PPI Reclaiming successes and failures

lemonhead_4

have now written the letter to nemo and will keep you posted

Retriever

Hi. Please can anyone advise me what, if anything, I should do next? Sorry if this is long winded but I wanted you to have all the information I was sent.

We have a First Plus Loan with PPI but we both have pre-existing medical conditions. I sent off the first letter to First Plus and received a reply to say that the loan was sold via the e-loanshop.com and the letter had been forwarded to them.

I received a reply from the e-loanshop.com to say that as the loan was taken out in March 2003 it is not covered by FSA regulations which came into effect on 14 January 2005 and, therefore, does not fall under the jurisdiction of the Financial Ombudsman Service. However, e-loanshop.com said my complain was still important to them.

They went on to say that the nature of my complaint is that I was not informed of the restrictions surrounding pre-existing medical conditions and not informed of what the policy would and would not cover. The process they adhere to for the sale of PPI has always been a non-advised sales procedure in that they offer loans to customers with and without insurance.

The initial sale of the loan was made on 13 March 2003 at which point enclosed with the day 1 pack they sent a copy of the Payment Protection Policy booklet. This clearly states what is and what is not covered. As the loan did not come into force until 31 March 2003, the booklet was in our possession for over two weeks allowing ample time to read the information and decide if the policy was suitable.

What do I do now? Does this mean I have no claim?

Thanks for your help.

702735873

I sent an initial template letter to Lloyds stating that I felt I had been misold the PPI on the basis that I never knew I had it.

I recieved a standard letter back after about 10 days stating that they had recieved my letter and were investigating my complaint.

Approx 1 month later I recieved another letter in which Lloyds said that they would be refunding the full amount + interest!! (as a gesture of goodwill).

This amount was enough to pay off the remainder of the loan and still have £600 put back into my current account - totalling approx £1500!! So im now £120 per month better off - cheers Martin - you da man!!

heathy_2

I have been battling with First Plus for a refund of my PPI under the 'partial refunds being unfair' reason. I took out the policy with them in March 2006 for £13469.50 and settled the loan plus PPI in January 2007. The rebate I had originally received from them was less than 30% (pretty low considering I only had the policy for 9mths). I pointed this out to them in my letter and said that I would take that matter to court if they did not recalculate my refund more fairly.

I have today received a letter from FP offering an enhanced rebate (YIPPEE!!) of £5123.93 in addition to the £3806.34 rebate I had when I paid the loan off last year. They state that this revised refund equates to 78% of the premium.

I cannot get these figures to balance and I don't think that they have paid the 8% stat interest the court would award either. Not sure now whether to accept this amount or not as I'm not sure how to calculate the 8% interest, and not sure how much it would increase the refund by.

Any thoughts would be very much appreciated. Thanks!!!!

smitchy73

I would accept that as part settlement, but you'd be looking for the interest on top of that, if you're claiming that it was unfair due to the rebate, then you can't expect to get the whole premium back and 78% sounds good to me, and that will be over £5k in your hand that you didn't have, plus if you can get the interest on the £5k + the £3k you had in rebates when you settled that should be another few hundred quid.

Well done.

gaz_03

• What were you reclaiming: Payment Protection on a loan taken out in 2004
  
• Who was the provider: HSBC
• How much did you get back: £698
  
• Did you get it back after a letter or did you go to the Financial Ombudsman: A single letter

From just sending off the template letter to HSBC I received a couple of letters from them saying they will investigate and get back to me. After about 7 weeks I was starting to get worried but I received a letter from them saying they are upholding my complaint and will refund all the payment protection insurance I've paid and 8% interest as well! I'm well chuffed that for the price of a stamp I've just got back £698! Unbelievable!

:jThank you very much Martin and everyone at moneysavingexpert.com.:beer:

mac_saver

Hi, I am new to posting on the site but an avid reader!! I am in the process of starting PPI reclaims after beating my Bank and 1 credit card(so far!) so I know a bit about the struggle.
In 2004 we took out a joint secured loan with future mortgages which we believe was miss-sold to us, the PPI was lumped on the loan at the start(£30,000 loan) and only covered myself. Our query is that in 2006 we paid of the loan in full (£40,000+) and we received 2 rebate payments in consecutive days from future for £1798.95 and £415.14, does this mean that they have paid out in full and we are not due any reclaim????
Any advice would be great!!!

CarlyGreaves

After reading this article I wrote an effortless letter using the templates to HSBC about a loan I took out when I was 19. I finished paying this about 11months ago.
I have just received a letter the other day saying that they will refund just over £2k which includes 8% interest as well.
I didn't have to go to the FO. I got regular letters from HSBC telling me they hadn't resolved it as yet. It took the full 8 weeks to complete but they upheld my complaint.
You should have seen me jump around with joy on opening this letter. I felt that the bank were quite pushy when I took out the loan and that they took advantage of my age, vunerability and situation to make me take out the PPI.
NICE ONE MARTIN!!! THANKS FOR THAT TIP! i AM CURRENTLY HOPEFULLY AWAITING A SIMILAR RESPONSE FROM EGG FOR THE SAME THING!!!

xela_17

A couple of months ago I used the bank template letter to write to HSBC about the PPI on a graduate loan I took out when I was 21. It only took about 5 mins and was so simple I thought I may as well give it a go, not expecting anything. I had a couple of letters from them saying they were investigating and then today i received a letter saying that they will refund me £632!! :T :T :T Am so pleased as it's a big payoff for 5 mins work. I never would have done it if not for the template letters on here so this is a message to anyone else not to be afraid, it's really simple and potentially a big reward! :j :j :j :j

mariab8817

HI GUYS

Was told by Next that I had paid £944.37 in PPI since my account started:j Used template asking for it back as I never asked for it and I didn't need it as I am covered through my employer. They said, that PPI was regulated by the FSA Jan 05 and before that date were not subjected to FSA rules. I said, I believe I have been missold this policy want my money back with 8% interest or I shall go to FOS. They said, no money back as between the years of 1988 to 1993 they operated an opt-out scheme and for those years also asked customers if they wanted to cancel on their monthly statements, and as Next is not regulated by FSA for insurance sales therefore the FOS will not deal with my complaint!!! I said, I would like a copy of:
Agreement with my signature accepting PPI
Terms and Conditions of the policy
Name of insurers
Letter offering to cancel
Statement showing relevent part to cancel.

Received letter today my correspondence is now in the hands of their Legal Team.
Not sure if this is to frighten me or whether their Legal Team hold all the requested items.

Will let you know what happens.

Maria