PPI Reclaiming successes and failures

roxy86_2

After seeing all the success stories about reclaiming PPI, I thought I would have a go.

Took my loan out with Lloyds November 2006, and though the agent did tell me that the PPI was not compulsory she did imply that it would help with my application and pushed me into taking it.

I used Martins template to Write a letter to Lloyds stating that I feel I was mis-sold my policy.

Received the normal response letter (we are looking into the matter etc).
I didn't actually think I would be able to reclaim as the agent did tell me about the PPI and I did sign for it when the paper work was sent to me.

However, received letter today (exactly a week after sending my letter), they said they have listened to the recording of my call made in November 2006 and agree that the agent did not give me full and correct information about the PPI.

They are refunding me £337.74 and have now removed the PPI from my loan,therefore reducing my repayments.

RESULT!:j

lemonhead_4

well, i emailed my catalogue and 2 days later got a refund of £35, ok so its not much, but they said i had the ppi from aug 05 but had the account since 1995 and i took it over the phone, i explained i felt pushed in to taking it. I asked them to make sure they calculated it correct cause it did not sound like much and they send me all details back and alot of the time my catalogue had no balance on it so was not charged the PPI.

Now i have to wait to hear from my loan company

checkedshirt

First Letter: 11th December 2007
Reply: 19th December 2007 -We did nothing wrong etc so no refund

2nd Letter:11th January 2008 asking them to reconsider and why (copy of letter posted in PPI Discussions Forum)

Reply:18th January 2008 -have reconsidered and will refund total PPI of £1550.82 + 8 % interest (no exact figure given)

THE TROUBLE IS:

they have stated the refund + interest is conditional upon the PPI being cancelled (no problem) but the refund will be credited to my loan account and therefore reduce the amount still owing.

Can they insist upon this????

I don't know if the PPI counts separately to the loan agreement and therefore are two entirely different things.

It's further complicated by the fact that original loan is in arrears and reduced payments are being accepted by LLoyds on a reviewable 6 month basis and subject to a Debt Management Plan (DMP) being administered by the Consumer Credit Counselling Service (CCCS).

Whilst I accept the refund will reduce the amount owed to LLoyds the mis-selling has contributed to my overall financial situation being pretty rubbish (I have outstanding PPI Claims ongoing with the Royal Bank of Scotland and Loans.Co.uk) and quite frankly I could use the refund to correct my current overdraft facility with my bank and therefore reduce charges and interest incurred as a result.

Any advice or opinions would be gratefully received.

Finally, a big big big thankyou to Martin and all those who post on this forum for the help and advice.

CheckedShirt

langdale_2

Hi all ,
After reading with interest all these success stories i am going to try my luck , just wanted to ask advice as no longer have all loan details from years back and other credit agreement ie ge capital finance for windows is there any way to find out details and if so what info do they generally need. i always take out ppi as i think it's safer to do so so must have paid loads out unnecessarily.
also as a reason can it just be that the cover was not explained properly as all you are usually asked is if you want it or not .
last question now how far back is the reclaiming going is it 6 yrs like the bank charges ??
any advice welcomed .xx

thunders79

checkedshirt wrote: »

First Letter: 11th December 2007
Reply: 19th December 2007 -We did nothing wrong etc so no refund

2nd Letter:11th January 2008 asking them to reconsider and why (copy of letter posted in PPI Discussions Forum)

Reply:18th January 2008 -have reconsidered and will refund total PPI of £1550.82 + 8 % interest (no exact figure given)

THE TROUBLE IS:

they have stated the refund + interest is conditional upon the PPI being cancelled (no problem) but the refund will be credited to my loan account and therefore reduce the amount still owing.

Can they insist upon this????

I don't know if the PPI counts separately to the loan agreement and therefore are two entirely different things.

It's further complicated by the fact that original loan is in arrears and reduced payments are being accepted by LLoyds on a reviewable 6 month basis and subject to a Debt Management Plan (DMP) being administered by the Consumer Credit Counselling Service (CCCS).

Whilst I accept the refund will reduce the amount owed to LLoyds the mis-selling has contributed to my overall financial situation being pretty rubbish (I have outstanding PPI Claims ongoing with the Royal Bank of Scotland and Loans.Co.uk) and quite frankly I could use the refund to correct my current overdraft facility with my bank and therefore reduce charges and interest incurred as a result.

Any advice or opinions would be gratefully received.

Finally, a big big big thankyou to Martin and all those who post on this forum for the help and advice.

Hi,
Yes unfortunately they can insist in paying it off of the debt you have owing to them. We had a similar situation with Egg when claiming charges on our credit card. They agreed to paying us all the money owed but said they would only pay it off of the balance owing. Looked into this, and they were well within their rights to do this. - Probably not the response you was hoping for but look on the bright side, your loan will finish earlier then you originally thought.

checkedshirt

thunders79 wrote: »

checkedshirt wrote: »

First Letter: 11th December 2007
Reply: 19th December 2007 -We did nothing wrong etc so no refund

2nd Letter:11th January 2008 asking them to reconsider and why (copy of letter posted in PPI Discussions Forum)

Reply:18th January 2008 -have reconsidered and will refund total PPI of £1550.82 + 8 % interest (no exact figure given)

THE TROUBLE IS:

they have stated the refund + interest is conditional upon the PPI being cancelled (no problem) but the refund will be credited to my loan account and therefore reduce the amount still owing.

Can they insist upon this????

I don't know if the PPI counts separately to the loan agreement and therefore are two entirely different things.

It's further complicated by the fact that original loan is in arrears and reduced payments are being accepted by LLoyds on a reviewable 6 month basis and subject to a Debt Management Plan (DMP) being administered by the Consumer Credit Counselling Service (CCCS).

Whilst I accept the refund will reduce the amount owed to LLoyds the mis-selling has contributed to my overall financial situation being pretty rubbish (I have outstanding PPI Claims ongoing with the Royal Bank of Scotland and Loans.Co.uk) and quite frankly I could use the refund to correct my current overdraft facility with my bank and therefore reduce charges and interest incurred as a result.

Any advice or opinions would be gratefully received.

Finally, a big big big thankyou to Martin and all those who post on this forum for the help and advice.

Hi,
Yes unfortunately they can insist in paying it off of the debt you have owing to them. We had a similar situation with Egg when claiming charges on our credit card. They agreed to paying us all the money owed but said they would only pay it off of the balance owing. Looked into this, and they were well within their rights to do this. - Probably not the response you was hoping for but look on the bright side, your loan will finish earlier then you originally thought.

Hi Thunders79

Many thanks for the reply
I have double checked the paperwork and I think you are correct.
Ah well - as you say it will all reduce the balance.
Many thanks for taking the trouble to reply.

Checkedshirt

cliff007

Having read the details on this site (thanks Martin), I checked my PPI arrangements and found I had 2 lots of PPI insurance with Abbey National and was not happy about 2 things a) I already had PPI with them yet they sold me some more with a new loan b) They seemed to expect you to take out PPI in order to get the loan approval. They sent me a big questionaire to fill out which I returned not filled in advising them that if they had sold me the PPI correctly in the first place, they would know all these details. I got a cheque today for nearly £6000.:j

jjpl316

I don't know whether to carry on with this claim Lloyds are saying that I should have read the "terms and conditions" section when I took out the loan with them and chose then not to sign but I did should I carry on with this case or should I forget it?
Lloyds said I can cancel the rest of the insurance in the bank which I will do but should I carry on with my fight against them is it worth it because when I was asked to sign twice I naturally thought it was just for the loan.

Con_u_there’s_a_thought

Thanks Martin for all the info, its taken 4 months to get this far.
I wrote asking for details on loans taken out on my business account over the last 6 years this is there response with no mention of interest.


Partial refund of the Insurance was not provided upon repayment of the loans. On the third loan, regrettably the Insurance Policy was not set up correctly. Please accept my sincere apologies for these errors.
I am therefore, able to refund a total of £853.86. Please see below a breakdown of how this figure has been calculated:-
• Loan 1 taken 01 £8000- Insurance Premium £755.04 Partial refund at repayment in 2003, should have been £242.69 however, this was not given.
• Loan 2 taken 02 £5000 - Insurance Premium £381.54 Partial refund at repayment 2003, should have been £232.59 however, this was not given.
• Loan 3 taken 03 £5000 - Insurance Premium £378.58 Error with policy being set up, therefore a full refund of £378.58 is being provided
• Loan 4 taken 04 £13,100- Insurance Premium £2149.35 Partial refund of £1496.12 credited to Current account 2005, upon loan repayment. (This loan has been repaid correctly, therefore, no refund due).
I trust this clarifies the bank's position. Please find enclosed an acceptance form for completion and return. Once received, I will of course issue a cheque to reimburse you accordingly.
If I signed here they are off the hook with no interest offered this is corporate black mail. :eek:

Howard_Whaley

Loan of £7,500.00 over 48 months applied for September 2004 with Alliance & Leicester.
Quote/agreement for loan included £29.71 PPI charge per month which had not been discussed by myself or A & L but which I assumed was part of the agreement for them to loan me the £7,500.00.
Following your advice & example letter(s) I wrote to A & L on 11th October 2007 to cancel the PPI and requested a refund of all PPI payments made.
Received acknowledgment of letter within 10 days but they're investigations continued into the following month and continued to take the monthly premium inclusive of PPI.
I phoned them & was told this was standard procedure but I would be refunded when complaint case was concluded.
26.11.07 their first offer was for £1069.86 (supposedly my 36 monthly payments of £29.71+ interest - which amounted to £0.30p interest).
Needless to say I refused this and enclosed my calculations for 3 years PPI plus compound interest @ 8% = £1249.99. Additionally the premiums of PPI taken since my original letter were also required.
Their 2nd offer was for &1155.44 inclusive of 8% simple interest.
Again I refused this & again sent my figures requesting they refund me £1249.99 + November & December PPI etc.
Their 3rd offer was for exactly what I had held out for, £1249.99.
In the mean time I have signed a new loan agreement for the fourth & final year of the year reduced by the PPI and they have refunded my December monthly payment in full due to the new loan replacing & clearing the original loan. I have however had to ring them to get the November PPI refunded (now arrived yesterday).
Many thanks Martin for your first class advise,
Howard Whaley.