PPI Reclaiming successes and failures

t0mmy1234

Hi Guys,

I feel I am in a very odd situation. I made a PPI cliam to HFC bank about 2-3 weeks ago. I received an offer of about £700(PPI interest plus premiums). I used the following letter from a website:

My question is I have been offered the premiums plus interest and NOT the original PPI amount in addition. I know its my foolishness to just copy the letter and send to them. Is there any way to demand the full amount. Can I write to them asking for the full amount or make a fresh application. If I go to the ombudsman would it arrive at the same situation i.e sum of £700 rather than £1700. The bank may have realised flaw in the letter and quickly offered me the lesser amount. My PPI amount was £1000. interests = £673. I have paid my loan in full. So my PPI claim should have been around £1700.
My loan agreement says PPI amount payable= £1700.
Also what's the procedure to withdraw an application and start a new application. My offer from bank says is valid for six weeks so need to accept within that time frame or will be withdrawn. Can I wait for it to be withdrawn and make a fresh application after 6 weeks(which is quite long time :-)) Also as my policy was taken in 2007 is there any limit in the number of years after which someone can't make a claim.

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[FONT=&quot]Dear Sirs,[/FONT]
[FONT=&quot]I bought the above plan from you in 2007. I now wish to claim back my premiums plus interest. The Payment Protection Insurance(PPI) policy was mis-sold, I contend for the following reasons:[/FONT]

· [FONT=&quot]Taking the PPI I was told would assist my credit application. I felt by not taking it would lead to my application being turned down.[/FONT]

· [FONT=&quot]Your staff did not offer me a clear choice of the loan with insurance and the loan without insurance.[/FONT]

· [FONT=&quot]Your staff did not give me an illustration showing the repayments with and without insurance until after I signed for the insurance.[/FONT]

· [FONT=&quot]Your staff did not fully explain the policy and its exclusions to me.[/FONT]

[FONT=&quot]I now contend that I was mis-sold this policy. I claim back all the premiums and interest I have paid in connection with this payment protection insurance policy plus the statutory interest. Please find enclosed the necessary paper work including a copy of the loan agreement showing the loan amount as well as the PPI amount.[/FONT]



[FONT=&quot]I would like a reply as soon as possible but, at any case, within the eight weeks allowed for responses to complaints by the Financial Services Authority.[/FONT]


[FONT=&quot]Yours faithfully[/FONT]


Thanks

lowinpe

Hiya, I'm just about to put a claim in to Barclaycard, I've closed the account now and I've only just managed to dig out my credit card number however I don't remember too much from when I actually apply for the card. I'm pretty sure my application would have been online and I know I certainly wouldn't have had PPI if I've known what it was back then, what reason did you give for your claim?

-taff

t0mmy1234 wrote: »

Hi Guys,

I feel I am in a very odd situation. I made a PPI cliam to HFC bank about 2-3 weeks ago. I received an offer of about £700(PPI interest plus premiums). I used the following letter from a website:

My question is I have been offered the premiums plus interest and NOT the original PPI amount in addition. I know its my foolishness to just copy the letter and send to them. Is there any way to demand the full amount.

Is it a full and final response or a goodwill gesture? Is there a breakdown of how it's paid in the letter, did you pay your loan off early?
If it's full and final, why don't you just phone them ans ask how they got to that figure.....

No, you can't make another complaint, you've already made one so that's it. The letter is fine, it makes the complaint clear.

t0mmy1234

Hi Taff,

Thanks for the quick reply.
The breakdown is as follows:

Paid PPI premiums and interest theron: £564
8% compensation on PPI payments made: £163
Total £728.

I didn't pay the loan early. Paid over the original 3 .5 years as agreed in the loan agreement so have paid around £1700 in PPI. as mentioned in the loan agreement.
The end of letter says: " I accept the offer of £728 in full and final settlement of my PPI complaint." so I assume its full and final. What's bothering me is that breakdown makes no mention of the actual PPI amount of around £1000 in addition.So they must have followed my complaint letter wording. I can call them but just wondering whether they would be willing to add another £1000. If I go to the ombudsman would they consider the letter wording or the whole loan agreement ?

-taff

Write back and give them proof of what you paid, and ask for that to be taken into consideration and you to be remunerated accordingly.

t0mmy1234

Thanks taff - sure will write them back.
One question - if somehow they don't reply and six weeks passes. I assume I will lose the offer as stated in the letter. If I go to the ombudsman then what chance is there to recover the full amount considering the bank has accepted that they owe me some money.
I have all the original loan paperwork which shows the amounts.
Any ideas why I have been granted only the interests? any past cases?

-taff

You haven't been given only the interest. From their calculations, they say you have paid £564 in premiums and then added interest on that, then added 8% simple iinterest which is the £163.
This means they think you only paid 564 in premiums. Did you ever claim on the PPI?

If they have said your case will be upheld, then negotiate with the bank to receive all the premiums plus interest, otherwise you'll spend 18 months in the FOS queue for no reason whatsoever.

Write back, and give them proof you paid more than they are offering you.

BC_KT

lowinpe wrote: »

Hiya, I'm just about to put a claim in to Barclaycard, I've closed the account now and I've only just managed to dig out my credit card number however I don't remember too much from when I actually apply for the card. I'm pretty sure my application would have been online and I know I certainly wouldn't have had PPI if I've known what it was back then, what reason did you give for your claim?

If everything was done online, the complaint handler would mainly look at whether or not the website was compliant at the time of sale; since it was a non-advised sale, other reasons such as eligibility or not knowing wouldn't really matter as you would've been expected to read the ToS before hitting yes. For the most part Barclaycard's website was compliant so it's hard to uphold online applications, however there was a small window in the early 2000s where it wasn't.

t0mmy1234

-taff wrote: »

You haven't been given only the interest. From their calculations, they say you have paid £564 in premiums and then added interest on that, then added 8% simple iinterest which is the £163.
This means they think you only paid 564 in premiums. Did you ever claim on the PPI?

If they have said your case will be upheld, then negotiate with the bank to receive all the premiums plus interest, otherwise you'll spend 18 months in the FOS queue for no reason whatsoever.

Write back, and give them proof you paid more than they are offering you.

I have a feeling this won't be straightforward for me. The letter says 'It's their final response...'. I will write them back as well as call them. Let's see.

You said 'Did you ever made a claim on the PPI'. This is exactly my concern as my letter wording mentions claim on 'PPI premiums and interests'.

-taff

It's completely straightforward.

If you paid the full amount in PPI payents, and you can prove it, then you ask them to recalculate their offer, because it's not the full amount.

If you ever used the PPI to claim if you couldn't pay your loan due to sickness, or you paid the loan off earlier than the original stated limit, then you have received monies or not paid the full amount.

If you work out how much you have actually paid, minus any claims you might have made [or not] on the PPI, then that's the amount you get back, and only that amount. If you havent paid it in full, you don't get the full amount back.

If you know you have paid the full amount and can prove it, then get in touch and tell them their calcualtions are wrong.

And stop over-thinking it.