PPI Reclaiming successes and failures

dan4868

Yet again RBS still have not even got to my claim yet only 10 months of waiting, and they think that they will get all the claims done by 31 aug i think not, what i think is going to happen is that they will just say that you dont have a claim to keep the bank afloat.

tifosi

dan4868 wrote: »

Yet again RBS still have not even got to my claim yet only 10 months of waiting, and they think that they will get all the claims done by 31 aug i think not, what i think is going to happen is that they will just say that you dont have a claim to keep the bank afloat.

Timeline means nothing on the outcome

I had my case in since December 2009 and have heard in the last month that RBS will settle (though yet to hear how much!)

Have faith, I'm sure yours will come good in the end

The 31st August is just for them to make a decision (yes/no to paying out) - if they find in your favour, they then have a further 8 weeks to calculate what you are owed and pay it

philzi

philzi wrote: »

Hello to one and all

Started the reclaiming process back in February with LTSB and three loans, received a letter yesterday stating they have an offer which they'd like me to receive to bring the complaint to a "final conclusion".

For your interest (maybe), I've not had any other offers from them regarding the three loans I had/have with them and which they successfully duped me into taking the PPI.

I'm however puzzled with their offer as I'm not sure things are correct (is this any suprise??), unfortunately I don't have my paperwork to hand for the loans so I'm hoping that my thoughts made here won't be too off beam....

Anyhow, this is what LTSB have offered me:

Loan 1 - Took this loan out sometime in 2003, refinanced balance into Loan 2
Refund of Premiums: 189.55
Interest at 8%, calc up to 05/09/11: 113.91
Total: £303.46

** I'm not too bothered by calculations on this as I'm not sure when premiums started covering payments and I did think I was pushing my luck claiming on this one **

Loan 2 - Taken out 10/11/2004
Original Loan Amount: £18020.52
Actual Loan Amount: £14030.60
PPI Difference: £3989.40

LTSB Offer:
Refund of Premiums: £4760.64
Interest at 8% up to 5/9/11: £1378.05
Excess Balance and Interest from Loan 1: £54.44
Total: £6193.13

This is where I'm starting to get puzzled:

Premiums are higher than the difference in the loan I received and the total loan I took out - I've taken repayment holidays but the PPI extensions I was always told would be covered by them not me is this not the case?

Also, am I correctly calculating the SIMPLE interest calculation of:
Principal Sum x Interest Rate x Time (Months) since loan started being repayed
£4760.64 x 0.8 x 82 = £2602.48

And similarly Loan 3 - Taken out 3/8/2007
Original Loan Amount: £17295.14
Actual Loan Amount: £13000.00
PPI Difference: £4295.14

LTSB Offer:
Refund of Premiums: £3354.86
Interest at 8% up to 5/9/11: £577.34
Total: £3932.20

This also puzzles me, Refund of Premiums is lower amount that Loan 2, yet the difference between Loan with PPI has greater difference between the amounts involved. Plus when I calculate the 8% simple interest payment, I work it out as £1095.92.

So who's right, me in my basic thoughts or LTSB with their millions of pounds worth of hi-tech processing power?

Thanks in advance

Phil

Sorry to give this a bump, but I'm hoping the calculation experts might cast their eyes of the LTSB vs my calcs regarding the simple interest payments. Am I misunderstanding the calc and outcome?

Thanks again one and all

Phil

scook2011

Hi Guys.......

Without wishing to be a pessimist........ BUT......... What do you think is going to happen after 31st August when the Banks STILL haven't responded to people's claims??? As in my opinion, this is inevitable???
Do you think that the FSA will grant a further extention??

I think the banks are very much stalling.....having worked within a Barclays Head Office, I have seen the access that they have to people's accounts and the technology and teams that they have at thier disposal to deal with this kind of thing!

I just don't think that this is something that the Banks are taking very seriously???

Well done to all who have had successful claims so far! Let's hope the rest of us get our answers by the end of the month!!

S xx

IRGWS

Morning everyone,

Does anyone know how long it takes Lloyds to deposit the money into your account after making an offer?

Thanks again for your help.

The_Marksman

scook2011 wrote: »

Hi Guys.......

Without wishing to be a pessimist........ BUT......... What do you think is going to happen after 31st August when the Banks STILL haven't responded to people's claims??? As in my opinion, this is inevitable???
Do you think that the FSA will grant a further extention??

I think the banks are very much stalling.....having worked within a Barclays Head Office, I have seen the access that they have to people's accounts and the technology and teams that they have at thier disposal to deal with this kind of thing!

I just don't think that this is something that the Banks are taking very seriously???

Well done to all who have had successful claims so far! Let's hope the rest of us get our answers by the end of the month!!

S xx

Hang in there, they have 16 weeks from when your complaint went if it was after 6th May and if it was before the 6th May they have until the 31st August, which on that date no doubt will send letters out so 5 days after that you should hear and then they have a further 8 weeks to make payment if your complaint was upheld. I feel its a case of the banks hanging on as long as possible to our monies to make some return on it for them, plus with the moody bank rating reviews taking place these monies were needed to help the banks retain their ratings. All will be fine im sure

The_Marksman

IRGWS wrote: »

Morning everyone,

Does anyone know how long it takes Lloyds to deposit the money into your account after making an offer?

Thanks again for your help.

I believe it can take up to 28 days (depending on which ruling your complaint fell into it can be up to 8 weeks but im sure they would have informed you of this).

precious12

IRGWS wrote: »

Morning everyone,

Does anyone know how long it takes Lloyds to deposit the money into your account after making an offer?

Thanks again for your help.

Like you they don't tell you in your offer letter so i rang up and asked them - they wait 7 days for you to contact them if your not happy with the settlement and then it takes a further 21 days for the payment to be processed into your account so in total 28 days someone on this thread was told 35 days and they went over by 8 days lloyds seems to be the one that is really dragging this whole thing out:mad:

michelle45_2

The_Marksman wrote: »

I believe it can take up to 28 days (depending on which ruling your complaint fell into it can be up to 8 weeks but im sure they would have informed you of this).

Hi

Im not too sure about my refund and which ruling it would have fallen into. I have tried to contact the customer services but unable to get through (especially as Im sneaking out at work to make the call). My claim was settled through FOS and Lloyds sent me a letter to say they will be making me a refund however they didnt say how long it would be. Anybody got an idea.

Michelle

dan4868

Afternoon everyone

i am just wondering does anyone know what month RBS are working through, or are they saying that it is still under investigation after 10 months :mad: i feel like there is more that i could do, any ideas?