PPI Reclaiming successes and failures

the_flot

I'd just like to thank Martin and everyone at the MSE team, without whom I never would have even heard about PPI, let alone be telling you about my success now. Thank you!

I took out a £3000, 5 year loan when I moved to London after uni to help me while I tried to get a job in media. I was sold £700 of PPI which went on the premium and was subject to the 12% interest charge.

When I heard about the idea of mis-selling I consulted Martin's pages and found the template letters, and remembered that I was indeed told that my loan would not be approved without paying the protection. "Gadzooks!" I thought, this is me Martin is talking about!

Anyway, I sent the first template letter, along with a copy of my bank statement showing the PPI payment, and received a reply a couple of weeks later saying my complaint had been logged and would be dealt with in 30 days etc etc. After about 29 days I wrote the second letter threatening the Ombudsman, adding to it that their response so far had not been satisfactory.

The very next day I had a call from my local branch telling me to go in the day after that and talk to someone about restructuring my loan without PPI. Ultimately I got the following result:

- Refund into my current account of the PPI paid so far, plus interest
- Restructuring of loan without PPI yet to pay, reducing my repayments by 20%
- An absorbance of extra costs by the bank, ultimately saving me about £200
- An apology

What a result! Keep plugging away and don't be put off when they ignore you or send rubbish automatic responses. The letters really do work, and they are petrified of this 'Ombudsman' guy.

Now I'm waiting to hear about my bank charges, and I'm very optimistic! Thanks again Money Saving Expert!!!

rosiejoned

Just been given £1,200 from an Alliance and Leicester loan I took out in December 2006 - took 6weeks -worth doing.:T

Krasnoludek

:j

scotlad1980 wrote: »

Thank you broke.com, I wrote my first and only letter on 17th November, I then had a letter before Christmas to say I would a get reply in January. Then I got a letter a few days before it was the 8th week to say it was still being looked into and then a week after that they wrote to say that I would get a full refund on the PPI plus 8%, I then got a letter last week to say how much I would be getting and it appeared on my loan account today.

Hi there

Fantabulous result, We got letters from Halifax last week to say they will be refunding us £1800 and £205 by cheque :money:

We recieved the letter last week so hopefully the cheque will arrive anytime soon woot thanks Martin your a hero

K xx

kkchick2009

Just got in from work today and found a letter from RBS stating that they are unable to uphold my concerns in this instance (my loan was sorted over the phone and the rbs lad said I wouldn't get the loan if I didn't take out the insurance) Any way it goes on to say that "to reflect my valued custom...prepared to make me an offer as a gesture of goodwill and without any admission of liability" !!!!!!!!!!!!!!:j

They are going to calculate the offer and will be in touch with me shortly - loan was for £1500 over 2 years.

Has anyone else had any dealings with RBS and how long does this next stage take? I only contacted them on 9th Jan, rang last week for an update, got letter sat still looking into it then this lovely letter today - thanks Martin!:money:

catinthehat1

Hi - have rec'd letter from FP re rebate, but I need help as I'm not sure if they have done this right??? Our policy with them is still ongoing - this is there reply:

'A full refund of the insurance premium of £5082.15 has been applied to your account along with the interest paid on the premium to date of £2540.20.

Please find enclosed a cheque for £2655.72 in respect of the part of your monthly repayments that were made towards the insurance policy and a further amount of £460.18 in respect of 8% interest on the monthly payments... This amount is being refunded to you in order to put your account in the position it would be if the insurance had not been taken.'

Does anyone know, as our policy is still ongoing, should we accept this or should we argue or do we have a case to argue for the £5082.15 + £2540.20?????
Any help would really be appreciated

di3004

catinthehat1 wrote: »

Hi - have rec'd letter from FP re rebate, but I need help as I'm not sure if they have done this right??? Our policy with them is still ongoing - this is there reply:

'A full refund of the insurance premium of £5082.15 has been applied to your account along with the interest paid on the premium to date of £2540.20.

Please find enclosed a cheque for £2655.72 in respect of the part of your monthly repayments that were made towards the insurance policy and a further amount of £460.18 in respect of 8% interest on the monthly payments... This amount is being refunded to you in order to put your account in the position it would be if the insurance had not been taken.'

Does anyone know, as our policy is still ongoing, should we accept this or should we argue or do we have a case to argue for the £5082.15 + £2540.20?????
Any help would really be appreciated

Wow catinthehat1, this is wonderful news.:T :beer:

Right to what I know of hunni, as long as you've no arrears as such with this loan, you can request for the whole lot to refunded to you and I would personally go for the highest amounts here.

If you want also post this over at the PPI reclaiming thread IIII and others will give their opinions as well.

Good luck.;)

catinthehat1

di3004 wrote: »

Wow catinthehat1, this is wonderful news.:T :beer:

Right to what I know of hunni, as long as you've no arrears as such with this loan, you can request for the whole lot to refunded to you and I would personally go for the highest amounts here.

If you want also post this over at the PPI reclaiming thread IIII and others will give their opinions as well.

Good luck.;)

Thanks Di,

that is what Laini had put in his/her figures to me originally - but am worried that they have us by the short and currlies!!!(not correct spelling)
Do you think they are trying it on?

di3004

catinthehat1 wrote: »

Thanks Di,

that is what Laini had put in his/her figures to me originally - but am worried that they have us by the short and currlies!!!(not correct spelling)
Do you think they are trying it on?

Hi hun

Yes they maybe trying it on.

I would request for them to send you a full calculation of how they worked this out, they should be able to do this for you.;)

catinthehat1

I can possibly understand why they have just taken the policy amount off (I don't like it) but the interest paid on it should be refunded to us

di3004

catinthehat1 wrote: »

I can possibly understand why they have just taken the policy amount off (I don't like it) but the interest paid on it should be refunded to us

I agree with you afterall its all money added within the ppi, so yes hun, I totally agree with you here.;)