PPI Reclaiming successes and failures

smitchy73

Tiny_Terror wrote: »

Hi, I'm new to this thread so please be gentle with me !

I received a letter from the Clydesdale Bank on Monday about PPI even though I hadn't submitted any claims. It states "We have recently reviewed the position regarding your borrowing and have concluded that this insurance was not suitable for you". I have had 3 different loans with them since 2003 (all with PPI) and phoned the number on their letter to ask them to clarify which loan this was in regard to and they said they were reviewing any loans I had had in the previous 7 years. Can I presume that if I wasn't suitable for PPI it would apply to all 3 loans?

My first loan was taken out on 1.8.03:

Principal loan - £7000 over 60 months APR 11.7%
Total sum payable for Principal loan - £9140
Amount of Loan of PPI premium - £1446
Total sum payable for PPI - £1879.80
Monthly PPI payment - £31.33

2nd loan was taken out (and 1st loan settled early) on 1.1.07:

Principal loan - £12,200 over 60 months APR 7.9%
Total sum payable for Principal loan - £14,712.21
Amount of Loan of PPI premium - £2561
Total sum payable for PPI - £3088.36
Monthly PPI payment - £51.47

3rd loan was taken out (and 2nd loan settled early) on 1.12.08:

Principal loan - £12,785.31 over 60 months APR 21.9%
Total sum payable for Principal loan - £20,308.45
Amount of Loan of PPI premium - £3756.36
Total sum payable for PPI - £5967.14
Monthly PPI payment - £99.59

The last loan was settled in full in November 2010.

Would some kind person please steer me in the right direction of how much I should be looking for from the Clydesdale as a suitable offer?

Many thanks in anticipation for your help

Jo

hi Jo,

Not had a letter from CB but have two complaints in against them, my thoughts are that if you've settled all of the loans you should receive the ppi premium + interest charged at the loan rate
Loan 1
Total sum payable for PPI - £1879.80
Loan 2
Total sum payable for PPI - £3088.36
Loan 3
Total sum payable for PPI - £5967.14
Total for all 3 = £10935.30
I think on top of this there should be 8% interest from when these payments were taken from you, so on Loan 1, whenever you paid your first months ppi premium you should get 8% on that from the date of your first payment.
I think one of the other forum users earlier today posted a link to the bank charges calculator which worked out the 8% interest, you enter the amount, the date and it works out what is due back and forms a list.
With the above figures which is the very LEAST you should be getting back. Others may come on with a better idea of finer figures, tifosi/niggly perhaps are excellent with these.

daz_c

had a letter today from RBS offering to repay me £4798 on a loan i had in 1997 while serving in the RAF and i dont have a company to pay a percentage to this time :j

smitchy73

daz_c wrote: »

had a letter today from RBS offering to repay me £4798 on a loan i had in 1997 while serving in the RAF and i dont have a company to pay a percentage to this time :j

Well done Daz, I hope i'm lucky soon with them! Happy spending.:j

Xanadu20

tifosi wrote: »

Well,

I have just hired an accountant to go through my statements and reconstruct the balance without PPI, allowing for compound contractual interest and times when I reduced the balance to 0

He has been instructed to carry out the work showing clearly all calculations in such a way that a yaman can understand if required

This will be used as evidence when RBS come up with their "gesture of goodwill" and I'll be willing to bet their calculation is significantly below the accountants

I'll let you all know how this goes!

Thats a great idea, is this a card? if so how long are you going back ? 6 years ? or from the day you took the card out?

Will be very interested to see difference between the two figures. I have attempted to work mine out using statements that i have and average amouts etc.

Rich

fletchmeister

di3004 wrote: »

Hi

HFC bank has the same CEO as the HSBC (I had contacted them in regards of HFC and they also got back to me at the address below), good luck.

[EMAIL="chiefexecutivehsbcbank@hsbc.com"]chiefexecutivehsbcbank@hsbc.com[/EMAIL]

Thank you just sent the following email

Dear sir/Madam

I am writing this email to you as i am absolutely disgusted about the way in which HFC have dealt with my complaint about Mis sold PPI.
When taking out the loan in February 2005 i told the sales person in chester branch that i was on salary and recieved sick pay but she told me that unless i took out the insurance i would more than likely get refused, SHE LIED and now i have gone for a reclaim they have rejected it.

I am going to go into the appeal stage and take this to the bitter end, i have been a hsbc group customer for over 17 years and i am seriously considering taking my account and business elsewhere unless this is sorted immediately.

I enclose the details of my loan account number, the cost of PPI (without the interest on top and i would be greatful if you get back to me very soon

Address
xxxx
xxxx
xxx
xxx
xxxx
email - [EMAIL="fletchmeister1@sky.com"]xxxxx[/EMAIL]
mobile - 0759xxxxxxx
work - xxx
home - xxx
Loan account Number xxxxxx
PPI Cost without loan interest - £xxxxx

ermintrude1

PPI Success Story

I would like to post this both to thank the contributors to this forum and Martyn. I also hope it will encourage others to proceed with claims.

My OH had had a couple of loans from 'the bank that likes to say yes' (to taking money off you) he also has a health issue, so after reading stories on here I concluded there were cast iron grounds for a claim.

18 months ago I drafted out a letter (with help from the templates) to outline his circumstances. To my surprise, OH refused to send it. So it sat, unsent, on the PC until this January.

Around this time OH received a cold call from a 'claim specialist' offering to submit a claim for him for a mere 27% fee. He was was quite interested in this until I beat him senseless. After which he agreed to send the original letter I had written.

To summarise, two letters were sent to LTSB yielding little, followed by two forms completed from here (thanks again Martyn) to the Ombudsman.

Result; In expectaction of receipt of nearly 8.5k before the end of this month from aforementioned bank.

The thing which has amazed me is that OH's paperwork was non existent apart from having the account number of the last loan and an idea of dates.

So don't be put off if you're short on information.

Thanks again to everyone.

di3004

rollover wrote: »

Been a while , another update . Back in Jan / Feb an adjudicator found against us regards a ppi credit card claim , following advice from here we appealed that finding . Good news , letter in from FOS indicating the bank wish to make an offer as a gesture of goodwill . No figures mentioned at this point , will keep you posted .

Thanks again , that will be 3 claims with a positive outcome .

Well done to you!:T& Congratulations!:beer:

LynK_3

Furey wrote: »

Just got a letter from M&S Money, they are returning £2500 plus 8% interest as per my demands. As Charlie would say-WINNING!

Thanks for the help, wouldn't have even known about it if it wasn't for this website! Excellent work on the part of the FSA too.

Brilliant well done, do u mind me asking what date u complained I have 2 currently with M&S, one sent early June for a 5k loan, and one sent mid to late June for a storecard.

di3004

traz39 wrote: »

had a reply from santander today saying i need to contact the garage that sold us the car with the ppi . the loan was oringally with ge capital woodchester but santander brought took them over is this right advice please anyone

Hi there

It is correct that you pursue the dealer, so I would go to them and enclose a copy of the letter you received from Santander to confirm this.
So you then write to the dealers head office, good luck.;)

di3004

daz_c wrote: »

had a letter today from RBS offering to repay me £4798 on a loan i had in 1997 while serving in the RAF and i dont have a company to pay a percentage to this time :j

Well done daz :T & Congratulations!:beer: