PPI Reclaiming successes and failures

louloubelle80

Hi, can anyone help?

I'm looking to understand what type of figure I may be entitled too. I took out a loan with Welcome Finanance in Aug 07. My loan was for £10000, and from the paperwork I can see they added on a loan of £1900 for PPI, so total loan is £11900. I pay back £297.00 per month for 15 years so have 11 years left to pay. Does anyone know what type of figure I can expect for compensation and how this will effect the balance of my existing loan?

Thanks in advance.

Louise

debsclark17

Hi thanks Dizzy, yes they say that he is covered under the ppi policy until the age of 70.
In their letter they say they will not 'enter into futher correspondence' although I never bought up the 'interest' query in the initial complaint, so can I go straight to the Ombudsman. Its only because MBNA paid all the interest back that its made us think ! although we are not sure if you can only get it back if the ppi was missold. Just thinking that maybe we have nothing to loose by going to the ombudsman ! Or do I start a 'new' complaint with Barclaycard concerning the interest ?
Thanks
Debbie

debsclark17

Hi thanks Dizzy, yes they say that he is covered under the ppi policy until the age of 70.
In their letter they say they will not 'enter into futher correspondence' although I never bought up the 'interest' query in the initial complaint, so can I go straight to the Ombudsman. Its only because MBNA paid all the interest back that its made us think ! although we are not sure if you can only get it back if the ppi was missold. Just thinking that maybe we have nothing to loose by going to the ombudsman ! Or do I start a 'new' complaint with Barclaycard concerning the interest ?
Thanks
Debbie

di3004 wrote: »

Hi Deb

Maybe someone else will offer some opinions/advice on this too, but first of all Congratulations on your dad's success!:beer:

I am not sure if your dad would be any longer covered, although I would ask them to send you a copy of the booklet details of this cover if you do not have one to check, as every bank may differ.
Most I think only cover to the age of 65, maybe 60, so as soon as you know I would ask they also refund the payments he made in that time where he would not have been protected anyway.

In regards of the last issue, have you also wrote to business about the interest not being fair?
If so and they have not put this right, you can of course make a complaint, once given a final decision, so basically I would keep writing to them until your happy or until a final decision have been given.

Good luck.;)

milkeyedmender

Hi all, had my offer letter from Lloydstsb offering me £6003.46 from PPI on my credit card ive had with them since 2002. The offer is £5941.08 which is just the PPi premiums and £62.38 8% simple interest. I wondered if anybody could advise if they should be paying interest associated with the PPi premium as well, as Lloyds have said they do not have to and they are refunding according to the FSA guidelines. Many thanks in advance. :A

yodacat

I had my MBNA (loan) upheld letter back in mid August. I rang them today as the 6 weeks they said it would take to calculate and facilitate my refund is up and I haven't heard from them. They advised there are no further notes on my account and that it will take another 2-3 weeks.
A tad frustrating :cool:

debsclark17

Hi
Not sure if they HAVE to pay it back but we made a claim against MBNA creedit card and they paid back £14k, £7k of this was 'Total amount of interest associated with the PPI Premiums'.

Hope someone can answer your query !

milkeyedmender wrote: »

Hi all, had my offer letter from Lloydstsb offering me £6003.46 from PPI on my credit card ive had with them since 2002. The offer is £5941.08 which is just the PPi premiums and £62.38 8% simple interest. I wondered if anybody could advise if they should be paying interest associated with the PPi premium as well, as Lloyds have said they do not have to and they are refunding according to the FSA guidelines. Many thanks in advance. :A

di3004

louloubelle80 wrote: »

Hi, can anyone help?

I'm looking to understand what type of figure I may be entitled too. I took out a loan with Welcome Finanance in Aug 07. My loan was for £10000, and from the paperwork I can see they added on a loan of £1900 for PPI, so total loan is £11900. I pay back £297.00 per month for 15 years so have 11 years left to pay. Does anyone know what type of figure I can expect for compensation and how this will effect the balance of my existing loan?

Thanks in advance.

Louise

Hi Louise and welcome
(no pun intended) lol

I'm sure one of the folks will check these out for you, and be along at some point today. Good luck.

Are you making a claim with the FSCS for this, as I understand if Welcome were the broker of the loan, claims are being dealt with through the above company now as welcome are declared in default, more details below.;)
http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-for-welcome-financial-hn0qripj/

di3004

debsclark17 wrote: »

Hi thanks Dizzy, yes they say that he is covered under the ppi policy until the age of 70.
In their letter they say they will not 'enter into futher correspondence' although I never bought up the 'interest' query in the initial complaint, so can I go straight to the Ombudsman. Its only because MBNA paid all the interest back that its made us think ! although we are not sure if you can only get it back if the ppi was missold. Just thinking that maybe we have nothing to loose by going to the ombudsman ! Or do I start a 'new' complaint with Barclaycard concerning the interest ?
Thanks
Debbie

Hi Debbie

Maybe then write to them and tell them this is a new complaint in regards of the interest and you will appreciate this being looked into, ask if they will get back by 14 days with an answer.

Then if you hear nothing by then, yes complain to the FOS.

Maybe it is that of 70 then, but worth double checking in case they're trying to pull a fast one.

Fingers crossed, please keep us posted x:)

di3004

milkeyedmender wrote: »

Hi all, had my offer letter from Lloydstsb offering me £6003.46 from PPI on my credit card ive had with them since 2002. The offer is £5941.08 which is just the PPi premiums and £62.38 8% simple interest. I wondered if anybody could advise if they should be paying interest associated with the PPi premium as well, as Lloyds have said they do not have to and they are refunding according to the FSA guidelines. Many thanks in advance. :A

Well done on your success!:beer:

Hopefully the calculation folks/helpers willl be along sometime today and advise you on the interest matter, good luck.;)

di3004

yodacat wrote: »

I had my MBNA (loan) upheld letter back in mid August. I rang them today as the 6 weeks they said it would take to calculate and facilitate my refund is up and I haven't heard from them. They advised there are no further notes on my account and that it will take another 2-3 weeks.
A tad frustrating :cool:

How frustrating!
Maybe a email to their CEO will help push them quicker, good luck and well done on your success!:beer: