PPI Reclaiming successes and failures

bluevan12

Marie67 i just got mine back from MBNA for a loan for £7500
over 5yrs, £2400 ,your on the right track,it may take another
month or so for them to actually send you the cash,but my advice
is too just keep ringing them once a week for an update,,BOL

bluevan12

Hi, i have gone to the Ombudsman with some older loans from barclays i should
get my first update within 3 months,has anyone else had any success while going
to the Ombudsman,funnily enough now they know they have re-opened my case,
they gave me an excuse that because they were a member of the GISC,they could
not go back before 2001 and reclaim my ppi records,they also taking months to send
me my SAR,my loan started in 1996,but i was still paying it in 2006...

pwppio

amersall wrote: »

Did they just say "sorry", and what were the key facts about the loan that they did not give you?.

They said that a recent review of their records showed that prior to completion of the loan, you were not provided with an initial disclosure document and this document provides details of the insurance services offered in connection with the loan and important regulatory information.

They said they enclose the document and offered their sincere apologies for the oversight. They said it didnt affect our loan, so we just assumed it was a clerical error and filed it with the rest of the paperwork.

It was only when we thought that we may have been misold the ppi that we found this letter and it kind of confirmend that we werent given all the key facts, that outlined that they only offer from a single insurer, rather than looking for the best deal.

The PPI cost us £12,000 and over the 300 months of the loan will cost us £37,000!!!
We cancelled the PPI when we realised that it had been added and was pointless as my husband was self employed and they paid us back £1400 12 months later! Pretty rubbish for something that will cost us £37,000!

I really hope that we might have a case.

amersall

pwppio wrote: »

They said that a recent review of their records showed that prior to completion of the loan, you were not provided with an initial disclosure document and this document provides details of the insurance services offered in connection with the loan and important regulatory information.

They said they enclose the document and offered their sincere apologies for the oversight. They said it didnt affect our loan, so we just assumed it was a clerical error and filed it with the rest of the paperwork.

It was only when we thought that we may have been misold the ppi that we found this letter and it kind of confirmend that we werent given all the key facts, that outlined that they only offer from a single insurer, rather than looking for the best deal.

The PPI cost us £12,000 and over the 300 months of the loan will cost us £37,000!!!
We cancelled the PPI when we realised that it had been added and was pointless as my husband was self employed and they paid us back £1400 12 months later! Pretty rubbish for something that will cost us £37,000!

I really hope that we might have a case.

You certainly do.
This is front loaded and is a loan upon a loan to term end with interest.
When you cancelled the ppi this will still have been on the loan to term end with interest, less any rebate they gave you for cancelling.
Look here for other reasons for mis sell and put the claim in.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2
Good luck.

pwppio

amersall wrote: »

You certainly do.
This is front loaded and is a loan upon a loan to term end with interest.
When you cancelled the ppi this will still have been on the loan to term end with interest, less any rebate they gave you for cancelling.

Good luck.

Thank you so much for the encouraging words, much appreciated. We owe £8,000 on the loan and the rest we had to clear with a remortgage on our house as we couldn't afford the payments and ended up in Debt management. Our mortgage is interest only too, so we are paying that £12,000 off for life basically, it will never end!
It would be great to get something back to clear a bit of the mortgage. Do you have any idea what sort of amount we could get back? Do you think we might get the full £12,000?

Thanks so much for your help.

amersall

What was the 1400 for, possible rebate for cancellation?.
You will get the ppi back and the interest on this plus 8%, less the rebate they gave you when you cancelled.

The 8% is taxable and you will need to inform HMRC to see how you can pay this tax.

pwppio

amersall wrote: »

What was the 1400 for, possible rebate for cancellation?.
You will get the ppi back and the interest on this plus 8%, less the rebate they gave you when you cancelled.

The 8% is taxable and you will need to inform HMRC to see how you can pay this tax.

Wow! That could be a lot of money in that case:) How could I work it out?
Thanks for the tip about the 8%, dont want to get into any tax problems.

Marie67

did you get an offer letter or just a cheque? If offer letter, did you just accept this? New to this and really don't know how it works.
I am going to try my CC now although Egg have now been taken over by Barclay card so don't know how I'll fair there.

Thanks for the words of encouragement ;-)

amersall

pwppio wrote: »

Wow! That could be a lot of money in that case:) How could I work it out?
Thanks for the tip about the 8%, dont want to get into any tax problems.

I would wait for the redress they offer you if you win, i would not like to speculate to the exact amount.

If you post the total ppi with interest, the term of the loan, the date you cancelled the ppi and settled the loan, someone who knows figures could help you work this out, dilus is quite good with these i am sure he could help you.

You will get the ppi back with interest plus 8%,less any rebate, that will be a nice amount

amersall

Sorry, just re read this again.

We owe £8,000 on the loan and the rest we had to clear with a remortgage on our house

Is this loan still live?.