PPI Reclaiming successes and failures

IMT

Hi, to add my story. I had some old loans with Lloyds, 3 in total (or so I thought), I wrote to them back in May asking to investigate, heard back saying it would take 6-8 weeks, then heard again saying it would take longer due to the high amount of claims.

Last Thursday I received an offer of £8321.17, there was a massive pack included and read down as far as "what to do next". Later when I read the pack in full, I realised there was 2 further letters inclosed relating to loans I had in the late 90s/early 2000s which I hadn't claimed (as I'd forgotten about them to be honest). One was a further offer of £750.15 and the other it was so old they no longer had it on record so offered me an "average payout" of £1200.

So in total over £10,200, and I did next to nothing to claim this, just a letter with some loan numbers on it. I am now just awaiting their cheque to arrive.

Mumpkin1

Not sure if anyone saw my post yesterday re pre-existing medical conditions, but will the bank require proof of this from my Doctor? I am perfectly fine with that, but just wondered if in these cases, documents or a letter from the Doctor would help?

sangria56

IMT wrote: »

Hi, to add my story. I had some old loans with Lloyds, 3 in total (or so I thought), I wrote to them back in May asking to investigate, heard back saying it would take 6-8 weeks, then heard again saying it would take longer due to the high amount of claims.

Last Thursday I received an offer of £8321.17, there was a massive pack included and read down as far as "what to do next". Later when I read the pack in full, I realised there was 2 further letters inclosed relating to loans I had in the late 90s/early 2000s which I hadn't claimed (as I'd forgotten about them to be honest). One was a further offer of £750.15 and the other it was so old they no longer had it on record so offered me an "average payout" of

So in total over £10,200, and I did next to nothing to claim this, just a letter with some loan numbers on it. I am now just awaiting their cheque to arrive.

That is amazing enjoy your windfall

thebaileys

Hello,

Just wanted to share our TSB PPI success-just been credited almost £1,200 from TSB today-no letter or anything just noticed the money in the account-to my shock!

I filed two separate claims 7th June 2012, had the usual we are looking into it, then it is taking longer.

Not sure if the money is for both claims, or just the one though!

Happy Happy-off to clear some debts now!!!:j

Stephen_W

Can anyone help. I had some store cards back in the 1990's for Burton and Topshop through GE Capital Bank. I am sure at least one of them had PPI. I got in touch with GE via the Santander website, only to be told that they have no record of any accounts under my name. I have no records stretching back this far, am I done as far as GE Capital bank is concerned?

penny_1980

Warning long message!!

Hi everyone, I'm after a little advice if possible. I filled out a PPI standard questionnaire at the end of June in respect of a personal loan I took out with M&S Money in 2001. I definitely had PPI on the loan and have today received a rejection letter.

My original claim was that I was not aware that pre-existing conditions would not be covered and at the time of applying I was undergoing tests/treatment that probably would have meant cover was invalid.

The rejection letter states the following:-

• You completed your application in your own time online. Therefore, this is deemed as "non-advised". You did not contact M&S to discuss the policy or application.
• The internet channel provided factual features, benefits and costs.
• To progress with the application you had to tick YES or NO for PPI more than once. This confirms it was an optional policy.
  
• At any time during the application, you had the option to click on a link labelled "Payment Protection" which showed the full costs, terms, conditions, benefits, exclusions and situations under which a claim could be made. You were thus put in a position to make the decision as to whether PPI was suitable for you. Also, if you were unsure of anything, you could have queried this at any time.
• By signing the overall credit agreement, you confirmed you were happy with the content of the application form including the PPI terms and conditions.
• Details regarding the PPI and the account terms and conditions were printed on this credit agreement also. These should have been consulted by you to make sure the policy was suitable.
• Further details were sent to you that reiterated the full costs, terms, conditions, benefits, exclusions, and situations under which a claim could be made. You could have queried these at any time.
• You could not claim for problems arising out of any pre-existing medical conditions, as was explained in the follow-up literature. We gave you every opportunity not to take cover, ask questions, read the terms and conditions, or cancel the policy.

Also in the letter it states that a copy of the application is enclosed, but this is missing from the letter received.

Obviously I cannot prove whether I received the PPI information leaflet or not, but I do not remember seeing anything. I cannot prove how obvious the information was in the loan arrangement process either.

I thought it was a long shot when I sent the questionaire off. Is this the end of it or I have any grounds for taking this forward?

I really appreciate all the information this thread has already provided so hopefully someone with some more experience of these claims could give me their opinion on this.

Thanks in advance

Kuffs1978

amersall wrote: »

Sorry your post was missed, as I explained before, this amount owing is the remaining PPI after the cancellation, when it was cancelled you only received a rebate of the PPI so the PPI is still on there to be paid until you get this declared mis sold by FOS or GE money, I have helped you and sympathised with your sisters situation and said what should be done with this loan, until it is declared a mis sell you have to pay the amount owing.

7

Hi Amersall,

Sorry if my most recent post sounded rude; we're having a very hard time at the moment.
Ok, I'm pretty sure I've explained this several times before but I will try to illustrate the figures better so that you can see the dilemma. So here it goes (deep breath!):

July 2007 Loan of £10,000 +£1537.50 PPI to be repaid as thus:
2007-3 payments of £246.62 (at 10.8%)
2008-12 payments of £252.84 (at 11.4%)
Jan 2009-Sept 2012-45 payments of £261.16 (at 10.89%)
Total to be repaid: £15,526.14 if the loan and PPI both run full term for the period of 60 months.
April 2011 PPI cancelled, rebate of £384.38 repaid to GE Money. PPI policy no longer active, no longer accruing interest. Therefore upon full repayment cost of loan should be £15,526.14 -£384.38=£15,141.76
Sept 2011 PPI ruled mis-sold by FOS, policy calculated as costing £1492.50 from inception to termination in April 2011. Brokers of PPI policy, Norton Finance go into administration Feb 2012 leaving us liable for cost of policy until its termination in April 2011.
August 2011 Repayments already made on loan total £14,404.20 according to GE Money. £15,141.76 -£14,404.20=£737.56, yet GE Money expect us to maintain repayments to a total of £15,824.
At its peak of 11.4%, had it run 60 months at this rate the loan would cost £13,165.20, with the £1492.50 added cost of PPI taking it up to £14,657.70. But since it's been at 10.89% for the final 45 months of the 60 month period it should be a little less. The vermin that are GE Money have made a serious mistake along the way, or do they really expect us to believe that a £10,000 loan over 5 years at below 11.5% would really cost £14,400? :mad: Just rwo of their staff have admitted that errors have been made on their part, for which we have been financially penalised. The whole thing stinks.

fluffybear

After reading all the successs stories on here, I decided to make a claim of my own ! Lloyds TSB, have received acknowledgement today that its being looked into ! Fingers crossed...
I have a question, probably stupid, but thought I'd ask anyway...
I keep receiving text messages from a company telling me I have been mis sold ppi & I have £2167.67 to be claimed - Is this just a figure they have plucked out of the air... ???? !!

Kuffs1978

fluffybear wrote: »

After reading all the successs stories on here, I decided to make a claim of my own ! Lloyds TSB, have received acknowledgement today that its being looked into ! Fingers crossed...
I have a question, probably stupid, but thought I'd ask anyway...
I keep receiving text messages from a company telling me I have been mis sold ppi & I have £2167.67 to be claimed - Is this just a figure they have plucked out of the air... ???? !!

If I can offer you one piece of advice, fluffybear, steer clear of these ambulance chasers. If you have been mis-sold PPI and are successful in getting it back, they could claim up to 30% of whatever you receive. Check your policy documents, write to the company you dealt with (who sold the policy) and if they say no, go to the FOS. It'll cost you nothing and you could gain a few quid.

fluffybear

Kuffs1978 wrote: »

If I can offer you one piece of advice, fluffybear, steer clear of these ambulance chasers. If you have been mis-sold PPI and are successful in getting it back, they could claim up to 30% of whatever you receive. Check your policy documents, write to the company you dealt with (who sold the policy) and if they say no, go to the FOS. It'll cost you nothing and you could gain a few quid.

HI, thanks for replying - I can assure you that I have absolutely no intention of going through these people, was just curious of how they get to the figure, fact or fiction !?
If any money is due to me, I want it all !!!
Thanks for the advise though :-)