PPI Reclaiming successes and failures

di3004

magiciansgirl wrote: »

Hello everyone, jubilation here at MG Towers. :j

Won: £4023.76 repayment of 58 PPI premiums on £15,000 personal loan
Interest @ 8% £807.74

TOTAL: £4757.96

Lodged a claim with HSBC for misselling me PPI with a personal loan using Martin's wonderful template. I adapted it for my situation as at the time I was a) self-employed b) had Critical Illness Protection and c) Income Protection all via HSBC. It was strongly implied that I needed PPI even so, therefore in my complaint letter I said it showed a gross lack of care to a loyal customer.


I wrote just one letter, had immediate acknowledgement, interim response about their time aims, and the whole thing has taken just under 5 weeks.

I am SO SO grateful to Martin and all the PPI success-stories so far as I felt very scared about taking on HSBC; I have my mortgage and other things with them. I do now realise that I had a lot of right on my side but it is still hard to make that first move....

PLEASE PLEASE anyone who is similarly scared; just do it! Martin should be given a Knighthood..... :money:

Congratulations and Well done to you, this is wonderful news.
:beer: :T :beer: :T

Di
X

di3004

soontobesensible wrote: »

MASSSIVE THANK YOU TO MARTIN, THE TEAM AND ALL YOU PPI HEROES OUT THERE!!!!!!!:j :T :A :rotfl: :money:

THOUGHT ALL YOU CLAIMING BLACK HORSE FINANCE PEOPLE WOULD LIKE TO KNOW THAT FOLOWING MY PLACING A COMPLAINT WITH THE FOS LAST SEPTEMBER I HEARD TODAY THAT THEY ARE WILLING TO PAY ME £200 COMPENSATION ON TWO PPI'S I HAD WITH THEM, AS WELL AS:

a. CALCULATE THE AMOUNT I PAID IN RELATION TO THE OVERALL LOAN, INCLUDING FEES AND PENALTIES, AS WELL AS INTEREST AND REPAYMENTS-REFLECTING ANY PREMIUM REFUND ALLOWED ON THE CANCELLATION OF THE PPI POLICY;

b. CALCULATE THE AMOUNT I WOULD HAVE PAID IN TOTAL IF I HAD TAKEN OUT THE ORIGINAL LOAN WITHOUT THE ADDITIONAL BORROWING TO PAY THE PPI PREMIUM-BUT ASSSUMING THE LOAN WAS SETTLED ON THE SAME DATE(INCLUDING FEES AND PENALIES, AS WELL AS INEREST AND REPAYMENTS); AND c. PAY THE DIFFERENCE BETWEEN a. AND b.-PLUS INTEREST AT 8%PER ANNUM SIMPLE (FROM THE DATE THE LOAN WAS SETTLED TO THE DATE IT PAYS THIS COMPENSATION)-ALONG WITH A NOTE SHOWING HOW IT HAS CALCULATED THE AMOUNT CONCERNED.

THOUGHT I WOULD NEVER HEAR SO DON'T GIVE UP HOPE!!!!!!!

Well done and Many Congratulations :beer: :T :beer:
Brilliant !
:beer: :T

Di
X

pinknico

magiciansgirl wrote: »

Hello everyone, jubilation here at MG Towers. :j

Won: £4023.76 repayment of 58 PPI premiums on £15,000 personal loan
Interest @ 8% £807.74

TOTAL: £4757.96

Lodged a claim with HSBC for misselling me PPI with a personal loan using Martin's wonderful template. I adapted it for my situation as at the time I was a) self-employed b) had Critical Illness Protection and c) Income Protection all via HSBC. It was strongly implied that I needed PPI even so, therefore in my complaint letter I said it showed a gross lack of care to a loyal customer.

I wrote just one letter, had immediate acknowledgement, interim response about their time aims, and the whole thing has taken just under 5 weeks.

I am SO SO grateful to Martin and all the PPI success-stories so far as I felt very scared about taking on HSBC; I have my mortgage and other things with them. I do now realise that I had a lot of right on my side but it is still hard to make that first move....

PLEASE PLEASE anyone who is similarly scared; just do it! Martin should be given a Knighthood..... :money:

CONGRATULATIONS:j

pinknico

soontobesensible wrote: »

MASSSIVE THANK YOU TO MARTIN, THE TEAM AND ALL YOU PPI HEROES OUT THERE!!!!!!!:j :T :A :rotfl: :money:

THOUGHT ALL YOU CLAIMING BLACK HORSE FINANCE PEOPLE WOULD LIKE TO KNOW THAT FOLOWING MY PLACING A COMPLAINT WITH THE FOS LAST SEPTEMBER I HEARD TODAY THAT THEY ARE WILLING TO PAY ME £200 COMPENSATION ON TWO PPI'S I HAD WITH THEM, AS WELL AS:

a. CALCULATE THE AMOUNT I PAID IN RELATION TO THE OVERALL LOAN, INCLUDING FEES AND PENALTIES, AS WELL AS INTEREST AND REPAYMENTS-REFLECTING ANY PREMIUM REFUND ALLOWED ON THE CANCELLATION OF THE PPI POLICY;

b. CALCULATE THE AMOUNT I WOULD HAVE PAID IN TOTAL IF I HAD TAKEN OUT THE ORIGINAL LOAN WITHOUT THE ADDITIONAL BORROWING TO PAY THE PPI PREMIUM-BUT ASSSUMING THE LOAN WAS SETTLED ON THE SAME DATE(INCLUDING FEES AND PENALIES, AS WELL AS INEREST AND REPAYMENTS); AND c. PAY THE DIFFERENCE BETWEEN a. AND b.-PLUS INTEREST AT 8%PER ANNUM SIMPLE (FROM THE DATE THE LOAN WAS SETTLED TO THE DATE IT PAYS THIS COMPENSATION)-ALONG WITH A NOTE SHOWING HOW IT HAS CALCULATED THE AMOUNT CONCERNED.

THOUGHT I WOULD NEVER HEAR SO DON'T GIVE UP HOPE!!!!!!!

BRILLIANT NEWS WELL DONE:beer:

amersall

Jay2010 wrote: »

I agree, but the point is that banks may be turning down these internet applications in the first instance, only for the FOS to overturn their rejections later, which just means that we all need to be more determined and not downhearted if the first attempts fail.

The banks seem to be full of tricks!!!!!!

yes i 100% agree with that, i urge everyone to go for it and if you are knocked back carry on, as you said its your money and you should have it back, all financial institutions have had it all their own way for far too long. its time for the little people to fight back!! BIG TIME

amersall

Lusty wrote: »

I'll give as much info with the paperwork I have available.

Cash Loan Loan for PPI Total loan
Loan £14,000 £6,153.59 £20,153.59
Mon p/ment £274.77 £120.77 £395.54
No p/ments 84 84 84
tot payable £23.080.68 £10,144.68! £33,225.36
APR 16.7 16.7
Total charge for credit:Cash loan £9080.68 PPI loan £3991.09
Annual interest rate 15.58%
This loan was started in February last year.
So 12 payments have been made so far and now I'm kicking up about the PPI and want it taken off,they want to put me on to this:
Loan amount £14355.92
Monthly payment £308.12
No of repayments 72
Total amount payable £22184.64
APR 16.7
Total charge for credit £7828.72
Here is a copy of the letter to them which will go in the post box Monday morning(any constructive comments or criticism more than welcome.)


Loan agreement Nos xxxxxxxxxxx(original one)
" " " xxxxxxxxxxxx(the one they want to put me on.
Dear Sir/Madam
As you know from our telephone conversation the other day,I have cancelled the PPI Insurance. You should also be aware that I’m also in the process of reclaiming my premiums back as this was miss-sold.
I have taken some expert advise on this because you want to put me on a new agreement WHICH would make my payments £33.35 MORE per month than I would have been paying if I stay on the original agreement minus the PPI premium.This equates to the sum of £2401.20 more over the course of the loan.
This is wrong because I shouldn’t have been miss-sold the PPI in the first instance.
I have been advised to send a copy of both sets of loan agreements to the FSO with a letter explaining my plight and copies of all correspondence regarding this matter up until now.
I don’t dispute I have a loan agreement with you and have kept to my commitment up to now.
I feel I should be paying the original monthly amount as agreed in the first instance and not being penalised with the extra £33.35 because of your banks policy and I have been advised that this is the way that any PPI refunds that are due to me will be clawed back and this is totally unethical.
It should be just a simple case of me paying you the monthly premium that was agreed in the first instance and not me being penalised because you wish to change the agreement.
This is why I have not signed the papers that you sent to me.
Yours faithfully
Mr Lusty

HI THERE, KEEP AT THIS ONE, NR WANTED TO INCREASE MY LOAN BY AN EXTRA 7 YEARS, THAT DOES NOT PUT ME BACK IN THE POSITION I WAS IN THE BEGINNING!! ITS GONE TO FOS,

amersall

:beer::beer::beer::beer:ab fab, congrats to all todays winners:j:j:j:T:T:T:T:T:T:T:T:A:A:A

emmakirks

• What were you reclaiming: PPI from a loan
  
• Who was the provider: First Plus
  
• How much did you get back: All payments made relating to the PPI plus 8% £4133, total cost of PPI loan repaid to loan account £8,800and interest this had accrued£2400
  
• Did you get it back after a letter or did you go to the Financial Ombudsman: One letter to get the initial offer, a further one to request statutory 8% interest.
  

Thanks very much for the help from this website. I didn't request SAR, didn't mention factors other than believed missold due to not understanding nature of the single premium policy. Was very simple and just awaiting cheque! Advise everyone to do it, I put it off for ages thinking would be a nightmare but wasn't (although I am still horified that for some it is).

di3004

emmakirks wrote: »

• What were you reclaiming: PPI from a loan
• Who was the provider: First Plus
• How much did you get back: All payments made relating to the PPI plus 8% £4133, total cost of PPI loan repaid to loan account £8,800and interest this had accrued£2400
• Did you get it back after a letter or did you go to the Financial Ombudsman: One letter to get the initial offer, a further one to request statutory 8% interest.

Thanks very much for the help from this website. I didn't request SAR, didn't mention factors other than believed missold due to not understanding nature of the single premium policy. Was very simple and just awaiting cheque! Advise everyone to do it, I put it off for ages thinking would be a nightmare but wasn't (although I am still horified that for some it is).

Amazing, Congratulations and a BIG well done to you.:beer: :T :beer:
So quickly as well, fantastic work.:T :beer: :T

Di
X

terry1962_2

The Mighty Black Horse seems to be cracking as i have also recieved two letters today saying they will pay £200 compo on both my PPI claims plus full refund and 8% interest will confirm exact amount will get it