PPI Reclaiming successes and failures

Neros_home

Lurker since October and first time poster.

In the past few days I have been offered #12,500 by way of redress by Marks and Spencer. For a loan and for a very old Personal Reserve Account. I did have a great deal of paperwork which helped as much of this went back to 1996. 6 week turnaround although of course I do need to wait for the money to be paid.

Tonight I received a very basic letter from the Halifax (as such my own bank) referring to a letter previously sent to me (not yet received) enclosing 4 cheques to the value of#5,700 by way of redress for a set of consolidated loans. I have no idea of the breakdown but I did submit information dating back to 1994. Literally 2 days off a 8 weeks turn around. The Halifax did not call me, and I await their breakdown letter.

I was late compared to others in reclaiming. A little scared as my finances have never been fantastic (very poor money management and spending amongst other things) and was worried about approaching the banks with my case.

Thank you - I have found this board to be incredibly informative, resourceful, helpful and, of course, addictive.

worried48

Fuming - having read in the letter that they were going to pay the refund into the account that pays the direct debit for the loan (which still had three years to run), this morning I see that the refund has been taken off the loan itself. The monthly repayments on this loan have been reduced from £494 a month to £365 a month and the outstanding balance is down from about £15800 to £4214. The loan had 36 months to run but paying £365 a month it will now only have a year to run. Which is all very well but we really did need the money in our current account
What is annoying is not so much the fact that they have done this - I was expecting they might - but the fact that they said one thing and have done another. But then at another point in the letter they talk about the loan centre sending a statement which will show the payments they have made to the loan account. This letter has not yet arrived.
Perhaps it all comes down to this being a template letter and therefore vague enough to cover all eventualities
O well, we'd better get on with the appeal for the refused complaint I suppose.

amersall

Get back in touch with them and tell them that the FOS rule is that they put you back in the position you would have been had the PPI not be taken, if you had no arrears, this does not put you back in that position as the loan term has changed and you have not had the PPI back that you should not have paid, ask them for the refund to be given back to you.

redrobrob

1. Click reply to enter you story.
I got a loan stupidly to restructure debt and buy a car against my property (long story). This was killing me financially, so i remortgaged again and put it all against one mortgage.

So when i went to pay off the 2nd loan, i noticed i had PPI for 5 years with another 5 to run.

Now i didnt ask for this and was surprised as in my circumstances it would have never paid out.:mad:

2. Report your story in the following format:

• What were you reclaiming: 2nd Mortgage PPI
• Who was the provider: Loan Line then to prestige PPI was with Paragon
• How much did you get back: £14000!!!!!!!!:T
• Did you get it back after a letter or did you go to the Financial Ombudsman: The financial Ombudsman
• And then write your brief reclaim tale

Laon line no longer trade so went to Prestige who took it over, they were of no help, so went to Paragon who had the PPI (Paid all up front on top of loan). Paragon were helpful and told me who to contact at the FO and took it from there. They had to gather a lot of data due to the loan being passed on but after 9 months i got the original amount back plus any interest that it accrued and i had been charged. It did not include interest that would have been added on at 8%, but was so happy to get everything back i had paid into it.

SO stick with it it is worth it in the long run, i now have paid off 2 loans and took out a cash isa with it and now am trying to pay off an extra 10% of my mortgage in year 1.

Good Luck and hope you get what you deserve out of it:)
RedRobRob

Terrible with cash, but getting better..

worried48

Thank you, I will try that.

msarron30

hello peeps..im just wondering if anyones had a loan taken out with Blackhorse, and had PPI back??
My husband got a letter some weeks back (10/10/2012) saying they were investigating him possibly being miss sold PPI on 2 loans 1 taken out in 2006 and another in 2008..now he knows hes never needed PPI as he was at the time in the British Army and didnt need to worry about loosing his job, i might sound a bit daft..but is it a good sign that Blackhorse wrote to him?? we keep phoning Blackhorse every week for updates but been told everytime its being investigated and should here something no later that 30/12/2012..can someone please just put us out of our misery!!
:huh::undecided:huh::undecided:huh::undecided:huh::undecided

precious12

Getting really frustrated my claim has been with the FOS for 13 months now, they have never kept me updated with any progress. I have to ring them every 2-3 months to find out what's happening. Rang them over a month ago and they told me LLOYDS are prepared to make me an offer, happy days:j, haven't heard anything since rang them this morning its still with the calculations team where they have to finalise if LLOYDS have made me the right settlement. I'm really getting fed up of waiting because once the FOS have finalised it LLOYDS may take another lifetime to pay me.... this is so wrong :mad:

redwebbo

Wrote to Egg card services about 5 weeks ago with a standard letter and they asked for some more info in the shape of a ombudsman claims form. Sent it back two weeks ago and received a settlment of just over £750 last Friday evening!

With that and a successful MBNA claim thats £1600 in the bank for xmas. :j

iwannabeasaver

What was I reclaiming? Overdraft (paid for 14 years)
Who was the provider? Barclays
How much did you get back? £1545.81
Did you have to go to the FO? No
What's your tale?

I needed an overdraft which I thought would be temporary (:rotfl:) and there was an account type (Additions Plus) that had 0% interest on the first £250. I signed up to the account type and no mention was ever made of the protection. I noticed it on my statements, but was afraid if I questioned or cancelled it they would revoke the o/d facility.

The nice thing is that the refund will pay the overdraft and then some! I like the justice in that.

magpielady_2

becca_99 wrote: »

We are in the same position, when we called the FOS for an update they said that they had all the paperwork and were waiting for an adjudicator - getting frustrated aswell! Will keep you updated if we hear anything

Heard from FOS today after submitting paperwork november 2011, they say they have upheld my complaint and have notified Barclaycard who have until 21st dec to respond
problem is the letter sent to barclaycard has some wrong info on it! most of it is correct but they say to offer redress to someone else! Have rung FOS who advised me to return paperwork and they will resend correct one, (hoping this was just a typo)
on a plus note they say the redress should be for two cards(even though i have two seperate claims in with FOS , the cards were taken out at the same time, so heres hoping!