PPI Reclaiming successes and failures

newleaf

I sent my claim forms off 8 days ago, not really expecting to get anything..
Got a letter this morning from Canada Square Operations to say I am going to receive almost £5000 for missold PPI on one of my old Egg Loans, and they are looking at another claim separately, as awaiting some further information from me.
My grateful thanks to Martin, all at MSE, and to the helpful members of this forum :j

OlieB

What were you reclaiming: Loans
Who was the provider: Halifax
How much did you get back: >£5,000
Claimed via phone call to Halifax PPI

Hi, I successfully claimed over £5,000 in PPI refund from the Halifax. These loans existed between 1996-2003. Four were unsecured and four more were secured. I was encouraged by a colleague at work to claim and advised not to use a claims agency but to call the bank PPI claim line direct which I did.

It was very easy to Google Halifax PPI claim line and find the number, the advantage of calling meant that the 8 weeks the bank has to deal with the claim started as soon as I made the call. I did not know how many of the loans had PPI on but the bank did this for me and we're able to confirm on this initial call that I had eight loans with PPI. They then posted me a form to fill out, initially this form seemed quite daunting so I put it down and then went through it step by step later on.

I believe when filling out any form it is important to read and understand the question and answer it directly. Do not expand or presume what they want you to fill in, answer the question directly do not give them extra information that they have not asked for and may affect your claim if they read something in to it. My loans were a long time ago and I could not remember all the information.

A few weeks after I sent the forms off I received a call from a withheld number (as I had been told to expect). They wanted to go through security questions that I knew would reveal personal information about me. I am always cautious of these - how do I know you are from who you say you are. I have previously been told "because I just told you I was"! In this case I asked how I could confirm their identity and they gave me a number to call, I then Googled this number but could not find it on the Halifax website. So I called the main PPI number on the letter I had received from the Halifax and asked them to confirm if someone was trying contact me and their name. They confirmed the identity and then the original caller called back. This may all sound bait anal but if you have ever seen "The Real Hustle" or news stories of pensioners being conned out of their life savings, spending 5 minutes verifying an unknown caller's identity could save your identity being stolen.

This call took 2 hours to go through all 8 loans confirming why I thought I had been mis-sold PPI my financial status at the time etc.

2 weeks later I received a letter confirming my complaint had been upheld for all eight loans and that unless I disagreed with any part of the offer, cheques would arrive within 8 weeks. 1 week later the cheques turned up!

I hope this post encourages others to claim, don't be put off by the form or the 2 hour phone call. I think all in all I have spent a total of 3 hours of my time on this and received over £5,000 (that's £1,666/hour)!

Seasidegal58

Just a very happy thank you to Martin and the MSE website for the marvellous help with reclaiming my credit card PPI. Sent off my claim form off to CCP a few weeks ago with the help of the template paragraph. They wrote back a week later to say they were reviewing my case. Then on Thursday got home from work to find a letter from them enclosing cheque for £246.70!

Thanks so much again!:j:j:j

mootthedog

Hi there

I wonder if any if you maths buffs can do a quick estimate for me

I have a claim against first plus/ central capital that they are calculating redress due

The details are as follows

Date started June 2007
Loan amount 43000
Single premium ppi 8995
Term of loan 180 mths.
Term off ppi 60mths
Apr 8.3% it increased during term but...

8995 returned after 5 years

Loan paid off in full in 2013.

Can anyone estimate how much is likely to be returned so I know if they have calculated correctly when the offer comes?

Thanks

Andrew

[Deleted User]

mootthedog wrote: »

Date started June 2007
Loan amount 43000=irrelevant
Single premium ppi 8995
Term of loan 180 mths.=irrelevant
Term off ppi 60mths=irrelevant
Apr 8.3% it increased during term.

You'll receive back all PPI paid, plus attendant interest, plus 8% simple interest.
https://forums.moneysavingexpert.com/discussion/1596473

2ba3c

Hi all!

I am incredible confused. I received a telephone call today from a company saying I could be entitled to PPI. I usually put the phone down at this point, but they mentioned a car finance company I had used and I had a lightbulb above my head moment and decided to check it out myself.

It turns out the finance agreement started in 2004 I think, perhaps earliest 2005. I read that if I apply, I wont be successful in trying because it wasn't regulated before 2005, is that true?

-taff

That's true.

mootthedog

Hi everyone

Sorry if this sounds silly but I have now received the offer and calculation form first plus / ct capital and I cannot understand the calculation they have made

Firstly the look on the loan was front loaded as £8569.00 in June 2007and In typical fashion only covered me for 5 years etc. I paid the loan off In full in feb 2013. And a rebate of 8968 was made to me after 5 years of ppi in place

Anyway the offer they have made me is 5807???

This is calculated as follow

Ppi payments 4635 (don't understand where this figure comes from)
8%interest - 1526.72
Les tax @20% - 305.34
Less ppi cash back - 8968.50
Subtotal 1 - 3111.73

How does the first figure tie in with my up front payment of 8569????

Part 2

Ppi settlement cost - 8275.99
Interest @ 8% - 803.57
Tax on interest - 160.61
Subtotal 2 - 8918.85

Therefore amount offered -3111.73 + 8918.85 = 5807.12 net of tax

The bit that is confusing for me, and differs from other offers I have had is section one as this does not tie in with the information on what I took out j the first place, surely as this is front loaded it should be calculated on the 8569 figure this then has the 8% interest applied and then the 5year rebate removed.

Can anyone explain the calc above and advise if it is correct and tell me what I am missing?

Thanks for any help you can give me

amersall

The calculation is correct, they are paying you the PPI back that you paid to date, this is the £4365 then the 8% on this.

They have to put you back in the position you would have been had the PPI not been taken, you got the whole PPI back at the 5 year point so they take this back as if they did not you would be better off and the point is to put you back in the position you would have been without PPI.

You have correct redress as they have given you the PPI back that you paid and interest on that plus the 8%.

You had the PPI cash back plus the offer they have made you now, add them together and that is a nice win.

amersall

surely as this is front loaded it should be calculated on the 8569 figure this then has the 8% interest applied and then the 5year rebate removed.

You only get redress for PPI actually paid, you did not repay the whole PPI as you settled early.
You have received interest and PPI from start date on the PPI you actually paid.