PPI Reclaiming successes and failures

dilus

Davey_Bones wrote: »

Just a quick question, the 8% interest is this regardless of how long ago it was, or is it 8% annually since they took the PPI off you?

Hi Davey Bones,
It's 8% on each monthly payment you have made.
If it's a loan and front loaded you have to work out how much the PPI cost you each month.
If it's a credit card it is on however much you were paying each month (usually found on your statements)
The 8% on loan PPI has to be worked out on a spreadsheet as it decreases each month as the loan gets paid off.
It's a tad complicated, not simply a case of adding 8% each year

Tiffance

Dear forum

Beware acceptance of the first offer from the financial instituitions without questioning exactly the structure of what's being offered.

I have a successful claim to which my lender has to settle to avoid further legal action. Their offer although originally seeming generous is only a half to a third of the true value.

My lender's offer is inconsistent with the following

- Restructured payment levels are incorrect after ppi has been removed.

- The Lender's offer is back loaded to their advantage.

- Lender presently cannot prove that they actually paid the insurance premium to their insurers. Hence what are they actually refunding !

- The balances of the loan are quoted with the PPI premium still included as a lump sum but hidden in the total.

- My lender hasn't provided full details of how they calculated the sums due hence there is no way to check if they are correct or not.

- It would appear that PPI on my loan was charged at 18% APR and offered back at the loan rate of about 8.5%.

- The offer is silent on interest rates and how they have been applied or will be applied to the balances, this leaves too much wriggle room for the bank to overcharge you going forward to recoup their loss.

- My lender offer was trying to steer me into a revised loan structure whereby the majority of the loan remained unpaid. That is the PPI sum paid back was my money in the first place! If that makes sense.

My advice is don't get pressured into a time related deal, ie sign by a certain date, don't sign any full and final settlement until you have complete visibility of what is being refunded.


There is more to these settlements than meets the eye.

snookey

Hi just not sure if I can claim my ppi . I took out a barclays loan and paid it off. My question ia can I still claim it back even though they paid out when I was ill.

di3004

snookey wrote: »

Hi just not sure if I can claim my ppi . I took out a barclays loan and paid it off. My question ia can I still claim it back even though they paid out when I was ill.

Hi there

Even if you received a payout when you were ill, you may have other reasons on why you think you were mis sold.
For example even though they paid out on when you were ill, if for example you had a pre med condition at the time you taken the ppi out and if you tried making a claim for that reason it is unlikely they will pay you sick for that.

You can still make a reclaim if you think you have reason to, maybe you already had cover elsewhere and or you felt pressurised and assumed maybe you had to have the ppi etc.

However, please be aware if your successful, the amount due back would be reduced due to making a successful claim.

Hope that makes sense, good luck.

di3004

Well done and Congratulations to all winners,:beer::T:j:beer:

ghost_rider

Reclaim success against Tesco loans, the amount refunded has left me one payment on my loan, so i am one step closer to becoming debt free.

amersall

Well done x.

snookey

Di thankyou . Ill be claiming as it only paid out in the last year and even then I had to pay for each sickness note every month.
I was forced to take the ppi out as they said they would not lend if I did not.

amersall

This loan ppi would have been front loaded, if you paid the loan each month and it included the ppi in that payment.

This is a loan on a loan and you pay this to term end with interest, this is a good reason for mis sell and the most upheld.

w14man

Hi. Following my call from Barclays PPI team last week i found out that the Barclayloan i took out (cleared last year) had £2500 of ppi added to the front of the loan. the loan was over 5 years. So far Barclays have been very helpful. lets see if it continues.!!

fingers crossed.