PPI Reclaiming successes and failures

offcumden

Derwent wrote: »

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.

Just received a goodwill offer from Natwest not bad as it arrived exactly a month after my e-mail to the ceo.
Not so good the single premium was up front on a sixty month loan their goodwill offer is based on the premium of £1050 Times 8% from march 1999 whereas as I understand the FOS guidelines I should receive the interest on ppi element of the 60 payments I made over the five years. When I tried to explain this to a very unsympathic young lady she said we've calculated the interest back to the single payment premium you have only paid one you can't claim for sixty payments, its our final offer and non-negotiable.
I'm in two minds as to wether to refer it to the FOS or let Scott Mcclellan intervene.
Could somebody confirm that I have not misinterpreted the FOS instructions

fifi123_2

Hi
just wanted to share with you ... received offer and cheque for my MBNA card £3644.80 . Originally sent complaint in February, had "need more time" letters, Offer letter received 6th July saying they would pay in 28 days and chq turned up in 21 days. Very happy!! and a big thumbs up to you guys on here, the time and info you give to people on here is fab! thank you

bhoqoN

offcumden wrote: »

Just received a goodwill offer from Natwest not bad as it arrived exactly a month after my e-mail to the ceo.
Not so good the single premium was up front on a sixty month loan their goodwill offer is based on the premium of £1050 Times 8% from march 1999 whereas as I understand the FOS guidelines I should receive the interest on ppi element of the 60 payments I made over the five years. When I tried to explain this to a very unsympathic young lady she said we've calculated the interest back to the single payment premium you have only paid one you can't claim for sixty payments, its our final offer and non-negotiable.
I'm in two minds as to wether to refer it to the FOS or let Scott Mcclellan intervene.
Could somebody confirm that I have not misinterpretCed the FOS instructions

Well done on your win :j. I would let Scott Mclellan intervene. I find he gets back if you email him. On one of his letters there is number if you want it. Hope you get this sorted.

DrSqueeze

fifi123 wrote: »

Hi
just wanted to share with you ... received offer and cheque for my MBNA card £3644.80 . Originally sent complaint in February, had "need more time" letters, Offer letter received 6th July saying they would pay in 28 days and chq turned up in 21 days. Very happy!! and a big thumbs up to you guys on here, the time and info you give to people on here is fab! thank you

Excellent - well done! :j:T

amersall

nattajack2000 wrote: »

Hi, I know this is probably not the correct forum to post this on but can anyone direct me where to post it?

I have just been contacted via phone from Lifestyle financial about a mortgage we took out through Mortgage Matters 10 years ago and remortgage 4 years ago advising that we were charged too much broker fees and inflated interest rate from Northern Rock. They wanted me to pay £499 over the phone as a deposit that would be refunded back to me once the case was paid out or if the case could not be completed. I've not proceeded with this for 2 reasons, 1. I don't have £499 and 2. I don't trust them!! Anyone else had the same thing? If these type of companies are saying we paid too much on broker fees etc is there a way we can reclaim this back ourselves rather than going through Lifestyle financial??

Cheers Di x

Dont touch them with a barge pole!!!!!!!!!!!!!!

This is related to mortgages,post this here
http://forums.moneysavingexpert.com/forumdisplay.php?f=187
You will get all the help you need.

amersall

Rae115 wrote: »

hey amserall - i have a few complaints with Barclays and Barclay card , they are now quoting NOVEMBER in their letters.

(just so u know) i actually put mine in 2 week June.

:eek:November!!!!.good luck :D
My hubbys has been in since last august.only due to the ineptness of Barclays staff,otherwise this would have been paid last july!!.
Never mind :D i am patient

Especially as i reported Bob Diamond and other ceos to the FSA OFT, FOS, and sent e mails to all bank CEO :D:D
At the way they were dealing with claims and "fast tracking"

My hubbys name will be mud at the banks :rotfl::rotfl:not mine so i "aint bovvered"

I am a very amiable person but what they were doing really got my back up,and they do say the pen (in my case an e mail:rotfl:)
Is mightier than the sword

amersall

:j:j:j:j:j:j:j:j:j:j:j:beer:
:j well done to all winners today :j

BRILLIANT XXXXXXXXXXXXX

:j:j:j:j:j:j:j:j:j:j:j

IANC

di3004 wrote: »

Hi

I think this is the rate the bank decides to charge you when you borrow money, but I get confused on this one and sure someone will clarify on this one for you later.;):)

The_Marksman wrote: »

Not 100% sure but i think its interest from the date that you enter your complaint, ie, if they take 16 weeks you get an extra 16 weeks interest??? i think.............

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 - 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.

As Derwent said :money:

Except the bank would have been £2,600 in profit if you had accepted their offer wouldn't they?

spurs1970

HappyDale wrote: »

Just a quick update, i am still waiting for payment:eek::(

Can I ask how long you have been waiting, as sent my signed acceptance on monday. Thanks

spurs1970

fifi123 wrote: »

Hi
just wanted to share with you ... received offer and cheque for my MBNA card £3644.80 . Originally sent complaint in February, had "need more time" letters, Offer letter received 6th July saying they would pay in 28 days and chq turned up in 21 days. Very happy!! and a big thumbs up to you guys on here, the time and info you give to people on here is fab! thank you

That is good to hear, received offer last week from MBNA but letter stated chq will be sent within 6 weeks!!