PPI Reclaiming successes and failures

chefyboy75

Hi there...

Just wondered if anyone could help us out with this please, would be much appreciated!
Had a letter this morning from m & s money saying they are upholding all 5 of my loan complaints but they havent said how much we may get, they have said they will refund all ppi paid plus interest, so here goes...!

These are all loans that consolidated each other, there were no breaks in between

LOAN 1 STARTED 21/02/2001
loan amount £4000, interest £487.52 total payable £4487.52
insurance amount £413.74, interest £50.42 total payable £464.16
interest rate 11.9% over 24 months
total payable £4951.68

LOAN 2 CONSOLIDATING LOAN 1 STARTED 06/04/2001
loan amount £7377.96, interest £1388.76 total payable £8766.72
insurance amount £1009.94, interest £189.94 total payable £1199.88
interest rate 12.2% over 36 months
total payable £9966.60

LOAN 3 CONSOLIDATING LOAN 2 STARTED 11/06/2001
loan amount £9269.41, interest £2352.35 total payable £11621.76
insurance amount £1389.98, interest £352.42 total payable £1742.40
interest rate 12.2% over 48 months
total payable £13364.16

LOAN 4 CONSOLIDATING LOAN 3 STARTED 01/03/2002
loan amount £13060.04, interest £4910.56 total payable £17970.60
insurance amount £2372.12, interest £891.88 total payable £3264.00
interest rate 14.2% over 60 months
total payable £21234.60

LOAN 5 CONSOLIDATING LOAN 4 STARTED 05/06/2002
loan amount £13142.87, interest £4887.73 total payable £18030.60
insurance amount £3398.81, interest £1264.03 total payable £4662.84
interest rate 9.9% over 84 months
total payable £22693.44

the loan was then paid off in full and early in december 2003

thanks in advance guys, keep up the good work!

boycey01

Success with MBNA credit card!!

Morning all. Over the past few months i've been helping my Dad reclaim mis-sold PPI with several credit cards and a couple of loans. This week he had letters from both his MBNA credit cards saying they will refund him £1000 in over the limit and late charges added to his accounts! :j
Well this morning he had his first PPI success! :j
Total amount of PPI premiums charged since sale date: £2,323.16
Total amount of interest associated with the PPI premiums: £2,406.94
Total amount of 8% interest: £640.85
Total amount payable to you: £5,370.95

He is absolutely over the moon!:beer: All it took was sending the reclaim questionnaire off. Had a few letters back to say they are still looking into it and then this today :T:j:beer:

I received my cheques from Black Horse and Halifax this week!! :j
Just waiting for a cheque from Capital one and an outcome from Barclaycard now

The_Marksman

boycey01 wrote: »

Success with MBNA credit card!!

Morning all. Over the past few months i've been helping my Dad reclaim mis-sold PPI with several credit cards and a couple of loans. This week he had letters from both his MBNA credit cards saying they will refund him £1000 in over the limit and late charges added to his accounts! :j
Well this morning he had his first PPI success! :j
Total amount of PPI premiums charged since sale date: £2,323.16
Total amount of interest associated with the PPI premiums: £2,406.94
Total amount of 8% interest: £640.85
Total amount payable to you: £5,370.95

He is absolutely over the moon!:beer: All it took was sending the reclaim questionnaire off. Had a few letters back to say they are still looking into it and then this today :T:j:beer:

I received my cheques from Black Horse and Halifax this week!! :j
Just waiting for a cheque from Capital one and an outcome from Barclaycard now

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

ps. your not Tony & Paul are you?

The_Marksman

Daddyswede wrote: »

Morning all,

Following yesterday's debacle with Halifax, I'm pleased to report another success, this time with MBNA!

MBNA have agreed to refund in full £1,797.19.

Again, a huge thank you to Martin and the team and everyone on here for their encouragement, support and advice.

One downer though is that Mrs Daddyswede had a credit card from MBNA in exactly the same circumstances and her claim has been rejected, so it's off to the F.O.S.!

NEVER GIVE UP!

Have a great weekend

Daddyswede

:rotfl::j:beer: WELL DONE & BEST OF LUCK :beer::j:rotfl:

The_Marksman

patricia50 wrote: »

Thanks Marksman, what am I going to have to moan about when this is settled hopefully in my favour:rotfl::rotfl::rotfl:

very true! but hopefully your be too busy spending your ppi refund

best of luck

nattyb1982

can any of you help, applied for ppi back from lloyds/Scottish widow-8weeks later have received a letter saying they are not going to pay out but offered £50 compo for distress-they should owe us £2k!!!! Is the compo an admission of blame and how can we dispute. Please private message me

smitchy73

sunny8 wrote: »

Thanks a lot smithy73, remembered last night i have had a loan with them in the past...going to give it a try...nothing to loose!!:) xx

You're welcome sunny8, good luck and remember to keep us posted, fill in the FOS questionnaire with as much details as possible, keep a copy and send it recorded delivery to this address

PPI Team,
2nd Floor, Royal Exchange House,
100 Queen Street,
Glasgow
G1 3DN

Tel: 0141 958 9231
Fax No: 0141 242 4708

Niggly_2

chefyboy75 wrote: »

Hi there...

Just wondered if anyone could help us out with this please, would be much appreciated!
Had a letter this morning from m & s money saying they are upholding all 5 of my loan complaints but they havent said how much we may get, they have said they will refund all ppi paid plus interest, so here goes...!

These are all loans that consolidated each other, there were no breaks in between

LOAN 1 STARTED 21/02/2001
loan amount £4000, interest £487.52 total payable £4487.52
insurance amount £413.74, interest £50.42 total payable £464.16
interest rate 11.9% over 24 months
total payable £4951.68

LOAN 2 CONSOLIDATING LOAN 1 STARTED 06/04/2001
loan amount £7377.96, interest £1388.76 total payable £8766.72
insurance amount £1009.94, interest £189.94 total payable £1199.88
interest rate 12.2% over 36 months
total payable £9966.60

LOAN 3 CONSOLIDATING LOAN 2 STARTED 11/06/2001
loan amount £9269.41, interest £2352.35 total payable £11621.76
insurance amount £1389.98, interest £352.42 total payable £1742.40
interest rate 12.2% over 48 months
total payable £13364.16

LOAN 4 CONSOLIDATING LOAN 3 STARTED 01/03/2002
loan amount £13060.04, interest £4910.56 total payable £17970.60
insurance amount £2372.12, interest £891.88 total payable £3264.00
interest rate 14.2% over 60 months
total payable £21234.60

LOAN 5 CONSOLIDATING LOAN 4 STARTED 05/06/2002
loan amount £13142.87, interest £4887.73 total payable £18030.60
insurance amount £3398.81, interest £1264.03 total payable £4662.84
interest rate 9.9% over 84 months
total payable £22693.44

the loan was then paid off in full and early in december 2003

thanks in advance guys, keep up the good work!

There are a number of variables working here. Each time you consolidate the ppi single premium is cancelled and a settlement fig is applied. This takes the form of a rebate which differs with every lender being applied to the settlement figure and then you actually pay off the remainder with the main loan. In your case this is added to the next loan. This will continue all the way through to the final loan. Every time you consolidate a new ppi single premium is bought and the remainder of the last ppi is added to the loan.

To calculate the ppi refund for the single premium you need to post up either the condolidated ppi that was added to the next loan OR provide the early settlement rebate applicable to the ppi. These may be in the policy document or T&C of the ppi/loan agreements.

Its always helpful to post up the amount you paid to the loan and if possible the amount paid monthly to PPI for each loan.

You will recieve all payments towards the monthly ppi on each loan plus 8% from the start of the loan to the date they compensate you.

Any single premium ppi will be refunded on each loan less rebate. Also 8% will be added from the date paid to the date of compensation less the rebate that kicked in on early settlement.

As you can imagine the need for each rebate figure is paramount to calculating an accurate fig.

The refund however will be fairly significant.

Please post up the rebate figure on each loan or the rebate settlement figures posted in the policy/loan agreement. This would read something like if you cancel the policy at 12 months the rebate of the ppi will be 49%, etc.

The ppi monthly prem for each loan would also be good.

Back off Hols today although going back on hols Sun to weds.

N

smitchy73

welcome back niggly, hope you had a good time

jo1982

I have just checked my egg balance online. There was only a balance of £8.25 remaining. Today it has gone with the message "Refund of credit life fee". Do you think this means that my PPI claim has been upheld? And if it has, the remainder should arrive in the post? Postman please hurry up!