PPI Reclaiming successes and failures

Sophieh_2

Moneyloser wrote: »

Hi Guys

I am after some help with working out if the offer we have received sounds reasonable.

We took a loan out in September 2005 from Loans.co.uk - for £15000 - with a PPI policy of £4050, over 10 years - so we still have an outstanding balance on the loan. The interest rate is 11.86%

We have received an offer today of the PPI premium of £4050, interest on premium of £2412.40, and 8% interest of £871.74 - so a total of £7334.14.

Whilst I am over the moon with the offer - the 8% interest seems a little on the low side to me - I had worked this out on the premium alone at 0.89pence per day from the 1st September 2005.

Can anyone give me any advice on whether or not my calculations are right or not.

Thanks in advance

Hi there, we received our 'upheld' letter couple weeks ago from Loans.co.uk - they were brokers on our loan through GE Money - , but when I rang GE this week, Loans.co.uk have not even been in contact with them to get the recalculation figs of the loan yet! Can I ask how long it took for you to get your offer through? Congrats on your win though!:D Did you get an answer from anyone here yet re the interest?

Dizzywithmoney

Red_peppers wrote: »

I have received my NOT upheld letter today :mad:

Basically it says after reviewing the sales call they are happy with the way it was sold and we were told it was optional. The fact that it only covers the first five years was explained and we agreed. Then was told to check the paper work.

The policy will remain in force.

Any help please guy

No mention of single premium either

So sorry to hear this Red Peppers. I was under the impresson that First Plus would be paying everyone out as they had really conned everyone into this "savings plan" scheme of theirs. I now also wonder if I hadnt put our claim in before the judicial review we may not have got ours back.

Keep fighting it was still a con and I am sure the FOS will see it this way too and its just First Plus way of delaying paying all this money out as they alone must ow out millions.

LeleB

Hi there,

I am trying to reclain PPI which was paid on a loan I got from the Ulster Bank (part of RBS). I paid a total of £4,000 in PPI - I started the process of reclaiming in Jan / Feb of this year. I got my 'holding' letter in March / April.....and have yet to hear anything from them. I have not got an offer letter like many people have before 31st Aug. Just wondering if there are many people in my position, and I'd appreciate any advice on what I should do next. I am absolutely seething with my bank.......I joined the Ulster Bank when I was 5 years old!

Many thanks,
LeleB

ReggieBoy

Hi

I found this Forum a few days after I had sent a letter to NatWest (19th May 2011) to complain about the mis-selling of my PPI.

I must admit my heart sank when I saw all the shinny templates and questionnaires on this site - I had just sent a note in my own words, detailing my concerns over the way the policy was added to my loan without a mention. The timescale had just been extended to sixteen weeks, which was a bit of a set-back, but I decided to just sit it out.

It was a bit of a roller-coaster ride reading the accounts of members on this thread; from the ‘just received £12,000 for the price of a stamp’ types, to people who had submitted claims over two years ago and still not resolved!

Well, my sixteen weeks ended yesterday with no contact from RBS. I thought I would give them until next Wednesday, then bite the bullet and give them a call. But, I arrived home a hour or so ago to find a UKMail A5 envelop with a RBS, Manchester address on the back - the dreaded post had arrived!

It was rather a thick packet - I immediately thought it contained a load of literature about contacting the FOS and that my claim had been rejected! BUT, it was an offer for £8,046 (oh, plus 15p!).:j

To say I was surprised would be putting it mildly - I had worked it out - if I had been luck enough to have had my complaint upheld - to around £6,250; perhaps that explains why I only obtained a C grade at Math ‘O’ Level.

Just like to say thanks to everyone who has contributed to this Forum over the last four months, especially DizzyDi, Niggly and Amerstall et al.

I can feel a few days in Paris (First Class Eurostar, obviously) and the purchase of an iPad! in the near future!!!!!

Off now to have a beer.:beer:

Thanks, and Good Luck to everyone with their claims.

smitchy73

LeleB wrote: »

Hi there,

I am trying to reclain PPI which was paid on a loan I got from the Ulster Bank (part of RBS). I paid a total of £4,000 in PPI - I started the process of reclaiming in Jan / Feb of this year. I got my 'holding' letter in March / April.....and have yet to hear anything from them. I have not got an offer letter like many people have before 31st Aug. Just wondering if there are many people in my position, and I'd appreciate any advice on what I should do next. I am absolutely seething with my bank.......I joined the Ulster Bank when I was 5 years old!

Many thanks,
LeleB

I would send an email to [EMAIL="Stephen.Hester@rbs.co.uk"]Stephen.Hester@rbs.co.uk[/EMAIL] or give them a call to find out whats happening, there should be a number on your letter or someone may be able to supply one later for you, obviously you won't get anyone until Monday now.
Hope this helps.:D

Lisa9982

Good news - the other day, some of you may have caught my 'i think i've been paid too much' post!

Well I called the bank and they confirmed my payment was right!!! My £3100 turned into £7200!!!! I am over the moon

Turns out they only sent me the paperwork for loan 1 - loan 2 paperwork seems to have got lost in the mail.

They've put all the paperwork in the post for me again with a settlement letter

smitchy73

Lisa9982 wrote: »

Good news - the other day, some of you may have caught my 'i think i've been paid too much' post!

Well I called the bank and they confirmed my payment was right!!! My £3100 turned into £7200!!!! I am over the moon

Turns out they only sent me the paperwork for loan 1 - loan 2 paperwork seems to have got lost in the mail.

They've put all the paperwork in the post for me again with a settlement letter

Fantastic Lisa, well done, brilliant result.:j:j

Red_peppers

Dizzywithmoney wrote: »

So sorry to hear this Red Peppers. I was under the impresson that First Plus would be paying everyone out as they had really conned everyone into this "savings plan" scheme of theirs. I now also wonder if I hadnt put our claim in before the judicial review we may not have got ours back.

Keep fighting it was still a con and I am sure the FOS will see it this way too and its just First Plus way of delaying paying all this money out as they alone must ow out millions.

Thanks,

I think I will write a letter to them, Amersall showed me what to put earlier - though I can't find it now!

So I will send that and give them two weeks, although I won't be expecting a response from them. Then off on the long FOS road I will go.

I was wondering though the 'cash back' will become available next year sometime so do I claim that back or wait for the FOS decision which I assume will take a couple of years.

I am determined to get this money back and get the PPI interest removed from the loan.:T

Fingers crossed everyone

humblebumble_2

What were you reclaiming: ppi on credit card...useless to self-employed husband!!
Who was the provider: MBNA
How much did you get back: over £6,000
Did you get it back after a letter or did you go to the Financial Ombudsman: after sending a copy of the letter found on this website only a matter of months ago.
Thank you Martin :-)

Lisa9982

smitchy73 wrote: »

Fantastic Lisa, well done, brilliant result.:j:j

Thankyouuuuu I've had the money a matter of days and already putting some of it to good use. Paid off the last of my credit card, paid off the balance of my holiday, got a new camera, dad a new cooker (got to look after my daddy hehe), my besties 30th present is bought and off out tomorrow shopping for a new wardrobe, carpet and tv/dvd player for bedroom. All stuff I have long needed but not been able to afford till now. Thankyou everyone on here so much for all your help and advice It has been much appreciated.

One more loan to finish paying (ends in 2014) and then DEBT FREE!!!!:j