PPI Reclaiming successes and failures

MARKOS72

Final response letter on the way from Clydesdale bank regarding credit card ppi-though it was posted out on 10th August.Spoke to someone at CB who said it should take 10 business days,if not received call and it will be re-issued.Unable to discuss outcome over the phone.
Anyone else had dealings with Clydesdale Bank or associated companies?

di3004

maryspecial wrote: »

:beer:
Yes yes yes!!! At last i have a success story!!!!
Got offer letter from santander from the postman there now!!
This is the smallest one we have in and as it was pretty recent i really didnt think we'd get it.

Loan 1 £122.85
loan 2 £341.75
totalincluding ppi rebate adjustment and statutory interest £464.60

I sent an email to them and when i didnt get anything other than an automated response within ten days i emailed the ceo, last wed night. They emailed back on thurs and letter came today. Their email last week asked for telephone number so have been expecing a call so offer letter was a big welcome surprise!! :T:T


So once again santander are showing the other banks how its done!

Thanks again to everyone for the help, only by reading the posts here would i have kept at them!!

What a great day!!

That is so fab Mary :T:j Congratulations!:beer:

di3004

Holli wrote: »

After a very successful claim against MBNA, decided to go through some old papers tucked away in the attic. Found papers relating to an old Egg loan (paid off) I had totally forgotton about with PPI. Printed off the questionnaire and sent off with covering letter of complaint.

Today received a cheque from EGG for £650 in full & final settlement! Turnaround from start to finish was under 6 weeks!!!!!


:):):):)

Excellent!:T Congratulations!:beer:

tifosi

oorbrian wrote: »

I thought that the agreement was that the banks had up to end of August to respond to ALL
Claims submitted prior to April 24. Surely that must include claims that are with FOS? I appreciate that a backlog exists at FOS but surely people should not be time punished for following the steps laid out by law if a bank did not respond in their initial 8 weeks time limit?

No

The 8 weeks has become 16 weeks (or 31st August if the bank had your complaint and placed it on hold for the JR)

The 31st August/16 weeks only applies to the banks own complaint system - its only them that have to issue a response (Yes/No to upholding) by that date

FOS have as long as they need, as frustrating as that is - there has never been any official time limit for the banks to respond to FOS adjudication queries and requests

smitchy73

julieprit2 wrote: »

See this is were I get confused!!

When I got my letter from Barclays it said about the no quibble refund if before the JR etc. etc. and I'd hear further about this by end of August.

Now, this letter to me is saying they are going to pay me and I am just waiting on figures.

I do not expect another letter stating whether or not they uphold my complaint because as far as I am concerned, this was what the previous letter said and is not new news for those of us who have been waiting a while!

Hi julie,
But Barclays are a different kettle of fish altogether as they said they'd pay out to everyone who had a complaint in before the ruling was issued in the JR, so if this is you then yes you should receive a payment, anyone else from that date of the JR would have 16 weeks for a final response, but that final response is to tell you if you've succeeded in your complaint or not, then they have the 8 weeks to pay out, not sure what Barclays are doing in that case.

Hope this clarifies:D

smitchy73

Derwent wrote: »

I'm not sure it is right. In fact I think the banks are conning people over the 8% by simply taking 8% of the final figure.

The FOS guidelines say the following :-

the addition of interest (normally at the rate of 8% simple per annum) to any excess payments made by the consumer – from the time each payment was made to the point the financial business pays them back to the consumer;

So the interest should be at 8% per year on each payment. So in the case of a payment made in January 2003 you should receive 8 years worth of 8% and so on.

By simply adding on 8% to the premiums the banks are under refunding people quite significantly.

This is what I thought the repayment was, because you've been denied the money from each payment from when that was made so therefore you get the most interest from the 1st payment, and least from the 60th payment.
This is an example from the FSA guidance for a loan that ran it's full term.

[FONT=TimesNewRoman,Bold]

Example 2 The complainant would not have purchased any PPI policy. The
loan and the PPI policy ran the full term.

[/FONT]

As described in DISP App 3.7.3E, the firm should pay the complainant a sum equal to
the total amount the complainant paid for the PPI including historic interest where
relevant (plus simple interest on this amount).
In this example, this is the sum of the complainant’s previous PPI policy payments
made via the loan repayments. The simple interest is calculated on each monthly PPI
policy payment, from the time each payment was made to the time the compensation is
paid.

[FONT=TimesNewRoman,Bold]

Loan and policy details:

[/FONT]

Monthly amount of PPI policy payments (including interest) £50
Term of policy (in months) 60
Period to date (in months) 72

[FONT=TimesNewRoman,Bold]

Compensation calculation:

[/FONT]

Compensation for total PPI policy payments (£50 x 60 months) £3,000
8% p.a. simple interest on each payment, calculated as:

· Interest on first payment made = £50 x 8% x 72/12
(8% p.a. simple interest on £50 payment over 72 months (time since
payment was made)) plus

· Interest on second payment made = £50 x 8% x 71/12 (etc)

· Total interest = £50 x 8% x (72 + 71 + … + 14 + 13)/12
(Final payment on the loan was made 13 months ago)
Total interest

[FONT=TimesNewRoman,Bold]

Total compensation

[/FONT]

£850

[FONT=TimesNewRoman,Bold]

£3,850

[/FONT]

It is not necessary for the firm to arrange for the loan to be restructured in this

example, as the loan ran for the full term.

Hope this helps a bit further! Nae wonder our brains are all fried.:rotfl::rotfl::rotfl::rotfl:

amersall

tifosi wrote: »

Hi,

yes, as said above thats what happened with me -

The FOS passed me the banks offer (but did not have amounts included) and asked me to sign

I signed (under the understanding I could go back to them if I didnt agree with the banks figures once advised) and scanned/emailed the form back to FOS, they then sent the scan to the bank immediately

However, FOS are still allowing the banks (RBS) another 8 weeks to calculate the figures and pay up!

Its luck of the draw really, you may get lucky and the bank (RBS or whoever) may offer to settle ("for expediancy") or they may let it drag through FOS - whole things utterly random rather than based on details of the complaint

In some ways I wouldvve preferred it to stay with FOS so I got an ombudsman decision, that way at least I could go to court on it if they didnt pay up within 14 days

Cheers dears :D

julieprit2

smitchy73 wrote: »

Hi julie,
But Barclays are a different kettle of fish altogether as they said they'd pay out to everyone who had a complaint in before the ruling was issued in the JR, so if this is you then yes you should receive a payment, anyone else from that date of the JR would have 16 weeks for a final response, but that final response is to tell you if you've succeeded in your complaint or not, then they have the 8 weeks to pay out, not sure what Barclays are doing in that case.

Hope this clarifies:D

Yip, this was what I thought too :-) Saying that, they are cutting it fine as we are now on the 17th!! :rotfl:

frankohare

I would like to thank everyone who has posted or Moderated on this site. Your advice has been invaluable in helping me Claiming and more importantly fighting for my Money.
I have had my first success and it has inspired me to continue my fight.
I would never have believed that Welcome Finance would pay me back having had previous fights with them that had to go legal.

£1100 on its way into my Bank Account.

I will keep you all informed of my ongoing battles.

One Question today. Has anyone raised a claim with NEXT. I have found that my wife has been paying PPI for 18 years on her account.

smitchy73

Good news, OH got call from Clydesdale Bank saying that an offer was in the post and should be with us in the next few days, will post details once I get this, all other mail from them has taken nearly a week to get here.

Also this was a phone call from a senior ppi manager who emailed me in response to an email sent to CB ppi enquiries email, but I cc'd David Thorburn the CEO into it. I sent this away last Friday evening, at about 9.15am on Monday I received a standard response from the ppi enquiries email advising that a letter was in the post dated on the 12th week of the complaint, then on Monday evening had an email from the senior manager, then OH got the call today that it had been in the final stages of being dealt with and an offer was in the post and we should get in a few days.

We had two loans both for £10k one was taken out in 2002, I know we had a small amount of a refund of the ppi(£200 tops) when this was settled in 2006, refinanced with loan 2 again for £10k and again over 60 months but we settled this early, but no record of a refund of any ppi although it could've been within the early settlement figure, there is a full breakdown of how they arrived at their figures so will be checking with some of you guys and I know what I've worked out so far, depends on any ppi refunds at settlement.

Woohoo