PPI Reclaiming successes and failures

smitchy73

bean2011 wrote: »

I called them up as we are in a similar situation with the repayment reward and the lady said that we would receive the 25% when the loan was originally due to finish ie. July 2012, apparently they have a spreadsheet of everyone who this applies to and they will be paid accordingly on their original completion dates. She very clear that we wouldn't be disadvantaged by them paying off the balance.

I also asked about receiving the full amount as cash instead of using some of it to pay off the balance. She said that we were welcome to do that but they would need to restructure the loan to take off the future PPI repayments and were unable to guarantee the same interest rate as we have currently.

Hth

You shouldn't have to restructure and be put out by having to pay a higher interest rate as per the FSA guidance, it says what should happen with the redress, have a read and perhaps go back to them quoting this to them.

"3.7.4 E Additionally, where a single premium was added to a loan:

(1) for live [FONT=TimesNewRoman,Italic]policies[/FONT]:
(a) subject to [FONT=TimesNewRoman,Italic]DISP [/FONT]App 3.7.5E, where there remains an outstanding
loan balance, the [FONT=TimesNewRoman,Italic]firm s[/FONT]hould, where possible, arrange for the loan
to be restructured (without charge to the complainant but using any
applicable cancellation value) with the effect of:
(i) removing amounts relating to the [FONT=TimesNewRoman,Italic]payment protection
contract [/FONT](including any interest and charges); and
(ii) ensuring the number and amounts of any future repayments
(including any interest and charges) are the same as would
have applied if the complainant had taken the loan without
the [FONT=TimesNewRoman,Italic]payment protection contract[/FONT]; or
(b) where the [FONT=TimesNewRoman,Italic]firm [/FONT]is not able to arrange for the loan to be restructured
(e.g. because the loan is provided by a separate [FONT=TimesNewRoman,Italic]firm[/FONT]), it should pay
the complainant an amount equal to the difference between the
actual loan balance and what the loan balance would have been if
the [FONT=TimesNewRoman,Italic]payment protection contract [/FONT](including any interest and charges) had not been added, deducting the current cancellation
value. The [FONT=TimesNewRoman,Italic]firm [/FONT]should offer to pay any charges incurred if the

complainant uses this amount to reduce his loan balance"

Hope this helps:D

amersall

Dizzywithmoney wrote: »

Hi again - well I am even more confused today with regards to the two loans that we had!!! I thought I had sorted it out yesterday (see above) but then something clicked in my brain and I decided to look at the letter from Bank of Scotland with regards to the AA loan and low and behold this was the same account number that was on the letter from Halifax (same address I then noticed) but different reference numbers. The Forthright Finance loan was just in my husband's name but the AA loan was in joint name. I again telephoned Halifax to ask what was going on and to which loan were they telling me that had no PPI on. The guy I spoke to tried to be helpful but he sounded as confused as I was. All the letters from the Halifax had the same reference number on but referred to the same loan as the one from Bank of Scotland. He said he couldnt discuss the Forthright Finance one with me as that was just in my husband's name but could discuss the AA one as that was in joint name. But on reflection all I deemed from this conversation was that the Forthright Finance loan would be dealt with by Black Horse and I should ring them!!!This will be the broker,get your claim into them,ring Lloyds and i believe they let you do this over the phone. We have never had any correspondence from Black Horse regarding this loan - so now I really dont know what is going on.

The frightening thing is this "researcher" guy from Halifax is supposedly ringing my husband tomorrow and I have had to try and explain it all to my OH so that he can tell this guy and I know he will get totally confused and frustrated, he doesnt deal with banks at all!!! I will be at work!!! Do what i do,get your hubby to answer the phone and give permission to speak to you,they will do this.

Its a right mess from what I can tell now and I dont know which loan is now the one they are telling us that has no PPI on it - I honestly thought we had it on both anyway.
Did you SAR?,this will tell you.
Any advice from any of you guys would now be really gratefully received.

Also I contacted Barclays to be told that an offer letter had been sent out on 30th August, which I have never received. The lady on the phone said it was for only £55 - now this is for a credit card that I had over ten years and more or less always had a high balance on it. She asked me if I wanted to report that it wasnt correct but I said I would wait for the new letter that she was sending out and see what the figures are, etc. I know for a fact that I had PPI on this and have the statements from the SAR report to prove it. Do you think I am correct in waiting to see what the actual letter states, etc or should I have asked her to report that I wasnt satisffied there and then? If you have proof of more ppi,then wait and see what they have worked out for you,if you post here and it is wrong,then you can contact them again.

emm79

Hey, this is my 1st time ive posted on this thread...I recently recieved a application form 4 comp of FSCS with re to: Welcome Finance. I took out a loan with them back in 2005 for 15,000. this has now been paid off in full. Just wondering if any1 has had a successfull ppi with Welcome ?? Any idea of how much I will get back?? Any feedback would be appreciated :-)
Good luck every1 with ur claims x

IANC

TommyTV wrote: »

After my success claiming back over £11,000 from Lloyds TSB, a week later I got a response from NatWest offerng me £14,700. What a result. Without the guiiodance from this website I probably wouldn't have bothered, as I didn't think I'd get much back. I hadn't realised that they have to put you back in position you would have been without the PPI, so all the additional interest you paid because the PPI was added to you monthly statement before the interest was calculated, you get that back too, which at 26% is a tidy sum. Also any penalties added to your account due to PPI taking you over your credit limit are also returned, all with an additional 8% simple interest.
Don't give up, you'll get there in the end.
Now I'm going to work on an Egg.
Card that is!

Nice one Tommy :beer:

They were obviously Credit Card cliams.

Any details, such as start date and balances?

Like to see how it all works with the big reclaims.

amersall

bingobella wrote: »

Firstly i called HSBC after waiting the full 16 weeks and they told me that both my complaints against 2 loans has been upheld! success! just want to work out figures for my redress hope someone can help!

Loan 1 (2nd December 06)

Principal Loan £6,150.41
PPI £1,045.60
Total Loan £7,196.01
Period of Loan 36 Months (Paid back in full 8th Jan 07)
PPI Refund £679.59
APR 14.9%

Loan 2 (8th April 07)

Principal Loan £13,382.79
PPI £3,158.31
Total Loan £16,541.10
Period of Loan 62 Months (Due to be clear 31st March 12 - 7 Payments remaining)
APR 11.9%

I was told over the phone that my redress is up to the end of August 11 which is the last loan payment i made.

I also am due a repayment reward of 25% when the loan is paid 31st March 12 do you think it`s possible to ask them to repay the refund direct to me and i continue with the loan because i will also lose the repayment reward if they take it direct from the loan.

Cheers Lindsay

Hi there,if you have no arrears they should give you the refund and not take this off the loan,if that is what they are trying to do,then contact them.
With the win,you will no longer have the ppi,they will have cancelled this and taken the whole ppi off the loan,dont think you will get the 25% as you have already had 100% of the ppi.
Give them a ring and ask to confirm this,you may be lucky and get it.

loopyloz84

Hi S

Thanks for the congrats

I registered my complaints through Lloyds' dedicated PPI claims number on 31st May, I had 2 letters through from them 1 week later (one for my loan and one for my card).
My uphold letters were dated 30th August (for the loan) and 2nd September (for the card) and I received them around 5 days later.
The 16 week deadline would've been up on 20th September so it took around 14 weeks from complaint to uphold letters.

Who knows how long it will take for them to do the calculations and make payment - interestingly the loan uphold letter asked who I wanted the refund cheque payable to, and the card uphold letter asked which bank account I wanted the refund paid into!

Good luck with your claim - fingers crossed you hear those magic words soon!

blairrowland wrote: »

Hi,
Well done to you & congratulations!!:beer:
I noticed you have an upheld claim for the credit card for Lloyds, has the claim taken long so far, as i have just put a claim in for a credit card with them and a loan from 1998? So fingers crossed!!:)
S.

amersall

emm79 wrote: »

Hey, this is my 1st time ive posted on this thread...I recently recieved a application form 4 comp of FSCS with re to: Welcome Finance. I took out a loan with them back in 2005 for 15,000. this has now been paid off in full. Just wondering if any1 has had a successfull ppi with Welcome ?? Any idea of how much I will get back?? Any feedback would be appreciated :-)
Good luck every1 with ur claims x

Welcome are good with this,to let you know,FSCS only pay 90% of the ppi claim.

http://www.fscs.org.uk/can-we-help/?answer=c3&query=compensation%20limits

emm79

Thank u for ur reply..

Yes I am aware of that, thanks..If I get anything back it will be a bonus. I am a full time nursing student so if I get anything back I will be made up, as my NHS bursary doesnt pay much!!! :-) Fingers crossed x

di3004

Debzlou wrote: »

I wasn't even sure if I had PPI on my loan with Northern Rock, so after reading the other forums about how to claim, I phoned them to request a copy of my agreement. They asked why I wanted it and I said to check if I had PPI as I didn't know. The lady said I did have it and then asked if I wanted to make a claim for having been missold so I said yes, what did I need to do? She said she's complete a complaint form for me and I;d get a response within eight weeks.

I wasn't convinced, but didn't do anything and I received a letter after about a week saying that my complaint had been received and they were looking into it.

About five weeks later I received another letter saying they were still looking into it, but about a week after that I had a letter offering me a full refund (approx £5,000) plus interest (approx £1,200)!! All after one short phone call!

I accepted the offer and sent the form back and 28 days later received the full amount into my account and a revised repayment schedule with the PPI removed. Result.

Fab work Debzlou :T Congratulations!:beer:

di3004

emm79 wrote: »

Hey, this is my 1st time ive posted on this thread...I recently recieved a application form 4 comp of FSCS with re to: Welcome Finance. I took out a loan with them back in 2005 for 15,000. this has now been paid off in full. Just wondering if any1 has had a successfull ppi with Welcome ?? Any idea of how much I will get back?? Any feedback would be appreciated :-)
Good luck every1 with ur claims x

Hi and "Welcome" no pun intended lol.

Well if the loans are settled the refund of the ppi should be refunded directly to you, I would check on the FSCS for more details of how this is worked out.
Good luck.;)
http://www.fscs.org.uk/what-we-cover/eligibility-rules/compensation-limits/