PPI Reclaiming successes and failures

craftybynature

Hello all.

I have a PPI policy with Paragon Finance Loan, the policy is for £7500 for 5 yrs, I have paid 57 months out of the 60 and am now making a claim.
I was told by Click for Freedom that I had to take out PPI to get the Loan,
I knew that Click had gone out of business but still wrote to Paragon fist and had the expected response last week that it was not their problem.
So have now lodged a claim (awaiting the paperwork) with the FCSC.
What I want to know is, on the loan agreement form, there is a section saying that the interest on the Insurance will be £9639, and the total about I will pay for cover is £17139.

Does anyone know if I am likely to get a percentage of the £7500 back or a percentage of the final figure of £17139 ???

car69244

Can anyone help....
I am trying to send the letter requesting a full list of all he insurance charges added to my credit card account.
I have downloaded the template from MSE but there is no mention in there about including a cheque for £10.
I thought this service cost £10 - Am I getting my wires crossed??
Just don't want to send the letter off for them to send it back asking for £10!!
Thanks in advance for any advice!!

di3004

craftybynature wrote: »

Hello all.

I have a PPI policy with Paragon Finance Loan, the policy is for £7500 for 5 yrs, I have paid 57 months out of the 60 and am now making a claim.
I was told by Click for Freedom that I had to take out PPI to get the Loan,
I knew that Click had gone out of business but still wrote to Paragon fist and had the expected response last week that it was not their problem.
So have now lodged a claim (awaiting the paperwork) with the FCSC.
What I want to know is, on the loan agreement form, there is a section saying that the interest on the Insurance will be £9639, and the total about I will pay for cover is £17139.

Does anyone know if I am likely to get a percentage of the £7500 back or a percentage of the final figure of £17139 ???

Hi there

So your not far off in finishing the loan completely.

What may happen is, by the time this is resolved by the FSCS, you will receive the full amount of PPI owed to you, if they do resolve earlier, they may just pay the owing amount and the remainder to you.

The FSCS pay 90% of the PPI refund, there is more on this directly on their website.......

But by the time they add the interest it should not be far off of all you have paid of the PPI.
Hope that makes some sort of sense lol. Good luck.
There is also a FSCS forum on this thread of companies in default, its a long thread but maybe helpful for you.;)

http://www.fscs.org.uk/what-we-cover/about-us/

Why_is_there_a_90_limit_to_the_compensation_available_from_the_FSCS_y is there a 90% limit to the compensation available from the FSCS?

There are limits to the protection the FSCS can provide. Our rules specify which types of claim are eligible for compensation and the limits on compensation payable.

di3004

car69244 wrote: »

Can anyone help....
I am trying to send the letter requesting a full list of all he insurance charges added to my credit card account.
I have downloaded the template from MSE but there is no mention in there about including a cheque for £10.
I thought this service cost £10 - Am I getting my wires crossed??
Just don't want to send the letter off for them to send it back asking for £10!!
Thanks in advance for any advice!!

Hi and welcome

What you need to send for all details of the accounts which should also include the charges and even more details is called a full "subject access request", below is the template letter for this request.
https://forums.moneysavingexpert.com/discussion/1475553
And you enclose £10 cheque or postal order, they have 40 calendar days to comply.

Hope that helps.:)

mell77

hi we just been made an offer for missold ppi and accepted but my husband was made redundant and we are struggling, he owes on his overdraft and is paying 1pound a month on his loan untill he gets back into work,the account has also been put on hold, we called tsb to say we diddnt want the ppi putting into the account thats on hold as we desparetly need it for priority debts and they agreed to send a cheque, we have now recived a text from tsb saying all the money was tranferred into the account thats on hold and were left with nothing??? on the letter we recived it says this could happen but only if they have permission, to which they definatly did not, what can we do??? help plzzzz.

nlw1998

• What were you reclaiming: Credit Card
• Who was the provider: MBNA
• How much did you get back: £2872 :j
• Did you get it back after a letter or did you go to the Financial Ombudsman: a letter

I sent a letter off about being mis-sold PPI as a student about 5 weeks ago, expecting nothing back. I also enclosed MBNA's official PPI reclaiming form so I'd get a quicker response. I was sold PPI by some MBNA man with a clipboard offering a free umbrella if I took out a card at Birmingham New St Station, which was ridiculous because my only income was a student loan. I got the standard response letter saying they'd look into it about a week ago and then when I got in tonight I nearly died of shock when I read their letter saying they'd refund £986 worth of PPI fees and then £1794 interest on top! I can't believe itI'm so excited!

flymetothemoon_2

nlw1998 wrote: »

• What were you reclaiming: Credit Card
• Who was the provider: MBNA
• How much did you get back: £2872 :j
• Did you get it back after a letter or did you go to the Financial Ombudsman: a letter

I sent a letter off about being mis-sold PPI as a student about 5 weeks ago, expecting nothing back. I also enclosed MBNA's official PPI reclaiming form so I'd get a quicker response. I was sold PPI by some MBNA man with a clipboard offering a free umbrella if I took out a card at Birmingham New St Station, which was ridiculous because my only income was a student loan. I got the standard response letter saying they'd look into it about a week ago and then when I got in tonight I nearly died of shock when I read their letter saying they'd refund £986 worth of PPI fees and then £1794 interest on top! I can't believe itI'm so excited!

Hey nlw1998 - congratulations - could you tell me where you got MBNA's official PPI reclaiming form as I have a credit card account to reclaim PPI from. Mind you I wrote to MBNA 3 wks ago to reclaim the credit card charges first of all (on the same credit card account) and have still not heard from them. Thanks

Davey_Bones

Have just received a letter from HSBC confirming I had Cardholder Repayment Protection on my old Visa Card, no mention of the two loans I had with them though. They've sent me the PPI questionnaire to fill in, so will do that. I got this card about ten or twelve years ago and had a nine grand limit when they changed my card number around 2009, so I have no idea what I would be entitled too if I get a favourable decision. The fact I didn't even know that I had PPI must say something about how it was sold to me.

amersall

mell77 wrote: »

hi we just been made an offer for missold ppi and accepted but my husband was made redundant and we are struggling, he owes on his overdraft and is paying 1pound a month on his loan untill he gets back into work,the account has also been put on hold, we called tsb to say we diddnt want the ppi putting into the account thats on hold as we desparetly need it for priority debts and they agreed to send a cheque, we have now recived a text from tsb saying all the money was tranferred into the account thats on hold and were left with nothing??? on the letter we recived it says this could happen but only if they have permission, to which they definatly did not, what can we do??? help plzzzz.

You need to ring them and find out why they said one thing then did the opposite, you should also get the 8% back to you they cannot take this off you.

santa08

Davey_Bones wrote: »

Have just received a letter from HSBC confirming I had Cardholder Repayment Protection on my old Visa Card, no mention of the two loans I had with them though. They've sent me the PPI questionnaire to fill in, so will do that. I got this card about ten or twelve years ago and had a nine grand limit when they changed my card number around 2009, so I have no idea what I would be entitled too if I get a favourable decision. The fact I didn't even know that I had PPI must say something about how it was sold to me.

My HSBC card only had a £1000 limit and I was only paying about £9 per month ppi but I received almost £2500 back so you should be greatly rewarded...keep us posted...mine only took about 5 weeks from start to finish and funds in my account