PPI Reclaiming successes and failures

di3004

Jax2211 wrote: »

Hi

Eventually I’ve had a letter from LTSB informing me that they will indeed be upholding my 6 claims for bank loans dating back to 2001! I started my claims in May 2011, they then informed me in late August that they’ll be upholding my claims and last week sent me a letter breaking down the sum of each loan I will get back. They said I should get payment by cheque in the next 21 days. Extremely happy! It did take a bit of time and a few phone calls but eventually I've got there in the end! Phew!!

If it wasn’t for the MSE forum and the lovely people who are always on hand to help out I would still be clueless on how to go about reclaiming my money. Thank you all very much. :T :beer:
Jax2211

That is fab!:T Congratulations!:beer:

di3004

IANC wrote: »

Bit of an update.

My loans have been calculated and the hold up is my credit card (hopefully because the interest involved is so bloody much :rotfl:)

Waiting for a call back when they have finished the calculations on the card (By Friday hopefully)

Then I have to wait for the figures in writing and then accept them.

Payment is normally within 2 days apparently, ie they will send out a cheque within 2 days and process the transfer to my account for the loans within 2 days as well.

Light at the end of the tunnel finally :j

Wonderful :T Congratulations!:beer:

di3004

FEDUPWAITING wrote: »

Is it me or are Barclaycard the the slowest bank for paying out. WHY DOES IT NEED 40 WORKING DAYS TO SORT OUT PAYMENT WHEN SOME BANKS DO IT IN 7????

Good luck and hope your not waiting much longer.;)
So frustrating though.

di3004

turbo.jet wrote: »

I just received an offer from HSBC to repay me £7,062.96 in PPI charges amassed across six different personal loans!!! :j

Happy is not the word - thank you MSE team!

All I did was list the loans in a letter and sent it off, then waited. It was a long shot and I didn't think I'd get anything, and if I did I thought it would be a couple of hundred. I did not have to go to the ombudsman.

The amount they've paid me is almost exactly £100 more than my total outstanding debt which I will be paying off and then enjoy, for the first time in 10 years, being DEBT FREE!!!

:T

Well done!:T & Congratulations!:beer:

di3004

JLG99 wrote: »

Hi all

My first post but I've been a 'lurker' for a while. I've claimed against HSBC for mis sold PPI and 16 weeks (to the day) later recieved an offer of £8,017 (to my surprise!). Took them 6 or 7 working days to pay into my account.

I've used the money to pay off a final debt and am now officially debt free...many thanks for all the advice and inspiration I've read...nearly went with a claims company to reclaim, soooo glad now I did it myself

:beer:

Brilliant :T Congratulations:beer:

di3004

Lyndapinder wrote: »

Thank you so much Martin, for advising us to reclaim PPI.
I didn't realise we were paying it on our card, but it was added and the amount varied according to how much we owed them.
Without your Standard Letter for guidance I probably wouldn't have bothered. We stopped using that credit card to avoid the charges.

It took about 3 months, but I can report that we have just received a letter telling us that we will be getting a refund of the PPI premiums of £326.61, interest associated with those premiums of £87.16, plus 8% interest of £145.84 = totalling £559.61.

Thank you so much; and I'm glad I kept all the paperwork because this goes back a few years now.

I hope that everyone entitled to their money back "goes for it". It's got to be worth trying for the sake of a letter.
:j

Well done :T & Congratulations!:beer:

di3004

mapleoak wrote: »

I originally lodged my forms with M&S on 4th June and have just received a letter saying that my case has been upheld to the tune of £2113.90! Whilst this is fine by me (the letter states the offer will remain open for 6 weeks after which time it will be withdrawn) I have no idea whether the figures are correct. The breakdown is:-

Total amount of PPI charged - £1260.82

Contractual Interest (?) - £850.22

8% Statutory Interest - £2.86

The card ran from Oct 2003 until Sept 2010 with varying balances.

Does that sound about right, does anyone know?

The £2.86 sounds a bit odd but I haven't the foggiest.

Finally, it makes mention of declaring the gross interest to HMRC - I'm assuming they mean the £850.22?


Regards and thanks again to everyone on the forum, your help and assistance has been invaluable!:rotfl:

Hi, I'm sure someone will check them over for you soon, well done :T & Congratulations.:beer:

di3004

catkinsHorse wrote: »

And another one!

I got a letter this morning from MBNA credit card offering
Premiums of £616.65
Total interest £456.01
8% amount £41.72

Total £1114.38

This only covers the past couple of years as the card was originally taken out with A&L. I'm waiting to hear the outcome of negotiations between MBNA and A&L for earlier premiums.

Thank you MSE :beer:

Fantastic! Congratulations!:beer:

turbo.jet

Can anyone offer any advice about the warning in these letters that it includes an element of interest and this may be taxable? I don't get it. Its a refund right? Should I be keeping any aside for the taxman?

dilus

turbo.jet wrote: »

Can anyone offer any advice about the warning in these letters that it includes an element of interest and this may be taxable? I don't get it. Its a refund right? Should I be keeping any aside for the taxman?

You will have to pay tax on the 8% standard interest only if it has been paid gross. You will need to confirm with the bank if it has been paid gross or net. If gross you will need to declare it to HMRC and make a one off payment or get your tax code altered to pay it through your salary.
HMRC will be keeping an eye on gross payments and will chase you if you don't declare.