PPI Reclaiming successes and failures

-taff

Yes, but don't get excited, you won't get all of this back, but most of it will come off the total to be repaid.
Which means your payments will drop, and you may be able to shorten the loan time, because otherwise, even with the PPI and interest removed, you're still going to pay £57,642 to borrow £15,000 unles you pay it off early,

amersall

ppi £5468.69

This amount will be taken off the loan balance, and your payment goes down by the PPI monthly amount.

You will get back to you the months at the PPI monthly amount back that you actually paid to date with the interest on those plus the 8%.

Remember that the loan will have been reduced by the interest and the PPI that they are giving you back, you have the PPI back and they have to put the amount the loan was reduced by back on the loan, this means the loan should be what it was at the start with interest it could also be a slightly higher balance, this is putting you back in the position you would have been had you not take the PPI, times the monthly PPI by the months you actually paid this and that is what you get back and then the 8% from the month in 08 to the date they pay you back.



Make sure that the loan is reset, it is imperative this happens as it will save you thousands in interest over the term as Taff said.

charlotte1970

I had my claim declined last June and the Ombudsman is now dealing with it. In the rejection letter from Barclays they told me I could cancel the PPI by writing to them. I have now written to them (via fax) for the last 8 MONTHS and still they have not taken the PPI off my credit card (about £80 a month!!). I have also reported this to the Ombudsman. I am at my wits end with Barclays! I have kept the transmission report every time I have faxed so there is no way they can get out of it by saying my letters were never received!

[Deleted User]

Why are you faxing letters to them? More to the point, why have you continued to do this after your first fax failed, let alone the eighth? I also can't see what use the transmission reports will be to you?

It should be a simple matter to 'phone them and have the PPI cancelled!

Failing that, you should send your instruction to cancel by post. Reporting the Bank to the Ombudsman is just delaying the cancellation still further.

Faxes are easily lost and are probably not even going to the correct department.

frankie_gunner

Hi taff and anyone else who would care to help sorry i being really thick at the moment. Think ive been trying to work it out too much and iv got myself confused
Could you do the maths for me please ?
The total amount refunded ?
The probable amount paid towards the loan ?
The possible amount i could receive in a cheque ?
I know it will only be your opinion and that CT Capital will have there own ideas but at least i could at least get my head around in layman's terms
Many many thanks in advance
And soz for being a numpty

charlotte1970

Moneyineptitude wrote: »

Why are you faxing letters to them? More to the point, why have you continued to do this after your first fax failed, let alone the eighth? I also can't see what use the transmission reports will be to you?

It should be a simple matter to 'phone them and have the PPI cancelled!

Failing that, you should send your instruction to cancel by post. Reporting the Bank to the Ombudsman is just delaying the cancellation still further.

Faxes are easily lost and are probably not even going to the correct department.

I rang them to cancel and they told me to fax it through! I kept the transmission reports so that I have proof I faxed it through to them

amersall

frankie_gunner wrote: »

Hi taff and anyone else who would care to help sorry i being really thick at the moment. Think ive been trying to work it out too much and iv got myself confused
Could you do the maths for me please ?
The total amount refunded ?
The probable amount paid towards the loan ?
The possible amount i could receive in a cheque ?
I know it will only be your opinion and that CT Capital will have there own ideas but at least i could at least get my head around in layman's terms
Many many thanks in advance
And soz for being a numpty

The whole PPI amount will be taken off the balance, make sure they do this, your payment should reduce by the PPI monthly amount.

You get back the PPI and the interest associated with these that you actually paid from 2008 to the day they redress, you will get the 8% on each PPI monthly payment from the start date to the date they pay you out.

Go on the bank charge calculator, put in the year, month and date of each PPI payment it will keep a running total of the 8% and the PPI you will get back.
Remember, it is only the PPI monthly amount and not the loan payment that you need to add up.


http://www.moneysavingexpert.com/reclaim/bank-charges#step2

shinner

hi i received 3000 from barclays for a loan in 1998 one email all it took

srd1972

What were you reclaiming: credit card
Who was the provider: mbna
How much did you get back: just been offered £24552.67
Did you get it back after a letter or did you go to the Financial Ombudsman: Letter Direct to mbna in Jan 13

Hi I have just got a calculation letter from mbna confirming a cheque will be in the post in in the next 30 days for £24552.67. This was all after one letter to mbna in Jan this year - what a result.....

cookinmummy

Thanks very much to everyone on mse.

I printed off the initial claim form, took 5 mins, filled it out and posted it to Capital One 6 weeks ago. This was for a credit card I have had since 2001, and have been unknowingly been paying PPI on since then. I'd read on here that it could take some time, that capital one can be difficult, etc

But, I can happily say that today I received a letter saying they upheld my claim! :j My PPI back, plus interest and a bonus interest. Enough to clear my balance and pay for the extensive list of work my car needs doing! Very unexpected and quick result.

So, if you are thinking about making a claim - do it!!