PPI Reclaiming successes and failures

Tiny_Terror

smitchy73 wrote: »

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.

Hi Tifosi

As you can see I joined yesterday after receiving an unexpected letter from the Clydesdale Bank. Smitchy73 suggested you may be able to help me understand what I should be expecting from them.

Many thanks for your help

Jo

tifosi

Tiny_Terror wrote: »

Hi Tifosi

As you can see I joined yesterday after receiving an unexpected letter from the Clydesdale Bank. Smitchy73 suggested you may be able to help me understand what I should be expecting from them.

Many thanks for your help

Jo

Hi Jo,

compared to Niggly, I'm no expert

To be clear, each loan was paid off in normal time, and not refinanced by the next loan?

Quite often they would do this for example:

Loan 1 1999 £5000 over 5 years
Loan 2 2002 £10,000 over 6 years (with part paying loan 1 and the rest coming to you as cash)
Etc........

Its important to be clear on this as its likely they would have partially refunded the PPI premium if any one of the loans was settled early?

I take it the PPI amounts quoted above include the interest charged on them by the bank?

As for the 8%, the calculator can be found HERE, this will enable you to build a clear picture of the 8% interest on each charge paid, plus the total amount of them all

Tiny_Terror

HI Tifosi

Each loan was settled early and refinanced by the next loan (I've put the dates on my original post which I think was #17588 or thereabouts !) the last loan was settled in November 2010 when I remortgaged and settled all my outstanding debts (what a great feeling that was !).

Thanks for your help.

Jo

ArferDaly

Hi All.

Just wondering if anyone has got anything from LLoyds yet.Just coming up to two months since i first submitted a complaint and only had the standard "sorry to hear it blah blah,we are looking into it.

Egg sorted my claim out in just over a month,so was hoping a little more from the bank that I have actually been with for 25 Years.

And a big CONGRATULATIONS :beer: to all who have had a win recently.

Good luck to the rest.

Mark

nikkilala_2

ArferDaly wrote: »

Hi All.

Just wondering if anyone has got anything from LLoyds yet.Just coming up to two months since i first submitted a complaint and only had the standard "sorry to hear it blah blah,we are looking into it.

Egg sorted my claim out in just over a month,so was hoping a little more from the bank that I have actually been with for 25 Years.

And a big CONGRATULATIONS :beer: to all who have had a win recently.

Good luck to the rest.

Mark

Hi, I put my claim into Lloyds in Feb 2011 and have just had the standard letters back that it should be looked into by the 31st August, and one I'm doing is for my mum who has been with Lloyds for 30+ years. Patience seems to be the name of the game with them. I'm going to wait until the 31st then start hassling them a bit;)

tifosi

Tiny_Terror wrote: »

HI Tifosi

Each loan was settled early and refinanced by the next loan (I've put the dates on my original post which I think was #17588 or thereabouts !) the last loan was settled in November 2010 when I remortgaged and settled all my outstanding debts (what a great feeling that was !).

Thanks for your help.

Jo

This being the case, you really need to get your hands on the figures involved via a SAR (Subject Access Request)

This will show how much was paid towards settlement of each loan, but morre importantly you can ask them to give a detailed breakdown to clearly show if you received any refund of the PPI upfront premium

That way you (or we) can workj out exactly what you are owed so youdont get ripped off

sophosh

ArferDaly wrote: »

Hi All.

Just wondering if anyone has got anything from LLoyds yet.Just coming up to two months since i first submitted a complaint and only had the standard "sorry to hear it blah blah,we are looking into it.

Egg sorted my claim out in just over a month,so was hoping a little more from the bank that I have actually been with for 25 Years.

And a big CONGRATULATIONS :beer: to all who have had a win recently.

Good luck to the rest.

Mark

Hiya I am still waiting for our Lloyds batch of ppi complaints. We submitted them end of April and have had the standard blurb with regards to end of August. We are currently week 15. As soon as it comes through, I will post the outcome. Like you my OH has been with Lloyds for near the same amount of time as you. Hope you get success with your Lloyds claim

di3004

waterbaby2 wrote: »

Bless you Di, you star - thanks so much for such helpful (and speedy!) responses - I wrote my 2nd message before I saw your response to my first !

The only info we have on the old loans/credit cards etc are on a credit report - which just gives some dates and the last 4 digits of the reference numbers.....hubby has online banking but the statements only go back to 2009, and the couple of loans stiil on since then unfortunately don't give any account nos. When you mentioned enquiring at Lloyds, and getting info on your loans/credit cards etc, and whether they included PPI or not, did you mean loans actually borrowed from Lloyds, or loans from other organisations that were processed through your Lloyds current account ? Same with the SAR requests ? (I hope you know what I mean ).

Maybe I'm now getting over-cynical in my old age, but I'm guessing most banks/finance cos won't be prepared to tell us whether old loans and cards had PPI or not unless forced to through a SAR request ?

You are most welcome.:A

LOL, don't worry I know what you mean honey.:D;)

If the loan repayments were paid out of the Lloyds account, then they should enclose all details of the account numbers of them to on statements, unless you call into the branch and if any of them will be kind enough to check the systems for you (Your hubby).

Otherwise if it comes to it then a SAR will or should help, they must comply to the Data Protection Act (DPA) law and provide data going back at least the last 6 years, some will supply data going back even beyond that.

But there is no harm in writing/emailing or even ringing other businesses involved where the accounts were, and asking them for the details directly, the SAR can then be the last resort to save you money.

So for example, if you request a SAR from Lloyds - you just send the one SAR with the one payment, this should cover all accounts taken out with lloyds.
Hope this helps xx:);)

di3004

tifosi wrote: »

If anyones interested, you can find a calculator to work out how much interest you have paid for each PPI premium HERE

One thing to consider is the order in which your particular credit card agreement applies payments

There was an article on MSE some time ago with regard to this, in as much as it appeared most credit cards allowed the bank to apply payments to the lowest interest items first, so for example:

Balance of £5000, consisting of £3500 purchases, £1000 cash withdrawals and £500 balance transfers

Interest rates:

0% Balance transfer
17% purchases
19.5% cash withdrawals

Any payment made by debtor applied in the following order:

Balance transfer
Purchases
Withdrawal

So, the highest interest item is paid off last

I have been through several of my credit card agreements but cannot find one that states where in the order of payment PPI premiums sit (or for that matter the rate at which interest will be charged upon them)

This has only just got me to think IF they charge say, the "purchases" interest rate on PPI premiums, how do they justify that if the PPI premiums are not shown as interest bearing within the agreement (as from what I can see, you would not readily place them under either the "purchases", "balance transfers" or "cash withdrawals" titles?)

Fab calculator tifosi :T, great find, will have to try to save this one, cheers so much x;)

fletchmeister

Today i have recieved this email from HSBC regarding my rejected claim.

Dear Mr Fletcher

Thank you for your e-mail addressed to the Chief Executive, and am very sorry that you feel let down by HSBC, at the present time. I have passed your e-mail to a senior manager, within HSBC, who will investigate the matter and respond to you as soon as possible.

Kind regards
Sonia Lyseight
Office of the Chief Executive, HSBC Bank plc