PPI Reclaiming successes and failures

smitchy73

Mrs_Impatient wrote: »

Quote:
Originally Posted by tifosi
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?


Hi tifosi

I did some digging around and rang the loan company and have found out that I paid £8,910.17 back in full on 15/7/2003, but they did tell me that £970.73 was written off as part of the settlement figure they gave me (which I had a feeling thats was why my rebate figure was low), but still I don't think there is any compensatory interest on that £302 figure for the last 8 years, what do you think?

Thanks.

Was the £970.73 a ppi rebate or was it a total rebate, sounds too much to be a ppi rebate back then, several posts i've seen it was stupid amounts like 20% of the ppi single premium being rebated if anything!

Lucas81

Looking on the Lloyds TSB website, the first step is to call them on their number. I was wondering if anyone had tried this method instead of sending a letter from the off?

Im sure they wouldnt but I worry that the I may not get my full entitlement should I not pursue with a letter/ombudsman etc

Sophieh_2

smitchy73 wrote: »

Sophie, your refund will be what you have paid plus interest, the £8100 coming off the loan is the lender restructuring your loan as if there had been no ppi on it, and therefore you're monthly payment will decrease after the ppi amount is removed, just as niggly had listed.

Well done on your win.:D

Ok.....sorry I'm confuseddotcom now!!! When I spoke to GE Money to get figures Niggly had asked for, they said unless we used the money paid to us by loans.co.uk against the remaining loan (which we are not going to), it would remain exactly as it is.....which makes sense to me as no-one is paying GE Money anything?? Am I making sense?

smitchy73

Lucas81 wrote: »

Looking on the Lloyds TSB website, the first step is to call them on their number. I was wondering if anyone had tried this method instead of sending a letter from the off?

Im sure they wouldnt but I worry that the I may not get my full entitlement should I not pursue with a letter/ombudsman etc

Lucas, many people have started that way, make sure you are fully prepared to answer anything they may ask, ie reasons you think you were mis-sold etc.
Some people have found it quicker to do this, others still believe better to do it on the forms, keep a copy and post recorded signed for as a way of keeping tabs on the forms being received etc, gives you a timeline to stick too, but have a good read through the reclaim section, and see how you feel, you can always give them a ring and see what they say, take it from there.
Oh and it's not a letter anymore, you fill in the FOS consumer questionnaire and send it(after keeping a copy) and copies of any relevant documentation you have. You can't go to FOS until you have exhausted the banks own complaints procedures.
Also if you wait about a week before sending your complaint or calling them, you will save four weeks on the time they have to deal with your complaint, if they are Lloyds/RBS/HSBC etc, as from 1st September any claim received has to be dealt with in 12 weeks, whereas received 31st August or before has 16 weeks to be dealt with.
Good luck and keep us posted.:D

smitchy73

Sophieh wrote: »

Ok.....sorry I'm confuseddotcom now!!! When I spoke to GE Money to get figures Niggly had asked for, they said unless we used the money paid to us by loans.co.uk against the remaining loan (which we are not going to), it would remain exactly as it is.....which makes sense to me as no-one is paying GE Money anything?? Am I making sense?

You are making sense, maybe I shouldn't have butted in, niggly is an expert there, but according to FSA you have to be put back into the position you would've been in if they hadn't mis-sold the ppi to you, which as niggly said refund what you have paid so far plus 8% interest, then take off the ppi amount and all interest from the loan totals, from there I guess is where it gets confusing, does the monthly amount remain the same, but the term gets shorter? Or does the length remain the same but the payment gets smaller? OH I dunno now, hhheeeellllllpppp:eek::D

Mrs_Impatient

Mrs_Impatient wrote: »

Hi tifosi

I did some digging around and rang the loan company and have found out that I paid £8,910.17 back in full on 15/7/2003, but they did tell me that £970.73 was written off as part of the settlement figure they gave me (which I had a feeling thats was why my rebate figure was low), but still I don't think there is any compensatory interest on that £302 figure for the last 8 years, what do you think?

Thanks.

smitchy73 wrote: »

Was the £970.73 a ppi rebate or was it a total rebate, sounds too much to be a ppi rebate back then, several posts i've seen it was stupid amounts like 20% of the ppi single premium being rebated if anything!

She couldn't tell me, but I think it was a case of when I had the money to pay them I said something like "can you give me a settlement figure to pay this off in full today"

sunny8_2

Hi guys,
Just an update....emailed my claims representative this morning to explain i had rang mbna up myself yesterday & found out what i was getting upheld, and questioned if this was correct and why i hadnt even received a 'upheld' letter.
My guy has gone on a/l but nicely emailed me back to say he was a/l and had passed my details onto another rep - Colin. I was just sitting nicely emailing this other guy...when, to my surprise, lovely Colin emailed me to state yes, my cheques have been raised & should be with him in the office in the next 48 hrs and will be posted out with the calculations letter:j:j:j
Colin said that my cc refund would come from another dept & should also be with me by the 16th sept:T:T:T:T:T
I honestly cant fault MBNA..( even though i haven't got the cheques yet) as they have been really nice in all the emails, and i know i have been acting like a stalker & emailing them every other day but it has worked !!!haha.:p:p:p:p
Hopefully cheques should be here maybe tues/wed!! Woohooo:T:T:T:Txx

Mrs_Impatient

Mrs_Impatient wrote: »

She couldn't tell me, but I think it was a case of when I had the money to pay them I said something like "can you give me a settlement figure to pay this off in full today"

So basically just need to know whether I am entitled to the 8% compensatory interest for the last 8 years so I can fight RBS, a bit!!:rotfl:Thanks.

Sophieh_2

smitchy73 wrote: »

You are making sense, maybe I shouldn't have butted in, niggly is an expert there, but according to FSA you have to be put back into the position you would've been in if they hadn't mis-sold the ppi to you, which as niggly said refund what you have paid so far plus 8% interest, then take off the ppi amount and all interest from the loan totals, from there I guess is where it gets confusing, does the monthly amount remain the same, but the term gets shorter? Or does the length remain the same but the payment gets smaller? OH I dunno now, hhheeeellllllpppp:eek::D

Lol no, no, noooooo! The terms of remaining balance are neither here nor there (ie; do we pay less over longer term or keep same & pay it off quicker) - that's not my issue!! I am confused about why GE Money would restructure the loan at all given that neither me nor loans.co.uk are paying them the PPI 'value' - (ie £9200 odd) in order to require the restructure in the first place! Do ya geddit now? lol or have I confused YOU even more now?? :rotfl:

amersall

Katinkka wrote: »

Hello people.

Have recently realised we took out ppi on our old mortgage with Northern Rock. It was through a brokers and was advised in my other thread that I should contact the brokers. They said because they sold me it in 2004 I can not claim because it is outside of some 'ruling'. THe woman on the phone made me feel pretty stupid.

What can I do? Anything? It was £3060 single payment on a mortgage of 102k.

Also earlier in the day I had a call from another guy at their solicitors who said he would send me some 'paperwork'. Not sure what to expect now but this woman basically told me I had no chance and was like 'what about it?'.

Hi there, this was before jan 05,so they would not be regulated.
You need to go for the insurer,just put a claim in for mis sell to them and if they come back with a no,you can take this to FOS and they will deal with it.

Have you posted this on the mortgage thread? as this ppi is different to loans and credit cards.
If you have and you know you could have been mis sold then put your claim in.
If you want you can wait for the paperwork you are being sent,if this is just to put a claim in, then do it, but also,get one into the insurer.