PPI Reclaiming successes and failures

gwend12

I sent off a letter to HSBC two years ago to complain about being mis-sold PPI. HSBC led me to believe that this was just part of the loan and not optional at all. I was told at that point that I had agreed and had signed the paperwork accordingly.

Two years later I have written to them again and filled out more paperwork and 6 weeks after I had sent everything off I have just received a letter from HSBC to say that they had in fact mis-sold me the PPI. They had also checked back on a previous loan with them and is going to refund me the PPI plus 8% this is a total of just over £10,000 !! I am absolutely amazed and even phoned the bank to check that the letter had come from them and not a hoax/scam. it's definately worth writing to them again if you know you have been mis-sold !!! :j

di3004

gwend12 wrote: »

I sent off a letter to HSBC two years ago to complain about being mis-sold PPI. HSBC led me to believe that this was just part of the loan and not optional at all. I was told at that point that I had agreed and had signed the paperwork accordingly.

Two years later I have written to them again and filled out more paperwork and 6 weeks after i had sent everything off I have just received a letter from HSBC to say that they had in fact mis-sold me the PPI. They had also checked back on a previous loan with them and is going to refund me the PPI plus 8% this is a total of just over £10,000 !! I am absolutely amazed and even phoned the bank to check that the letter had come from them and not a hoax/scam. it's definately worth written to them again if you know you have been mki-sold !!! :j

Well done to you! Super fab work!:T:j Congratulations :beer:
And of course this will also be a great help to others as well, thank you for posting up of your amazing success, so chuffed for you!:beer:

hunnyluvinbear

hunnyluvinbear wrote: »

Hi
Sorry to repeat this.....I may have missed any earlier reply.

Does anyone have an email address for Capital one loans? I submitted the forms on 4th August and have heard anything.

Many Thanks
Bear

Huh! Had a reply today. No PPI was ever taken in connection with that credit card.....Yes we know that! It was the LOAN we were claiming for!!:mad: Stoopid people.

nutty_nat

Dizzywithmoney wrote: »

I am so pleased for you and that you have received your cheques!


They received my acceptance on 17th August but I still havent got my cheques!!!! Its not fair that they dont pay out in order. Its been 7 weeks today and I was hoping that I might have received them by now!!! Looks like I have at least another week to wait and then the cheques have to clear - I started my claim the first week in March!!

I am also waiting on a cheque from Nat West - they said within 28 working days, they should have received the acceptance letter by at least 1st September so that should be arriving any day now too!!!

All this waiting is so frustrating. I rush home every night from work to see what post I have and then nothing!!!

Hi Dizzy

My heart goes out to you looking in the post everyday hopefully you will get yours any day now hun. It makes no sense to me how they issue these cheques. My acceptence was logged on the 17th September I will be interested to see when it drops on my door mat xx

djf1968

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

Hi all.

A very interesting update on this. After almost 10 days of trying to call the Regulated Sales Complaints team at HSBC without success I spoke to the FSA and read their handbook, which clearly supported my thoughts and comments previously made about the bank needing to restructure the loan as if PPI was never on it and effectively leaving me with monthly payments of about 335 not the 406 as the 'new' loan had indicated.

Well, I eventually had to call HSBC head office and speak to the complaints dept about this and demand a callback. Today I received a call from HSBC Regulated Sales Complaints, who advised they had looked into my query and had re-calculated the loan balance.

Guess what? :j The 14,287.14 they originally calculated did appear to be incorrect. The actual figure is now 11,686.95. Yes, they will need to add on interest to that at 6.5% as per the original loan, but that is fine as they actually only recalculated the principal loan amount. My estimated figure was about 13100 inc interest so when interest is added it comes to 12948.98.

Needless to say I am delighted and am looking forward to my meeting with the local branch to re-sign a new loan agreement, especially after the patronising tone of the employee there who inferred that I clearly did not understand how loan restructuring works when I questioned why the new monthly payment was 406 instead of the 335 (435-100 for PPI) I understood it would be. Boy is he in for a hard time!!

My main reason for posting this update is to warn others that they should double or triple check the loan balance (if in a similar situation where there is still a loan to pay off after a successful PPI claim) as it is very easy to overlook the figure quoted in a sentence that appears just after one telling you how much PPI refund you are getting. They have never explained how they came about this loan balance figure and it was not broken down in the same way that the PPI refund was.

My concerns for others are that how many people have ended up paying their bank/building society back more money than they should have done just because they did not check the figures? As a friend of mine said today, if the banks are knowingly doing this and end up with 1, 2 or 3 people out of 10 querying it and getting it sorted, what about the others? Many more are unwittingly giving the banks some of their money back.

Imagine that like me, the other customers (this is not just HSBC either) are giving them back 2000-3000 then multiply that by the thousands of customers and suddenly this 'mistake' seems like it may just be a clever way to recoup some lost income.

Anyway, I stood by my principles and challenged them and got it sorted. Perhaps they should have checked these figures and told me there had been a mistake? No, it had to be me that questioned it and lo and behold they were wrong to the tune of 2500 +.

Should I raise this with the FSA or FOS? Do they need to investigate this poor practice?

Hope others heed this advice and make sure everything is made clear before agreeing the figures.

Good luck to all future claimants!

Dave

:beer:

djf1968

NICKY77 wrote: »

Any one have the telephone number for HSBC ppi department???

Thanks in advance

Hi

It is 02380722311....not even got that in front of me, but I know it off by heart I as I have rung it so many times in the last week or two. Scary huh?

Dave

marcusarelius

Hi Dizzy,

yeah i know i am sure your cheques will not be far off - its doesnt seem that there is much organisation to the way Barclays are processing them - i have seem claims sent in after mine recieve redress letters weeks earlier than me and then some not get any at all. Did it say 6-8 weeks on your redress letter too? i have to admit wasnt expecting them till next week at the very earliest!

I think the wife is pleased as i can stop texting her every day asking is there is any post - well will stop for a while - still waiting to hear from RBS, Tesco and one more loan from Barclays

Hope yours turn up soon!

amersall

marcusarelius wrote: »

Just recieved my cheques from Barlcays (First Plus) - sent the complaint on the 10th May and had acceptance on the 1st September. thanks for all the info and support to get this far.

Good luck to all others waiting!

:j:j:j:j:j love a win with FP :cool::cool::cool::cool:

amersall

debsclark17 wrote: »

First Plus - Success ..
Sent claim for ppi on loan which we repaid early (loan out in 2005 and paid off in 2007). Sent off claim in June, final day for response was 4/10/11 received reply 3/10/11 talk about push it to the limit !!

Just received settlement letter which states :
A Original PPI policy £4898
B Interest Incurred due to PPI £616.51
C 8% per annum simple interest £1352.22
D Less early settlement £855.94
F Value of refund (= A + B - D) and a separate cheque C = £4162.29
However, we assume they have transposed figures C and D, as the figures just dont work out, also the offer let states the £4162 plus cheque for £855.

Can someone please advise is the 8% simple interest correct ? and also they say they have deducted income tax in accordance with current tax legislation from the 8%, how can they do this ? they dont know whether I am employed, low tax bracket, high tax bracket or unemployed ?

They also say sign the acceptance form and a cheque will be with us in 6 TO 8 WEEKS !!! Is it acceptable to have to wait another 6 to 8 weeks on top of the 16 weeks we have already waited.
Would appreciate any advice ?

Thanks

:j:jAnother one with FP bites the dust :j:j:j:j:j

The tax can be deducted at source,they will pay this to HMRC.

It is not acceptable to wait 6-8 weeks,but there is nothoing that can be done about this i am afraid,it may well come sooner

Look here to work the 8% out.
http://www.moneysavingexpert.com/reclaim/bank-charges#calc

Put the first ppi monthly amount and the date and so on for each month and year and it will keep a tally for you.
Only put the dates and amounts you actually paid the ppi from the start to the day they paid redress.
Take off the early settlement amount and you will know the amount of the full redress and the 8%.

amersall

pc007 wrote: »

Hi all,

First Plus sucess, sent form in early July had reply 17th July with a 30th October for final response. Got upheld letter yesterday for £9400 well happy.

Been reading this thread for weeks and I must say a big thank you to everyone for giving me the push to put in the claim in ths first place.

As debsclark17 points out the acceptance form says cheque will take 6 to 8 weeks. Is this realistic or could it be quicker or longer.

cheers

:T:T:T:T:TAnother one :j:j:j:j:jwell done.:cool: