PPI Reclaiming successes and failures

effect56

hi di

is this a long process and silly question but does it effect you credit rating

deborah46

Hi all,
can i ask a question? If ppi is added on at the beginning of a loan and then the interest is added, should i receive the full amount of the policy back even if this was paid early?

Dazstar

Hi

Thought i was never going to get anywhere. was pushed into a loan for £16100 to consolidate debts from Lloyds who gave a 20yr old who was earning £13,000 a credit card with a limit of £10,000 (thats probably another story about irresponsible lending).... then i had to take a huge loan out to pay it off and cancelled the card. they told me i MUST take PPI to get the loan....

Well, after lurking here, i learned that i didn't have to. It took 1 letter to Lloyds, 1 letter to the FOS and i am now a staggering £5600 better off!!!!

Martin Lewis is a god!!!

Darren

di3004

effect56 wrote: »

hi di

is this a long process and silly question but does it effect you credit rating

Hi there

It can be a long process, but the FOS are suddenly getting through these complaints a lot quicker the last few weeks, however if your in hardship, let the FOS know with a letter enclose with the form, and request for fast tracking with your personal reasons, its worth letting them know if this is the case, where they may consider moving your case on quicker for you.

Some cases can take as little as a few weeks, others can go on for months, depending if the case gets complexed, but the FOS will take a look at both sides and take it from there, I'm sure yours will be resolved through the FOS, good luck.;)

No its not a silly question lol and no it does not affect your credit rating at all, so not to worry.;)

di3004

deborah46 wrote: »

Hi all,
can i ask a question? If ppi is added on at the beginning of a loan and then the interest is added, should i receive the full amount of the policy back even if this was paid early?

Hi deborah.

If your loan is paid up early, yes you receive every penny back of the PPI, plus interest etc, it should work out a little more actually, for instance, one of mine was for under £11K of PPI with int, and we received just under £13K.
Hope this helps.;)

Also check the thread posted by Maxdp, this should also give you some idea:
http://forums.moneysavingexpert.com/showthread.html?t=1596473

di3004

Dazstar wrote: »

Hi

Thought i was never going to get anywhere. was pushed into a loan for £16100 to consolidate debts from Lloyds who gave a 20yr old who was earning £13,000 a credit card with a limit of £10,000 (thats probably another story about irresponsible lending).... then i had to take a huge loan out to pay it off and cancelled the card. they told me i MUST take PPI to get the loan....

Well, after lurking here, i learned that i didn't have to. It took 1 letter to Lloyds, 1 letter to the FOS and i am now a staggering £5600 better off!!!!

Martin Lewis is a god!!!

Darren

WOW Darren, this is fantastic, Well done and Many Congratulations, what a win, fantastic news, yes Martin is a godsend alright.:T
:beer::T:beer:

Heartmate

I took a loan of £ 20,500 for building a conservatory by Anglian Home improvements. With the loan I was offered Payment protection plan for £2,876.30 which was added to the loan amount. The loan & the PPI were provided by Clydesdale Financial services (Owned by Barclays) The loan was fully re-paid in December 2008 preterm before the expiry of term of insurance. The T&C of PPI mentioned that if I settle my loan before the insured term then I will be entitled for a partial refund of the premium but the refund will not be proportional and will be substantially less than the amount originally paid. When I did not hear anything about the refund after repaying the loan amount I contacted Clydesdale. During the telephonic conversation I was blatantly told that I am not eligible for the receipt of any refund on the insurance premium. During that conversation I requested Clydesdale to clarify their position in writing. When I did not receive any reply in 2 weeks I wrote to them asking for the refund. They replied to my letter by leaving a message on my voice mail to contact them telephonically. When I rang I was again told that i would not get any refund. This was followed by another letter by me threatening a complaint to Financial Ombudusman. This time I got a written reply from theier senior representative who wanted to discuss the matters with me. I refused and told him to put his say in writing. Within a week of this conversation I RECEIVED A CHEQUE OF £2205.25 and an APOLOGY that I was not advised correctly by their Customer Service department.

Lessons from above-
1) Always read the Small Print and know the facts
2) For any queries always read the MSE forum (Clydesdale tried to misguide me and were reluctant to admit the facts in writing, reading this forum gave me the knowledge)
3) Persistence helped me to reclaim the money.

Now should I go for full refund with the interest? Thanks again to MSE

di3004

Heartmate wrote: »

I took a loan of £ 20,500 for building a conservatory by Anglian Home improvements. With the loan I was offered Payment protection plan for £2,876.30 which was added to the loan amount. The loan & the PPI were provided by Clydesdale Financial services (Owned by Barclays) The loan was fully re-paid in December 2008 preterm before the expiry of term of insurance. The T&C of PPI mentioned that if I settle my loan before the insured term then I will be entitled for a partial refund of the premium but the refund will not be proportional and will be substantially less than the amount originally paid. When I did not hear anything about the refund after repaying the loan amount I contacted Clydesdale. During the telephonic conversation I was blatantly told that I am not eligible for the receipt of any refund on the insurance premium. During that conversation I requested Clydesdale to clarify their position in writing. When I did not receive any reply in 2 weeks I wrote to them asking for the refund. They replied to my letter by leaving a message on my voice mail to contact them telephonically. When I rang I was again told that i would not get any refund. This was followed by another letter by me threatening a complaint to Financial Ombudusman. This time I got a written reply from theier senior representative who wanted to discuss the matters with me. I refused and told him to put his say in writing. Within a week of this conversation I RECEIVED A CHEQUE OF £2205.25 and an APOLOGY that I was not advised correctly by their Customer Service department.

Lessons from above-
1) Always read the Small Print and know the facts
2) For any queries always read the MSE forum (Clydesdale tried to misguide me and were reluctant to admit the facts in writing, reading this forum gave me the knowledge)
3) Persistence helped me to reclaim the money.

Now should I go for full refund with the interest? Thanks again to MSE

Well done to you, Congratulations.:beer::T:beer:

Yes you go for it, good luck X

Heartmate

thanks for the guidance di3004

mlucyminx

Heartmate wrote: »

I took a loan of £ 20,500 for building a conservatory by Anglian Home improvements. With the loan I was offered Payment protection plan for £2,876.30 which was added to the loan amount. The loan & the PPI were provided by Clydesdale Financial services (Owned by Barclays) The loan was fully re-paid in December 2008 preterm before the expiry of term of insurance. The T&C of PPI mentioned that if I settle my loan before the insured term then I will be entitled for a partial refund of the premium but the refund will not be proportional and will be substantially less than the amount originally paid. When I did not hear anything about the refund after repaying the loan amount I contacted Clydesdale. During the telephonic conversation I was blatantly told that I am not eligible for the receipt of any refund on the insurance premium. During that conversation I requested Clydesdale to clarify their position in writing. When I did not receive any reply in 2 weeks I wrote to them asking for the refund. They replied to my letter by leaving a message on my voice mail to contact them telephonically. When I rang I was again told that i would not get any refund. This was followed by another letter by me threatening a complaint to Financial Ombudusman. This time I got a written reply from theier senior representative who wanted to discuss the matters with me. I refused and told him to put his say in writing. Within a week of this conversation I RECEIVED A CHEQUE OF £2205.25 and an APOLOGY that I was not advised correctly by their Customer Service department.

Lessons from above-
1) Always read the Small Print and know the facts
2) For any queries always read the MSE forum (Clydesdale tried to misguide me and were reluctant to admit the facts in writing, reading this forum gave me the knowledge)
3) Persistence helped me to reclaim the money.

Now should I go for full refund with the interest? Thanks again to MSE

I would write to them "Without Prejudice" saying you will accept the payment as a part payment towards the total amount owing and if they don't pay up the remainder you will go to FOS.

I did this with barclays and they coughed up.

Good luck