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PPI Reclaiming successes and failures

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Comments

  • pinknico wrote: »
    The simple answer is yes and late charges and also make a seperate complaint to the FSA and FOS about how the bank have treated you.


    Thanks a lot pinknico. I will complain
  • Hi all, I had a loan of £40k with Norton Finance and to cut a long story short I only actually needed the monies until I was to change my mortgage in about 18months at which point I would settle the loan. Norton were made fully aware of this... I had re-paid about £13k by the time I settled/redeemed the loan! My redemtion figure was £47K!!!! I nearly died! That meant £40k cost me £60k in 20months!!! I wrote several complaint letters to Norton but to no avail!!!So eventually I took this to the FOS on THEIR suggestion! Eventually, I was told that as the loan was over £25k they could not help, but pointed out I had been mis-sold a PPI! Now almost 20months down the line and a year of the FOS taking my case, the FOS have found in MY FAVOUR & NORTON FINANCE HAVE TO RE-IMBURSE ME!!!!!
    I will be receiving ALL monies that I paid for the PPI, ALL the interest on the PPI, ALL the difference between the loan WITH & WITOUT the insurance add this together and put 8% interest on this(from the date I received the monies until the date they write the RE-IMBURSEMENT CHEQUE - which will be just over THREE YEARS!) and then I will receive an EXTRA 20% INCONVENIENCE/STRESS & COMPENSATION PAYMENT! This should total approx £6k!!!!It has been a LONG WAIT but definitely WORTH IT!!!! Do NOT GIVE UP - especially if you BELIEVE you have been 'DONE!' The FOS have been BRILLIANT & FREE!!!!!!
    But best of all is the letter from the FOS to NORTON! The ombudsman has totally slated them and is isuing an inquiry to their other loans they have!! I hope they go out of business! The FOS has found TOO MANY IRREGULARITES in my case and is a large 'well-known' company! I just hope more people find the time to contact the FOS as they have been WONDERFUL!!!
  • I took out a loan from Smile (Co-Op Bank) in July 06, with PPI. I read the article about PPI on this website and I believed I had a case. When I took the loan out the "Customer Services" rep told me quite blatantly that unless I took out PPI, I wouldn't get the loan. I wrote to Smile in December 08, demanding all my PPI money back plus 8% interest. They replied exactly one month later, and said YES! The PPI has been taken off of my loan and the refund applied to it, meaning my loan has been shortened by 22 months and I will save around £5400. Thank you to everyone at Moneysavingexpert.com.
  • /Hi there

    I am expecting a refund from Halifax for mis sold PPI on a 20k loan from 2006. It was taken out beginning of May 2006 and settled on 29/1/2007 (remortgaged)

    The amount repaid was £30,828 with PPI included in that total.
    Halifax have agreed to refund the PPI plus 8% - does anyone know how much PPI is generally on a loan of that size, I think the interest rate was about 6 or 7% at the time

    Thanks

    K x
  • Kras, I would expect the PPI to be around £4000 for that amount, but depending on the term of the loan.

    You are entitled to the PPI, plus interest paid at the rate applied, plus 8%
  • Hi there

    The loan was for 7 or 8 years, it was only ever a short term loan, we stupidly remortgaged our house to pay it off, it was an accumulation of credit card debt, we never had credit cards until we bought our first home then everyone and their dog offered and we accepted

    Do you really think it could be that much ?

    That would be great

    K
  • I was convinced I hadn't been caught out by my loan company but after reading the articles on this site I downloaded the letter templates as a precaution...I got home and checked my correspondence and found that they had applied PPI to my loan TWICE ! The first time was when I initially took out the loan (at which time I wrote to them and cancelled it) the second time was when I refinanced my loan approx 2 years ago...and I'd been paying it ever since!

    I tweaked the letter template and sent it off and waited. They were pretty good at satying in touch - sending letters every couple of weeks to let me know my query was being investigated and after 8 weeks to tell me that I was now entitled to pursue it with the Financial Ombudsman but I decided to stick it out a little longer. 10 weeks after submitting my letter I got my response...and not only are they refunding ALL the PPI I have paid, but they found that when I refinanced, the amount of my original loan to settle was incorrectly calculated and they were refunding me the difference AND interest.

    Thank you Money Saving Expert !

    ...now I have just to sort out my mortgage...! :confused:
  • maxdp
    maxdp Posts: 3,873 Forumite
    clg155096 wrote: »
    I was convinced I hadn't been caught out by my loan company but after reading the articles on this site I downloaded the letter templates as a precaution...I got home and checked my correspondence and found that they had applied PPI to my loan TWICE ! The first time was when I initially took out the loan (at which time I wrote to them and cancelled it) the second time was when I refinanced my loan approx 2 years ago...and I'd been paying it ever since!

    I tweaked the letter template and sent it off and waited. They were pretty good at satying in touch - sending letters every couple of weeks to let me know my query was being investigated and after 8 weeks to tell me that I was now entitled to pursue it with the Financial Ombudsman but I decided to stick it out a little longer. 10 weeks after submitting my letter I got my response...and not only are they refunding ALL the PPI I have paid, but they found that when I refinanced, the amount of my original loan to settle was incorrectly calculated and they were refunding me the difference AND interest.

    Thank you Money Saving Expert !

    ...now I have just to sort out my mortgage...! :confused:

    Hi Well done. Really pleased for you.:T
    :mad:
  • I wrote off to capital one with the template letter from this site about ppi on a credit card.
    They first refused to repay anything .So I sent them a second letter . I have just had a reply from them offering me back half of the payments +8% interest a total of £1500. Do you think I should hold out for the lot or accept there offer.
  • From my experience with Capital One, I'd say hold out for the full amount, as they do pay out eventually - either from your request or when the FOS gets involved.

    There is nothing to stop you accepting their current offer, but remind them that you will pursue the claim for the rest of the PPI. Don't let then get away with only paying half. Good luck!
    LBM November 2005: approx £32K :eek:
    Current debt: approx £12K :T
    Getting there one day at a time ;)
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