PPI Reclaiming successes and failures

Dizzywithmoney

nutty_nat wrote: »

Here we go ladies and gents Firstplus Offer Details

Loan taken out on the 20/10/06 and repaid on 8/5/07

Amount of Credit = £105,816.50
Monthly repayments = £793.57
No of repayments = 300 months
APR = 7.9% variable

PPI Loan = £20,816.50
Monthly Repayments = £156.11

A Original ppi policy = £20,816.50
B Interest incurred due to PPI = £1,045.59
C Less any previous successful claim against the loan = £0.00
D Less early settlement for the partial refund of original ppi policy paid at early settlement = £6,348.43
E Total Refund for this loan/further advance. (A+B-C-D) = £15,513.66
F Value of 8% per annum simple interest payment = £4,326.37

Total Back is £19840.03 Whoop, Whoop :money:Thank you so much Martin as well:T:T:T:T:T:j:j:j:j:j

Congratulations Nat I am really pleased for you!! Its roughly the same amount we are getting back, ours was £19385.85!! We received our offer 4 weeks ago today but we are still waiting for the cheque to arrive!!

Dizzywithmoney

Dizzywithmoney wrote: »

Help please - very confused on behalf of my son.

On 20/8/11 my son (if you remember I posted on here I had to nag him to claim his PPI back on the loan that I had been a guarantor for) my son received an offer letter from Black Horse basically stating that they would pay off the arrears of his loan and send him back around £2500. Well he still hasnt received any of this money and still getting letters stating that he is in arrears. When another letter came for him to my address (where he lived when he very first took out the loan several years ago) stating that they (Black Horse) had been notified by the Financial Ombudsman Service (he never contacted the FOS at all) that he had accepted their offer to settle his complaint regarding the sale of payment protection policy for this loan. Now this is a lot lot less than what it stated in the original letter and today a cheque arrived, payable to me (with the wrong initials on I would add) for just £299.84 now this is a lot less than the £2500 he was originally told he would get back. This last letter was dated 31st August but it only arrived on Friday, 8th September. But it does puzzle me as on the back it states as follows:

Total sums paid by you towards cost of policy* £698.04
Refund already given of sums paid towards your policy LESS £000.00
Benefits received due to a successful claim on policy LESS £000.00
Arrears under the first schedule (loan element) of the agreement LESS £1997.13
SUB TOTAL £000.00
8% statutory interst PLUS £99.84
Distress & inconvenience payment £200.00
TOTAL REDRESS DUE £299.84

*Please note that the figure represents the sums that you have paid towards the cost of the policy including the monthly added interest that you have paid on the cost of the policy and any payments that you made towards the policy after it had been terminated. If you have made payments that were less than the full instalment that was due under the agreement, the payment received has been proportioned in line with the split between the loan and insurance elements of the agreement.
NB Whilst the agreement has been credited with the cost of the policy, we have only included in the redress payment the sums you have actually paid towards the policy. The remaineder of the cost is deducted from the balance of the agreement. (I wish they would put things in plain English so that us "normal" people could understand.)

The cheque received today (in my name) was labelled as overpayment.

We are really confused, even so with the fact that he never contacted the FOS. Do you think this is an extra amount on what they have originally offered him or can they change thier mind, he hasnt received anything else yet either via cheque or direct into his bank, which he requested.

Well before he started this claim he tried to cancel the PPI which they had put on the account, but they didnt cancel it for ages and it took months and months for them to do this. Therefore I am wondering (maybe cluthcing at straws) if this cheque which arrived today is just for the 8% they should have paid him for this amount (which I think he had back when they finally cancelled it) when it was cancelled.

We are so confused and my son is not happy, especially in the fact that he thought he was getting £2500 back. Could anyone shed any light on this please.

Hi all

My son managed to ring them today and I was right, he is still getting (well its not quite £2500) £2300 or so back plus this £299.84 so in actual fact he is getting a whole £2694 back, just cos he listened to his mum. And when he rang them he spoke to a lady who,he says, was obviously one of the top people and apparently his case worker (I had e-mailed the CEO a while ago to find out what was happening) and she had the large amount transferred into his bank account immediately today - he doesnt even bank with them!!!

He thinks the confusion lies with the fact that I had contacted the CEO on his behalf and the fact that it has been dealt with by a couple of different departments.

£200 of this was for - as they put it - distress and inconvenience payment, I think mum should be awarded this, maybe thats why they have put this cheque in my name and not his!!! He doesnt think so though!!

Niggly_2

nutty_nat wrote: »

Here we go ladies and gents Firstplus Offer Details

Loan taken out on the 20/10/06 and repaid on 8/5/07

Amount of Credit = £105,816.50
Monthly repayments = £793.57
No of repayments = 300 months
APR = 7.9% variable

PPI Loan = £20,816.50
Monthly Repayments = £156.11

A Original ppi policy = £20,816.50
B Interest incurred due to PPI = £1,045.59
C Less any previous successful claim against the loan = £0.00
D Less early settlement for the partial refund of original ppi policy paid at early settlement = £6,348.43
E Total Refund for this loan/further advance. (A+B-C-D) = £15,513.66
F Value of 8% per annum simple interest payment = £4,326.37

Total Back is £19840.03 Whoop, Whoop :money:Thank you so much Martin as well:T:T:T:T:T:j:j:j:j:j

Nice.

Cant reconcile the 8% interest. Are they paying this gross or net of basic rate tax.

You paid off £14468.07 (original ppi less rebate) too much ppi on 08/05/07 thats 4 years 4 months or 52 months

£14468.07 x 8% = £1157.45/12 x 52 = £5013.66

Also I assume the PPI monthly premiums plus interest were incorporated in the settlement figure at May 07. If not they owe you the monthly premiums of £156.11 x 7 plus 8% interest as well

You know I feel about FP and there calculations for goodwill offers they are generally incorrect or loaded in FP favour.:beer:

N

phil_coxon

nutty_nat wrote: »

Here we go ladies and gents Firstplus Offer Details

Loan taken out on the 20/10/06 and repaid on 8/5/07

Amount of Credit = £105,816.50
Monthly repayments = £793.57
No of repayments = 300 months
APR = 7.9% variable

PPI Loan = £20,816.50
Monthly Repayments = £156.11

A Original ppi policy = £20,816.50
B Interest incurred due to PPI = £1,045.59
C Less any previous successful claim against the loan = £0.00
D Less early settlement for the partial refund of original ppi policy paid at early settlement = £6,348.43
E Total Refund for this loan/further advance. (A+B-C-D) = £15,513.66
F Value of 8% per annum simple interest payment = £4,326.37

Total Back is £19840.03 Whoop, Whoop :money:Thank you so much Martin as well:T:T:T:T:T:j:j:j:j:j

congratulations and well done--might seem a silly question but on what grounds did they uphold your claim

sunny8_2

Hi Guys, Congratulations to all winners today..there are some big one's in there :j:j BRILLIANT!! :money::money:

Just after some advice please...my claim has been in with CB & i emailed them yesterday after they said they would be in touch with a positive update...well..they never got in touch so i emailed them and the reply this morning was that they need to speak to me with regards to my claim...Has anyone else had this? I know Smitchy had mentioned that someone had rang his OH before but didnt elaborate on what was said.

Anyway, lady rang me this afternoon & i was at work so i told her i would ring her back at 9 am tomorrow....the thing is i'm feeling really nervous & i dont want her to put words in my mouth..:o. I was just wondering what to say to her...in my complaint i stated that the loans were always conducted in the bank and i was advised that it was looked upon as favorable when ppi was added, and not having the most gleaming credit history i was influenced by this advice, also, i was never really explained to what ppi was all about as i already had private policies to cover what the ppi could have offered me......

Is there any other advice/guidance you guys could give me as what to say when i call her.....i am a nervous wreck as i am not the confrontational type at all :o

Thank you very much :) xx

nutty_nat

Niggly wrote: »

Nice.

Cant reconcile the 8% interest. Are they paying this gross or net of basic rate tax.

You paid off £14468.07 (original ppi less rebate) too much ppi on 08/05/07 thats 4 years 4 months or 52 months

£14468.07 x 8% = £1157.45/12 x 52 = £5013.66

Also I assume the PPI monthly premiums plus interest were incorporated in the settlement figure at May 07. If not they owe you the monthly premiums of £156.11 x 7 plus 8% interest as well

You know I feel about FP and there calculations for goodwill offers they are generally incorrect or loaded in FP favour.:beer:

N

Thanks Niggly I will give them a call tomorrow I am not sure about this.

nutty_nat

phil_coxon wrote: »

congratulations and well done--might seem a silly question but on what grounds did they uphold your claim

It's not a silly question Phil

The letter says.

Having reviewed your complaint, we have been unable to establish whether the terms and conditions of the PPI policy purchased with loan

---

were sufficiently disclosed to you. Based on these findings we have upheld your complaint.

Hope that helps.

MARKOS72

24710274 wrote: »

Hi there i have a ppi claim in against clydesdale bank for a yorkshire bank c/c i have been waiting since the 18th of may although i sent the complaint in on the 26th of april , as yet i have had no reponse to say that they have even started to look at my claim , constant excuses that they are unindated , old card not in use , trawling through archives etc, if you would be kind enough to say what card you had and how long you waited and why they turned you down it would be much appreciated , there does nt appear to be many who have had cards with them so its hard to see what they are doing.
Many thanks in advance dave

No worries-was a Clydesdale Bank cc,waited 16 weeks(give or take)with a few emails along the way.
Reason for rejection was-
"This is because you indicated you wanted to enjoy the benefits of PPI on the Application Form when the credit card was arranged. Also the letter sent to you in May 2003 gave you the opportunity to cancel the PPI if you wished to do so."

I disputed this with help from here,they would not investigate further,referred to FOS now.

sunny8_2

MARKOS72 wrote: »

No worries-was a Clydesdale Bank cc,waited 16 weeks(give or take)with a few emails along the way.
Reason for rejection was-
"This is because you indicated you wanted to enjoy the benefits of PPI on the Application Form when the credit card was arranged. Also the letter sent to you in May 2003 gave you the opportunity to cancel the PPI if you wished to do so."

I disputed this with help from here,they would not investigate further,referred to FOS now.

Markos, did any one want to speak with you on the phone with regards to your claim? xx

ThunderCat

ThunderCat wrote: »

21 days passed on Friday, so hopefully my account balance will look somewhat healthier by the end of this coming week. Otherwise I will start chasing them. I will keep you all updated!

Money was paid in this morning. :j:j:j Just over 21 days including bank holiday.