PPI Reclaiming successes and failures

NICKY77

How long does it take the financial ombudsman look at a case? Sent mine in August this year!!

bhoqoN

NICKY77 wrote: »

How long does it take the financial ombudsman look at a case? Sent mine in August this year!!

Nicky,
My HFC one went in Sept 2010. Only got a letter yesterday from FOS saying HFC will pay.

smitchy73

klflosser wrote: »

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.

I would question this, there are other know a bit more about the restructuring side of things, but basically you should be awarded all ppi payments made to date with 8% interest from when each payment was made, then they should restructure your outstanding loan amount by removing the ppi payment(with it's interest) from each monthly payment, it's an easy process for them to do, although in the circumstances of when the ppi was arranged through a third party and paid to a third party(insurer) and if it cant be restructured I think they have to pay you what you will pay over the term of the loan, something like that anyway!:D

This small bit is from an example of redress due on an FSA example

"As described in DISP App 3.7.4E(1)(a) the firm should, where possible, arrange for
the loan to be restructured. For this example, in addition to the above compensation to
be paid to the complainant, the loan balance must be adjusted as if the PPI policy never
existed and the future loan repayments would be £200 for the remainder of the term of

the loan."
In this example loan payment was £200 per month, ppi incl interest was £50 per month, they had paid for 20 months so they get 20x£50 repaid plus 8% interest on each payment, so the first one is £50 x 8% x 20/12, then the next one is £50 x 8% x 19/12 etc etc.

PaulHUK

Hi All

In Martin's intro to the PPI reclaim process he does mention the 8% a court would award which is on top of the PPI payments refund and on top of the interest we have missed out on when paying PPI...

My reason for raising this here is this:

I have a letter offering the return of my money, with interest (as "goodwill" of course!)

Then it says, "As your complaint has taken more than 8 weeks to resolve, interest at 8% simple, on the gross offer amount has been added between 23th July 2011 and 23rd August 2011."

I don't see any reference in Martin's material to 8% being added where complaints have taken over 8 weeks to resolve. Is anyone clear about when this 8% should be added, and over what period?

I am almost ready to accept their offer but I don't want to accept less than I can expect of course

Thanks everyone for the excellent advice and contributions on this thread...

Kuffs1978

Isn't this fun? A week from today's date marks exactly nine months since my sister's first conversation with the adjudicator at the FOS. Nine months. That's 34 weeks. And 23 weeks since this same adjudicator rules in my sister's favour and allegedly fast-tracked her case to the Ombudsman. Have we heard anything since July? Does it matter to the FOS that my sister fell over last weekend and is in great pain as she waits for a hip replacement? Of course they don't. What a bunch of smug, overpaid merchant bankers they all are.

Chick08

Hi, Recevied a letter from Rbs (Mint) on Friday saying my claim is being looked into and has been passed to the PPI Customer Concerns Team to conduct a full investigation.

di3004

Sorry for not posting much again today folks, I dropped off to sleep, with only over 2 hours sleep last night :eek::o:D.
Sunny, the HSBC address above is fine, and another one I used to contact HFC/EPF was also the CEO for HSBC and always got back to me very quickly is on the addy below, good luck.

[EMAIL="chiefexecutivehsbcbank@hsbc.com"]chiefexecutivehsbcbank@hsbc.com[/EMAIL]

di3004

sunny8 wrote: »

Hi Guys,

DSoes anyone know the CEO for HFC at all? or would it be HSBC? :Dxx

Try this one hon
[EMAIL="chiefexecutivehsbcbank@hsbc.com"]chiefexecutivehsbcbank@hsbc.com[/EMAIL]

This is the one i used for HFC and they got back to me the same day x;)

Kuffs1978

NICKY77 wrote: »

How long does it take the financial ombudsman look at a case? Sent mine in August this year!!

Hi Nicky,

As you will see from my numerous posts, we have been dealing with the FOS since January of this year, and that was only after my sister's claim had been with a CMC for five months. We are not coping well; my sister is disabled which presents its own problems, and even though the FOS ruled in her favour in April, it took a telephone call from us to find out what was going on. Over five months later, and a promise that the case would be fast tracked, we haven't seen a penny, nor heard a single word. My only advice would be that if you are making plans for Xmas shopping, it's probably best to look at Xmas 2012 as opposed to 2011, if you are hoping for a positive result. It's soul destroying how slow the process is, and the FOS aren't great at keeping you updated. Good luck.

Tigermaid

Can someone please explain about the net or gross tax situation if you are a Non Tax Payer. What happens if the interest is taxed at source? How do you reclaim the difference from HMRC? If the interest is paid Gross would you still have to tell HMRC if it still didn't put you over the tax threshold?
I'm sure someone will know the answer. Thanks