The simple answer is they can't, its your money illegally gained by them, so go get it back. But they won't offer it unless you ask. Just tell them you are seeking the refund of contractual interest charged under the principle of unjust enrichment.

di3004

julieprit2 wrote: »

Is it possible to successfully reclaim if you took your loan out online? :money:

Hi and yes, although depending on you're reasons of course, and it may have also been a matter of opting out and not opting in as it's possible the ppi was already ticked for - in these instances many assumed it was all part of the package.;)

Mrs_Impatient

Derwent wrote: »

Basically, when the PPI premiums go on your credit card they become part of the balance on the card. The bank then calculate your monthly interest payable on the balance which includes the PPI premiums.

So, not only are you paying PPI premiums but you are also paying interest on them as they are treated the same as a purchase on your card. If your card interest rate is 20% then you have paid 20% interest per year on all of your PPI premiums.

When banks offer a refund of your premiums plus 8% simple interest they are conveniently forgetting about all of the contractual interest they have charged you on those premiums over the years, on the basis that most people don't understand it or are unaware of it. In most cases, even after refunding the premiums, the banks have still made a profit by keeping the interest as the interest is often much larger than the amount of premiums paid (see my case where the premiums were £1,500 but the interest charged on them was £2,600).

In a nutshell, the banks are meant to reconstruct your account as if PPI had never existed. How can they charge interest on something that doesn't exist ? The simple answer is they can't, its your money illegally gained by them, so go get it back. But they won't offer it unless you ask.

Many thanks for this, mine is a personal loan, but assume this will still apply?

di3004

whiteclaw wrote: »

My parents had PPI with Natwest. However, they couldn't claim when my father lost his job. after all this was brought about within the media, they approached the bank abotu the whole PPI business, the manager said she would look into it, now we find all record was wiped. Now according to the bank, they never had PPI.

So there will be no claims here. We couldn't even find the letters which said they had PPI. Foolish I know, but I think they got thrown out.

Hi

that is naughty of them.

How about requesting for a subject access request (SAR) they should hold details of all data going back at least the last 6 years, sometimes longer than that, and they have to comply with all data by 40 calendar days, there is a one off payment of £10 cheque or postal order to enclose and a full SAR letter template below.

Any details of PPI and when he tried making a claim due to job loss should all be included within the SAR.
https://forums.moneysavingexpert.com/discussion/1475553

I would post this SAR request by signed for recorded delivery as proof of posting the letter as well, good luck.

The_Marksman

thegaffer wrote: »

Well my nice email to the CEO and customer care got me a reply, A rather long one about that they have 16 weeks from point of call etc, may take longer as they want to ensure IF any payment is amde is right etc.

Has anyone had a successful Lllyds Credit card PPI claim ?
I put mine in in May so upto week 13 i belive now and still nothing, they do string it out.

Whats the lead time people are seeing with Lloyds ?

i think they will go the full 16 weeks and depending when in may your complaint went in. If it was before the 6th may they will have until the 31st August...... after the 6th may it will be 16 working weeks from the date the received your compliant hope this helps a little and good luck

Derwent

Mrs_Impatient wrote: »

Many thanks for this, mine is a personal loan, but assume this will still apply?

Yes, you will have paid the same interest rate on the PPI part of your loan as on the actual loan itself. Given that typically PPI was about 20% of the loan value then people who borrowed £10,000 actually borrowed £12,000 as the £2,000 of PPI was treated as a loan to you as well and you were charged interest on it.