PPI Reclaiming successes and failures

Niggly_2

di3004 wrote: »

Hiya

Has anyone seem to this one yet folks?;) Cheers x:D

Done and PM'd

N

smitchy73

djf1968 wrote: »

:T Hi all, just thought I would share my recent good news with you and at the same time perhaps get some advice on what I should do, if it is ok to ask a question here???

I have today received a very nice letter from HSBC in respect to my claim for misselling PPI on a personal loan. They also identified two older loans, which I had completely forgotten about and have included them in their offer.

So, in summary they are offering a total of £14,330.40 but they are actually saying that they will use this to write off the outstanding amount of the loan after PPI has been redressed (which is calculated at 14,287.14) leaving me with a total offer of £43.26.

So, this would mean no more loan payments of £435.75 a month, however, I do have CCs that have an interest of 19.9% and am thinking that it may be more economically viable for me to request they send me the £14,330.40 to use to pay off these (and have a nice little lump sum left over :beer:) and keep the loan running as it is at 6.5% only, with I assume a fairly reduced monthly repayment seeing as the PPI portion was £99.83 a month.

Firstly, does this sound like good sense? I could not pay off the CCs in 39 months (which is how long is left on the loan) even with the extra money I would have from not paying the loan anymore.

Secondly, do I have a choice in the matter or is it a case of acceptIng thier offer, or rejecting it and going through the lengthy process of getting the Ombudsman involved?

Any advice you can offer on this would be much appreciated. Either way I am really happy at the outcome, not too painful a process for those reading this and considering reclaiming for the first time. I wrote off in May, received a 4 week letter, no 'as promised' 8 week letter, but then a letter today with this offer!!

:j Many thanks to all for the already useful advice given on here, it helped a lot and I hope it helps others too.

Dave

Hi Dave,
They can only use the redress to pay off your loan if you have been in arrears, they should be restructuring your loan so that your balance reduces by the total ppi amount, your monthly payment should drop by the ppi part and you should be refunded everything you have paid, which if you take your ppi monthly payment back to the first and add 8% interest for each of those monthly payments.
This isn't just me thats saying this, the FSA has this in it's handbook which they are supposed to be following, it reads as the following -
[FONT=TimesNewRoman,Bold]

3.9 Other matters concerning redress

[/FONT]

3.9.1 G Where the complainant’s loan or credit card is in arrears the [FONT=TimesNewRoman,Italic]firm [/FONT]may, if it has the contractual right to do so, make a payment to reduce the associated loan or credit card balance, if the complainant accepts the [FONT=TimesNewRoman,Italic]firm’[/FONT]s offer of redress. The [FONT=TimesNewRoman,Italic]firm [/FONT]should act fairly and reasonably in deciding whether to make such a

payment.
So in other words if you've not been in arrears you're due the money back.
Good luck and if they won't budge, tell them you're going to speak to the FSA, and if you want speak to them first, they might just give them a wee call on your behalf.:D

aimeej_2

Well some good news today after 2 hours on hold to lloyds!!!! my friend found out they have had there claim upheld on the 3 credit cards he was claiming on, worried he stated the should have been 4, they then said oh yes dont wory we'll do that one as well. Appartently they sent a letter 2 weeks ago but amazingly its never appeared.... however hes quite chuffed in knowing it getting sorted.

Mine is still with hsbc, calling every day to see of any updates but keep being told nothing, its now bin with claim handler in manchester for 3 weeks! One week and 2 days till my 16 week deadline..... just want the official yes we told u a load of rubbish have your pennies back!! Is it still the theory that the longer it goes on the likelyhood is it will be upheld?

Big thanks again to all the helpers out there, love and obsessed with this forum :A

Scotty1.7

Scotty1.7 wrote: »

Quick update

MBNA- Being re looked into as it maybe a little on the low side and will advise if they owe me any more

Co-Op- Advised they will uphold and a letter was sent yesterday so awaiting the figures and details

Welcome- No news yet about the details of this

RBS- Still waiting for the details if there is any claim here which maybe.

well surprise surprise- another update

MBNA- No sign of the letter or any cheque- and they have gone silent on the e-mails as well

Co-Op- Change of communications AGAIN now seems that no letter has been sent, no details are present and they are extending everyone of there outstanding PPI complaints by 12 weeks!!!! Really getting annoyed at them know- so much for there 'mythical' great customer service

Welcome and RBS same as before

Going to have to ring MBNA and Co-Op again tomorrow

phil_coxon

nutty_nat wrote: »

:j:beer::j:beer::j:beer::j:beer::j:beer:

OMG!! OMG!!

I had a phonecall from Firstplus this morning my complaint is being upheld. My goodwill offer was done yesterday and is being posted to me today firstclass. I said to the lady that called me is the offer what I a thinking it will be and she told me you won't be dissapointed.

I will post my offer up here when I receive it so the experts can look over it.

Big thanks along my journey go to Di, Amersall, Niggly, Red Peppers, Dizzy with Money and Conkerlily the support and advice you have given has been much appreciated.:A:A:A:A:A:A

:j:beer::j:beer::j:beer::j:beer::j:beer:

Great news and congratulations--giving me hope for mine now

Mon_77

samtob wrote: »

Hi, MON_77, I printed off a copy of Martin's template and form (the one you send before contacting the ombudsman), and sent this to the address on the credit card website (or back of a bill if you have one). You will need to send a cheque for £1.00, and ask for a copy of your original application form. Hopefully it will then be clear from the form that they mis-sold the PPI, as it was in my case. Takes about 8 weeks but they keep you informed. I would say Tesco were really swift and helpful, but that may be because I had good news from them! Good luck!

Cheers Samtob, I will do that then. Yes the card is still active. Thanks !:)

Niggly_2

Dizzywithmoney wrote: »

Thanks Amersall - yes he is going to ring them. Another strange thing about it all is the fact that the original offer went to him and his address but the letter stating he was getting the £299 payment came addressed to him at this address (his parent's, he lives in the midlands and we live nearly 2 hours drive away) and the cheque addressed to me (well the initials are sort of wrong they have added a middle one that I have never had!! So I am hoping my bank will accept this) and my address. Its all very strange.

Do you think they can go back on their original offer at all? Have any of the banks actually done this does anyone know?

How can I say this without being rude. If your name is fairly common then one consideration is that a claims handler has got two cases muddled up. So a phone call is the best on this one.

N:beer:

djf1968

smitchy73 wrote: »

Hi Dave,
They can only use the redress to pay off your loan if you have been in arrears, they should be restructuring your loan so that your balance reduces by the total ppi amount, your monthly payment should drop by the ppi part and you should be refunded everything you have paid, which if you take your ppi monthly payment back to the first and add 8% interest for each of those monthly payments.
This isn't just me thats saying this, the FSA has this in it's handbook which they are supposed to be following, it reads as the following -
[FONT=TimesNewRoman,Bold]

3.9 Other matters concerning redress

[/FONT]

3.9.1 G Where the complainant’s loan or credit card is in arrears the [FONT=TimesNewRoman,Italic]firm [/FONT]may, if it has the contractual right to do so, make a payment to reduce the associated loan or credit card balance, if the complainant accepts the [FONT=TimesNewRoman,Italic]firm’[/FONT]s offer of redress. The [FONT=TimesNewRoman,Italic]firm [/FONT]should act fairly and reasonably in deciding whether to make such a

payment.
So in other words if you've not been in arrears you're due the money back.
Good luck and if they won't budge, tell them you're going to speak to the FSA, and if you want speak to them first, they might just give them a wee call on your behalf.:D

Smitchy73, many thanks for this useful bit of information. This will help my phone call tomorrow to them to request a payment rather than clearing the loan. In addition, I have remembered that this loan had a cashback clause, so if it ran its full term, I would receive 25% of the total interest paid, back. Obviously, if for ANY reason, the loan was settled early I would not get this. Interestingly, the offer letter refers to a 'repayment reward' and states:

Your current loan qualifies for a repayment reward. This has been recorded and you will automatically receive the reward payment on completion of your exisiting loan providing it runs for the full term. Hows that for a contradiction? They are offering to pay the loan off early and yet tell me I am due a 'reward' as long as the loan runs its full term!! Clearly a case of trying to save themselves hassle/money here, which I am not buying. Will update on my phone call tomorrow as I want to help others who may be in a similar situation and are not sure what is the best decision.

Once again, thanks to this site for helping those of us who are not 100% clear on where we stand

di3004

Niggly wrote: »

Done and PM'd

N

Brilliant, cheers Niggly.:beer:

maryspecial

[QUOTE= they have since realised that this was a PPI refund and re-adjusted my limit back to £6250.....so hopefully I will be seeing my money as intended

It was always my intention to use this money to clear a couple of debts, but that is my choice.....be it my CC, overdraft or whatever.

Very strange indeed.....anyone else had the same issue?[/QUOTE]

glad you got that sorted matty! Good to warn us of these tactics. We're waiting for calculations to arrive and forewarned is forearmed as they say!! Thanks and congrats on your win!