PPI Reclaiming successes and failures

ArferDaly

di3004 wrote: »

Hi Mark

Sorry to hear that!
Was it the final decision?

Even if it is the final decision, there is no harm in writing back to ask them to reconsider and give them say 14 days, try to give them further info and tell them you don't believe your complaint have been investigated properly, then say if you have not heard from them by 14 days you will complain to the FOS with your reasons.

Email the CEO and send to the customer care team at the same time.;) Good luck.
[EMAIL="antonio.osorio@lloydsbanking.com"]antonio.osorio@lloydsbanking.com[/EMAIL]
[EMAIL="customer.care.insurance@lloydstsb.co.uk"]customer.care.insurance@lloydstsb.co.uk[/EMAIL]

Hi
Thanks Di

Just sending a mail,stating not happy and long term self employed and also that I have had a complaint upheld.
Wish me luck.

Mark

di3004

ArferDaly wrote: »

Hi
Thanks Di

Just sending a mail,stating not happy and long term self employed and also that I have had a complaint upheld.
Wish me luck.

Mark

Good luck Mark, Fingers crossed.;)

kimtomjoe

Hi all this is the 1st time ive been on here so please bear with me but have found all your ppi claims very inspiring. Anyway i have put a claim in with First Plus, my oh took a loan out for £20,000 but was told he could only get it if we got PPi which was £5k added on top and that we would get this back as a lump sum once the loan had finished, he paid the loan off early around 18mths and took out another loan with them (dont ask me why) where they said they gave us a rebate of £1200, do you think he is still entitled to the £5000 plus interest? and would anyone be able to work out how much he would be entitled to if he won?
Also they wrote back to say they will have a decision by 3rd Aug, he never heard anything from them so phoned them yesterday, they are now saying it will be Sept/Oct time now before we have a decision as they have been granted an extension, does this seem right?

Sorry abit long winded

nutty_nat

kimtomjoe wrote: »

Hi all this is the 1st time ive been on here so please bear with me but have found all your ppi claims very inspiring. Anyway i have put a claim in with First Plus, my oh took a loan out for £20,000 but was told he could only get it if we got PPi which was £5k added on top and that we would get this back as a lump sum once the loan had finished, he paid the loan off early around 18mths and took out another loan with them (dont ask me why) where they said they gave us a rebate of £1200, do you think he is still entitled to the £5000 plus interest? and would anyone be able to work out how much he would be entitled to if he won?
Also they wrote back to say they will have a decision by 3rd Aug, he never heard anything from them so phoned them yesterday, they are now saying it will be Sept/Oct time now before we have a decision as they have been granted an extension, does this seem right?

Sorry abit long winded

Hi
I also have a complaint logged with Firstplus, they are allowed 16 weeks to get back to you with a decision. What date did you compain?
Niggly should be on soon he is a real expert with figures. :cool:

RosieBrock

RosieBrock wrote: »

Wow Niggly -what an ace brain you have. A million thanks.

Hi Niggly and many thanks again ....

You refer to Feb 2007 in your reply and workings out. But I settled on April 3rd 2008 after 18 months of payments. I presume this would alter the interest calculations you kindly made, (if I ever do get anything from RBS MINT) by around a year. I presume First plus is a bank you know about who averaged 20% refunds/rebates on a ppi policy premium and you used them as a comparator??

I need to be able to make a case on just how much they took to the FOS if my claim is refused.

kimtomjoe

Hi it has been about 10 weeks now,How long have you been waiting, im abit worried their doesnt seem too many success stories re FirstPlus.

Oh i will await Nigglys calculations

nutty_nat

Rae115 wrote: »

i know found that one last night and saw her picture big and bold last night. she gives well every one gives good advise

congrats to alllllllllllllll winners today :j:j

I second that what would we do without Di a true money legend :A, also amersall, niggly and many others on here. They give us expert advice and we would not have had as many WINS without there input. xx

nutty_nat

kimtomjoe wrote: »

Hi it has been about 10 weeks now,How long have you been waiting, im abit worried their doesnt seem too many success stories re FirstPlus.

Oh i will await Nigglys calculations

My complaint was logged in May my 16 weeks will be up on the 13th September. I had £20,000 of ppi added to my loan, what a fool I was!!!!!!!!!! Mark on your calendar when your 16 weeks are up, you have to allow them that.

Niggly_2

RosieBrock wrote: »

Hi Niggly and many thanks again ....

You refer to Feb 2007 in your reply and workings out. But I settled on April 3rd 2008 after 18 months of payments. I presume this would alter the interest calculations you kindly made, (if I ever do get anything from RBS MINT) by around a year. I presume First plus is a bank you know about who averaged 20% refunds/rebates on a ppi policy premium and you used them as a comparator??

I need to be able to make a case on just how much they took to the FOS if my claim is refused.

Okay here we go

The repayment on the loan at 6.3% is £486.82 per month
Actual monthly payment is £595.86
486.82/595.86 x 100 = 81.7%
£25000/0.817 = £30600 actual loan
PPI single premium is £5600
ppi per month is £109.04 per month

Sept 2006 to Feb 08= 18 payments of £109.04 = £1962.72 refunded

Each payment (18) will get interest at 8% simple from 2006 so first payment gets 60 months secon 59 months and so on.

Interest on these are £673.87

Now we know the ppi single premium was £5600

We know that a rebate on the ppi will be refunded on the PPI when you settled the loan 18 months later. The settlement/refund/refunds on PPI single premium policies are dire as all the expenses (mostly commission) are front end loaded. First plus refunds on a ppi policy at 18 months are roughly 20 % of the ppi premium.

Working on that premis you will have paid 80% of the ppi back to them on early settlement, this is £4480.

This would mean they owed you this £4480 from Feb 07 which is 4 Years and 6 months or 54 months so 54 months simple interest is

£4480 x 8%/12 x 42 = £1254.

Obviousley this is based on 20 % so if they rebated a higher figure the refund would reduce and vice versa.

However the figs above add up to £8370.59
So it would be well worth the claim.

RosieBrock

Kimtomjoe - I am sure you have a case re the £5000 because you were coerced into having PPI. The rebate your friend received is not really linked with the justice of the case of being missold PPI. The rebate was to do with the early settlement. That figure would be taken off any sum they gave you for your claim, but the amount you get will also have interest applied. Niggly did some calculations for me which was a very similar case where I settled my loan with RBS/MINT after 18 months, and was missold as they said having PPI would help me to qualify for a loan they offered me at 6.3% interest. . First Plus may be like RBS who were granted an extension by the FOS for settling claims. Originally they had 8 weeks from the time of the complaint if it was made after April this year. That was extended by 8 weeks to 16 weeks. This means if it is around ten weeks since your claim/complaint, they will need to have made a decision within the next six weeks. I believe that the extension ends as we reach Nov Dec this year and reverts back to 8 weeks. The extensions were granted to banks to relieve the FOS from a huge backlog of claims. The FOS will not be happy if genuine claims that fit the broad criteria are rejected as this is likely to increase the FOS workload even more.