PPI Reclaiming successes and failures

Derwent

NatWest credit card success.

Original offer from them was £189 as they had 'incomplete records'.

I rejected this and told them exactly how they should calculate my redress and even offered to do it for them !

New offer received this afternoon - a sum of £7,343 !

Just a small difference of £7,254 between their original offer and the new one :-D

angelbuduk

Whoop! My first win today from mbna still in shock! - questionnaire sent 29 August 2011, offer today of £3600 and cheque will be sent within 28 days.
Thankyou to this forum!

Lancashire_Lad_2

Lancashire_Lad wrote: »

Hi,

Would like to post a success with Barclays First Plus:

Timeline:

Requsted SAR May 2011.

BFP acknowledged reciept of claim form around 8th June.

Offer letter arrived yesterday after several postponing letters and being verbally informed the claim would take until middle of October to resolve.

Loan details:

Amount borrowed: £15,000
Term: 20 years (240 months)
PPI Premium (Lump Sum Added to loan and covered first five years of loan): £2989.50

Refund Details:

A Original PPI Policy: £2,989.50
B Interest incurred due to PPI: £885.28
C 8% per annum simple interest: £1,054.28 (Net amount aftet BFP have taken tax out - Gross amount not given)
D Less early Settlement refund: £66.27
E Total Value of refund (= A + B - D): £3,808.51

Total Amount to be paid (C + E): £4862.79

They have stated it will take 6 - 8 weeks to process the payment.

Why we are upholding your complaint:

Having reviewed your complaint, we have been unable to establish whether the PPI policy was suitable for your needs.
Based on these findings we have upheld your complaint.

(I had 12 months paid sick leave, 4 * death in service cover and would have received a good redundancy payment from my employer)



Would someone be so kind as to check the offer of £4862.79 is suitable?

First payment made October 2004.

36 payments as follows:

146.78 (October 2004)
146.78
146.78
146.78
146.78
146.78
146.78
146.78
146.78
146.78
146.78
146.78
146.78
146.78
146.78
146.78
146.78
146.78
146.78
146.78
146.78
146.78
146.78
146.78
146.78
146.78
146.78
151.47
151.47
154.35
154.35
158.99
158.99
158.99
161.81
161.81
161.81 (September 2007)

Total : £5537.10

Settlement figure: £17863.34 (October 2007)

Hope I have given all the relevant info

Thank you everyone, your posts have been invaluable, I wish everyone else the same success

Hi,

Have sent off the forms but wondered if the calculation by Barclays First Plus is correct, can anyone check them for me please? :)

Thanks in advance.

Lancashire_Lad_2

spaniellover wrote: »

Hi

Did First Plus give you any reason for the 6-8 week wait? Seems a ridculously long tome considering money had already been put aside

Hi spaniellover,

They didn't give a reason. :mad:

Lancashire_Lad_2

I have now submitted a claim for a Lombard Direct loan, no letter informing me my claim had been recieved so I gave them a call.

They didn't seem impressed with me calling as the complaint was only two weeks old.

I explained they where supposed write to me within 5 days and inform me they would look into the complaint.

Funnily enough the letter informing me they where dealing with the case arrived two days after I called lol.

Also put a claim in to Capital One CC last weekend.

Nothing from them as yet.

Will let you all know how I get on.

Lancashire_Lad_2

angelbuduk wrote: »

Whoop! My first win today from mbna still in shock! - questionnaire sent 29 August 2011, offer today of £3600 and cheque will be sent within 28 days.
Thankyou to this forum!

Grats angelbuduk

Well done everyone else who's been successful.

smitchy73

di3004 wrote: »

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.;)

Just to further what Di is saying the FSA says that the redress should be paid back to yourself unless they apply it to any arrears and they can only do this if it is contractually allowed to, ie in the contract.
If you've no arrears then you can argue to get your money back, and if they refuse complain to the FSA(NOT FOS).

dilus

Derwent wrote: »

NatWest credit card success.

Original offer from them was £189 as they had 'incomplete records'.

I rejected this and told them exactly how they should calculate my redress and even offered to do it for them !

New offer received this afternoon - a sum of £7,343 !

Just a small difference of £7,254 between their original offer and the new one :-D

WTG Derwent :rotfl::T congratulations :beer:

kaladin

Hi,

Can anyone help please? I have been offered a refund of ppi premiums paid however i still have a balance on my loan. Am i right in saying after they have taken off the paid premiums from the outstanding balance, The outstanding balance should also be reduced for the ppi originally added but not paid for yet as the loan is still in force?? I'm so confused so any comments would help!!

smitchy73

kaladin wrote: »

Hi,

Can anyone help please? I have been offered a refund of ppi premiums paid however i still have a balance on my loan. Am i right in saying after they have taken off the paid premiums from the outstanding balance, The outstanding balance should also be reduced for the ppi originally added but not paid for yet as the loan is still in force?? I'm so confused so any comments would help!!

Hi kaladin, congratulations on your win.

What they SHOULD be doing is refund your ppi premiums that you have paid already with interest at the loan rate, plus 8% simple interest on each payment back to when your monthly payments were made. Then they should reduce your loan by the monthly ppi amount for the remainder of the loan.
If you've had any arrears they can use the redress to pay off your arrears first, but if you've not had any arrears they should be paying you back by cheque or into your bank.

Hope this helps:D