PPI Reclaiming successes and failures

di3004

erichstrups_girl wrote: »

What were you reclaiming:A credit card ppi

Who was the provider: mbna

How much did you get back: £6600, interest included

Did you get it back after a letter or did you go to the Financial Ombudsman: a letter based on the template on this site, plus a phone call to confirm receipt was all that it took.

I acted on behalf of my husband who is extremely busy. He had little faith but now is a believer!

Thanks Martin, and everyone for sharing your tips.

Well done:T & Congratulations!:beer:

di3004

Jimmyz_Money wrote: »

Alliance and Leicester

loan date 2000 topped up in 2004 paid off in 2006

letter sent 19/9/2011

offer on 27/9/2011

to get CHq in 14 days

£4600.00

it just keep getting better

Monument

letters sent 9/9/2011

offer 28/09/2011

offer off card iwthin next 28 day

£600.00


i look foward to the postman comming now used to try avoid him because of bills LOL

Fantastic!:T Congratulations!:beer:

di3004

sallyannetag wrote: »

Just phoned Ulster Bank on the offchance to chase up whether there was any movement! Letter of offer in the post to me posted on Wednesday so hopefully should be with me by tomorrow or Monday! :j Hopefully its the same for my boyfriends! If they clear the arrears, ill be £100 richer each month! My outstanding debt now stands at £1235.63 - 6 months ago it was quadruple that!!! I could actually be debt free by Christmas woohoo!!!:j

That is fab!:T Congratulations!:beer:

di3004

chilliwitch wrote: »

WOOOO HOOOOO!!!!Thank You all for your help and advice.
Just received a cheque from FirstPlus for £1298.45.It only took just over a year,which I didn't think was too bad.
Thanks to all of you for "Showing me the way"!!!couldn't have done it without all your advice.
I'll have drink for you all tonight!!
Chilliwitch xxx

Well done:T & Congratulations!:beer:

di3004

Red_peppers wrote: »

We've received out offer letter today :T

Our loan details are

Start May 2007

Cash Loan £35,600.00
PPI Loan £8,718.44
Total Loan £ 44,318.44

Repayments 240 @ £290.46 + £71.13 PPI = £361.59

7.9% variable


It says:

We would like to offer you a full refund of the premium with interest paid on the premium to date plus 8% per annum simple interest.

A) Refund of payments made for PPI £3,831.14
8% per annum simple interest £555.24
C) Total Refund (=A+B) £4,386.38

We will need to restructure your loan into the position it would now be in had the PPI policy not been added to the loan.

The calculation below shows how the refund will affect your loan:-

D) Original PPI Policy £8,718.44
E) Interest incurred due to PPI £2,903.52
F) Total value of loan reduction (D+E) £11,621.96

If you choose your refund as a cheque:

G) Outstanding Balance £39,429.09
H) Revised balance (=G-F) +A £31,638.27
I) New repayment £292.02

If you choose to apply your refund to your loan balance:

G) Outstanding loan £39,429.09
H) Revised balance (=G-F) £27,807.13
I) New repayment £256.85


Does this look correct to anyone?

I know FP are good at bending the rules but:

If we take the cheque why does the refund (A) then get added back onto the loan?

Why dont we get the interest (E) payed back to us?

I dont know whether to or:mad:

The way i worked it out was they take off the ppi £71.13 per month.

We get back
£3,831.44 premiums
£2,903.52 interest
£555.24 simple interest

Total £ 7,290.20

Then again I know I have missed a very important point, I just can't see what at the moment
:rotfl::rotfl::rotfl::D


Sorry nearly done!

on the acceptance form under the section for taking it via cheques it explains:
'we will refund the monthly payments made towards the PPI to you and then apply the interest paid on the insurance premium plus the value of the full premium to the loan balance. this will result in a reduction of your loan balance and your monthly repayments. the monthly payments due will then be reschedueled accordingly'

Eh!

Thanks

Absolutely fab!:T Congratulations!:beer:

di3004

wilfymusic wrote: »

Received money from barclays today for mis sold ppi on loans.
Initial offer letter received 31-08-11 , that is 27 working days for payment.
Hope this means that they are starting to catch up now and the 40 days they told me and everyone else to wait , is worst case only .
Still waiting for Barclaycard payout , I am on day 10 of the 40 days they give themselves to pay out .
:beer::beer:

Lets hope your not waiting too long now!;) Congratulations!:beer:

di3004

cboy189 wrote: »

Hey everybody.

I haven't been dealing with this but my mum recently made a claim against Nationwide and they have taken £1363.39 off of her loan. They didn't even dispute it so all it cost was a first class stamp. I haven't read the letter she received but they said to her she needs to contact HMRC and declare this as she is liable to pay tax on it? Is this correct?

Thanks

Well done to your mum :beer:

I understand this is procedure, and don't think they will take that much in regards of tax, but once paid, maybe your mum should let them know and take it from there, otherwise wait for other opinions, the best of luck.;)

di3004

newleaf wrote: »

A success story here
I'm a community mental health nurse. A client of mine took out a loan with Lloyds TSB some years ago and was sold ppi with it. She was self employed, so the ppi was of no use to her, but this was not pointed out at the time. She was also given a credit card as part of the package. She then lost her ability to work due to illness and tried to claim on the ppi. She was told she had no claim due to being self employed. Her benefits stopped because of a technicality - a form she should have filled in but didn't - she used the credit card and got into trouble with it. Her health deteriorated further, she stopped repaying both loan & credit card, eventually sticking her head in the sand ignoring all mail from the bank. The bank were taking the minimum payment every month for both loan and credit card direct from her current account which was with the same bank. Also adding huge bank charges, late payment charges etc. each month.
When I became involved I helped her to open a parachute bank account, as they were taking all her money as soon as it was deposited and she had nought to live on.
The bank responded by immediately selling the debt to a recovery agency in Glasgow, who proceeded to harrass and intimidate her by phone and letter, making threats to visit. I wanted her to reclaim the charges but she was unable to face doing it and would not let me proceed.
When Lloyds TSB recently announced they had put money aside to pay claims I finally persuaded her to let me help her reclaim, and even though she could not find much of the original paperwork, I drafted a letter explaining the sequence of events and the disasterous consequences.
5 months later, I'm delighted to report she has received an offer of payment which will cover the full amount of the debt, plus a couple of hundred quid left over.
I am so grateful to Martin for the information on how to go about making a claim. :beer:
I would urge anyone who is anxious about doing it to press ahead, you have nothing to lose and everything to gain.

Fantastic and great work!:T Congratulations!:beer:

di3004

head_above_water wrote: »

I found out i has been paying PPI to Next store card for 13 years, and didn't know it was optional until i heard a radio programme about it. I sent off the questionnaire and after waiting 8 weks have received a reply that states i had 13 years to cancel it and i would have either "ticked the box, , returned a coupon, or accepted by telephone. " If they don't know how i applied for it then how can i remember. I am sure i ordered one thing from the store and piad up front then a card just turned up in the post.
Is it possible to take this further and if so, what should i do.
thank you

Hiya

Sounds like a standard fob off to me, and not sure if they were then regulated by the FSA either when you taken this out, so the FOS are not able to adjudicate complaints if not regulated at the time you taken out the policy, but there is no harm in writing to the business again and ask them to reconsider, add any further info, and tell them you do not agree with the decision they made, and don't feel they have taken your mis sellling complaint seriously or not even investigated it properly.

Ask that they get back by 14 days, and if they do not change the decision, or if you hear nothing, contact the FOS anyway and they may suggest another avenue on where to take this one, such as the underwriter/insurer of the policy, who would have been regulated.

Hope this helps, good luck.;)

jamesbaldwin_2

Followed the ppi instructions and the coop repaid just over £3000 pounds just because no one had actually discussed the suitability of the product over the phone with us.Excellent result.Many thanks to mse