PPI Reclaiming successes and failures

amersall

nutty_nat wrote: »

:beer::beer::beer::beer::beer::beer::beer:

AMERSALL HAVE YOU SEEN ALL THESE FIRSTPLUS WINS THE LAST COUPLE OF DAYS, SUCH GOOD NEWS TO SEE PEOPLE WITH ALL THAT FRONTLOADED PPI GETTING THERE MONEY BACK.

Congratulations to all winners

:j:j:jYaaaaay :cool::cool::cool::cool::cool:
luv it when a plan comes together
just shows what a carefully worded letter can do :rotfl::rotfl::rotfl:

Happy belated birthday xx:bdaycake::dance:

amersall

Bobbeenz wrote: »

Hi Guys, new to this so be gentle.

Recently posted Questionaire off to Norton Finance about a loan i had in 2002. Paid off early so was over 6 years ago. Quick rply from them. Knockback.
Grounds for knockback are that it was over 6 years ago and that they were not regulated by the FSA and not a member of the General Insurance Standards Council, therefore they state that the FOS will not consider my complaint as it falls outside of there Jurisdiction.
Anybody got advice on what to do next? Or shall i just let this one go? I have all the old paper work for the agreement and am kicking myself for not doing this earlier!
Thanks.

Hi there, give Norton a ring,and ask who the underwriter/insurer was for the ppi,then give FOS a ring and ask if they were under GISC when you took the loan out,if they were,then put a complaint into the insurer and if you get knocked back the FOS can help you.

di3004

djf1968 wrote: »

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:

Well done Dave and good for you!:beer:

As its been resolved with the business, maybe in this case the FSA, I would otherwise suggest the FOS as well, but as its been dealt with now that should be fine, although you can still complain to the business on how it was dealt with and if your not happy with the response they give on this matter you can complain to the FOS.

But it is a good idea to mention this to the FSA if you want to.;)

Rae115

amersall wrote: »

:j:j:jYaaaaay :cool::cool::cool::cool::cool:
luv it when a plan comes together
just shows what a carefully worded letter can do :rotfl::rotfl::rotfl:

Happy belated birthday xx:bdaycake::dance:

hiya,

what words were used in this letter, as HALIFAX need to be sent 1 of these. seems they are accepting but not paying :mad::mad::mad:

ncd

I've had two successes in the last few days, one from Egg for £10,056 for mis-sold PPI on my credit card and now a letter from the Halifax for £14,000 for mis-sold Mortgage PPI. Marvellous:D:j:beer:

kaz310

I sent a letter to firstplus in June asking for a reclaim. I had a letter back stating I would receive a reply by 26th October. Having read some of the threads most have had to complete a questionnaire. Does this mean that when they finally contact me that i will have to complete one, thus dragging my complaint out even further.

digitaltrance

While it is great that we have finally ' won' our fight with first plus over a wrongly sold ppi the elongated time frame that they are operating to refund the money appears to me as just another insult. Every letter first plus has sent to us up until they agreed to payout has always been the full 8 week period to the very day ...why? (we all know why don't we ). Today after four weeks of phoning they finally have come clean and admitted that it will be the full 8 weeks until the cheque arrives for me... this will be 2nd November 2011. They claim it's all due to the weight of claims. What a load of BS it is pure and simply just another way of making yet another 2 months interest on money that from August 31st and the offer letter was no longer theirs.

The money I am waiting to receive (£16,000) was badly need years ago and when it finally arrives like an asthmatic Calvary brigade, it will find us in this family mentally broken by a system that works on a neolithic time scale and cares less than Jeffrey Dahmer...

If first plus had cancelled the ppi 6 years ago when I asked I would not have had to take out yet another loan to pay off First Plus one because their monthly payment with the ppi was simply crippling ….If they had helped me when I needed it I would not have gone with another bunch of crooks picture loan who have now gone bust and left my 'secured' loan totally unsecured with anyone who wants to pick up the tab - this week it's Webb Resolutions who ever they are

Thank god for Martin lewis who woke me up and got me to check my pay off figure for the loan and in doing so see in small print that they added the whole life of the ppi to the final settlement figure ..

Beyond all this is the small mindedness of this company which is basically Barclays who spend a small fortune on premiership football sponsorship and advertise to get people to become customers . Wouldn’t you have thought they would want to keep the customers they have and treat us with respect ...Don't they think we talk to family and friends.... how many million nay billions are they loosing through this bad press?

All being well I could have been a customer for another 25 year and my offspring etc etc but now I will never ever touch Barclays or any 'large bank again'

Yes this is me just venting that I have to wait another 4 weeks for my cheque but their tardiness and indifference makes my blood boil... :mad:

Keep up the great fight good people but don't ever expect that fight to be easy or quick ….for me it has been nearly been a year of hair pulling stress. I may have won what was mine but First plus are still the real winners...

My final thought is will I really see a cheque on the 2nd of November or will I simply have to swallow even more lies about heavy work loads ..it must take all of 5 minute to get a computer to generate a cheque.

Rae115

ncd wrote: »

I've had two successes in the last few days, one from Egg for £10,056 for mis-sold PPI on my credit card and now a letter from the Halifax for £14,000 for mis-sold Mortgage PPI. Marvellous:D:j:beer:

excellent news :j:j

if u dont mind me asking when did you put your halifax one in and how long did u hold your mortgage with them for.

is it only the 8% they pay on MPPI????? does anyone know this???

thanks

rae

IANC

I haven't had my figures in the post yet, but just logged into my credit card and the following payments are showing as credits on the statement.

Premium Refund £1411.83
APR Refund £1235.60
Rebate Fefund £753.79

Now based on the fact that the APR's are as follows - 26.9% purchases, 29.95%

And the fact that the card started in 1998 makes me think that the APR figure is woefully incorrect.

I'll wait until I get the figures before I point this out, as it seems that they have struggled with the concept of compounding. :mad:

Sandyhills

kaz310 wrote: »

I sent a letter to firstplus in June asking for a reclaim. I had a letter back stating I would receive a reply by 26th October. Having read some of the threads most have had to complete a questionnaire. Does this mean that when they finally contact me that i will have to complete one, thus dragging my complaint out even further.

I sent my claim against FP in June and was sent a letter in August to say that they had not received by FOS questionnair. Maybe you should just get one and sent it in to them or else phone them and ask them if they need one.