PPI Reclaiming successes and failures

Maxrara

Originally Posted by Maxrara
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.:)

Di

Thanks for your reply.

"The 'offer' is made in full and is the final settlement of the complaint........."

What I don't understand is the term 'Notional redemption cost of the PPI as of xxx (date)'. The company is proposing to repay me this plus the PPI payments, minus the cost of an equivalent monthly paid policy (which totals over £2000; even through I worked for the NHS with full benefits and have been retired for at least two years that this 'policy would have been in force!! Also no where it thgeir letter is there a mention of any recalculation of the monthly payments of the loan (PPI cover expire last year but the loan is still on-going for a number of years; nor is there any proposed adjustment(s) for charges when the account was in arrears.

Proposal

Total to be repaid £8,000 minus £2,400 Equivalent monthly paid policy = £5,600 plus simply interest £500 minus income tax of £100 = Proposed payment £6,000.

dilus

dilus wrote: »

A friend of mine has just had her claim upheld to the tune of £4,400. This has come about in what I can only say is record time, only submitted complaint 6/10/11, received confirmation and uphold 10/10/11 by phone, told it had gone to claims dept 20/10/11, received offer 25/10/11, will accept and report back when payment is made. Abbey National/Santander by the way, very impressed

WOW, WOW, WOW, my friend has had payment into bank account today 31/10/11
So that makes it 25 days from beginning to end including weekends :T
Thank you everyone on MSE that have enabled me to advise my friend, di, amersall, smitchy, Niggly to name just a few, without your help this may never have come about. Martin chalk another one up :money:

:j:j:j:beer::beer::j:j:j

di3004

geordiesteve wrote: »

helppppppppppppp, ive recieved an offer of 2500 grand from hsbc, i want to accept and have sent off the relevant form. My problem is that it has a six week deadline and its past this date. Reason i left it late was because the letter got sent to my old address and i have moved since, anyone tell me if the claim will still go through ???????????????????????????????????????????????

Hi there

I would contact them and if paid by cheque and if gone to the old address and your unable to check on this, maybe they will issue another and cancel out the other one, do contact them, you should get your money, good luck and well done on your success!:beer:

di3004

Well done and Congratulations to all today's winners! :T:beer::j

di3004

dilus wrote: »

WOW, WOW, WOW, my friend has had payment into bank account today 31/10/11
So that makes it 25 days from beginning to end including weekends :T
Thank you everyone on MSE that have enabled me to advise my friend, di, amersall, smitchy, Niggly to name just a few, without your help this may never have come about. Martin chalk another one up :money:

:j:j:j:beer::beer::j:j:j

That is wonderful news! So happy for you and your most welcome!
:A:A:beer::beer::T:j xxx

spaniellover

:D

zoe1234 wrote: »

Nutty Nat - When is the exact date for the 8 weeks then as you never know you could have a wonderful surprise and it could turn up by then.

Spaniellover - hello. Oh I do hope your cheque is posted within time too. Keep us posted.

My 8 weeks is 14 Dec but if they are saying they are 2 weeks behind then I will be waiting til 28 Dec and then there is the xmas post delay!!! Grr... I suppose I dont mind having to wait (a little) as long as the payment does come eventually!

Zoe

Will do and thank you

Wharky

Wharky wrote: »

BANK - RBS
Amount reclaimed - circa £15k (3 loans)
Amount paid £12,400
Timescale - 3 months

I received 3 seperate reclaim packs from companies following telephone calls. On reading the information supplied I thought, surely I could do this on my own without paying hefty 20-25% charges to them for doing nothing more than them forwarding the forms to my bank.
I printed off the form from martins website and sent it along with copies of my 3 old loan agreements and a covering letter. That was about 3 months ago and I received a reply advising it could take upto 3 months. At the weekend just past i received a reply and a goodwill offer of approx £8000, £2.5k and £1.3k. Not at all bad and the best thing was NO 25% for intermediary for doing absolutely nothin.
Thanks Marti

Update. The 2 smaller amount and the interest were paid by BACS to my account at the end of last week. Just waiting for the. £8200 to hit the account and it's a merry Xmas from RBS. Thanks again:T

amersall

geordiesteve wrote: »

helppppppppppppp, ive recieved an offer of 2500 grand from hsbc, i want to accept and have sent off the relevant form. My problem is that it has a six week deadline and its past this date. Reason i left it late was because the letter got sent to my old address and i have moved since, anyone tell me if the claim will still go through ???????????????????????????????????????????????

You need to ring them asap,tell them what has happened and ask if the offer still stands,did you let them know your new address? if you did then they should still pay you out and if they say no,ring the FOS and complain.

amersall

Wharky wrote: »

Wharky wrote: »

BANK - RBS
Amount reclaimed - circa £15k (3 loans)
Amount paid £12,400
Timescale - 3 months

I received 3 seperate reclaim packs from companies following telephone calls. On reading the information supplied I thought, surely I could do this on my own without paying hefty 20-25% charges to them for doing nothing more than them forwarding the forms to my bank.
I printed off the form from martins website and sent it along with copies of my 3 old loan agreements and a covering letter. That was about 3 months ago and I received a reply advising it could take upto 3 months. At the weekend just past i received a reply and a goodwill offer of approx £8000, £2.5k and £1.3k. Not at all bad and the best thing was NO 25% for intermediary for doing absolutely nothin.
Thanks Marti

Update. The 2 smaller amount and the interest were paid by BACS to my account at the end of last week. Just waiting for the. £8200 to hit the account and it's a merry Xmas from RBS. Thanks again:T

:j:j:j Well done :beer:

amersall

inthemoneynow wrote: »

I would just like to thank MSE, if it hadn't been for the publicity and the easy to use template on the site I wouldn't be so much richer. After just one letter using the template on this site and a wait of about 10 weeks today I received a cheque from the Halifax for just over £5,000, which equates to all of our premiums plus interest on that money at 8%. In 2001 my husband and I took out illness and unemployment PPI cover on our mortgage six months later we took out an additional £20k on our mortgage to pay for some alterations to our house. We adjusted the PPI accordingly and unfortunatley 2 months after that my husband lost his job through redundancy, they refused to pay out as they couldnt decided if we was a new or existing customer, he stopped paying his premium I continued for a further 5 years and after the premium doubled in that time I decided it was like throwing good money after bad so stopped paying. I never felt as though the Halifax dealt with our enquiry properly neither were the exclusions explained properly, So thanks once again:T

:jAnother one bites the dust :j:j:money: