PPI Reclaiming successes and failures

emgranoli

I need help, has anyone had a loan with GE money, I rang them to enquire if i have PPI on my existing loan with them, it took them a whole 28 mins and 3 different operators to tell me i've been paying over £100 per month PPI, As i never asked for this on my loan and this was never explained to me i made a complaint, all my details were taken down, 1 week later i recieved a letter stating that my complaint was being looked at, then the next day i recieved anothe letter stating that it wasn't GE money who provided the insurance it was access loans and morgages, and that GE money have no involvemnet in this matter, after sending a letter to Access loans and morgages i have not heard anything back, can anyone suggest anything for me to do next????

Derwent

tifosi wrote: »

???

If so, watch them - I've had mine upheld and paid (started Dec 2009!) and I've just written back to them stating I believe they have calculated there figures incorrectly

I had an illuminating experience with a certain bank earlier regarding calculations. They sent me my figures last week and I refused to accept them as they looked wrong. So they sent me their calculation spreadsheet and lo and behold there is such a basic error on it that it took me all of 10 seconds to spot. The industry standard for PPI premiums was around 79p per £100 balance, i.e. total monthly balance x .0079, so a balance of £10,000 would have a premium of £79 in the month. On their spreadsheet there were a couple of months where the balance was almost exactly £10,000 yet according to them the PPI paid in those months was £27 and £33 respectively. I checked the other months and there is not one single month where the PPI equals 79p per £100 and in some months its as low as 11p per £100. Given that the PPI factor is fixed then it should be a simple equation each month of balance x .0079 without fluctuation. I asked them why this was and they are unable to explain it other than 'the system must have made a calculation error'. They are now recalculating, except now I have their base data so have already calculated it - lets just say the difference between their original calcs and the proper ones are in excess of £8k !!!!!

amersall

emgranoli wrote: »

I need help, has anyone had a loan with GE money, I rang them to enquire if i have PPI on my existing loan with them, it took them a whole 28 mins and 3 different operators to tell me i've been paying over £100 per month PPI, As i never asked for this on my loan and this was never explained to me i made a complaint, all my details were taken down, 1 week later i recieved a letter stating that my complaint was being looked at, then the next day i recieved anothe letter stating that it wasn't GE money who provided the insurance it was access loans and morgages, and that GE money have no involvemnet in this matter, after sending a letter to Access loans and morgages i have not heard anything back, can anyone suggest anything for me to do next????

Hi there, how long ago did you send your complaint to access loans?,if it is longer than 14 days,you need to chase this up.
Do you have a telephone number? you could give them a ring.

RosieBrock

Congratulations to all and commiserations to all still fighting this. I called RBS for the first time today on their freefone number to find out what was happening following receipt of a letter a couple of months back dated just 'June' no day, telling me they had been granted an 8 week extension. This would bring them to August 31st. I was told nothing about the status of my claim today when I got through (not too long a wait to their call centre) to be told that they are "a little behind". My letter has not been sent out yet. "I should hear something by the end of the week" they said. This was an RBS 'MINT' loan that was settled early in 2008 and was taken out for five years in 2006. Niggly helped me with calculations which show that if I win I should get at least £5K back. My claim went in on May 10th this year following my perusal of what mis-selling comprised. The basis of my claim was coercion, as I had responded to a 6.3% loan offer and was coerced into taking PPI that I did not want. I had to consolidate an existing loan of £8000 into a £25,000 loan in total, and they told me that taking PPI would "help me qualify for the loan at 6.3%." It is an interesting one. Not straighforward, but a clear case of misselling. I sense that RBS ((who own MINT) are slow and raclacitrant on upholding claims compared to quite a few other banks from reading the successes. and I expect a long fight and a referral to the FOS.

ana008

hi i recieved a letter the other day from Lloyds this is what it says.
As our final response we would like to offer you a refund of all the ppi premiums paid (inclusive of interest) plus simple interest at 8%.

In addition, as my loan repayments have not yet been completed they will amend my existing loan to reduce the monthly payment. This new monthly repayment sum will reflect what my monthly loan repayment would have been had I not purchased PPI. They will only do it if I accept offer.

They dont mention how much the total pay out is but want me to sign the agreement before they send me a letter to let me know the total payout and how they worked it out.

Should i just sign the paper work or ring them to see if they will tell me the final payout?

tifosi

Derwent wrote: »

I had an illuminating experience with a certain bank earlier regarding calculations. They sent me my figures last week and I refused to accept them as they looked wrong. So they sent me their calculation spreadsheet and lo and behold there is such a basic error on it that it took me all of 10 seconds to spot. The industry standard for PPI premiums was around 79p per £100 balance, i.e. total monthly balance x .0079, so a balance of £10,000 would have a premium of £79 in the month. On their spreadsheet there were a couple of months where the balance was almost exactly £10,000 yet according to them the PPI paid in those months was £27 and £33 respectively. I checked the other months and there is not one single month where the PPI equals 79p per £100 and in some months its as low as 11p per £100. Given that the PPI factor is fixed then it should be a simple equation each month of balance x .0079 without fluctuation. I asked them why this was and they are unable to explain it other than 'the system must have made a calculation error'. They are now recalculating, except now I have their base data so have already calculated it - lets just say the difference between their original calcs and the proper ones are in excess of £8k !!!!!

Is that all? 8k?

Dont know what you were worried about DW!

:rotfl:


Yes, I've had payment from RBS on my CC and it seems way too low so I've written back asking them to re examine it for me, should prove interesting...........

di3004

ana008 wrote: »

hi i recieved a letter the other day from Lloyds this is what it says.
As our final response we would like to offer you a refund of all the ppi premiums paid (inclusive of interest) plus simple interest at 8%.

In addition, as my loan repayments have not yet been completed they will amend my existing loan to reduce the monthly payment. This new monthly repayment sum will reflect what my monthly loan repayment would have been had I not purchased PPI. They will only do it if I accept offer.

They dont mention how much the total pay out is but want me to sign the agreement before they send me a letter to let me know the total payout and how they worked it out.

Should i just sign the paper work or ring them to see if they will tell me the final payout?

That is fab, Congratulations!:beer:

They normally send the breakdown just before you receive the payout, well this has happened in my case with Lloyds, or email to ask them to post them to you, just in case, well done!

[EMAIL="Customer.Care.Insurance@lloydsTsb.co.uk"]Customer.Care.Insurance@lloydsTsb.co.uk[/EMAIL]

di3004

Katescottie wrote: »

Hi! Haven't posted on this site for a long time, last time was back in July some time. I had a loan upheld for nearly £3500 with Liverpool Victoria which I am thrilled about, BUT waiting for the cheque is doing my head in!!!! The promised 28days was up 1 week ago today, I thought they had to pay up within this timeframe, or has there been an extension again?? Does anybody know??

Hi, Congratulations!:beer:

I may be wrong but I didn't think that LV was also one of those businesses caught up with the extra time, but if your still waiting for your refund after they said 28 days, I would definately chase them up about this.
(Just in case its been mislaid in the post).
Good luck.

di3004

beverleykim wrote: »

Hi Di

Yes, they did quote it was their final response, so have sent a SAR today so that I can see what they see, and then the fight continues. I personally think they are stalling for time as they had to get a letter to me by 31st August, and they are hoping people will drop out - not me......

Bev

Keeping everything crossed for you Bev, stay strong now hun, and the best of luck x;)

di3004

lula33 wrote: »

I got back home yesterday to find a letter from LLoyds upholding my complaint yippee! I was very surprised as I had spoken to them last Thursday and was told no decision had been made and I should hear this week as my 16 weeks were up today. The letter was dated the 22nd though! I just need to confirm that the uphold is for both of my loans as they were both put under one reference but the acceptance only lists one loan number. Am so pleased and grateful for all the excellent information and advice given on this site.

Thank you

Congratulations, so pleased for you!:beer:

If you've not yet checked if this is for the 2 loans, you could try emailing them as shown below, good luck.
[EMAIL="Customer.Care.Insurance@lloydsTsb.co.uk"]Customer.Care.Insurance@lloydsTsb.co.uk[/EMAIL]