PPI Reclaiming successes and failures

klflosser

I have received an offer from Barclays on a current loan and wondered if someone could help with figures for revised loan.

Revised loan balance without PPI calculated as follows:
Original PPI premium £3052.07
Interest incurred due to PPI £492.50
Refund of payments made for PPI £2630.76
Total value of loan reduction £913.81
Outstanding balance(prior to restructuring) £5367.09
Revised loan balance £4453.28
New monthly repayments £313.42

I can understand these figures but then new loan agreement says

APR 6.6%
Loan amount £4789.57 Why is this different to Loan Balance? It is £336.29 more??
Total amount to be repaid £5014.72
Monthly repayment amount £313.42
Term 16 months
Total charge for credit £225.15
Interest rate 6.549%

I cannot understand why the revised loan balance without PPI and the loan amount are different. Could someone check these figures and explain before I return the acceptance form.

Your help is really appreciated.

FEDUPWAITING

HI Fedupwaiting here. I have e mailed, phoned and just sent a recorded letter to Barclaycard asking for information about when payment can be expected. Can I ask if anyone has actually received their payments from Barclaycard yet. Still hopeful but fedupwaiting......

jammother

Egg have upheld my complaint and sent me a cheque for just over £750. All done and dusted within nine weeks. Roll on Barclays and Lloyds...

J

pigsmightfly

bhoqoN wrote: »

Hi pigsmightfly,

Many thanks! Have you had any claims with HFC? They are the most difficult bank I think.

No not personally but have read they are quite hard nuts to crack, keep going though and good luck

precious12

trish22 wrote: »

Hi Rhiannon,
It certainly does;nt , i am thinking on the same lines as yourself,thinking that my interest redress would probably be as much again as the PPI Payments or possible a bit more especially as i had the ppi for 6 and a half years.
As i have mentioned i have statements for quite lot of months withover £100 per month and 93 and 95 pounds and this has been on going for at least 4 years plus at this amount.
There was an earlier thread looking back where someone did mention getting in touch woth lloyds stating they would not accept any redress without calculations,when all of a sudden they produced another £1300 to be added to the bill,which makes me think,they are trying to swindle some of us,or is it that we pass it on to the Ombudsman to have a review,knowing ful well,they can hang on to the cash a little longer.
I really don't know anymore,although i could do with this cash,i am not going to let these theiving rascals get away with it.

iT WOULD BE INTERESTING TO HEAR IF ANYONE AS BEEN SHORT CHANGED BY LLOYDS,SO FAR/

remember me Trish i'm the one who lloyds upheld my claim then decided to write to me on thursday to tell me that they were sorry for misleading me they cannot seem to find any trace of me ever having ppi on my credit cards i dont have any paperwork to prove othewise mine is in the hands of the FOS were they expecting me to say ok then and go away i don't think so that bank are thieving rascals don't let them get away with it the FOS will soon cotton on to them and hopefully issue them with a hefty fine:D

sunny8_2

pigsmightfly wrote: »

HSBC and HFC email address is the same - managingdirectoruk@hsbc.com

Thank you :) xx

nutty_nat

Hia Nat, i didnt realize you had dealing with Central trust...they declined my complaint this year so it has been with the FOS since May....they seem hard nuts to crack, do you mind me asking how your complaint was upheld and what they have been like with you? xx[/QUOTE]

I don't mind you asking me at all . Back in 2005 we took a loan out with Firstplus but central trust was the broker so the £10,000 of ppi had to be got back from central trust who in June offered us a low offer of £2000 so I put that part in the hands of the FOS, who told me last week I am about three weeks away from adjudicator stage, they said that Central Trust has been very slow sending them our file. I wonder why!! Have you reached the next stage yet? In 2006 we topped up our loan directly with Firstplus and was charged another £21,000 of ppi which we won last week as you know. Firstplus have been better to deal with than Central Trust why would you send somebody just a really low offer they really are a tough bunch. How much PPI do they owe you?

Coopen1

Hi everyone and it is nice to read loads of success stories but I need some advice, Black Horse have declined our claim and have said the following, "during the interview the adviser conducted an assessment of your needs and established that you had a need for this cover".
"The adviser also had to establish if you were eligible for the policy and if the policy was suitable"?.
This is supposed to be evidenced in the demands and needs statement which was completed at the time and they claim it is suitable for our needs and benefit.

What can we do next and will we be able to get this paid out in our favour or have BH won?

trish22_2

precious12 wrote: »

remember me Trish i'm the one who lloyds upheld my claim then decided to write to me on thursday to tell me that they were sorry for misleading me they cannot seem to find any trace of me ever having ppi on my credit cards i dont have any paperwork to prove othewise mine is in the hands of the FOS were they expecting me to say ok then and go away i don't think so that bank are thieving rascals don't let them get away with it the FOS will soon cotton on to them and hopefully issue them with a hefty fine:D

Hi there,i certainly do remember you, why is that most of the complaints are with Lloyds??I am absolutely seething,i have emailed the CEO and copied in customere services,to have my upheld letter in a different persons name once is enough,but sent three times before they get it right is a joke!!then to add insult to injury with the miserley amount they are offering,have the cheek to call me Mrs Evans,when that is not my name,and said they will pay it into a bank account which is not even mine is unbelievable,
Ihave written it all to the CEO and demanded that get back to me within seven days with some sort of redress or i will be taking complaint to I.CO regarding data protection.
Also Precious my bank manager said yesterday,that PPI have every means in front of them,he got up on my notes yesterday that my card was authorised by my Business Manager in Jan 2002 (everything we do has to go through these people) and he signed it and yet they have the cheek to say no evidence that card went before 2004,even card services told me yesterday morning the date the card started,so what the heck is going on.
I really think that Lloyds are p*ss takers,and they are trying to save as much money as possible.

Try and get out of them as much as possible precious,especially for putting you through all this anxiety,i know i am going to give them hell before i have finished.i also want to know why they are not paying the monthly interest that we have been charged back to us.

Does anyone agree that we should be paid this back,especially as a lot of other banks are doing it.

Keep us informed Precious

smitchy73

amersall wrote: »

If you have proof that you paid ppi further back than the 6 years,they will have to look at this again.

Interest on cc is different to loans,Smitchy will explain how this works and why some people only get a small amount of 8% and some get more.

Yep the 8% is a hard one to try and work out but basically they have to go back in theory to your first ever ppi charge and remove it from your account and the interest charged, they then run one list of what your card balance was and what you're due back from the ppi charges, they then go to the next ppi charge and remove it and the interest and keep doing this until they get to where it was cancelled or present date if it's still running.
They have to return you to the position you would've been in if you hadn't had ppi and if there was interest being charged on each payment of the prevailing card rate, possibly anything up to 29.9% then this explains why some of the redress payments in the past few days have been through the roof.
If they are decent they should send you a list of the ppi charges and dates and if you have your statements you can check it and if it's not right you can chin them about it.:D