PPI Reclaiming successes and failures

Johncashman

Hi. Just to say that I had success with a PPI Claim last weekend and found it a lot easier than expected. I am expected to get back a generous sum from the bank who dealt with my claim as fairly as they can. They defended about three of the policies, but upheld about nine of them with varying payments due. The money will be in my account in the next 28 days.

My advice to anyone is to go to the official Bank / Building Society helpline with the reference numbers of all the loans you had. They will use that as a point of reference. Easier than going through one of those independently advertised. The good thing is that I am now able to pay off my credit card balance in full and restructure my finances to a more reasonable level.

It brings to an end a rather complex 10 year period of dealing with my bank. I had five account managers over 10 years - an average of one every two years who wanted to help 'with my finances'. My advice to you is to help yourself sort out your finances, appreciate what you have in your bank account, spend wisely, don't go overboard on credit cards and borrow a reasonable amount of money. I think it was a good move on my part to make a claim for PPI and the result is pleasing.

amersall

tappy65 wrote: »

Hello Taff,

Thank you for your response.

I am just trying to illustrate that the interest on the PPI is NOT included in the monthly PPI payments made. In the example I quoted in my previous post, I was paying an average of £4.44 per month interest on a fixed monthly premium of £15.

I thought this may be helpful to share on the forum, and did not intend to make it more complicated.

So this was not Single premium PPI that you had.

I answered re interest, for the poster who had Single Premium PPI, the interest IS added in with the PPI total monthly payment.

Price of loan Protection premium = £522.07
Interest on the Loan Protection loan = £213.27

This one is Single Premium and the interest is paid back in with the monthly PPI payment each month over the loan term.

How did you pay the interest back on the first loan?

tappy65

Hi Amersall,

On each loan I have had with Lloyds, the PPI premium has always been added to the loan amount, and the loan agreements give a breakdown showing the loan amount & ppi separately, before lumping them together for a total figure, as follows:

Cash Loan Amount: £2,500
Monthly repayment: 73.36 over 48 months (APR 16.9%)
Loan Insurance Premium: £522.07
Monthly repayment: 15.32 over 48 months
TOTAL LOAN AMOUNT: £3,022.07
TOTAL MONTHLY REPAYMENT: 88.68 over 48 months

The loan details have always been presented this way, but the final loan agreement in 2005 gave an additional breakdown for the PPI (in very small print in the customer signature box!) which included the interest payable on the PPI premium (£213.27 on the £522.07 premium).

So basically the PPI premium is advanced as part of the loan, and interest is paid on the monthly PPI premium throughout the loan period, and this can be a significant amount depending on the size of the premium.

Thanks

amersall

So basically the PPI premium is advanced as part of the loan, and interest is paid on the monthly PPI premium throughout the loan period, and this can be a significant amount depending on the size of the premium.

Hi tappy, this is as I said, this is why Single Premium is the most mis sold and the most expensive depending on the loan term, you will get the interest back that was paid on the PPI, they may show it as a separate amount in the redress but I had one that just showed the total PPI including the interest.

You still pay the PPI interest in with the monthly payment and this total amount that you paid will be given back.

davewright13

have you ever heard of reclaims4u? They contacted me last month but wanted to know if they're any good?

[Deleted User]

All claims companies do is charge you extortionately for effectively putting a stamp on your complaint envelope.
None of them are "any good" therefore.

themartian

Got my offer from RBS yesterday from an old student loan - £11,600!! One phone call is all it takes!

Elisbetta

In July last year at my wits end regarding serious debts I decided to try the ppi reclaim process. Six months on, after receiving just over £15,000 back from Santander and Barclays, for a loan and credit card, I am now totally debt free!

It's worth doing and do it yourself using the templates provided on the website.

Good luck.

kjd35aqua

Well after the FOS going in my favour twice with my ppi claim,and twice barclaycard rejecting it. there third rejection is a total shock.

first time FOS went in my favour as barclaycard didnt give any evidence for them to look at. (but rejected anyway)

second time FOS went in my favour as info barclays had sent wasnt clear enough to even work out if it was even my paperwork.
(rejected due to being postal form,plus ticked ppi boxes)
lies, it was in branch,and told couldnt have card,unless i had ppi with it.

now they come up with this out of the blue, "paperwork with tick marks in the ppi parts". and saying only i was involved in filling out the form,and no one from barclays helped/or informed me.
only issue i have is its "zoomed" in to only show this part of the page, but the mistake they made is the part above it says what job i was doing at time account was opened.
at the time i opened the account i wasnt doing the work this paperwork says i was doing.

but the job it says i was doing on this paperwork,is the job i was doing when i tried to open a "new" barclaycard credit card account after 2007 (over 10 years after i'd opened the one i'm claiming for) filled out a postal form,sent it off,but was rejected for it.
seems to me barclaycard have used the 2007 paperwork,"zoomed" in on the ppi ticked boxes,and sent that to the FOS as there proof of why they reject my claim.
i'm shocked,by the way barclaycard have treated me through out this claim,i thought nothing would surprise me, but this just proves what a sorry state this bank is in. good luck all ,you will need it,if this is the way they work.

amersall

now they come up with this out of the blue, "paperwork with tick marks in the ppi parts". and saying only i was involved in filling out the form,and no one from barclays helped/or informed me.
only issue i have is its "zoomed" in to only show this part of the page, but the mistake they made is the part above it says what job i was doing at time account was opened.
at the time i opened the account i wasnt doing the work this paperwork says i was doing.

but the job it says i was doing on this paperwork,is the job i was doing when i tried to open a "new" barclaycard credit card account after 2007 (over 10 years after i'd opened the one i'm claiming for) filled out a postal form,sent it off,but was rejected for it.
seems to me barclaycard have used the 2007 paperwork,"zoomed" in on the ppi ticked boxes,and sent that to the FOS as there proof of why they reject my claim.
i'm shocked,by the way barclaycard have treated me through out this claim,i thought nothing would surprise me,

Get in touch with FOS and ask them to get Barclays to send the full paperwork with the date on and give the reasons you state above.

Don't let them get away with this.