PPI Reclaiming successes and failures

amersall

PINKLINT wrote: »

Hi I am a long time lurker but this is my first post so please be gentle!

I currently have four claims for missold PPI in with Black Horse each one is a personal loan and each one paid the previous one off early (hope that makes sense!). Right from the very first one I was told that unless I took out the PPI I wouldn't get the loan as I had a mortgage in just my sole name and also I had a not so good credit rating. On the loans after 2002 they also said that as I was a single parent that I certainly wouldn't get the loan accepted without it!! How young and silly I was back then to believe this!:mad: I have always been in employment and my jobs have always had good sick pay i.e. full pay for 6 months and then half pay for six months and I pointed this out in my meetings however again was told I wouldn't be accepted without it.

I know that this is what happened as I do have a very good memory (my DH says its a curse!) and I can even remember the name of the person who processed my last loan and that was back in 2005!

Anyhow the reason for this long ramble is that yesterday I received a letter from BH in respect of the first loan and the claim hasn't been upheld they have sent what seems to be the generic letter stating I would have had it all explained to me and that I had 30 days to cancel and therefore they don't think it was missold."

Well yes they may well have explained to me what it covered and that i had 30 days to cancel but they also said i had to take it out or not be accepted even when i said I was covered for sick through work!!

So my question is how do I take it further as I do not intend to just leave it there! Can I go back to BH or should I go to FLA as they suggest?

Sorry its so long!

Any help will be greatly appreciated x

Hi there,go back to Black Horse and tell them you had sick cover etc and you could have repaid the loan regardless so you had no need for this ppi.

Reiterate the fact the salesperson said for you to take it as the loan would not be approved,put that you were lone mortgagee,poor credit etc as you have stated here,but still you were told to take this,name the person who said this to you and ask them to reconsider as you believe you have been made out to be a liar, as the bank dont believe what was said to you by a member of their staff.

Fran29_2

djf1968 wrote: »

Hi all

A little while ago I posted about a successful claim for PPI on a HSBC loan. I was more than happy with the amount and rather than pay off the loan, as first offered, the bank agreed that I could have the money back and restructure the loan. I went in to my local branch today to do this, but now on reflection I am not sure the figures add up and would like some advice.

To help those of you who are good with the numbers I have detailed the original loan amount below, along with the PPI refund information as provided by HSBC (I have already accepted this as it was more than I expected and I am more than happy with it - however has it led to an incorrect restructuring loan value?)



Original loan amount: 25,000
Period of loan:98 months
Interest on loan (6.5%): 7,247.80
PPI: 7430
Interest on PPI:2154.16
Total loan (inc PPI):32430
Total loan + interest = 41831,96

Payments made: 1 x 435.71 (of which 335.40 was the loan and 100.31 was PPI) followed by 58 payments of 435.75 which was made up of 335.92 for the loan and 99.82 for the PPI.

PPI refund info:

PPI premium redress: 8670.06
Plus taxable interest at 8%: 1704.12
Total :10374.18

Balance outstanding on loan: 14287.14

The latter figure is what I am unsure of. The reason for this is if I look at the payments made (not including PPI) then they total 19,818.76 (1 x 335.4 and 58 x 335.92), this leaves a balance on the loan of 12,429.04

So, first question is am I right in calculating the loan balance like I have? I have done it as if the PPI was never there and literally deducted payments made to date from the original amount of the 25k loan + interest.

OK, next issue is that I go in to the branch today and sign a new agreement to restructure the loan. The amount they have is 14280 (not going to quibble about the 7.14 difference as it is in my favour) and they say that I need to repay over the remaining 39 months.

They add interest at 6.5% as before and I have a new total loan amount of 15833.77. Repayments are at around 405 a month (I am still struggling to get my head around how the PPI taken off has only reduced the loan repayment to 405 from 435 when the PPI originally was at 99 a month).

So my question, was the 'balance' as quoted on the PPI refund letter correct and if not should I contact the PPI reclaim people or go back to the branch?

Any help on this would be most appreciated. I am still happy with my total PPI reclaim amount, but do not want to feel that I am giving them something back just because I did not fully work out the figures.

Thanks in advance

Dave

Well done Dave on your successful outcome. I am waiting for my calculations from HSBC. My loan has 24 months to run with no arrears so I am expecting the loan balance to be restructured to the amount outstanding minus the PPI. It looks to me like they are creating a new loan minus the PPI and then charging you interest again which makes me so angry. The FOS says that any future repayments should be the same as would have applied if the consumer had taken the loan without PPI so the bank should not be restructuring these loans like they would for normal loans. HSBC seem to be adept at these underhand tactics. First they assume that you want to pay the loan balance with your redress. How dare they assume what you want to do with YOUR money!! Then they try to swindle you by restructuring the loan balance to give them more interest. Does anyone else think this is wrong!!!
Dave have you signed the papers already???

di3004

Well done and Congratulations to all you winners, sorry if I missed any of you, this message goes out for you all, well done and great work! :beer::beer::beer::beer::beer::beer::beer:

SkiBum_2

Well, need some advice folks. Received a letter from Lloyds TSB re my PPI claim on my CC. It's an offer of 131.88, I'll write that again 131.88! Apparently 'due to the passage of time' they no longer have detailed records on my account. Strange really as I'm still paying into it and getting statements although it is no longer active. Has anyone else received the like?
I've sent an email to the usual suspects at Llyods (CEO, Customer Complaints, Andrea Barry, Graham Davies) outlining my thoughts:

I refer to your letter at above reference offering 131.88 in order to bring my complaint to a conclusion, I have today tried to call the stated number but have found the office to be closed. As stated at reference the reason you have made the offer of 131.88 is that 'due to the passage of time' you no longer hold any detailed records relating to my credit card account. I find this admission rather bizarre as the account although not active, is still receiving payments from me and I receive paper statements each month.

Compounding the confusion I am feeling as to your decision is the fact I received a letter from you dated 30 Aug 11 upholding your ref CC/*****, loan account blaaaaah, which ran from 2000 until 2005. Records concerning this account must have been available for you to reach this decision in my favour; it is therefore not beyond reasonable thought or lawful process to believe that records pertaining to my Credit Card account, which was in operation over the same period are in existence either in hard copy or stored as data.

In a previous email to you I stated that I was cognisant of the relevant legislation with regards to data protection as these are guidelines that I have to adhere to myself, therefore, I am conscious of your retention policy that was legalized in January 2005 by the FSA in regards to record keeping and storage and destruction of data. I am also aware that documents are not destroyed once the 6 years retention is completed as they are stored in a centralized location. I am further aware that it is your discretion as to how long you keep the data, post 6 years. Ergo, records from 2005 should be readily available to you.

I am presuming that records pertaining to my credit card have been destroyed or lost, your letter at reference does not make clear which is the case. I am somewhat concerned by this as I have not received details and dates of any destruction certificate pertaining to destruction relating my details, or, any data signed and/or certified from the Data Security Officer that should have been bestowed to me to officially state that my personal data has been officially destroyed. Should it be the case that destruction certificates or other certified documentation is held I would be most grateful if you could forward copies of said documentation to me. I presume that this request may need a Data Subject Access Request or a FOI request, I would be grateful if you could advise and also advise any cost involved.

I have contacted the ICO and FSA to gain advice with regards to my complaint who have advised me to speak with you again in regards to this complaint. Consequently I do not consider this complaint to be closed and request that this matter be further investigated, taking due note of the contents of my previous paragraphs.

What do you guys think? Used some phrases above gleaned from here.

Dizzywithmoney

Was just wondering if anyone had actually received their cheques from First Plus yet. It is 6 weeks next Wednesday that they received our acceptance back so I was just wondering if they do take the full 8 weeks or will it arrive between the 6-8 weeks!

conkerlily123

amersall wrote: »

:D No fingers crossed needed:D:D:D this is a win if you get a no ,let us know and we will help you take it further.

Thanks Amersall,

I am hopeful that it will be a win x

I will keep you all updated, thanks for all the advice

conkerlily123

Red_peppers wrote: »

Good luck,

How long ago did you write back to them?

I wrote back to them 10 days ago and haven't heard anything yet, I also emailed Bob 4 days ago.

Fingers crossed for you

Thanks Peppers

You too x

I wrote to them on the 16th September, I rang them on the 20th to see if they had received the letter, but they said not. Not had a reply from them yet, but am gonna chase it tomorrow.

Did you get a reply from Bob?

I'm sure that we will get our results turned in our favour! There are so many Firstplus wins coming through, I don't know how ours could have been rejected , fingers crossed for us both x

Lily

suarez_2

suarez wrote: »

Hi,ive just sent reclaim letters to lloyds for 2 loans and a credit card that are over 6 years old,i have sent copies of the loan agreements showing the ppi boxes pre-ticked even though i declined ppi and have sent copies of credit card statements showing ppi payments on each statement which i was pressured into taking when i got the card. Are they obliged to consider the mis-sell as i have sent the proof even though they are over 6 years old.Any advice welcome and thanks to all. Well done to all winners to date:beer:

Anybody kwow if i stand a chance on these claims. Thx

spaniellover

conkerlily123 wrote: »

Thanks Peppers

You too x

I wrote to them on the 16th September, I rang them on the 20th to see if they had received the letter, but they said not. Not had a reply from them yet, but am gonna chase it tomorrow.

Did you get a reply from Bob?

I'm sure that we will get our results turned in our favour! There are so many Firstplus wins coming through, I don't know how ours could have been rejected , fingers crossed for us both x

Lily

Hi

Keep fighting and put down every detail you can remember about the selling of the ppi however stupid it may seem, you will win or should I say get what is rightfully yours.

spaniellover

Dizzywithmoney wrote: »

Was just wondering if anyone had actually received their cheques from First Plus yet. It is 6 weeks next Wednesday that they received our acceptance back so I was just wondering if they do take the full 8 weeks or will it arrive between the 6-8 weeks!

Please could you post when you get your cheque and how long the wait is, Thanks