PPI Reclaiming successes and failures

happy1961

Just had a good result on my mortgage ppi - £3000 from Santander. However, only backdated to 2005. (I bought house in 1996). I think that this is because I remortgaged or changed from an endowment to a repayment about then.
I enquired with santander if they could go back further, they told me only if I could give the earlier account number. I asked was it worth sending in a SAR. The chap said not as I would only get what information that was held on screen by them, and they did not have the earlier account number. Yet in the next breathe he said they had information from 2002 (before the date payment was backdated to). Would you suggest I send for a SAR (only £10).

Whatever I'm over the moon. Thanks to everyone on this forum. Your posts have given me the confidence to apply. I'm usually one who keeps on paying and doesnt like to rock the boat.

bevnich82

Can anyone shed some light on this......... Just had Nationwide on the phone re our PPI complaint for a loan myself and my husband had in 2004.
My husband is in the merchant navy and the lady wanted to know where he was based and what his trip lengths were when he was away. Does anyone know why they would be asking this???

Thanks

craftybynature

Well success indeed today :T:T

I had a claim in against click for freedom thru the FSCS for ppi on a loan. The claim went in about 7 weeks ago.

Today i have had a letter (and cheque) for £9,461
I am over the moon but before i cash it I want to check that I have been paid the right amount.

On the original loan application the PPI sum is £7,500, it was a five year policy, which ends in July this year, i never made a claim on it for any benefits. Further down the loan agreement it states that the amount of interest payable on this is £9,639.00 and that the total amount payable will be £17,139.00.

The breakdown of the refund of PPI from the FSCS reads as follows


Original PPI Premium £7500
Interest(this is the amount of interest your lender has already charged you to date on the premium) £2,994.92
Benefits received £0.00
Rebate due on cancellation of your policy £0.00
A reasonable rate of return, the amount to compensate you for the monthly payments you have made in respect of the PPI premium £18.02

Compensation amount £10,512.94
90% payable from FSCS = £9,461.65


Do these figures seem correct???
Just want to cheque before i rush to the bank!!!!!!

Thank you to so many people on here for sage advice and support.

ANDY0001

Bit confused. When i get paid out ill have %8 percent interest on all 3 loans so say £2000. So the tax man will take 20% as am a basic tax payer.

So one person tells me phone them the next tax year another says fill in a self assessment form and another says phone them when u get the money back.

What should i do

amersall

happy1961 wrote: »

Just had a good result on my mortgage ppi - £3000 from Santander. However, only backdated to 2005. (I bought house in 1996). I think that this is because I remortgaged or changed from an endowment to a repayment about then.
I enquired with santander if they could go back further, they told me only if I could give the earlier account number. I asked was it worth sending in a SAR. The chap said not as I would only get what information that was held on screen by them, and they did not have the earlier account number. Yet in the next breathe he said they had information from 2002 (before the date payment was backdated to). Would you suggest I send for a SAR (only £10).

Whatever I'm over the moon. Thanks to everyone on this forum. Your posts have given me the confidence to apply. I'm usually one who keeps on paying and doesnt like to rock the boat.

Do the Sar, you can afford the tenner out of your win :rotfl::rotfl:
Well done :T

Mushisushi

ANDY0001 wrote: »

Bit confused. When i get paid out ill have %8 percent interest on all 3 loans so say £2000. So the tax man will take 20% as am a basic tax payer.

So one person tells me phone them the next tax year another says fill in a self assessment form and another says phone them when u get the money back.

What should i do

If you already fill out a self assessment form, say if you are self employed, then just put it on your next SA form. If you do not fill out a self assessment form already, then you need to phone or write to them.

amersall

craftybynature wrote: »

Well success indeed today :T:T

I had a claim in against click for freedom thru the FSCS for ppi on a loan. The claim went in about 7 weeks ago.

Today i have had a letter (and cheque) for £9,461
I am over the moon but before i cash it I want to check that I have been paid the right amount.

On the original loan application the PPI sum is £7,500, it was a five year policy, which ends in July this year, i never made a claim on it for any benefits. Further down the loan agreement it states that the amount of interest payable on this is £9,639.00 and that the total amount payable will be £17,139.00.

The breakdown of the refund of PPI from the FSCS reads as follows


Original PPI Premium £7500
Interest(this is the amount of interest your lender has already charged you to date on the premium) £2,994.92
Benefits received £0.00
Rebate due on cancellation of your policy £0.00
A reasonable rate of return, the amount to compensate you for the monthly payments you have made in respect of the PPI premium £18.02

Compensation amount £10,512.94
90% payable from FSCS = £9,461.65


Do these figures seem correct???
Just want to cheque before i rush to the bank!!!!!!

Thank you to so many people on here for sage advice and support.

:j:j:j brilliant :beer:
You have 90% of the PPI back with interest, this is correct.
The PPI is still on the loan and you will pay this to term end with interest though, as you have received compensation and not a mis sell as such, the loan does not get reset.
Give FSCS a ring and ask what you do about the policy, if I remember rightly then you can still get the cash back in July, if they say the policy is cancelled, then ask for the rebate of PPI due to cancellation.
If you can afford to give any money back to this loan then I would, as this will cost you a lot more to the end of the loan with the PPI still being on there.

PuppyWonder

Hi,
We received a letter this morning Re: PPI Nationwide, in reply to our second letter -
"I have noted your comments and also taken into consideration the further information you have provided.
After reviewing the further information you have provided, I can confirm that our decision remains the same.
Regrettably, we are unable to help further with this matter. If you remain unhappy, you can refer your complaint to the Financial Ombudsman Service. We sent you details of their arrangements previously, but please let us know if you need a further copy."

Should we pursue our complaint?

amersall

PuppyWonder wrote: »

Hi,
We received a letter this morning Re: PPI Nationwide, in reply to our second letter -
"I have noted your comments and also taken into consideration the further information you have provided.
After reviewing the further information you have provided, I can confirm that our decision remains the same.
Regrettably, we are unable to help further with this matter. If you remain unhappy, you can refer your complaint to the Financial Ombudsman Service. We sent you details of their arrangements previously, but please let us know if you need a further copy."

Should we pursue our complaint?

Yes you should, do the complaint to FOS put copies of rejection you received from NW and your letter back asking them to reconsider, reiterate to the FOS that you will not be told by a bank that you should have the PPI as the savings sick pay etc could be used more wisely, put that you had no need of this and could afford not to have it so why take it.

amersall

bevnich82 wrote: »

Can anyone shed some light on this......... Just had Nationwide on the phone re our PPI complaint for a loan myself and my husband had in 2004.
My husband is in the merchant navy and the lady wanted to know where he was based and what his trip lengths were when he was away. Does anyone know why they would be asking this???

Thanks

To see if the PPI was worth the cover he may need had he not been away doing his job, they have a damn cheek if you ask me.