PPI Reclaiming successes and failures

[Deleted User]

kjd35aqua wrote: »

my question is as it has been proved that i was mis-sold ppi, is it possible for me to claim the court costs back for going into default too????.

It would be impossible to link your default to the mis-selling of PPI in that way. The redress for mis-sold PPI is defined as a full refund plus interest-nothing else will be offered or can be claimed.

The Bank have accepted that your PPI was mis-sold, but the mis-selling hasn't been "proved".

Sorry.

-taff

kjd35aqua wrote: »

2. by being taken to court when the ppi plan was surposed to be there to protect me if ever i was unable to keep up with re-payments.......... i.e "off work with depression".

PPI doesn't pay out for depression.

Haylassy

What were you reclaiming: Loan
Who was the provider: Marbles (via HSBC)
How much did you get back: 3500
Did you get it back after a letter or did you go to the Financial Ombudsman: Just the form and a lot of chasing around to find the bank now responsible for our claim.


We had a loan 2004/5 - paid it off early in 2007 when we released equity in our house when we moved. The loan was with Marbles done via internet. PPI was applied at £64 per month (was a 20% on top of the monthly figure). Reason for claim - was it was mis-sold on pre-existing medical grounds and paperwork was not clear about cooling off period, nor that it only covered the first person listed in the loan.


So we have now got back £8500 all via HSBC. Worth the few hours doing paperwork and digging out all the old paperwork we kept. Plus a few stamps.

Advise anyone who thinks they have a valid claim to try it YOURSELF! and keep going (if/when) things get tough.

Ednamode

Hi,

Unfortunately, this is a failure story, but I think it’s important for people to be aware of this before they take their claims/appeals to the FOS. I certainly would never had done so had I been aware of this beforehand.

I made my claim to Barclays using Martin’s template letter and in Sept 2012 I received a cheque for just over £1500 and a letter with various tables showing how they’d worked this out. I am not a greedy person, however, I felt the amount offered was out by a few hundred pounds so, again using the advice on your website, I trotted off to the FOS, spoke to someone who asked me to fill in some more forms, filled out the relevant forms etc and received an acknowledgement from them saying they’d look into my appeal and that it could take many months, if not a year. At this time, I was fortunate enough not to have dire need of this money immediately, so that all seemed fine to me. They also said that if, at any point during the process, I found myself in financial hardship and in need of this money I was to contact them.

Again, I was fortunate and did not find myself in that situation. A couple of months ago I received a letter from the FOS stating that they/Barclays had found in my favour and a refund would be forthcoming within the next couple of months. The FOS asked me to sign and return their standard template form stating that, yes please, I would like to receive this refund – at NO POINT in any of their earlier correspondence did the FOS tell me it COULD be less than the original amount and nor, in the request for me to sign the form ‘releasing’ the refund, did they tell me it IS less than the original amount. On Tuesday 26th November I happily picked up the letter on my doormat from Barclays and opened it with great gusto expecting my original £1500ish + any extra after they had found in my favour. So I was naturally surprised when I opened the letter and enclosed was a cheque for £378. Not to worry, I thought, I imagine this is the extra bit on top of the original amount and, as I still have the original cheque (as per FOS instructions NOT to pay it in to my bank account) I shall simply combine the two when I go to pay the cheques in. Slight problem was that the original cheque was dated Sept 2012 and I wondered if it would now be out of date. I called Barclays to check if the Sept 2012 cheque was still in date and to my utter horror discovered that the smaller cheque was not intended to be added to the original – it was INSTEAD of the original and the original cheque has been stopped. I was livid. The lady at Barclays was sympathetic but said that this was down to the FOS’ guidelines which Barclays adhered to when working out this refund. She said it’s the FOS decision, not Barclays, and there is nothing more that Barclays can do.

I am absolutely furious with this. If I had ANY idea when I began the process to appeal to the FOS, rest assured I would NOT have done it. I would never have jeopardised £1500 for the sake of £300-400, it simply would not have been worth the risk. But all along, the impression given by the FOS and various forums and sites is that the worst case scenario is that your appeal will not be upheld and you will be left with the original amount. And when you receive your joyous letter from the FOS stating that your appeal has been upheld, they’ve found in your favour and could you please sign the form, WHY do they not mention that it’s for over £1100 LESS?? How is this right/fair?? How can this be considered a decent result? We are encouraged to take on the banks and then to appeal if we feel it’s not quite right, and yet I have not found anyone saying ‘actually, be careful, you might end up with about a quarter of the original amount’.

I am currently in a rather precarious financial situation and knowing that this money was on its way was such a godsend as it would have covered my mortgage payments for the next three months. You can imagine how I feel now that I have received an amount which won’t even cover one month’s repayment. I am absolutely beside myself with worry.

Any help or advice you can offer on this matter would be greatly appreciated.

-taff

You have found out why we mostly tell people that a goodwill amount can be withdrawn at any time.
You would have been told here if you had asked that you could accept the offer, or if you could prove you paid more, to send your proof to the bank.
There are a couple of people who would have advised you to go to the FOS all guns blazing, but I'm afraid you've found out that it can be changed, withdrawn or comepletely overturned. That is the risk you take.

[Deleted User]

Ednamode wrote: »

Any help or advice you can offer on this matter would be greatly appreciated.

Barclays obviously offered you a "Goodwill payment" without actually investigating your complaint. If they had investigated and found in your favour then the £378 you were eventually awarded by FOS would have been the most you received from the Bank. The clue is in the Bank's original letter to you, if they were offering to pay you as "Goodwill and without any admission of liability", it meant they could withdraw the offer if you disputed it.

You have effectively paid the £900 fee which FOS charge the Bank for every complaint referral.
What on earth made you think the original goodwill offer was "short a few hundred pounds"?

Ednamode wrote: »

I have not found anyone saying ‘actually, be careful, you might end up with about a quarter of the original amount’.

It is often mentioned on this forum (in regard to goodwill offers) that they can be withdrawn completely.
If FOS hadn't found in your favour, you could actually have ended up with nothing at all.

Bog-Pony

I read these stories with scepticism but gave it a go anyway.

Sent my forms to Lloyd's in October for 1 £4,000 (early settled after 10 months) and 1 credit card.

Came home today to a letter settling for £687 for the loan! I didn't receive any phonecall or include any evidence with my form but advised it was available on request, which it was of course.

I haven't heard about the credit card so not sure if that one has ended up in their "not a hope in hell" pile.

Regardless, thank you for the sound advice throughout the forum. For the price of 1 stamp and 15 minutes to do the form I'm a nice little sum better off.

I applied for the loan online so I'm not too sure about the comments I see telling people it's unlikely you'll received anything back. There was no pre-ticked box either. I claimed because at the time I had a pre-existing injury that had caused me to be off work quite a bit. Even during those absences work paid for my sick leave. There were no questions on the form asking if I was covered that way and I hadn't realised I couldn't claim on my PPI as I have full pay from work for 12 months if ill. They didn't ask for any evidence though so not sure why they found in my favour.

klooferd

I've had countless loans and credit cards over the years, as has my wife. I have no paperwork on any of them and can't even remember who I may or may not have had PPI with. How on earth do I find out who to contact to find out whether I have a claim with anyone?
Thanks!

-taff

Bog-Pony wrote: »

They didn't ask for any evidence though so not sure why they found in my favour.

All firms have a threshold below which they automatically pay out because it's cheaper than investigating properly.
Looks like you were one of the lucky ones

-taff

klooferd wrote: »

I've had countless loans and credit cards over the years, as has my wife. I have no paperwork on any of them and can't even remember who I may or may not have had PPI with. How on earth do I find out who to contact to find out whether I have a claim with anyone?
Thanks!

Your credit report will show the last 6 years of credit you've had or ended during that time. If you can remember anything that's not on the list, you've had it, because there is no company that can find that out

Experian/Equifx/Noddle are your first ports of call - please make sure you're getting a free look, don't pay for it.
And you are not claiming, you are complaining that a product was missold.