PPI Reclaiming successes and failures

dilus

viccaleva wrote: »

8% taxable interest

I take that as a gross payment but would phone them to double check, you don't want to get in hot water with Mr Tax Man

ElaineM

Today 'out of the blue' i received a letter from NRAM saying it had recently
reviewed its sales processes for PPI and basically saying that i was sold a PPI policy during Jan 05 - March 08 and if i thought it wasn't sold appropriately i should call them or fill in the form at the end of the letter. They are saying that depending on circumstances i could be entitled to a refund of the premium and an interest payment of 8%.
The problem that i have, is that i don't remember which loan this was for or when it was!!
Can anyone help by giving me advice on where to start?
Many thanks.

sandib

HI

Is anyone having lenghty waits for their settlement payment. I recieved my letter on the 12th October saying I was due £481, I have phoned them for some timscales as to when this will be paid andthey just say there is a back log and it will be as soon as possible. Am I being slightly cynical as why this is taking so long, afterall if I owed the bank £481 I am almost a 100% certain that if i said i would pay it back as soon as possible this would somehow not be accceptable

Topkapi

sandib wrote: »

HI

Is anyone having lenghty waits for their settlement payment. I recieved my letter on the 12th October saying I was due £481, I have phoned them for some timscales as to when this will be paid andthey just say there is a back log and it will be as soon as possible. Am I being slightly cynical as why this is taking so long, afterall if I owed the bank £481 I am almost a 100% certain that if i said i would pay it back as soon as possible this would somehow not be accceptable

Which bank owes you the money? Received my offer from RBS on 27th August and am still waiting for payout.

viccaleva

dilus wrote: »

I take that as a gross payment but would phone them to double check, you don't want to get in hot water with Mr Tax Man

Thank you, I'll wait for the money to hit my bank and I'll give them a call

71staffy

Well - first post on here and its well worth it too !!:beer:
9th Oct 11 sent off my claim form to MBNA for my Virgin AMEX card PPI thingy - no quarms!!
Received a cheque in the post this morning 19th Nov 11

"""" £5753.19 """"

Price of a stamp !! awesome... I'm now credit free !!! :rotfl:

gerald007

Hi
I'm new on this forum and all the post are a big help, i may be a bit slow here ... i understand how it all works but not sure about the 8% bit ... if your loan was paid off in 2007 ... do you get a total of 8% or 8% per year? So you get back ppi + int + 8% or ppi + int + 8% + 8% + 8% +8% etc

thanks

dilus

gerald007 wrote: »

Hi
I'm new on this forum and all the post are a big help, i may be a bit slow here ... i understand how it all works but not sure about the 8% bit ... if your loan was paid off in 2007 ... do you get a total of 8% or 8% per year? So you get back ppi + int + 8% or ppi + int + 8% + 8% + 8% +8% etc

thanks

Hi gerald007, welcome to the forum. You get back all of the PPI that you paid + 8% standard interest (of the monthly PPI amount for however many months you were paying it)
It is not just a case of adding 8% to the total PPI figure, it has to be worked out using a spreadsheet as each month the 8% figure drops slightly and they all have to be added up over the term of the loan.
Credit card 8% is different to loan 8%, it is more complicated as it is only awarded when the card is in credit, hope this explains it a bit better
Some banks do give you back the APR interest too but not all

dilus

71staffy wrote: »

Well - first post on here and its well worth it too !!:beer:
9th Oct 11 sent off my claim form to MBNA for my Virgin AMEX card PPI thingy - no quarms!!
Received a cheque in the post this morning 19th Nov 11

"""" £5753.19 """"

Price of a stamp !! awesome... I'm now credit free !!! :rotfl:

WTG 71staffy, excellent result :j:beer::beer::beer:

dilus

The forum has been a little quiet today but CONGRATULATIONS TO ALL THIS WEEKS WINNERS INCLUDING MYSELF
Some great results and hope for many more to come :beer::beer:

Sorry having a play with fonts for the first time