PPI Reclaiming successes and failures

maxdp

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).

well done:j :j

maxdp

terry1962 wrote: »

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

Well done terry really pleased for you.:beer:

maxdp

Andy_Bass 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% £4430, total cost of PPI loan repaid to loan account £8,572 and interest this had accrued £3990
Did you get it back after a letter or did you go to the Financial Ombudsman: One letter was all it took !!!


Wow !! Thank you so much to this website for the help and guidance in claiming back the PPI attached to my loan. One letter was all it took for them to admit that they had sold me PPI without informing me that it would only last for 5 years even though the loan was for 20 years.

I strongly recommend EVERYONE with a First Plus loan to do the same.

Thank you once again :j :money:

Well done Andy.:T :T

maxdp

Critchyboy wrote: »

I've waited for months to hear what my settlement from RBS was going to be and it finally popped through the door yesterday morning!

The total amount that is being paid back to me is: £7,858.77!

The remaining loan amount is being redrawn over 24 months so instead of paying £463.00 over one year, I'm going to be paying £280 over two years. Does that sound good? I've not yet received the new agreement to look over. That would mean I'd be able to put a little away each month to save!

Thanks MSE!

Critchyboy that is wonderful well done.:j :j

maxdp

Turboman wrote: »

Right Lusty--have looked at the figures

What is happening here is that they are not quoting you for a mis-sold PPI--but are treating this as if you have requested a cancellation of the PPI

This results in only a part refund of the PPI-not the whole lot--you could ask for clarification on how the £14,355 was derived in detail (£308.12 over 6 years is correct by the way for such a sum)

---

Now lets just assume that you were to be successful in a mis-selling claim at (say) 30/3/2009 after making 12 monthly payments-- here's the situation-assuming that your payments and interest rate remained constant--as each lender calculates interest slightly different, the figures are rough-but near enough.

As at 30/3/2009

Overall Loan of £20,153 over 84 months @ 15.58% (16.7APR) from 20/2/2008 @ £395.54 per mth


Balance of TOTAL loans outstanding = £18,452

Cash Loan of £14,000 over 84 months @ 15.58% (16.7APR) from 20/2/2008 @ £274.77 per mth

Balance of Cash Loan outstanding = £12,818

PPI SPI Loan of £6,153 over 84 months @ 15.58 (16.7APR) from 20/2/2008 @ £120.77 per mth

Balance of PPI SPI Loan outstanding = £5,634
Total monthly paymnts made (12) = £1,449

__________________________________________________ ________

SO I would expect if successfully claimed and position put back as if PPI had never been applied

1)-You receive a cheque for £1,149 + 8% of £63 = £1,212
2)-The balance of the PPI loan of £5,634 is written off the overall loan
3)-Leaving a Cash Loan balance of £12,818
4)-Your monthly premium reverts back to £274.77

If the total monthly payment now paying has increased-then calculate the Cash Loan mthly pymnt by just taking 69.47% % of the present premium (ie-ratio of 14,000/20,153)

Turbo

TURBOMAN you are very clever thank you so much for helping all these lovely people.

You are a star and I think we deserve a little bit of a queen tribute right here right now.:D

Turboman

maxdp wrote: »

TURBOMAN you are very clever thank you so much for helping all these lovely people.

You are a star and I think we deserve a little bit of a queen tribute right here right now.:D

Aww--thankyou--just need the feedback when people get their letters now.

Anyway--I was going to treat you to "The Ballad of Lucy Jordan" by Marianne Faithful---but decided on Freddie again with Montserrat Cabelle-lol--must be played at maximum volume!!!

http://www.youtube.com/watch?v=UEqxEcb_Z5c

kkchick2009

EllBee wrote: »

Their letter says that on receipt of my acceptance they will arrange for the money to be applied to my current account - which is drastically overdrawn so this will more than cover my overdraft!! They send out a 2nd class envelope to return the acceptance form so I'd hope the money will be in my account by next week if, indeed, it is applied to my account on receipt of the form!! I returned one for a smaller amount last week, which they should have received by Wednesday/Thursday so I'll let you know when that's in my account.


Don't want to give you bad news but I sent back my acceptance over 2 weeks ago and still haven't got it in my account - called the ppi team in Manchester last week and was advised that it would be 3-4 weeks as they had loads of these to process.

maxdp

Turboman wrote: »

Aww--thankyou--just need the feedback when people get their letters now.

Anyway--I was going to treat you to "The Ballad of Lucy Jordan" by Marianne Faithful---but decided on Freddie again with Montserrat Cabelle-lol--must be played at maximum volume!!!

http://www.youtube.com/watch?v=UEqxEcb_Z5c

Hi Turboman

That was wonderful thank you. Played at full tilt. (Sorry neighbours)

I absolutely loved when queen played at the Live Aid stint it was absolutely wonderful. Were you there in the crowd Turboman? Bet you were.:rotfl:

Turboman

maxdp wrote: »

Hi Turboman

That was wonderful thank you. Played at full tilt. (Sorry neighbours)

I absolutely loved when queen played at the Live Aid stint it was absolutely wonderful. Were you there in the crowd Turboman? Bet you were.:rotfl:

No--wish I was --Have you seen my Queen Sanctuaries on PCF, Legal Beagles & PAG?-lol

sue149

Turboman wrote: »

33 x 132 = 4356
8% on each pymnt = 486
So Total = 4442
Mthly pymnt should go down to just that on the Cash Loan part of the overall loan--with a an overall reduced balance

Post up EXACT wording & Figures when you get your detailed statement so we can verify our calculation methods

cheers thanks turbo xx:T :T