PPI Reclaiming successes and failures

amybroom

So far I'm happy with natwests response times. I received a letter on December 20th from natwest to say they were concerned I may hVe been mis sold ppi on one or more of my loans I had previously had with them. They listed all loan account numbers I had ever had with them. I filled in the complaint form they had attached ( didn't think much would come of it as I haven't taken out ppi on my loan for years). I sent the conplaint form back in the pre paid envelope on January 2nd. On January 14th received another letter saying they had received my complaint and they would investigate and get back to me within 8 weeks.
On January 18th received a letter saying they had investigated my complaint with an offer of £1400 pound after they had removed tax etc. I have sent back my acceptance letter and am now just waiting for payment. Letter said within 28 days if them receiving. I hope this stage is as prompt as the rest

hopingforawin

hopingforawin wrote: »

Thank you for such an amazing forum, it's been such a help to me so far. I currently have 2 complaints pending, one for an Egg CC (which I'm not holding my breath over) and another much more significant one with the Co-op. Have had continuous consolidation loans with them from 2000 - 2013. At first when I enquired they said I had no PPI but then had a phone call from branch manager to say in fact 4 loans had PPI and she'd send me the relevant forms. I was shocked at the figures I received:-

Loan 1 in 2000 9k - £2495.46 PPI, 59 months
Loan 2 in 2001 10k - £2969.48 PPI, 59 months
Loan 3 in 2002 £11,850 - £3501.87, 59 months
Loan 4 in 2003 10k - £2090.44, 47 months

I have since had continuous loans up until I settled the last one early in 2013. I understand that these are front loaded and I would have received a rebate of PPI each time they were consolidated, but what I'd like to know is a) what have people's experience been with the Co-op and getting a redress of PPI such as this? And b) will the subsequent loans without PPI be taken into consideration as I believe each may have carried over some funds or interest from the ones with PPI?

My reasons for miss-sell are that I have 6 months full pay, 6 months half pay at work plus a redundancy package and also pre existing medical conditions which were never asked about.

I've completed forms and sent them off - had a letter back from both Egg and Co-op to say they're being investigated but appreciate I may be in for the long haul!

Many thanks for reading this so far, will keep you posted.

Well after receiving acknowledgement of my complaint a week ago, tonight at 8pm I had a 40 minute telephone call from the Co-op PPI department asking me to elaborate on my reasons for complaining. Kept being reminded that the call was being recorded and notes being taken. I just told the absolute truth but must admit I was quaking inside! Just so grateful for reading the advice on here, gave me so much courage to state my case. He wanted to know why I had taken out 5 loans in 4 years, I explained that every time I went into the branch I was told that the computer had flagged up that I was 'eligible' to borrow more money at a better rate, so it would save me money overall. What a numpty I was back then! Still am some would say!

He said that helped clarify things greatly! Went on to ask how much I earned, how much my husband earned then, as his wages were also paid into that account. When I told him he said, 'that matches the figures I've already looked at on the account earlier'! Told me that a decision will be put in writing in 2-3 weeks time.

Just wanted to thank everyone here for your wealth of knowledge and advice. Whatever the outcome, I know I've been totally truthful but the process of knowing what to expect has been made easier by the experiences shared here. Good luck to all those awaiting news x

sammy509

Claiming for loans with ppi front loaded.
Claiming from Nat West.
Amount agreed £20956.23.
Claimed back with one letter sent and form filled in 7weeks later have recieved the offer :beer:
Must say RBS have handled my claim very well only took 7 weeks from start to finish.The reasons I gave for misselling were full employment package so if given the option of ppi i would have declined it but that it was just added to the loans so I thought it was part of the loan.:T

willievergetthere?

Just wanted to say that despite lots of posts saying to me I hadn't got good reasons to reclaim PPI and also the fact that the loans were in 1986 and 1990, I persevered and glad I did. After initial rejection from Co-op Bank, I took my case to the ombudsman and after only approximately three months in their hands, I have received a compensation offer letter today for both loans. Don't give up folks, its worth the time and effort!!!!!

far2812

Hi all. Does anyone know after accepting an offer from HSBC how long it takes to receive the money? Many thanks

rabidstoat

.. make that claim, I didnt think much of it until recently and now over 6 claims for credit cards going back 20 odd years, i'm getting payments of 14k, 28k, 22k, 14k, 35k and 12k with one more still to come in. 128k in the bank. Did it myself, very straightforward, all have paid up within 6 weeks (Natwest, Barclaycard, Capital one, Bank of Scotland)

Hensha1974

Hi, I was wondering if anyone could give me an insight as to whether I have a case for making a pip claim?

I took out a loan with natwest in 2000, at the end of the face to face interview the natwest employee suggested I take out ppi with the loan, she ran through the reasons/conditions......and I stated I wasn't interested, however she mentioned that the cover also pays out in the case of death, and if I died the repayment of the loan would be the responsibility of my parents ie they would incur the cost remaining, I queried this but she was adamant that was the case, so I took out the ppi

I recently decided to look Into this and it seems I was totally misinformed and as they were not guarantors or counter signatories for my personal loan that my parents would not have inherited the loan debt.....does anyone have any knowledge as to whether this would count as a case of mis-selling?

Also the insurance was added (front loaded) to the loan amount, and interest charged on the total.....at no point was I given the choice to pay the insurance immediately......would this also be grounds for a complaint?

I have all the associated documentation

Andrew

yamsteroo

For the last few years I thought I'd not bother trying to reclaim PPI as I was on a DMP with all my creditors and didn't want to rock the boat.


When MBNA sent me a letter and a form suggesting I fill it in if I thought I'd been mis-sold I thought I didn't have much to lose as I was in the final year of my DMP - what's the worst that could happen? £1100 refunded. Not sure whether it was because my company would have paid me full pay for first 6mths or because I thought it was unfair they proposed the PPI when all I wanted to do was activate my new card whilst on my tea break but either way, success.


Barclaycard sent a similar letter and form just before Christmas. This one was a bit different as I applied online so in theory I knew I was taking on PPI when I applied for the card. However, there was nothing to suggest I could easily cancel at a later date - only a phone number which said if you wanted to cancel, ring to discuss which when you're up to your neck in debt, you're reluctant to poke the bear! Anyway, just got the payment into my bank this morning - £1087


Next on my list is Santander/Cahoot which I doubt will go as smoothly - nothing ever seems to with this lot!

amersall

Hensha1974 wrote: »

Hi, I was wondering if anyone could give me an insight as to whether I have a case for making a pip claim?

I took out a loan with natwest in 2000, at the end of the face to face interview the natwest employee suggested I take out ppi with the loan, she ran through the reasons/conditions......and I stated I wasn't interested, however she mentioned that the cover also pays out in the case of death, and if I died the repayment of the loan would be the responsibility of my parents ie they would incur the cost remaining, I queried this but she was adamant that was the case, so I took out the ppi

I recently decided to look Into this and it seems I was totally misinformed and as they were not guarantors or counter signatories for my personal loan that my parents would not have inherited the loan debt.....does anyone have any knowledge as to whether this would count as a case of mis-selling?

Also the insurance was added (front loaded) to the loan amount, and interest charged on the total.....at no point was I given the choice to pay the insurance immediately......would this also be grounds for a complaint?

I have all the associated documentation

Andrew

Go with the front loaded reason and send copies of documentation, you can mention what the member of staff said but this is their word against yours.
You did pay the insurance all at once, the bank sent it to the insurance company from your loan money just go with front loaded and don't forget if you had repaid this loan early, you would have received a rebate of the PPI but you would have repaid the remaining PPI back in the settlement figure, this would not have been explained to you at the point of sale, nor that the PPI was in fact a loan on the loan repaid to term with interest.

caveman63

I was very sceptical about the whole PPI thing but one day when clearing out some papers I found some papers relating to an old Alliance & Leicester personal loan which I paid off over 10 years ago and which had PPI.
More in hope than expectation I sent off the claim form to Santander mid December and they telephoned me last weekend for more information.
Today I received a letter offering me almost £3300.:j
Obviously I'm really pleased I put the claim in and did it myself because if I'd used a claims company they would probably have charged me over £1000 for something which took up less than 2 hours of my time.
Also got to say well done to Santander for dealing with it so quickly and efficiently.:T