PPI Reclaiming successes and failures

amersall

satanindrag wrote: »

Well, the loan balance on 30th April 2012 was something like £7,200, with still some 26 monthly repayments left. The PPI element was £66.41 per month. Therefore in simple terms, I calculated that the total PPI that would be deducted was £1,726.66 (26 x £66.41).

Then if you deduct £1,726.66 from the loan balance of approx. £7,200, then I thought that I still owed just under £5,500?!? Yet as of 1st May 2012 my loan balance has been confirmed as just £923?!?

I am going into my LLOYDS TSB branch tomorrow to see if they can help clear this up, because something isn't right. If however they want to leave it as it is, then I would be more than happy!

- G.

You have to do the £66.41 times the whole term of the loan and not just the months that are left, this gives you the whole PPI total that was put on the loan and this is the amount they take off the balance, see if this adds up.

It is possible that the balance has been reduced by the whole redress, this includes what you are getting back to you and when they send you this amount then they will put it back onto the loan.

Make sure your monthly payments go down by the PPI monthly amount for the next 26 months.

Hurry up and find out what has happened, I am curious now

amersall

Northern Rock Paysafe (NRAM) which had PPI on my mortgage total payment due back £1857, not unhappy with this although felt it should have been more

Get a breakdown of what they have given you and ask them to explain why it is this amount.

Leave the Barclays ones with them, the FOS can take up to a year or more.

amersall

Octonut wrote: »

I've had a letter confirming MBNA have rejected my complaint and they have forwarded a copy of my application form. It was a paper form and now I see it I can remember that I used to get these personally addressed fliers through the post a lot and I filled one in and got the card. I can see that I have actually ticked for PPI and I have also ticked that I am self-employed.

I've been in telephone contact with MBNA and it turns out that they have not scanned onto the system a copy of a letter from HMRC confirming I have been self-employed since 1990 and they have agreed to reconsider the decision if I send them a copy of the letter, which I have done (their only e-mail address doesn't seem to be working so I've faxed it and I will post it as well).

But my question is: is it a mis-sell as I am self-employed and was at the time or is it not a mis-sell because I ticked the box even though I was self-employed?

It could go either way really, but I hope they look at this favourably as you did put that you were self employed and this may count.

amersall

dai1927 wrote: »

I have received an offer of £1495 from HSBC for a loan and credit card.

The loan amount is £1238 which im happy to accept.

But the credit card is £257 which im unhappy with as the credit card is from 98 until present and still active but HSBC and myself only have statements dating to March 2005 so the claim is from March 2005 to some time in 2007 when HSBC automatically stopped the PPI, which i never knew i had or never knew HSBC added or removed.

I have emailed the CEO of HSBC stating that because they have admitted liability for mis sale then i would like a "reasonable" offer for my credit card redress as the PPI was added by them for 9 years.

Also as either have no more statements in the system or archive, then i have asked as to FOS guidlines that they use the contractual interest they have already worked out and average it over the remaining 7 years thet the PPI was payed.

Am i in my rights to request them to do this or should i just accept the offer?

You can but try, good luck.

amersall

Halifax have said that they my affordability was in order and so didnt affect the card, the premiums or whether I was accepted as it, as ppi wasnt taken out until I rang to activate the card.

Reject this and ask for the recording if the telephone call that proves you you had this PPI explained to you in full and that you accepted this.

"we are satisfied that the information presented, accurately described the scope of the policy, and was sufficient to provide them with all of the information necessary"

I had no need for either of these products as I was in 12 months pay of sick etc and therefore any bills would have been covered as normal.

Reject this with your sick package and also if you had life insurance, why on earth would you take this same cover twice??.

dobedo

I received a letter exactly four weeks after contact CAHOOT with my PPI claim.
My offer letter is for £1800.36 in total for two fixed rate loans from cahoot. This is for full payment of my monthly instalments of PPI plus 8% interest.
I used a template letter (on philmarsh post) which I adapted and I also sent a completed financial ombudsman questionnaire which I also found on this site. I did a lot of research using the MSE site and forum before contacting CAHOOT. I had no documents for my fixed rate loans or PPIs and I had also moved house and changed my name since having the loans. I used a template letter from your forum for a Data access request which I sent to cahoot with the little details I had. I used credit expert Credit check (experian) site to give me the payment details which helped.
The date access came back in the form of database printouts which I didn't understand. So I put it down for a couple of months believing I would need to write again to get more details.
I later picked up the information again and scanned it closely. I then found lots of details in it confirming payments and ppi. They never sent me any insurance details and in the early days of my contacting them they confirmed over the phone that I never had any ppi and they had no records of my first loan with them! Which of course was untrue!!
So once I had all the relevant info I sent my claim letter with questionnaire and claimed under the basis of existing medical condition. They never asked me about any illnesses and they mis sold it to me.
So I am very happy!!
The only thing I may question unless any of you are able to help??
I paid off the remainder of my loan with a lump sum payment early after receiving a settlement figure approx £2,000. Would this final settlement have included ppi payments or would it just be what I owed? As I cant remember?

A big thanks to all the helpful encouraging info on the MSE site and forum and thanks to all contributors who use the forum as it has been a great help to me, THANKS

amisgeek

hi
i have been reading this forum for ages and decided to start looking into my own ppi payments about 2 weeks ago. I have today recieved a letter from Laredoute addvising me that they are not upholding my claim and advising to go to fos if unhappy with the decision.

the reason they gave for declining is
'in jan 2005 new legal requirements were introduced for the way in which general insurance was sold and therefore all policies sold after this date were required to comply with the financial services authorities rules these rules include, for examplefull discussion of the benefits of insurance together with those areas that are not covered by the policy.
Prior to this date there were no simolar requirements, it was part of our policy to ensure that all customers taking out insurance before 2005 would have been issued with the terms and conditions which would have given them full details of how the insurance worked together with details of what was covered and what wasnt!
We have no reason to believe that this policy was not followed in your sale!!
My policy was apparently taken out in july 2004 when i opened the account!!!
I know that catalogue companys work differently to banks so just need some advice as to whether it is worth pursuing this or just calling it quits..
Any advice greatly appreciated!! x x :)

amersall

However, the PPI will pay out regardless of your savings, leaving your savings to maintain additional outgoings.

It also might be questionable as to whether your savings would have been best apportioned to Credit Card payments particularly in the case of long term illness or unemployment".

Pull them up on both these counts as in you would have had to use in either scenario, savings to "maintain other outgoings" over long term illness or unemployment of other debts or the Credit Card and it is up to you what "outgoings" you maintain under these circumstances and you will not be told what you should pay from savings should the worst happen, as you had all the scenarios covered.

"The Credit Card PPI would pay 10% of the outstanding Credit Card balance subject to a valid claim, for up to 12 months per claim in the event of accident, sickness or unemployment.

Why would you pay for this cover if you had the same cover from your employer that would have paid 100% income for 6 months and 50% income for 6 months from your employer for free.

If there was a life insurance, then let them know this too, you would not pay for same cover twice if the debt would be paid from savings or life insurance.


As for the retiring part, does this not show that you were not aware you had no need of the unemployment cover if you were not working, had you known this reason made this part not claimable, had you known this you would have cancelled this cover sooner.

Give it ago you have nothing to lose.

amersall

poppetg wrote: »

:(Hi, after lurking on the site for ages, and reading all the good advice I sent off claims for my Lloyds CC, and some loans I've had.Last week I had a call from them to discuss my claim and today I had a letter back from them, rejecting my claim. They have stated they are confident that the PPI policy was clearly explained to me(it wasn't!), and they have my signature on the form.
Is it worth writing back to them, and saying I dont agree with this, my arguement is, at the time of taken out this credit card(2004) I had a very stable job(that I still have) and I would have been fully paid for sickness etc.Therefore I wouldn't have needed PPI.
I would be grateful for any help.

It is worth a try, ask them to prove that this was sold properly to you given you had sick pay cover for free so why would you pay for something to cover this as well as,give it a go.

amersall

amisgeek wrote: »

hi
i have been reading this forum for ages and decided to start looking into my own ppi payments about 2 weeks ago. I have today recieved a letter from Laredoute addvising me that they are not upholding my claim and advising to go to fos if unhappy with the decision.

the reason they gave for declining is
'in jan 2005 new legal requirements were introduced for the way in which general insurance was sold and therefore all policies sold after this date were required to comply with the financial services authorities rules these rules include, for examplefull discussion of the benefits of insurance together with those areas that are not covered by the policy.
Prior to this date there were no simolar requirements, it was part of our policy to ensure that all customers taking out insurance before 2005 would have been issued with the terms and conditions which would have given them full details of how the insurance worked together with details of what was covered and what wasnt!
We have no reason to believe that this policy was not followed in your sale!!
My policy was apparently taken out in july 2004 when i opened the account!!!
I know that catalogue companys work differently to banks so just need some advice as to whether it is worth pursuing this or just calling it quits..
Any advice greatly appreciated!! x x :)

Write back to them and reject their argument, reinforce your reasons for mis sell and ask they look at this again.

So whilst it is important that the customer has access to the full policy documentation, it is not enough for the firm to say it met its obligations simply by sending the customer the policy document and highlighting the customer’s right to cancel the policy.

This is from the FOS website and say's it all, use this too.