PPI Reclaiming successes and failures

Iain1983

agoodey wrote: »

Well, I have been a long time lurker, but I thought that I should share my success with you, as this forum gave me in the inspiration to claim.
Nearly 25 years ago, whilst I was a student, I took out a Barclaycard and was automatically given PPI - there was no option to not have it at the time...

In May of this year I telephoned Barclaycard to instigate a PPI miss-selling complaint.

I have won my complaint, and as they don't have the records for more than 6 years they have calculated my amount based on the last 6 years.

Refund of PPI payments: £6,125.12
Refund of interest charged on PPI premiums: £44,820.36
8% simple interest per annum: £12,036.69
Total Refund Payable: £62,982.17

I posted the acceptance letter immediately and they received it on 8th September - I just have to wait for the money now :-)

I have also won agains Halifax One, but don't know the amount that they will repay me yet.

Wowwwwwww!!!!! Now that is amazing. I didn't think interest payments could be that big?! :T

smitchy73

trish22 wrote: »

First of all had my card fromm 2002 january but said have no information before 2004-What!!!Credit card peeps confirmed this morning started 29th jan 2002 but if i want a statement £6.00 each month for a copy.
You can ask them to supply you with a list of transactions NOT statements just like when the bank charges thing was going on OR send a SAR which asks for copies too, the most they are allowed to charge for this is £10.
It goes like this (NO BREAKDOWN)
Difference between the actual and revised balance = £4,738.96
Credit interest at 8% per annum simple =£63.18
Total = £4,802.14
Two ways to look at this from Jan 02 - Sept 08 is 81 months, so taking what they have offered works out as about £58 per month for return of ppi charge and interest , or from say Jan 04 to Sept 08 is 57 months and they are refunding you £83 per month in interest and ppi charges.
If you get copies of statements they will possibly only go back 6 years anyway as I don't believe they have to keep them for any longer than that.
If you have any old statements and can prove you were paying it before the date they are giving you, then they can average with that and what they're already accounting for.

Also said they have no record of balance transfer from when my account started,which was about £4000
Do you have any record of this? What about your old card which got paid with this BT?

We must undertake a notional reconstruction which you will show a comparison between the account with PPi and the notionally reconstructed version without PPi-PLEASE NOTE THAT THIS WILL BE A CONSTRUCTION FOR REDRESS CALCULATION PURPOSES ONLY AND WOULD NOT BE INTENDED TO REPLACE YOUR CREDIT CARD STATEMENTS.
b)In reconstructuring you account,a credit balance may be produced in some months (i doubt that )which would mean that we have applied credit interest on that balance for the period in which the account was in credit at a rate of 8%.If no credit balance was produced at any point no credit interest would be applied.
If you had a successful claim on your policy this will be deducted from your redress (i have never ever made a claim )If the total of the successful claim is higher than the redress due under the guidelines,you will not be paid any further redress for the policy.
REDRESS WE HAVE PREVIOUSLY PAID YOU,
iF YOU HAVE PREVIOUSLY RECEIVED REDRESS CONCERNING THIS POLICY,YOU WILL RECEIVE AN ADDITIONAL PAYMENT WHICH WILL COMBINE TO MAKE THE TOTAL REDRESS DU TO YOU.????
This will probably just be a standard part of the redress letter for you, not personally meant for you, unless of course you have had a previous pay out from the ppi cover.
aLSO ADDED
Also the financial ombudsman service FOS require us to take the following actions when calculating the compensation in relation to your complaint.
AReconstruct the account by removing any premiums in respect of the PPI and any interest or charges in respect of thoses premiums to work out the balance without PPI

If that produces a credit Balance for any period,pay credit interest on that balance for that period at 8% simple per year.
This is correct FSA handbook says this, you only get the 8% when your account goes into credit(they owe you money) otherwise it's just the ppi charge and prevailing interest rate you get returned(which can be up to 29.9%)
To be honest when i canceleed my PPI in September 2008
i was paying 93 pounds per month PPI and had done so for at least two years,it was 56 pounds per month in 2005,so this certainly does not look right to me.
Do you have all your statments with the ppi charges? Not every month would be the same and as the calculations above say over the term you are getting back on average either £58/£83 per month for either the 81/57 month period you had it on your account, if you don't have the statements and can't prove you paid more, then I don't see any other option than to accept the offer, although try getting the copies first.

Here's the other problem,my upheld letters ,two of them came in someone els's name,which i mentioned on here a few weeks back,
and today although my ref numbers were correct and last 4 digits of credit card correct,they addressed my Letter as Mrs E*****s (not my name) and also said they would pay redress into (not even my bank account ).I am wicked with them,as you can guess,its Lloyds TSB
Tell them you plan on contacting the ICO(information commissioner) to advise on this breach of data protection.
tHEY ARE DEFINATLEY DOWN THE ROAD AFTER THIS LOT.

does all this sound right or am i missing something,surely for someone who has had a credit card,with a £14000 balance and have done for the last few years((£12000)when i cancelled my PPI,THIS SURELY CANNOT BE RIGHT

Can someone help me out here please,have rang them and they said they will try and get someone to have a look at it next week

Anyone else think theres is wrong from LLOYDS:mad::mad::mad::mad:

Hope this helps:D

Banks0mewin

smitchy73 wrote: »

They have 8 weeks from when they receive your acceptance or advise you of the offer to calculate what you are due and pay it to you. Some will be from when they receive your acceptance, others will just say that they will allow you two weeks to reply if you're not happy and then award you the money within a certain time after that, but the FOS/FSA has given them 8 weeks to do this, shocking that it is.:eek:

The FOS seem to be very accomodating considering these banks fraudulenty took this money from us....I sometimes wonder who's side they are on, because with all this extra time allowed it would seem that they are biased towards the banks...me thinks..:eek::eek::eek:

smitchy73

Banks0mewin wrote: »

The FOS seem to be very accomodating considering these banks fraudulenty took this money from us....I sometimes wonder who's side they are on, because with all this extra time allowed it would seem that they are biased towards the banks...me thinks..:eek::eek::eek:

I would agree in some ways, but in another way they are maybe giving them the rope to hand themselves with, as if they allow them the extra time and they don't do it, they then have no excuses to avoid a hefty fine, it's the same as the 16 weeks to sort out the complaint, yet people were phoning up at 15 weeks and several days to be told their complaint hadn't been looked at, then a week later they get a letter telling them it's upheld, load of bull, they just stringing us all along, would be good to see what happens to them for not meeting the deadlines on the initial complaints.
Clydesdale took a bit longer with us for deciding, but they sent the offer with the calculations and an acceptance form to fill in bank details for where to make the payment to, after they received the form, the money was credited 2 DAYS later:D

pineapple123

Hi
Just after some advice from you guys regarding mis sold PPI's Have only started to take note of whats its all about and need some help. Have looked on Martins page and on here but just needs abit of help.

Briefly Hubby had a PPI from peugeot financial services(administered by london general holding) 2003 for 6 years I believe looking at the paperwork I have it was missold so who do we need to contact.
also Hubby has ppi on 2 bank loans in 2006 (? when started and finished) and 2 CC stopped last year.
I have details of CC but not of loans , I think he was missold on these also, can he claim on the loans and how would he go about it.
Sorry for so many questions, He may get nothing back but i suppose its worth trying for.
Any reply will be great. Thanks.

nutty_nat

di3004 wrote: »

Ok folks, some good news at last. This case went on since 2009, it was passed from broker to lender to underwriter, the broker dissolved in 2006, but it was the lender who actually added the ppi not the broker, so last week the lender Endeavour who accepted liability have also now accepted liability on the PPI.
The FOS was going to deal with this under the Underwriter Hamilton, so happy, I will post my link below so you get the story.

https://forums.moneysavingexpert.com/discussion/comment/46975755#Comment_46975755


So relieved to get this done and come out a WINNER!
:beer::beer::beer:

:beer::j:D:):T
Well done Di I am so pleased for you honey, you help sooooo many people you deserve a win.

hunnyluvinbear

suehippo wrote: »

MrsMet - you are correct in saying you have to declare the simple interest for tax purposes.

S'cuse me for being a bit 'thick':o ...which bit is the 'simple' interest ? :think:

hunnyluvinbear

agoodey wrote: »

Well, I have been a long time lurker, but I thought that I should share my success with you, as this forum gave me in the inspiration to claim.
Nearly 25 years ago, whilst I was a student, I took out a Barclaycard and was automatically given PPI - there was no option to not have it at the time...

In May of this year I telephoned Barclaycard to instigate a PPI miss-selling complaint.

I have won my complaint, and as they don't have the records for more than 6 years they have calculated my amount based on the last 6 years.

Refund of PPI payments: £6,125.12
Refund of interest charged on PPI premiums: £44,820.36
8% simple interest per annum: £12,036.69
Total Refund Payable: £62,982.17

I posted the acceptance letter immediately and they received it on 8th September - I just have to wait for the money now :-)

I have also won agains Halifax One, but don't know the amount that they will repay me yet.

Whooo Hooo! That's amazing. Well Done. :T:rotfl:

nutty_nat

morning nutty nat, well done on your win too, don't think i managed to get a word in when you posted your win.
What have you got planned for yours?:D(just being a nosey b***er;)[/QUOTE]

Thank you Smitchy I still can't believe it, my son is seventeen in October so a car for him. Pay off my credit card, decorate my bedroom, new carpet and bed Phew!!!!!!!!!! I still have the original part of my loan logged with the FOS the ppi I had on that on was £10,000 and Central Trust only offered me £2000 for that one, so it has made me feel a little more hopeful for that case.

hunnyluvinbear

hunnyluvinbear wrote: »

Flippin 'eck! The Email to Mr Hester (Natwest) might have had the desired effect! Just had a response from one of his 'Bods' saying that they have put my (well, hubby's actually) complaint in the hands of a manager in the PPI team, and has aked that he be kept informed of the response. Fingers crossed it's quick and is the right result.
Bear

Huh! Spoke too soon ...Our original letter was just asking for deatails of past loans, as we thought we's been mis-sold PPI. Nat West responded by saying they were looking into it. after a long wait, and email to the CEO, they now want a cheque for £10 for a SAR. So we're pretty much back to square one and have to comply with their delaying tactics. Ce la Vie!
Do they not realise that once this Terrier has hold of the object, it WON'T let go! Grrrrr!