PPI Reclaiming successes and failures

smitchy73

bhoqoN wrote: »

Hi bflare,

Couldnt' agree with you more there! I for one cannot understand how they will pay everyone by the 31st of August. aint it amazing that they were the first bank to own up and promise no quibbles payment. Now they are masters at delaying tactics. Its a farce!!!:mad::mad:

The dont have to pay everyone by the 31st August, they only have to tell you if they're paying you out or not, they then have a further 8 weeks to pay you.

Hope this helps, at least if you get told you're getting paid you know it's coming.:beer:

tifosi

PPIclaimer wrote: »

Hi everyone,

I've been reading these forums on a regular basis and learning lots and...... today I received a letter for Lloyds confirming my complaint was upheld !!

Thank you !!!

I am wondering if someone could help me with the last bit, how much roughly I should expect - as its beyond my simple mind. I only have bits of information which I will provide below. Fingers crossed someone can make some sense of it all !

I took out the intial loan in May 2003:

Cash loan - £4,500
Loan to pay of exsisting debts - £2,500
PPI - £1,500

Total loan - £8,500 -

This was paid monthly at £170.00 (of which £28.00 was PPI)

I ran into finanical difficulties and defaulted on the loan - with hindsight 30ish pounds of PPI a month certainly contributed.

In August 2006 The loan was refinanced as follows

Total amount to be refinanced: £6,500
This was an outstanding loan balance of £5,000 and an overdraft of £1,500
No PPI was taken out on this loan*

*This is my confusion, although I didn't take PPI out on the second loan, I think that figure of £5,000 may have been carried from the original loan of £8,500 (inclusive of the PPI) rather than the original loan minus the PPI - so I still ultimatley paid all of the PPI charge on the intial loan as it formed the basis of the amount of the refinanced loan. Is this possible ? Would a bank typically refinance a loan in this way ?

Unfortunatley I don't have a breakdown of the £6,500.....

I think it's a bit wrong they don't present thier calculations to you when they uphold you complaint - so you can have them checked.

If anyone can roughly help it would be massively appreciated.

Thank you

Hi,

you ARE entitled to ask them for a full breakdown, but lets try and sort it here first



£1,500 PPI
Simple interest on £1,500 since May 2003 until now is APPROX £990

So you're due at least £2,440

BUT you dont mention the interest rate on the loan - we need this to calculate the interest charged on the PPI properly?

I would also be asking for LTSB to remove any default registered - as you say, the PPI contibuted to the default so it was not an accurate recording of your credit status

bhoqoN

smitchy73 wrote: »

The dont have to pay everyone by the 31st August, they only have to tell you if they're paying you out or not, they then have a further 8 weeks to pay you.

Hope this helps, at least if you get told you're getting paid you know it's coming.:beer:

Hi Smitchy,

Thank you for your explanation. My husband got a 'will refund on good will basis' letter in June. Hopefully he is among the August 31 group. I put in mine in May, so kind of not expection August 31. Its a waiting game!!:mad:

PPIclaimer_3

tifosi wrote: »

Hi,

you ARE entitled to ask them for a full breakdown, but lets try and sort it here first



£1,500 PPI
Simple interest on £1,500 since May 2003 until now is APPROX £990

So you're due at least £2,440

BUT you dont mention the interest rate on the loan - we need this to calculate the interest charged on the PPI properly?

I would also be asking for LTSB to remove any default registered - as you say, the PPI contibuted to the default so it was not an accurate recording of your credit status

Ah thanks !!

the APR on the first loan was 7.9%

So you think I should be entitled to the full £1,500, even though the loan was refinanced part way through ?

Many thanks

helenhow1003

Managed to reclaim in total £975.42 from Egg PPI (or CRP as they call it) included 8% interest from when our card was in credit, after 4 months of phone calls, document checking?! Several letters later success. Egg are notoriously difficult to get money back from I have pasted last 2 letters which seemd to spur them on.

Dear Sir or Madam,

Account number:
Further to your recent correspondence and my phone calls I have several complaints.
1) Your company withdrew £1 cheque on (date) for a copy of the credit agreement which I did not receive until (date). During that time you sent me another letter stating that I had to send another cheque for £2 if I wanted information without sending me the first information.
2) Your letter dated ___ states that my outstanding account balance is £______– this is inaccurate as the current balance is £______
3) you (Egg) should have told me the full cost of the insurance, both monthly and the total price over the policy upfront, so that I could tell if it was affordable, nowhere on the agreement is a cost given
5) Similarly you did not provide any advisory service as part of your online sales procedures to establish whether or not I had an active payment protection scheme in place. Note the closing sentence of the agreement says” This Agreement will only be binding on us when we have completed and are satisfied with our final checks and other searches.” No searches on our financial situation were actioned.
6) Your glossary of terms does not include Card payment protection or the calculation thereof.
7) You state that the insurance was selected via an internet application and that I had to confirm that I agreed to these terms and conditions, I would like you to provide proof that the payment protection insurance for this agreement was an opt-in option and not an opt-out box automatically checked during the application process, as I do not believe that this product was a selection that I made during the application process. Where are the T&Cs for what card Repayment Protection is? I challenge your statement that I signed for and accepted this insurance


I am now writing to request a fully comprehensive list of all the insurance charges added to my account with Egg. I will accept copies of all of my statements. Please find a cheque for £10 enclosed. I understand that statements on their own are not covered by the Data Protection Act, yet I’m not requesting the statements per se, but the charges, which I’m entitled to.

I also want a full refund of all of these premiums from the start date of the card, subsequent interest that I have paid on these premiums and the 8% statutory interest that a court would award. If I have not heard from you within 14 days I shall be taking my complaint to the Financial Ombudsman.



I look forward to your response.

Yours faithfully,



etc

we then received a whopping great document of all statements, trawled through t&c's then followed this with remashed version of the previous letter which reiterated our complaint;

Dear Sir or Madam,

Account number:
Following receipt of all of my statements I have examined each page thoroughly and standby my original complaints about the misleading nature and misselling of this product.

You (Egg) should have told me the full cost of the insurance, both monthly and the total price over the policy upfront, so that I could tell if it was affordable, nowhere on the agreement is a cost given.

Similarly you did not provide any advisory service as part of your online sales procedures to establish whether or not I had an active payment protection scheme in place. At the time I had mortgage payment protection insurance which if an advisor had asked me would have eliminated the need for Egg PPI.

Note the closing sentence of your agreement says” This Agreement will only be binding on us when we have completed and are satisfied with our final checks and other searches.” No searches on our financial situation were actioned.

Your glossary of terms does not include Card payment protection or the calculation thereof.

You state that the insurance was selected via an internet application and that I had to confirm that I agreed to these terms and conditions. I would like you to provide proof that the payment protection insurance for this agreement was an opt-in option and not an opt-out box automatically checked during the application process, as I do not believe that this product was a selection that I made during the application process.

Where are the T&Cs for what card Repayment Protection is? I challenge your statement that I signed for and accepted this insurance. I did not.


I am now requesting a full refund of all of these premiums from the start date of the card, subsequent interest that I have paid on these premiums and the 8% statutory interest that a court would award. If I have not heard from you within 14 days I shall be taking my complaint to the Financial Ombudsman.



I look forward to your response.

Yours faithfully,


We are really surprised out of the claims we have on the go that this was resolved without having to go to Financial Ombudsman.

Hope this helps everyone
thanks for all the guidance you MSEs have given us!
Helenhow1003

amersall

:j:j:j:j:j
WELL DONE TO ALL WINNERS TODAY :beer::beer::beer:
THIS MAY BE THE DAY THE SITE CRASHES:D:D:D:D

ellmae

Well phonwed welcome direct who are dealing with my 2003 to 2005 loans , we are 2 days over the eight weeks . They said I should have a answer within 2 weeks. He also said I could now go to the fos but it would probably be better to wait the 2 weeks

LAURA77

Hi i took out a loan with barclays in january 2003 for £7,800 over 60 months with an apr of 17.9% and the ppi repayment was £45.86 a month.
Does anybody know how much i'd get back on that??? i cant work it out!!!

only_mee

60 months x £45.86 =£2751.60 + 8% (£220.13) =£2971.73 that's what i get, simple maths.

rockstar44

A letter has arrived from the Halifax today my claim is upheld & they're sending me a cheque for £8306.21!!!! :j

Thanks to Martin & all the great help provided by MSE site & users! Thank you