PPI Reclaiming successes and failures

di3004

offcumden wrote: »

I posted a similar question a couple of days ago but as yet no response unless I've missed it
BUMP
Well I think I may be in with a chance of winning.
I received a letter yesterday, sixteen weeks after my original complaint stating that they are unable to respond directly on a case-by-case basis however, on this occasion they are prepared to uphold my complaint.
They go on to state that the offer £1771.42 will effectively return the premiums I've paid.
The breakdown of how the offer was calculated shows
Total amount of Insurance charged £1018.15
Contractual Interest £753.26
8% Statutory Interest £0.01

The CC account has been running since the 1990's and I have a Certificate of Insurance dated May 2003 increasing the PPI monthly cost to 75 pence per £100 outstanding balance.
Statements for March 2005 and June 2006 show outstanding balances of £3249 and £4400 with respective premiums of £23.89 and £34.16.
The Without Prejudice Offer letter does not give any detail as to how they have arrived at the figures or the period they cover nor any contact details other than a prepaid envelope. It does not state it is their final offer only that I may refer it to the FOS if disatisfied and that the offer will be withdrawn six weeks from the date of the letter.
I look forward to the experts thoughts and recommendations as I feel pretty certain that the amount offered is likely to have been understated

Hiya

Sorry if your previous post has been missed, I have not been here aso often recently, but trying to catch up lol :D;).
First of all well done on your success!:beer:

In regards of the calculations, they don't seem to have made it clear do they?
I would ask if they would be kind enough to send the details to you on how this was worked out - to come to that figure, but otherwise some of the great folks on here who helps on the calculation side of things will come up with something.

Good luck x

di3004

hunnyluvinbear wrote: »

Whoo Hoo! Just rang MBNA to ask when we will be paid...cheque was sent yesterday!

Excellent!:T Congratulations!:beer:

di3004

turbo.jet wrote: »

At the top of the thread click on 'thread tools' and unsubscribe. You'll then need to re-subscribe with the correct setting if you want to.

That sounds more like it lol.:D:T you explained it better than me, good one x:beer:

Craig191

It seems like lloyds are giving you it back but still charging for the old months of PPI on your balance. Which isnt fair at all.

di3004

VSM wrote: »

Hi all,

I’ve just registered so that I can post my success with HSBC on here as I’m chuffed! lol. I’m a regular visitor to the site but don’t usually post on the forum.

I originally wrote to HSBC on 10th March 2011 requesting repayment of my PPI as I believed I had been missold for several loans prior to the one I had on going at the time (which I finished paying for in June) – I did not have ANY of the paperwork in relation to the previous loans, or even the account numbers so I just blagged my letter (without the templates from here as I didn’t have the info to complete them) and gave my loan account number of the one I had running.

I had a letter back saying they could not see any PPI on my loan (I had told them in my letter I had it taken off my existing loan during the cooling off period) and therefore my complaint had been closed – they obviously didn’t read my letter or were trying to fob me off! So I walked into my local HSBC and literally five minutes later I was walking out with a print off of my previous loan account numbers so I wrote back on 18/03/2011 providing this information.

Numerous letters came saying my complaint was being dealt with and I would hear by X date, only to receive a further letter saying the same thing. Eventually I had a letter through saying my complaint had been upheld and I would receive a redress offer within 4 weeks. I had the letter on the final day of the 4 weeks offering me a massive £8312.33!!!!! And this covered a total of nine PPI products. I sent the letter back to accept and the money went into my account yesterday, 5 working days after they received my signed letter (I rang to confirm receipt and they told me the date and to expect payment within 10 working days).

So to sum it up, I’m chuffed! No paperwork, no template letters and still I managed to get over £8K back!!!...thank you money saving expert, I probably would not have complained if not for this website. I’m debt free having FINALLY paid off all my credit cards and loans BEFORE this money so its been a massive bonus to the house deposit fund!

Good luck to all the people still awaiting a result of their complaint.

I’ve pasted in the copies of the two letters I sent below:

The Manager
Service Quality Team
HSBC Bank plc,
Arlington Business Centre,
Millshaw Park Lane,
Leeds,
LS11 0PP

10-03-2011

Current loan account details – Sort code: **-**-** Account number: ********.

Dear Sir/Madam,

I have been a HSBC customer for many years and you will see from my records that I have taken out several personal loans with yourselves over a period of time. I started off with one loan which I consolidated into another and so on up until having my current loan which will be paid off this year.

I am aware of the recent publicity with regards to the misselling of payment protection insurance and I believe that I was a victim of this practice.

When I originally took out my first loan, I was advised that I would benefit from the insurance and it was ‘highly recommended’ to a person in my circumstances as I would be covered if I was ill and unable to work; however it turns out that was not the case. I was, and still am employed in the civil service which I told the person dealing with my loan at the time, where in the event of sickness I get full pay for a period of six months, followed by a further six months of partial pay. It has been brought to my attention that in these circumstances I would not have been unable to claim under the insurance anyway.

You will notice that my current loan no longer has PPI on it. This is because around the time I took out this consolidated loan with yourselves I became aware that the insurance was basically an overpriced piece of paper as in my circumstances a claim would be invalid anyway should I have ever needed to make one. You will see from your records that very shortly after taking that loan out, I revisited the branch and had the PPI removed, thus reducing my loan, from memory by around £3000! At this time, the person who removed the PPI for me agreed that I did not need it.

I have previously visited the ********* HSBC branch and requested copies of all my loan documentation but was advised they were held locally in branch and that I should write in. I have requested this information from both the ******* and ******* branches of HSBC and not had a reply from either letter.

Obviously I am now looking to reclaim my money spent on payment protection insurance from the outset of my loans with HSBC which was badly explained and thrust upon me when I clearly would have gained no benefit from it. Your loan advisors are the experts and should have made it clear to me, having told them what sickness benefit my employer provides, that I would not benefit from paying extra for the insurance. I feel like HSBC took advantage of my age and naivity at the time – I felt like I HAD TO take out the PPI and did not understand the nature of the product and that it was clearly not appropriate for my circumstances.

With your reply please enclose copies of the documentation I have previously requested; many thanks for your time.

Yours faithfully,


18-03-2011

COMPLAINT RE: PAYMENT PROTECTION INSURANCE

Dear Sir/Madam,

Thank you for your fast reply to my previous letter which was dated 10-03-2011 however I am not happy that my complaint has simply been closed. Please reopen the matter – I feel like the person who dealt with my letter did not fully understand it and therefore the response I received was not adequate.

My letter stated ‘I have taken out several personal loans with yourselves over a period of time. I started off with one loan which I consolidated into another and so on up until having my current loan which will be paid off this year.’ Therefore my complaint relates to all the loans I have had with HSBC prior to my current one, where I had the payment protection insurance removed within the cooling off period of the loan; hence why it is not showing on this loan. I am sorry for any confusion – I entered my current loan account number for reference thinking that you would be able to see the previous loans on my record.

I visited HSBC yesterday to obtain my loan product numbers to assist you. Prior to my current loan, all payments were taken from my HSBC current account, sort code **-**-**, account number ********. I have a green bank account therefore I do not have paper statements to enclose, all my banking is done online therefore please check your records and you will see all the payments made, should you require this. The customer service agent in branch advised me that you would be able to do this. All payments were made by direct debit, on time; I have no defaults.

The loan product numbers my complaint relates to are as follows:

(eight loan product numbers were listed here)

As previously requested on several occasions, please provide me with copies of the loan agreements in related to the above products.

Also, first and foremost, please investigate my complaint in relation to the mis-sold payment protection insurance. As quoted from my previous letter ‘I felt like I HAD TO take out the PPI and did not understand the nature of the product and that it was clearly not appropriate for my circumstances.’ The massive cost implications of the payment protection insurance were not explained to me and it was not made clear to me that the insurance was optional. Everytime I consolidated my loan, the payment protection insurance was added on again and in my naivety, I took it as if it were simply part of the loan; noone from HSBC ever raised or questioned with me whether I needed it or infact actually wanted it; they assumed I did based on my existing loan at the time. It was a friend that actually educated me on the nature of such products and the cost implications hence why I removed the PPI from my existing loan. I mean this in the politest of ways but please, please read both this letter and my previously letter, a copy of which is attached, thoroughly as I do not want another reply fobbing me off.

Many thanks, I look forward to hearing from you,

Yours sincerley,

Absolutely fantastic!:T Congratulations!:beer:

di3004

Craig191 wrote: »

It seems like lloyds are giving you it back but still charging for the old months of PPI on your balance. Which isnt fair at all.

I agree with you!

I would in this case write and argue about this, and request that you would prefer the refund to be refunded directly to you, because you have other urgent matters to deal with, (personal matters) which would be a help to you, and if they could as being a valued customer of the bank for a number of years - to discreetly consider refunding the money back to you.

No harm in trying if this applies to you.;)

di3004

Banks0mewin wrote: »

I have been informed this morning by the Halifax that a letter is on its way to me regarding a final reclaim calculation covering some loans (7 restructured over a 10year period,final loan amount £15,000)....at last some progress.....:):):):):):):)

Guy on the phone would not discuss the contents but stated the letter is on its way...Waiting for the Royal Mail now...;);););)

Still awaiting final figures for 3 CC's plus another loan though.But these are also with the redress team...:):):):):):)

That is so fab!:T Congratulations!:beer:
And good luck on the others too, WOW!:j:T

di3004

hunnyluvinbear wrote: »

Hi
Does anyone have a contact phone number for MBNA. I'm on day 21 out of 28 waiting on a cheque. I just don't want to get to day 28 (which is how long they say it could take) and find they've conveniently 'forgotten' me!
Thanks
Bear

Hiya

Good luck honey, and a list of them here, maybe the general tel number at the top would be the one, fingers crossed, x;)

http://www.mbna.co.uk/contact-us/

di3004

Londongal76 wrote: »

Hello All!

Well after one letter, one SAR form sent in to EGG, and an 8 week wait with a few letters saying they were looking at my complaint and would reply within the 8 weeks, I sat in stunned silence as i opened a letter from them last week with a cheque for £8339.29 in. Fully upheld my complaint, said the insurance was in no way suitable for me, and here's a refund.

Approx £3570 in ppi payments, £3750 in interest, £60 for fees charged and £900 for something else.

A-mazing. Wouldn't have done it without this site, so thank you. MBNA and Barclaycard are next.

What are the tax implications of the refund though?

Many thanks,

Emma.

Well done Emma:T Congratulations!:beer:
I see that your question in regards of the tax has been answered to. x;)

di3004

Morgan2011 wrote: »

Guys i am 6 weeks into a ppi loan claim with Egg have had 2 follow up letterrs to say it is being investigated(They have told me they have 16 weeks to make a decision) Loan goes back to 2006 and is now owned by moorgate.
Asked moorgate for a copy of the loan it has a ppi box ticked and it says on the form this replaces a signature i presume Egg will knock me back on this i can honestly say i dont remember aagreeing to this my loan was done over the phone and i remember the guy suggesting ppi to cover any time off work but i told him i was covered by 6 months full pay and would not need it.
Anyone any advice or success despite having a loan agreement with a box ticked? Can i still claim the policy was mis sold?

Hi

wishing you luck on your reclaiming.

The decision will be based on your reasons, and yes of course there's been lots of success even if signed/ticked, some were pre-ticked and some were made pressurised to take the ppi, so it will all go on the reasons behind this as well, try not to worry, please keep us posted, fingers crossed.;)