PPI Reclaiming successes and failures

pepper1986

Hi

I made a claim against Ocean Finance on my PPI through the FOS 2 years ago.

Ive just had the letter from the FOS saying we have won and Ocean will be in contact in the new year with the offer.

My ppi was £6675 and the interest was £5699.

All the ppi has been paid so what do we get back?

The letter states they have to me back to a position if id not taken out ppi.

Any help would be great

dunstonh

pepper1986 wrote: »

Hi

I made a claim against Ocean Finance on my PPI through the FOS 2 years ago.

Ive just had the letter from the FOS saying we have won and Ocean will be in contact in the new year with the offer.

My ppi was £6675 and the interest was £5699.

All the ppi has been paid so what do we get back?

The letter states they have to me back to a position if id not taken out ppi.

Any help would be great

You will get back the PPI premium paid plus 8% interest.

cavework

dunstonh wrote: »

You will get back the PPI premium paid plus 8% interest.

Minus 20% tax on the interest
Well done :beer:

NetSurfer101

Hello. I'm new to moneysaving expert and I need a bit of help. See, my family got a letter from wefightanyclaim.com saying that were entitled to a PPI claim and that we should go with them to get it. Now I don't know if its a scam or not. I checked into it a bit and found that they have a good reputation and a bad reputation, but I don't know anyone personally who have dealt with them.I thinks its a scam or not, but if anyone can tell me about it i'd really appreciate it

amersall

NetSurfer101 wrote: »

Hello. I'm new to moneysaving expert and I need a bit of help. See, my family got a letter from wefightanyclaim.com saying that were entitled to a PPI claim and that we should go with them to get it. Now I don't know if its a scam or not. I checked into it a bit and found that they have a good reputation and a bad reputation, but I don't know anyone personally who have dealt with them.I thinks its a scam or not, but if anyone can tell me about it i'd really appreciate it

Steer clear of them and do it yourself, they do not know if you had PPI, they are trying to rope you in, if you had any PPI and it was mis sold, they will take a hefty fee, you can do it yourself for free with the help on this site.
Check loans and Credit cards and see if there was PPI on any, if there was and you have reasons for mis sell, contact the banks and make the claims, that is all there is to it, if you use a claims company, you have to provide all the info anyway so if you get the info, why would you then send this to the claims co for a fee instead of sending it to the banks for the price of a stamp or a phone call? give it a go, if you need any more help, just ask.

amersall

cavework wrote: »

Minus 20% tax on the interest

Only if you are a taxpayer, or if the 8% takes you over your tax allowance if you work and do not earn enough

Draino

Claim: PPI on credit card (held since 1993)
Provider: RBS
Refund: £2744.30
Ombudsman: no

Hello, I have just received my offer letter from the RBS.
Calculation supplied as follows:

Refund of Premiums (from 21/06/1993 to 03/12/2013): £2037.76
*Compound Interest on premiums, based upon interest rare charged on credit card: £186.16
Total refund due: £2223.92

Gross interest at FOS rate has: £650.48
Less tax at 20%: £130.10
Stay interest at FOS rate: £0
Net Interest: £520.38

Total Offer: £2744.30

V happy to have received an offer, and I am poised to accept but the words "compound interest on premiums" is holding me up. Should it not be a bit more, given the length of time? I have no idea, and the asterisked footnote reads as follows:
*We only have details of your card account records from 01/02/2003. Where we do not have full details of the premium, interest rates or any interest amounts charged we have used assumptions based on the nearest available data to estimate what you were charged. We believe these assumptions will be in your favour. If you have any evidence available which provides more accurate information and you would like the offer to be re-calculated, please provide this information to us and we will make a revised offer, as appropriate.

I shredded statements and went digital banking last year, so I guess that's that. But still, it's a result, and if someone could explain compound interest quoted I would be ecstatic! Cheers.

maggy50

Jon_M_Platt wrote: »

Sorry I am new to this so apologies if I got this wrong but are you suggesting that my advice amounts to spam?


regards
Jon Platt

Could you elaborate on this spam comment money?

[Deleted User]

maggy50 wrote: »

Could you elaborate on this spam comment money?

Posting the exact same message over and over on numerous threads is spamming the forum. (Posts #35065 and #35066 on this thread are identical!)

Telling people to go to his Facebook page for "information" about his claims management company is spamming too.

Telling us about his "small family (claims management) company" is advertising/spam.

Is that enough "elaboration" for you?:)

EDIT:
The poster concerned has obviously deleted some of his posts (or had them deleted for him), so some of the information I posted above is no longer accurate.

maggy50

Moneyineptitude wrote: »

Posting the exact same message over and over on numerous threads is spamming the forum. (Posts #35065 and #35066 on this thread are identical!)

Telling people to go to his Facebook page for "information" about his claims management company is spamming too.

Telling us about his "small family (claims management) company" is advertising/spam.

Is that enough "elaboration" for you?:)

Thanks that will do