PPI Reclaiming successes and failures

di3004

Maxrara wrote: »

Originally Posted by Maxrara

Hi folks It was suggested that I bump this post onto here for advice/comment. You may need to know that part of the 'deal' is that I must not publish/discuss etc details of this offer but I have taken the view that any decent 'fair' company (which I am sure the one I am dealing with is) would/could not prevent me form discussing with my advisors (you lot) this reasonable but complicated offer - in an attempt to understand it.

Thanks

Okay here goes.

Single front loaded PPI - Insurance covered the first 5 years, and although a joint loan only covered the main bread winner. The insurance is now expired but the loan is current.

Rough breakdown of offer as follows:-

Cost of PPI 51/2k
Amount paid 5k
Notional redemption cost of PPI 3k(not sure what this is?)
Total 8k
Simple interest 500
Deduct the cost of equivalent PPI (that old chestnut!) 21/2k - Been retired 3 years (just started self employment this year!).
Total to be paid 6k

There is no mention of any adjustment of the existing loan, also no redress of interest/charges etc due to some missed payments (now caught up). Also no word with regard to a previous loan (which also had PPI) which rolled into the present one.

This offer was suppose to put me back in a position that I would have been in if I didn't have the PPI but I can't be sure that this is the case. Funnily, they state that the calculations are only 'broadly' in line with the FOS.

Is this a fair offer?

Hi there

If its not an offer it should be upheld where they refund you all you have paid of the ppi, plus interest to each payment made and interest at 8% of what a court would award.
If the loan was repaid early then they may have reduced the settlement by a lower figure of the full balance which included some of the ppi, so you did not actually see it when it was settled but it brought the settlement balance down.

Sorry if I have mis read on this, then you receive the remaining amount of the ppi and as stated the interest etc.


I would contact them though to find out what is happening on the other, good luck.:)

Matryoshka

Rae115 wrote: »

hey - think i won told you im gonna splash out... got my cheq...

got my cheq today for £9.42 yeah and its all mine (LOL) posted back in aug.

every little helps

Yeah. You win hands down

di3004

karenb7740 wrote: »

Hi does anyone have any advise regarding this please.

Hi Karen, well done on your success!:beer:
If you can provide them with any old statements, send them copies and they will consider refunding a higher amount.
And if there is still a balance on the card/still active, they can sometimes refund the money directly to the account, and to what I thought was that you should receive any interest, but it may differ from one bank to another.

I know it may seem unfair the way they have done this, but you can always write and tell them your unhappy in the way they dealt with the refund and you was expecting that it should come back to you, as you have already been deprived of your money.

If however you had a debt more important, you could write and tell them you were hoping to use your refund towards this.

No harm in trying, good luck.;)

emmastevens

Sorry if this is in the wrong place, recently did lot's of small ppi reclaims and won. Couldn't do big major reclaims as they were mentioned in BR. Discharged since 2009. Anyway came across old like 1995/1997 bank statements with loan & ppi's on it, contacted bank,Natwest, major creditors mentioned in Br. They said "yes can see you have lots's of ppi's. I said, yes but because I'm Br, and ur my creditor I can't really claim on then, but can I claim on on 1995/97 loans?" ok, they said. This was in July. Got letter today with an offer of £750, (loan was £500), but I have to sign a agreement saying they can deducted any amount I owe them!! My question, does this mean they might decide to use this £750 towards the Br amount against it? Please advice?

agoodey

smitchy73 wrote: »

:j:jWOW:j:j
What an amazing result, well done.

Just for sake of asking was the 8% simple interest had the tax taken off at source by Barclaycard?

No, I have to declare the simple interest on my next self assessment and pay the tax...

Ro663

Hi,

Just thought I'd mention my recent success story regarding a PPI claim.

Back in 2004 I took out an 8 year loan of £37k with Natwest to consolidate my debts. I was very foolish back then and lived a life way beyond my means. A part of my foolishness also included the fact that the loan included PPI. I have since corrected my ways regarding what I do with my money (mostly due to my fiancee but also due to the great free advice from Martin Lewis), and with it being everywhere in the news that banks had mis-sold PPI to many customers, I thought I would try my chances at getting some money back.

After downloading the template from MoneySavingExpert.com, I sent my letter to Natwest in March 2010 and after a couple of months they replied telling me that I was fully informed that the PPI was optional when I took out the loan. My argument was that I had been in full-time employment (with the same employer) since March 2000 and that I wouldn't have taken PPI had I known it was optional.

My case was referred to the FOS (Financial Ombudsman Service) and after many months of waiting I finally received a letter in Aug 2011 stating that Nawest would like to make me an offer out of a gesture of goodwill to settle my complaint as long as I accepted that they weren't liable. Without being informed of how much their offer would be, I decided to put faith in the FOS accept Natwest's offer.

On 26th Oct 2011 I received a total of £10,296.89 back from Natwest :j. I have now paid off the remaining balance of the loan and I'm currently searching for the best way to save my money.

If you've ever thought about making a claim for being mis-sold PPI but have been put off for whatever reason, then my advice is simple. Download the template of this website, send in the letter and with a little patience you could find gold at the end of the rainbow.

Take care

Ro663

karenb7740

di3004 wrote: »

Hi Karen, well done on your success!:beer:
If you can provide them with any old statements, send them copies and they will consider refunding a higher amount.
And if there is still a balance on the card/still active, they can sometimes refund the money directly to the account, and to what I thought was that you should receive any interest, but it may differ from one bank to another.

I know it may seem unfair the way they have done this, but you can always write and tell them your unhappy in the way they dealt with the refund and you was expecting that it should come back to you, as you have already been deprived of your money.

If however you had a debt more important, you could write and tell them you were hoping to use your refund towards this.

No harm in trying, good luck.;)

Hi Di
Thankyou for the advise. I think I will write back to them requesting that interest at least is paid to us. Dont know whether to send acceptance letter at same time and alter it or just write letter first and see what response we get.

smitchy73

anne47 wrote: »

Hi Smitchy , Well the Cabar is literally 5 mins down the Road from me so if I go anywhere it will probably be there . Going to get my kids and grandchildren together for a meal to celebrate :j Don't think I'll go down to Uist , weather getting very stormy ...not a good sailor .
I hope it won't be too long for your cash to come through.
:)
Thanks to everyone for all the help here .
Anne

Thanks Anne and enjoy.:DI even know the mum of a girl who works in the RBS in Stornoway too, but I aint got any extra inside knowledge or help:(

stuart_lamb

Seems i was lucky in getting my 3 cheques. I spoke to a very very very helpful lady at lloyds today who explained the new trial payment process and that i was obviously one of thise involved. There are some bugs with the new system which looks like it has affected one of my payments being considerably smaller than it should have and the way i was paid. She thanked me for the feedback and emailed it off to get it sorted asap for me.

So, anyone who receives cheques/transfers from lloyds, double check all your figures against your letter breakdown just in case the overwhelming relief at actually getting something makes you forget what you were supposed to receive! Takes them long enough to get us the money and even when they do, its not correct!

JOfedupwiRBS

Hi All

Got my cheque in the post this morning £8093.38, £80 more than was offered. Can't believe it's finally here.

:j:j:j:j :beer:

Good luck to everyone else