PPI Reclaiming successes and failures

MARKOS72

Morgan2011 wrote: »

Can i ask in peoples experiences is their any benefit in claiming ppi with a third party acting for you? I have a pack at home from one of these companies but have decided to pursue the claim on my own after realising Egg will act on a email claim and i have all the relevant information already should it be required.
Does legal representation strenghten your chances of success?

Better off doing it yourself,these third parties tend to take a huge chunk if you win,and no guarantee thatyouwill win.For the cost of a few stamps better off doing it yourself

amersall

pandaspot wrote: »

i just recd my cheques from egg £2000 over all for my loans taken out in 2001,2002,2003.

so overall egg have paid out on the loans and credit card now. only my seven with hsbc to go and my one with intelligent finance.

hsbc i have sent one letter saying that a cheque is on the way for one of them, and of the phone said the others will be sorted within 4 weeks. just in time for my holiday in 5 weeks!

:j:j:j:jWell done :j:j

amersall

KENNEDYSHP wrote: »

Hi there. First time writer. I complained to the Halifax on the 18.05 this year, re ppi on five personal loans and a credit card agreement.
Today I received a letter UPHOLDING my complaint for 4 of the loans. But 1 loan complaint was rejected, (dated June 1998) and credit card was also rejected.

I have no paperwork for any of the loans so no idea of what to expect.
Although last loan in 2003 was for £10k over 4 years.I have sent acceptance form today. Can anyone advise how long they waited for breakdown and payment.

Congrats to all winners past and present and good fortune to others.

Thanks Shona

:j:jWell done :j:j

amersall

moosetastic wrote: »

just a very quick message to say I have received a reply from Egg about my credit card PPI, only sent it last week and got a cheque in the post today for just short of £300, I didn't have the card for very long (about 8 months) so I'm happy with the payout! Just waiting on 2 from Lloyds TSB (1 loan and 1 CC), Santander and Black Horse. Very glad I did this, was worth the price of a packet of envelopes and a stamp! Thank you MSE!!

:j:j:jBrill :money:

amersall

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,What year was this loan and did you do it through FP or a broker?. 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) Did you take ppi with the new loan?.where they said they gave us a rebate of £1200, do you think he is still entitled to the £5000 plus interest?
When you settled the loan early they would have given you a rebate of ppi,when you win mis sell this will be taken off the refund,you will get back the ppi with interest,less any rebate.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?
Niggly will work this out for you,but he will need the start and end date of the loan,the apr and the monthly payment.
Sorry abit long winded
You may have to wait until the time they have given you as this goes from the date they got your complaint.

amersall

nutty_nat wrote: »

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

Awwww thank you so much :A
Dont speak too soon :eek:you have not got our bill yet :rotfl::rotfl:

tifosi

:cool:

Well,

a friend just called to say the claim I helped him take to Egg has just paid out (cheque in post today) just under £3k - very happy man and is encouraging me to go for a few "swift 'alves" at the weekend - I shall of course duly oblige!

:beer::beer::beer::beer::beer:

I think its of note that this is exactlly 6 weeks from the date of complaint - a lot of the Egg loan refunds appear to take 6 weeks?

amersall

MattyA wrote: »

Hi all,
Have had a letter from Mint and FOS saying my claim has been upheld and I Mint will be coughing up in accordance with FOS guidelines.

Going through my statements back to 1998 it appears PPI premiums attrated interset only for the first few years.

I have been wrestling with this calculation all evening :

PPI premiums are £7.5K
Interest rate varied from 1.313 % in the early days to 2.075% more recentley.

Does anyone have any idea how to tackle this one?

I was thinking PPI premium + compound contract rate interest whilst it was charged and then PPI premiums + 8% simple interest for the remaining period

Has anyone had a successful PPI claim with this lot - if so what did they pay back?

Well done to all the winners today.

To the losers - dont give up! You have nothing to lose - bang it off to FOS.



Matty

:j:j Ab Fab :beer:

amersall

rolo1952 wrote: »

Well have had some success with Welcome Finance via FSCS.
i have been dealing with PPI refund for my sons partner and she has had £1888.67p paid into her bak account from FSCS.

No letter yet about how they arrived at this figure but I feel that this is a lot less than expected.


First loan taken out December 2007
PPI £1023

Refinance Loan June 2008 (First loan paid off)
PPI £1247.19
APR 31.85

Loan paid off March 2010.
No refunds given on either loan when paid early

I was advised to use 1 form to claim both PPI.

Can anyone tell me if the refund figure is correct for both policy.

I must say that she is delighted with the refund received and would like to thank you for your past help

:TWell done :T:T someone will help you with the figures.

bhoqoN

Niggly wrote: »

Loan 1


07/04 TO 03/05
9 payments of PPI = £20.02 X 9 = £180.18 (448.50/3448.50 X 100 = 13%) (154 X 13% = 20.02)
8% simple Interest on the 9 payments = £99.70 (from 07/04 to 08/11 is 86 months)
£448.50 was also paid for the PPI policy. £168.50*
Interest on this at 8% £74.14 (66 month)
*(We don’t know how much rebate was given so an accurate refund on this is impossible. What you can be is very conservative and say they gave you a proportionate refund of 15/24ths (yeah right) which is £280 meaning that you had to pay £168.5, which was added to loan 2. This figure is likely a lot higher and thus refund on claim will be higher)

Total £522.52
Loan 2

04/05 to 04/07
25 payments of ppi = £68.66 x 25 = £ 1716.50 (3419/16419 x 100 = 20.82%) (329.78. x 20.82% = (68.66)
8% simple interest on 25 payments =£749.31 (from 04/05 to 08/11 is 77 payments)
PPI single premium is £3419 assume rebate is 50% then £1709.50*
Interest on this at 8% £604.02 (53 months)
*Again likely to be much higher but want conservative figs

Total £4779.33

Loan 3

05/07 to 08/07
4 payments £72.36 = £289.44 (3603.10/ 17303.1 x 100 = 20.82%) (347.54 x 20.82% = £72.36)
8% simple interest on 4 payments £99.37 (52 months)
PPI single premium is £3603.10 assume pro rata refund 54/60ths then £240.21
Interest on this at 8% £ (48 months) £76.87

Total £705.89
Loan 4


[FONT=&quot]48 PPI premiums of £125.28 = £6013.44[/FONT]
[FONT=&quot]8 % interest is £982.20[/FONT]
[FONT=&quot]£6231 plus interest taken off the loan[/FONT]
[FONT=&quot]Premiums to reduce to £482.86[/FONT]

[FONT=&quot]Total £6995.64[/FONT]


Total £522.52
Total £4779.33
Total £705.89
[FONT=&quot]Total £6995.64[/FONT]

[FONT=&quot]Total 4 loans £13003.38[/FONT]

Niggly,

Thank you ever so much. I have the following as calculated by RBS:
Loan 1
TOTAL refund £202.85
Gross interest at FOS rate added to each overpayment from the date of payment to date £107.38
Less 20% tax £21.47
Net interest £85.91
Additional gross interest for delay in dealing with your complaint £1.29
Less 20% tax £0.26
Net interest £1.03
Total offer £289.79

Loan 2
Total refund of PPI and associated interest £339.08
Gross interest at FSO rate added to each overpayment £108.45
Less 20%tax £21.69
Net interest £86.76
Additional gross interest for delay £2.06
Less tax 20% £0.41
Net interest £1.65
Total offer £427.49
Loan 3
Total refund of PPI and associated interest £1835.47
Gross interest at FSO rate £758.01
Less 20% tax £151.60
Net interest £606.41
Additional gross interest for delay £10.23
Less tax 20% £2.05
Net interest £8.18
Total offer £2450.06
Loan 4
Total refund of PPI and associated interest £5765.64
Gross interest at FSO rate £884.32
Less 20% tax £176.86
Net interest £707.46
Additional gross interest for delay £29.15
Less 20% tax £5.83
Net interest £23.32
Total offer £6496.42
Loan reduced to 482.80 and outstanding balance to be reduced to reflect without PPI.

I am on day 13 of the will credit your current account in 28 days. Will keep the forum updated! Total is £9 663.76 and is going to include consolidated interest accrued on receipt of acceptance offer. I await the final figure!!:j:j:j