PPI Reclaiming successes and failures

Motivator

Go to Lloydstsb . Will take some time .

bigmeads21

In 2006 I received a graduate loan from HSBC. I was sold insurance on my loan incorrectly when I didn't need it. It was not called Payment Protection Insurance (PPI) when I bought the loan so I hadn't even considered claiming it back until a friend told me to look in more detail.

It was sold to me as a payment protection plan (PPP)

I decided in Jan 2013 to look at MSE and I tinkered with the sample letters and sent my claim and questionnaire off to the HSBC PPI team in Coventry. I didn't use a third party as the fees they charge are ridiculous.

After a 2 month wait, I have been notified by HSBC that they are going to refund my PPI with interest of 8%.

Please do not think twice about applying if you think you have a claim.

D

skemp1

What did the complaints relate to: barclayloan, barclays overdraft ppi and barclaycard ppi.

Was it successful: Yes on all 3. Just sent FOS questionaire.

Complaint reason: Had £50k savings, didn't need ppi.

How much did I get back: £470 for barclayloan, £400 for overdraft ppi, £1600 for barclaycard.

How long did it take: around 30 days per complaint to be upheld and another 2 weeks to be paid into account.

Tips for others: have a valid complaint reason and send supporting information with FOS questionnaire and call to make sure letters are sent recorded and chased up after a few days.

amersall

Despite the above, I'm going to take a gamble and do it myself!

Good for you, you will get all the help you need for free on this site, just ask.

It is 25%, I stand corrected, but you won't be paying that will you :D you will do all the "legwork" anyway so why give a chunk of your compensation to this company?.

For every claim that they "lose", you can bet they will have more "wins" as those who sign up, give this company the right to claim for all PPI that may have been mis sold, so if you had a Credit card you wanted to claim for and you were not mis sold, they owe you £500, if you had a loan that had PPI with the same bank and were mis sold, they would claim their % from this so they are still up on the deal, imagine if you had a chain of consolidation loans . this is where they get their pound of flesh from.

mogwai75

Wonder if someone could please advise me on a PPI claim from HSBC.

In 2006 I took out a loan for £15k with PPI but couldn't find the paperwork at the time so after writing to HSBC they said I had no claim without the documentation. I have since found the paperwork and sent all the copies to HSBC and they have said I do have a claim and have offered me a figure which is a lot less than I thought it would be. The offer is £797.72 which is the PPI Premium Redress at £514.18 plus 8% taxable interest at £283.54 totaling the figure offered.

I was expecting a figure in the thousands after hearing people having won their cases or I am being greedy and the offer made is acceptable? I just don't know and have six weeks from the dated letter 11/04 received today 19/04 to accept or it will be withdrawn.

I must add the loan is still unpaid and has been taken over by a collection agency (metropolitan collection) and I pay an agreed amount each month as I could not afford the original repayment costs. This offer will be paid against the debt even though I was hoping for a cheque. I guess that was wishful thinking on my part.

Any advise would be much appreciated.

Thanks

amersall

The balance of the loan should be reduced by the whole initial PPI amount, make sure that they do this, this along with the redress should make a nice dent in the balance.

As the loan was passed to collections, you are no longer paying the PPI, this could be why the redress is small.

They will redress the PPI that you actually paid to the date the loan was taken over.

mogwai75

amersall wrote: »

The balance of the loan should be reduced by the whole initial PPI amount, make sure that they do this, this along with the redress should make a nice dent in the balance.

As the loan was passed to collections, you are no longer paying the PPI, this could be why the redress is small.

They will redress the PPI that you actually paid to the date the loan was taken over.

Thanks for the reply! The total PPI was £2,170 over 62 months with the amount payable being £2,905.06 the amount offered is significantly less and states on the letter the figure is effectively the protection premiums I have paid. I guess the offer will paid against the debt no matter what even though I could really do with the money now.

[Deleted User]

mogwai75 wrote: »

The total PPI was £2,170 over 62 months with the amount payable being £2,905.06 the amount offered is significantly less and states on the letter the figure is effectively the protection premiums I have paid.

Exactly, you've defaulted and not paid the agreed amount of PPI (or repayment of the loan).

You won't be refunded monies you failed to pay.

All the redress goes towards your outstanding debt.

The_Mango_Tree

The_Mango_Tree wrote: »

I am pleased to report that MBNA have upheld my claim. As, the experts on this site say, they do not give a reason why but the letter does tell me that the reason I thought validated my claim - that I ticked the 'no' box on the written application form - was not the reason the claim was upheld. The records showed that PPI was added about six months after the application. I did send them plenty of evidence of insurance policies, PEPs (this was the 1990's), share holdings etc. and I suspect I was able to prove that I did not need it. That being so I have learnt that it is worth keeping every bit of paperwork relating to finance.

A word about MBNA, who get a lot of criticism. I have to say that from the beginning they have been excellent. They always kept me informed - usually weekly - of progress, even where there was an initial delay and when asking for additional information from me. Let's hope the good service continues and the cheque arrives within the stated 28 days!

Final report. Cheque arrived 3 days later.

Kamaya

Penfold1106 wrote: »

Hi me again can I ask another question to how long you have or held the card for please? Many thanks

Sure - I've had the card just short of 11 years.