PPI Reclaiming successes and failures

di3004

Funktchic wrote: »

Hi all,

Today I have received a letter from LLoyds offering me 3709.80 :j im a little confused about how this is paid out, will I get a refund of the cash into my current account or will they pay this sum off the loan that I currently have with Lloyds?

In the letter it states on one page that the loan service centre will send a statement which shows the payments they have made to my loan account & confirm the outstanding balance I owe, but on the next page it states that i will be sent a cheque or the money will be paid direct to my Lloyds account.....Am I actually going to see the money?

This is my first offer from 3 refinanced loans that have been open since 2006 (up too Dec2010) I only called Lloyds once & they have come back to me within 6 weeks! should i accept the first offer or are they holding more back?

Thanks in Advance!

Well done on your success!:beer:

If your not sure on the amounts due, you could ask them to send you a written breakdown, they should do this on request, and maybe they can clarify at the same time on how its being paid back to you. Tell them your confused on the way the letter is worded.

Normally if the loan is no longer active, they should either send you a cheque, or if you have a lloyds bank account they may refund to that.
Sometimes it's know if there is a balance owed on an active loan, they will refund towards the balance and the interest comes back to you.

I would defo give them a ring just to make sure and ask them to send you a breakdown the same time for your records.

Good luck and again well done!:beer:

Funktchic

di3004 wrote: »

Well done on your success!:beer:

If your not sure on the amounts due, you could ask them to send you a written breakdown, they should do this on request, and maybe they can clarify at the same time on how its being paid back to you. Tell them your confused on the way the letter is worded.

Normally if the loan is no longer active, they should either send you a cheque, or if you have a lloyds bank account they may refund to that.
Sometimes it's know if there is a balance owed on an active loan, they will refund towards the balance and the interest comes back to you.

I would defo give them a ring just to make sure and ask them to send you a breakdown the same time for your records.

Good luck and again well done!:beer:

Hi di3004,

Thank you for your reply

In the letter they have given the following break down,

Loan 1
Refund of premiums 261.81
Interest @ 8% up till 26.03.12 - 110.35
Total 372.16

Loan 2
Refund of premiums 1957.20
Interest @ 8% up till 26.03.12 - 557.93
Excess Balance 315.27
Total 2830.40

Loan 3 (current open loan that i am still paying with no PPI attached)
Interest @ 8% up till 26.03.12
Excess Balance 481.72
Total 507.27

Total refund offer 3709.83

They do not say in the letter how long it will take for the refund but im guessing because they are only paying interest up till 26.03.12 that it will be around this date? Am i right in thinking that i pay tax on the interest refund & i have to phone the tax office to declare?

I am planning on ringing them on Monday but any advice would be great!

Sorry for being such a newbie but to be honest i never thought it would actually happen as all it has taken was one 5min phone call I think im still in shock!

j66hob

My Partner and I both sent away at same time in Nov him to Halifax and me to Barclaycard for an old Littlewoods Catalouge then onto a Credit Card he has recieved 1 offer for his Credit Card over £7k and 1 for his Bank Loan over £3k . Thank you so much MoneyExpert couldn't have done this without your help:j .I received nothing for a month then a letter saying they were looking into in then after about 7 weeks a letter saying I have to get nothing back as it was a postal application and I knew what it was for . I really can't remember anything about it .Should I go to the FOS for this and has anyone else had any bother with Barclaycard as the Halifax were brilliant offering exactly what he had payed in .

di3004

j66hob wrote: »

My Partner and I both sent away at same time in Nov him to Halifax and me to Barclaycard for an old Littlewoods Catalouge then onto a Credit Card he has recieved 1 offer for his Credit Card over £7k and 1 for his Bank Loan over £3k . Thank you so much MoneyExpert couldn't have done this without your help:j .I received nothing for a month then a letter saying they were looking into in then after about 7 weeks a letter saying I have to get nothing back as it was a postal application and I knew what it was for . I really can't remember anything about it .Should I go to the FOS for this and has anyone else had any bother with Barclaycard as the Halifax were brilliant offering exactly what he had payed in .

Hiya

Well done on your success!:beer:

Have I read this right now, are you saying at first they made you an offer and now refused? via Barclays?

If it is the final decision, then yes maybe you should make that complaint to the FOS, if they enclosed details of the FOS/leaflet then I assume that was final, some will give you the opportunity to write back with further information.

di3004

Funktchic wrote: »

Hi di3004,

Thank you for your reply

In the letter they have given the following break down,

Loan 1
Refund of premiums 261.81
Interest @ 8% up till 26.03.12 - 110.35
Total 372.16

Loan 2
Refund of premiums 1957.20
Interest @ 8% up till 26.03.12 - 557.93
Excess Balance 315.27
Total 2830.40

Loan 3 (current open loan that i am still paying with no PPI attached)
Interest @ 8% up till 26.03.12
Excess Balance 481.72
Total 507.27

Total refund offer 3709.83

They do not say in the letter how long it will take for the refund but im guessing because they are only paying interest up till 26.03.12 that it will be around this date? Am i right in thinking that i pay tax on the interest refund & i have to phone the tax office to declare?

I am planning on ringing them on Monday but any advice would be great!

Sorry for being such a newbie but to be honest i never thought it would actually happen as all it has taken was one 5min phone call I think im still in shock!

Hiya

Hey that is fine, I was a newbie once lol.:D;)

Glad you have the calculations, it appears to look correct, so depending on if that is what you have paid or not it is down to that really.

The letter should confirm if you have to contact the HMRC in regards of the interest, as some do it automatically. But that does seem to be the procedure otherwise, but again if there is no details or mention of the interest, I would contact them, or email them direct for clarification.:);)

[Deleted User]

di3004 wrote: »

Have I read this right now, are you saying at first they made you an offer and now refused? via Barclays?

No, it's her partner who had the offer and her own claim that has been rejected.
The rest of your post is correct!

j66hob

di3004 wrote: »

Hiya

Well done on your success!:beer:

Have I read this right now, are you saying at first they made you an offer and now refused? via Barclays?

If it is the final decision, then yes maybe you should make that complaint to the FOS, if they enclosed details of the FOS/leaflet then I assume that was final, some will give you the opportunity to write back with further information.

Thanks no they never made me any offer they said they were looking into it then said I knew what I was signing for even though it was for a Littlewoods cataloge then a Littlewoods Credit Card then it went over to Barclaycard and didn't change even though I stayed at home for 7 of these years to bring up my daughter before going back to work 2 years ago and so it wouldn't have been any good as I wasn't employed anyway .Thanks for replying as I don't really know what to do .

di3004

j66hob wrote: »

My Partner and I both sent away at same time in Nov him to Halifax and me to Barclaycard for an old Littlewoods Catalouge then onto a Credit Card he has recieved 1 offer for his Credit Card over £7k and 1 for his Bank Loan over £3k . Thank you so much MoneyExpert couldn't have done this without your help:j .I received nothing for a month then a letter saying they were looking into in then after about 7 weeks a letter saying I have to get nothing back as it was a postal application and I knew what it was for . I really can't remember anything about it .Should I go to the FOS for this and has anyone else had any bother with Barclaycard as the Halifax were brilliant offering exactly what he had payed in .

Me again, just got this clarified to me by Moneyineptitude (thank you).;)

Just to ask, as your not sure about the sale being postal or not, but did you request for a Subject Access Request (SAR) for this (your data/paperwork) on this account?
Sometimes (but not always) there maybe something amongst the paperwork within a SAR of how the account was sold, for eg: online, postal, in branch etc.

di3004

j66hob wrote: »

Thanks no they never made me any offer they said they were looking into it then said I knew what I was signing for even though it was for a Littlewoods cataloge then a Littlewoods Credit Card then it went over to Barclaycard and didn't change even though I stayed at home for 7 of these years to bring up my daughter before going back to work 2 years ago and so it wouldn't have been any good as I wasn'y employed anyway .Thanks for replying as I don't really know what to do .

Hiya (just also left you a post above as well) no problem.:A

Basically they need to know that the point here is, no matter how is was sold to you, the cover was worthless to you anyway, due to the fact that you were a homemaker bringing up your children.
They do tend to use what they said to you as a fob off and in hope you don't go back.

So maybe you could write back, ask them to reconsider within 14 days, and tell them you did not understand the policy despite the completion of the application form, as it was assumed all was inclusive of the credit card.
Then go on to say, that the policy was worthless to you and you were not in the position to have used it anyway because you were unemployed bringing up a child.

Tell them if you hear nothing within 14 days you will consider taking it further.
Hopefully they will review your complaint, but if you hear nothing by then - complain to the FOS.
Hope this helps. x;)

amersall

themass wrote: »

Hi folk (nice to see Di back) can anyone tell me how the fos and fscs differ in dealing with claims, mine is with or was with Norton one of those front loaded jobbies which cost us nearly 8k it was with the fos now being dealt with by the fscs i have been told they differ in the way claims are dealt with
Ste

The FOS can uphold a mis sell claim and have the customer put back to the position they would have been in had the ppi not been on the loan.

The FSCS only compensate for ppi mis sell, they give 90% of the whole ppi back but if the loan is still running it is not reset as if no ppi was on there.