PPI Reclaiming successes and failures

Mrs_Impatient

Hi, hoping someone might be able to work this out for me, had my figures from RBS last week and they seemed really low, so asked for my agreement which I received over the weekend.

Original loan £8k
Repayment Protection Plan £1269.99
Total amount of credit £9269.99
Total charge for credit £2831.41
Total amount payable £12,101.40

Annual % rate 11.6000%

Monthly instalment of £201.69 for 60 payments.

The loan was taken out in May 2001 and paid off in full in June 2003.

RBS has offered me £302.40 back which consists of repayments(?) and interest only. I don't think this is right

Could one of you very clever people work this out for me, before I go back to RBS, again!

Many thanks:o

di3004

weewen wrote: »

hello everyone, glad to see some positive results well done!:D
I recieved a reply from Santander regarding my Evand account.They are not upholding. They have looked at account and confirm ppi was added to account in1996!!! but say i signed agreement and although i said it wasn't explained as optional etc etc they say it was stated that not compulsory. Is this worth taking further? thank you.

Hi there

So sorry to hear this.

Did they confirm if this was the final decision?
Did they actually mention the FOS/if eligible to go this avenue.

If the business were not regulated by the FSA/GISC, the FOS will not be likely to investigate, but they may possibly suggest another avenue, normally the insurer/underwriter of the policy, so if you've been give the final decision, give the FOS a ring anyway and see if they can suggest anything, or otherwise write back to the business and ask them to reconsider with giving further information to support you case.
Good luck.;)

weewen

di3004 wrote: »

Hi there

So sorry to hear this.

Did they confirm if this was the final decision?
Did they actually mention the FOS/if eligible to go this avenue.

If the business were not regulated by the FSA/GISC, the FOS will not be likely to investigate, but they may possibly suggest another avenue, normally the insurer/underwriter of the policy, so if you've been give the final decision, give the FOS a ring anyway and see if they can suggest anything, or otherwise write back to the business and ask them to reconsider with giving further information to support you case.
Good luck.;)

Hi, yes, final response and says i may refer complaint to FLA. i have filled out FOS questionnare. Is this the way to go? thanks

di3004

weewen wrote: »

Hi, yes, final response and says i may refer complaint to FLA. i have filled out FOS questionnare. Is this the way to go? thanks

Hiya

The FLA is normally the option if your unable to complain to the FOS, but its rare the FLA helps, but I would first of all rule this out and if this fails, you can then still ring the FOS explain your situation and that you've also tried the FLA (so they don't try sending you to this direction again), and they will then possibly suggest the underwriter/insurer as another avenue who would have been regulated, they will explain.
http://www.financial-ombudsman.org.uk/contact/index.html

tifosi

Mrs_Impatient wrote: »

Hi, hoping someone might be able to work this out for me, had my figures from RBS last week and they seemed really low, so asked for my agreement which I received over the weekend.

Original loan £8k
Repayment Protection Plan £1269.99
Total amount of credit £9269.99
Total charge for credit £2831.41
Total amount payable £12,101.40

Annual % rate 11.6000%

Monthly instalment of £201.69 for 60 payments.

The loan was taken out in May 2001 and paid off in full in June 2003.

RBS has offered me £302.40 back which consists of repayments(?) and interest only. I don't think this is right

Could one of you very clever people work this out for me, before I go back to RBS, again!

Many thanks:o

Hi,

do you have the figure for the amount you paid back in June 2003?

It is likely they gave you a rebate on the PPI when you settled early

By my calculations, the £1269 would have had £736 in interest added if you had seen the loan through its full 60 month term

So, if we take £1269 + £736 = £2005


Even allowing for any rebate given, £302 sounds low (as you would be entitled to 8% compensatory interest on top as well)

Can you track down the amount you paid to settle the loan?

debsclark17

Just thought I would let you know positive news. Middle of June this year wrote to MBNA Credit Card on behalf of my dad who had been paying ppi even though he was self employed and has been since 1983. We had no paperwork, just used Martin MSE template letter and said that we believed it had been missold because he was self employed and also queried why he was still paying it as he is now 68 (we presume that he is still covered at this age) .....he received a letter today to tell him that he would be receiving nearly £14000 back !!!! They will use part to pay off the balance and send a cheque for the remainder within 28 days. Not bad for a quick letter and the cost of a stamp and only took about 9 weeks !!
:j:j

tifosi

debsclark17 wrote: »

Just thought I would let you know positive news. Middle of June this year wrote to MBNA Credit Card on behalf of my dad who had been paying ppi even though he was self employed and has been since 1983. We had no paperwork, just used Martin MSE template letter and said that we believed it had been missold because he was self employed and also queried why he was still paying it as he is now 68 (we presume that he is still covered at this age) .....he received a letter today to tell him that he would be receiving nearly £14000 back !!!! They will use part to pay off the balance and send a cheque for the remainder within 28 days. Not bad for a quick letter and the cost of a stamp and only took about 9 weeks !!
:j:j

Hi,

is he happy with it paying part of the balance?

Unless he is in arrears, they are not entitled to use the refund to pay off the balance, they must send the full amount (minus any arrears) to him via cheque


Also, whilst 14k is a fantastic amount (well done you for helping your dad out!) - do you know what balance he has held for the time he's had the card?

debsclark17

thanks for that tifosi, yeah he is happy for the balance to be paid off saves a fortune in interest !! but definately worth posting for others info. thanks

Oh and no we have no idea how long he has had the card prob 20 years balance ranged from £10000 to 5000 .. thats just a rough guess

LynK_3

LynK wrote: »

I recieved another letter from Santander returning my cheque again for the SAR.

It says

Dear Sir (can't even get that right lol!)

Please find enclosed your cheque which e to accept for the reason indicated below.

*In accordance with the Consumer Credit Act 1971 a statutory fee of £1 is payable per agreement.

Please ensure that any amendments on the cheque have been initialled.

We should be grateful if you would return the cheque to enable the payment to be processed promptly.

Yours faithfully.

What do I do now, I thought it they had to comply with my request. Very interestingly on my SAR letter which has been returned also and someone has handwritten on it Too much. Does this mean that I have too much information on my file that they couldn't send it. very bizarre!!

sorry to be a pest, but anyone any advice re this. The SAr request was a template letter from these forums and I did enlcose £20 as many of the loans etc are in joint names.
would I be as well taking a chance with one of the claims companies and seeing if they have any joy as this is the 2nd time they have returned my cheques. They would have a huge amount of paper work as the mortgage and numerous loans over the years are all with Santander.

shar1234

fifi123 wrote: »

Hi - no post today but did my usual routine of logging onto online banking and I have 3 x PPI Refunds from Barclays totalling £2361 :j. I have no idea what they have paid out, will have to wait for the breakdown as I requested them to look into all (9) of my consolidated loans from 2000 - 2007. Will keep you posted. Fi. x

I'm so pleased Barclays are paying out, well done to you! They wrote to me last week to say that they were on schedule to meet the deadlines. I have to wait until 3rd October, I hope the wait will be worth it!