PPI Reclaiming successes and failures

frugalliving

After reading many posts on here I decided to go through my old paperwork, only found one loan so far going back to 2007 with ppi so thought I'd give it a go! The policy was for £1450 ppi with lloyds tsb, this was about 6 weeks ago, I received a phone call shortly afterwards asking work and pay related questions, the lady said I would receive a letter within 8 weeks of their decision, I wasn't really hopeful!

Yesterday I checked my bank and an amount of £1325 had been paid in with the ppi ref, I haven't received a letter or anything yet to explain what this amount covers but I am so pleased with the result and glad I gave it a go!

I will definitely be looking for more old paperwork now!

Palookaville

What were you reclaiming: Loan

Who was the provider: Egg

How much did you get back: £1600

Did you get it back after a letter or did you go to the Financial Ombudsman: One Letter

And then write your brief reclaim tale: Put in 3 PPI claims mid May for 2 loans and a credit card. Had a get lost letter over the credit card earlier in the week, however I got a letter today saying 1 of the loan complaints had been upheld.
Not sure if the calculations are correct though as I have been successful with a Barclays loan PPI payout which was a similar figure to Egg but the redress was much higher.
Loan was applied for online in 2004 to pay off Egg credit card however paperwork says that because I had CRP on my credit card (which I did not agree to) then the PPI would be added to my loan so I wasn't given a choice!

amersall

I was then told that, having spoken to a manager, they see that there were two policies on the account, one had been sold correctly and the other mis-sold. However, the one that was mis-sold was cancelled within thirty days and there were no charges applied to my account and accordingly no refund applies.

Send both to FOS, ask for the bank to show that you cancelled the 1st PPI and what were the reasons they upheld this, I presume you used the same mis sell reasons for both?, if you had a good sick package from work, life, or other insurance in place and you could have repaid the cards in any eventuality then stress this.

Palookaville

Just had another letter from Egg with regards to my other loan and that has been upheld too.
I will be receiving £3300.
So in 4 days I have had notification about 3 complaints, 2 upheld, the other one refused.
Weirdly enough the credit card refusal was the one I thought that I would be more successful with.
Now I just need help in making sure the calculations are correct before sending back the acceptance form. Are the companies normally accurate? I have no idea how to work it out!

-taff

If you haven't got your own documents, you can't. If you have, its what you paid, plus the associated interest, plus 8% simple interest.

fozmcfc

Posted on a thread already, but £500 from Canada Square for an Egg loan.

Didn't apply for PPI reclaim, but forms sent to me. Although I haven't got the money yet, it took roughly 2 weeks from filling in the form, to receiving my claim upheld letter.

Palookaville

-taff wrote: »

If you haven't got your own documents, you can't. If you have, its what you paid, plus the associated interest, plus 8% simple interest.

Yes I do have the documents but I don't even understand really what you are saying. A bit confused!

-taff

Add up what the original quote on there was for the PPI plus the interest added at the time...
then if you can work it out, the 8% simple interest on all that

Palookaville

But isn't 8% each year from when the loan was taken out until present day? Or when the loan finished being paid? I think I'm getting confused with little snippets I've read and thinking that it's something over complicated!

-taff

It's 8% since you borrowed the money, but it's simple interest.