PPI Reclaiming successes and failures

mootthedog

HI guys

Quick update

Got back from work yesterday to find a big box of information from my SAR request from Lloydstsb,

Having found evidence of front loaded ppi on a loan from a while back, that I wanted evidence of, I started looking deeper. Then I heard the postman and found an offer letter from them for my PPI on a credit card. The offer was for £19470.03. To say I am happy, would be an under statement. in total now 4 claims and almost £30k back. anyone reading and worrying about going for their ppi it back should go for it.

Very happy.

dilus

mootthedog wrote: »

HI guys

Quick update

Got abck form work yesterday to find a big box of information form my SAR request from Lloydstsb,

HAving found evidence of front loaded ppi on a lon fomr a while back, that I wanted evidence of, I started looking deeper. Then I heard the postman and found an offer letter from them for my PPI on a credit card. The offer was for £19470.03. To say I am happy, would be an under statement. in total now 4 claims and almost £30k back. anyone reading and worrying about going for their ppi it back should go for it.

Very happy.

Very nice indeed :T well done

pwppio

amersall wrote: »

Sorry, just re read this again.



Is this loan still live?.

Yes, the loan is still live for £8000. The other £53000 we paid off and put on our mortgage in 2008, but that £12000 is still costing me money.:mad:

harrpau7

chocha wrote: »

Hi all,

Just checked my bank balance and finally, MBNA have paid up £1039.53 not bad considering I only paid £259.00 in PPI payments.
I also received a letter from Barclaycard stating that they won't be upholding my calim due to a lack of evidence. I think I'll send a nice e-mail to the ceo and if that doesn't work I'll let the rottweiler (the wife) loose on them...lol

How come you got back more than you paid? Did you pay the loan off early? If that is the case I could be in for a big payout

Shirleyk

I have just arrived home and found a letter from Lloyds TSB upholding 4 loans with PPI, including one from the 90s. They have offered £14,500 so I am very pleased. I started the process in early December. I realise that I might have to wait a while for my money but I am not too bothered about that. The main thing is that I've had a success.

I have also previously received £2025 from Halifax. I am still waiting to hear about another couple of very small claims.

Good luck to all those people who are still waiting. Thank you to the good people on this forum who have advised and provided support and a huge THANK YOU to Martin. Without him I would never have complained or received a penny, let alone £16,500.:j

lately

amersall wrote: »

Sorry this post was missed yesterday

When you get the letter, this should show you how the redress was done, this will show the whole ppi that they had to take off the loan and the redress that should have come to you.

Did you have any arrears on this loan?, if not they have a cheek to clear the loan, i know this is one debt less, but all the same they should have asked you.

Ring them up and put a complaint in about the way they have dealt with this claim, tell them you are not happy that you were not asked about how the redress was paid, and have no breakdown of the redress, tell them if this is not sorted asap, you will contact FOS.

Thank you for your reply and sorry for my late answer, I have been out and about.

I was not in arrears (never have been).
In the offer letter (dated 22 dec didn't arrive until early Jan) it explains how they arrived to the offer figure of £10,779.43:

Loan 1 (taken Dec 2003)
Refund of Premiums £2,044.79
Interest at 8% calculated until 10 Jan 2012 £1,112.77
Total £3,157.56
Loan 2 (Refinanced Jun 2006)
Refund of premiums £4,914.12
Interest at 8% calculated until 10 Jan 2012 £1,448.91
Excess balance and interest (see explanation*) £1,258.84
Total £7,621.87
*Excess balance and interest
This is an additional payment we offer to refund the extra amount you paid when you refinanced the Loan/PPI which we are offering to refund. As your earlier loan included PPI the outstanding balance on that loan, which you carried over to the next loan, was higher than it would have been without PPI and therefore you paid a higher payment and more interest when making your repayments on the next loan. Our offer of the excess balance and interest is a refund of the extra amounts paid by you with associated interest

Is this kind of information the norm?
If it is right or wrong I don't know!

On Friday morning I spoke to someone (pleasant and very helpful) in the loans dept, I repeated myself again and of course I got a completely different story again. A final statement was sent to me the day before and apparently this explains what exactly took place, how and letting me know that the loan is now closed. Apparently my February payment when towards my final balance and hence why the loans dept refunded the sum of £31.12 directly to my bank account and once that took place the account was closed. It is apparently normal procedure to only send a statement in relation to the closure of an account 30 days later. According to him the moment the Personal Loan Insurance is canceled they close the loan account, this took place on the 24 Jan (letter I received dated 24 Jan from the Lloyds TSB Creditor Dept).

I explained my concerns explaining that I am now almost paranoid since I have been told so many stories, I don't believe them anymore and I am thinking that if I deposit that cheque which would mean acceptance of the situation on my part (letter saying the complaint has now been closed) they will turn around and say the loan still live and the fact my loan information has dissapeared from my online banking was just a technical I T problem and it was there all along.
He tried to reassure me the best way he could by saying I promise you the loan is closed, please take my name etc...

This morning I received a Statement of the loan dated 22 Feb
Period covered by Statement: 1 Jun 2011 to 14 Feb 2012
For some reason it doesn't include my February payment and the balance as of the 3rd Jan was of £7,856.03 no mention of the account being closed which added to my paranoia!
I don't know what to think anymore but I want to be positive and assume that the letter will arrive next week sometime....

Should I complain now or wait until I have this elusive letter confirming the loan is closed? They had no right to do what they did, I should have been given the choice!:mad:

Once again thank you, I will update and congratulations to all on their good news.:T

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.

The PPI cost was approx £12,000 and The total cost of the PPI interest over the loan term would have been approx £25.000. Although I paid off some of the loan early (£53.000), it was consolidated onto my mortgage to make it more affordable, so will they consider the interest that I am still paying on it across the term of my mortgage? Can I argue that this is still costing me a fortune each month?
There is currently approx £8000 still on the initial loan itself. We cancelled the PPI after 1 year and got approx £1400 back:(

earlybird1984

Had a letter from MBNA today saying I will get £2504 back within the next 28 days!!! :-) Only had to send one letter! Fingers crossed I will hear back from the others soon.

I have been offered a partial refund from Monument who said they werent in the wrong as was payment break plan not PPI should i reject this and go for the entire amount and interest? If I say im not happy with this could the say tough and or would they just say that is the final offer? Not sure how it works??

teleop

amersall wrote: »

This is front loaded, you have a claim with this.
You will get back the ppi and the interest on this, you will then get the 8%, this is on a decreasing scale for each month that you paid the ppi to the date of redress.

Look here for other reasons for mis sell too
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2
Put all that apply to you, front loaded is the main one.
Some banks do claims over the phone, you could ring and ask.

Thanks Amersall i already have a claim in with Halifax. Put it in end of Jan. I didnt need this PPI a i was covered at work full pay if sick , redundancy package & life insurance. They never established if i needed PPI .Wasnt till i found this forum that i thought im gonna give it a go. I have had a few loans with them never paying one off just topping up all the way . Hope im in with a shout. Thanks again for the advice given much appreciated .:D

teleop

earlybird1984 wrote: »

Had a letter from MBNA today saying I will get £2504 back within the next 28 days!!! :-) Only had to send one letter! Fingers crossed I will hear back from the others soon.

I have been offered a partial refund from Monument who said they werent in the wrong as was payment break plan not PPI should i reject this and go for the entire amount and interest? If I say im not happy with this could the say tough and or would they just say that is the final offer? Not sure how it works??

Hi i had a claim in with monument which was payment break.They refused me saying could not pay out as they didnt go back more than 6years . As the payment break was stopped then. As for mbna i had a cc upheld & found them to be really quick with cheque , got it a week after letter. No hanging about for 28 days as they said. Anyway good luck with Monument .:D