PPI Reclaiming successes and failures

comicbookguy

Just got my PPI claim settled by the alliance and leicester £2400 back as they couldn't prove I hadn't been mis-sold.
Letter I sent off this site was the, you have been fined previously for this, one. Didn't think anything would come of it.
Thanks a lot everyone and good luck
:beer:

Shellbell

I complained to FOS as Co-op initially denied mis-selling me the policy, I have today received reply from FOS that Co-op want to settle but here is my confusion, there is no actual amount of what they are offering, the loan was for £8000 plus interest £3301.85 total payable £11301.85, the PPI was £2456.15 plus interest of £1013.73 totalling £3469.88

In the offer letter it states they are prepared to make the following offer in full and final settlement of the complaint;

a) calculate the amount you paid in total in respect of your overall loan, including any fees and penalties, as well as interest and repayments and reflecting any premium rebates allowed on cancellation of the policy;

b) calculate the amount you would have paid in total had the original loan been taken without the additional borrowing to fund the PPI, but assuming it was settled on the same date (including any fees and penalties, as well as interest and repayments);

c) Pay you the difference between a) and b) plus interest of 8% oer annum simple from the date the loan was redeemed to the redress payment date.

I did actual see the loan out and did not make any claims on the policy.

I have to sign a form accepting the offer but are they paying me back the full amount or not :-)

Thanks for any help
Shellbell

marshallka

Shellbell wrote: »

I complained to FOS as Co-op initially denied mis-selling me the policy, I have today received reply from FOS that Co-op want to settle but here is my confusion, there is no actual amount of what they are offering, the loan was for £8000 plus interest £3301.85 total payable £11301.85, the PPI was £2456.15 plus interest of £1013.73 totalling £3469.88

In the offer letter it states they are prepared to make the following offer in full and final settlement of the complaint;

a) calculate the amount you paid in total in respect of your overall loan, including any fees and penalties, as well as interest and repayments and reflecting any premium rebates allowed on cancellation of the policy;

b) calculate the amount you would have paid in total had the original loan been taken without the additional borrowing to fund the PPI, but assuming it was settled on the same date (including any fees and penalties, as well as interest and repayments);

c) Pay you the difference between a) and b) plus interest of 8% oer annum simple from the date the loan was redeemed to the redress payment date.

I did actual see the loan out and did not make any claims on the policy.

I have to sign a form accepting the offer but are they paying me back the full amount or not :-)

Thanks for any help
Shellbell

All I can say shellbell is that I had to do the same too. Sign without knowing but I did get confirmation from the FOS that this is what they would expect a firm to do in regards to misselling and it was their same method too. I listened to someone on here and was expecting far more back but I had not realised that the settlement would be different using the old rule of 78 way to settle loans (which was what I agreed to on taking the loan out although they called it in accordance with the 1983 regs). I then argued this with the FOS when I knew of the amounts but as I settled the loans early and had rebates (refunds of the PPI at settlement) at settlement and when I used the calculator rule of 78 they were correct.

Its best to get the FOS to check this is what they would expect a firm to do when they have missold.


And by the way WELL DONE!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Shellbell

Hi Marshalka
thank you for replying, I will need to give FOS a call on Monday.

What is rule 78?? and what does it actually mean
thanks
Shellbell

TJBooks

Thank you Martin.
It has taken nearly 2 years to get 2200.00 back from Barclays for PPI sold on business loans.
Also big thanks to the FSO Great job by them.
All the best
T

Iheartfreebies

This is my 1st post although I've been browsing the forums for some time. I sent off my PPI claim to Egg on the 24th November, had a letter at the beginning of the year telling me they were still looking at it then yesterday a letter arrived telling me they were refunding over £2,500 and apologised that I had cause for complaint! Very, very easy, I would urge everyone to take 5 minutes and send off a claim! Thanks Martin, I am a very happy bunny :j

marshallka

Shellbell wrote: »

Hi Marshalka
thank you for replying, I will need to give FOS a call on Monday.

What is rule 78?? and what does it actually mean
thanks
Shellbell

Its the old 1983 regulations of settling a loan early. Its unfair really and can be challenged but its how they used to do it on older loans before the new regs of 2004 came in.

deborah46

Hi all, esp Showergirl and Natalie 6999,
I have received a letter from the fos today saying that TPF have agreed to settle on a goodwill basis and i have to send the acceptance letter and they will forward to TPF and i should receive payment within 8 weeks.
All in all its taken stage 1 and stage 2 letters and then complaining to the fos for them to pay up. Didnt even have to go to an adjudicator.
Happy days:beer:

Krasnoludek

Hi all

Hubby and I have reclaimed two lots of PPI on 2 loans from Halifax, one was 2K and 20K.

We wrote to them end of December (without loan details) just gave them dates and amounts, they sent holding letter about 10 days later, then about 14 days later letter to say do not admit liability but will pay.

Today letters recieved dated yesterday to say they will pay £205.72 back on the small loan and £1836.40 and the other, we have an OD with them on an account we no longer use, we have specified that we want the money paid in a cheque as we are paying a monthly payment to clear the OD so just hope they stick to this - they agreed to and I took the persons name, also someone else confirmed this last week.

So hopefully should recieve 2 cheques within the next 2 weeks woot :j

If Martin was here, I would kiss him. I am receiving 2K back for the price of 3 stamps and some paper. We are in such financial crisis at the moment and this will really give us some breathing space, to anyone that feels like it might not be worth it, or your causing trouble. DO IT!!!!

K xx

pebbles88

Krasnoludek wrote: »

Hi all

Hubby and I have reclaimed two lots of PPI on 2 loans from Halifax, one was 2K and 20K.

We wrote to them end of December (without loan details) just gave them dates and amounts, they sent holding letter about 10 days later, then about 14 days later letter to say do not admit liability but will pay.

Today letters recieved dated yesterday to say they will pay £205.72 back on the small loan and £1836.40 and the other, we have an OD with them on an account we no longer use, we have specified that we want the money paid in a cheque as we are paying a monthly payment to clear the OD so just hope they stick to this - they agreed to and I took the persons name, also someone else confirmed this last week.

So hopefully should recieve 2 cheques within the next 2 weeks woot :j

If Martin was here, I would kiss him. I am receiving 2K back for the price of 3 stamps and some paper. We are in such financial crisis at the moment and this will really give us some breathing space, to anyone that feels like it might not be worth it, or your causing trouble. DO IT!!!!

K xx

congrats!:T hopefullyi will have such luck with Halifax!