PPI Reclaiming successes and failures

Brokerwise

graham1 wrote: »

The Loan Company were taken over by another Finance Company during the "Noughties". I found the companies name, Greenhill Finance, and passed all the information on to the Financial Ombudsman. They handled everything.
I promise you this is a genuine case and I still have the paperwork to prove it.
Thanks again MSE.:)

I did not suggest that you did not have a genuine case it just baffles me that that the Ombudsman would look at the case without a response from TLC/Greenhill first and also the timing of the transaction - Greenhill was just a change of trading style from The Loan Company and not a takeover

Tinkerbell79

Hi, just wanted to share a success story. I was being charged ppi for my bank overdraft with Santander. I rang up to cancel it and claim back years and they said i would have to ring Genworth. I refused as i said that they were the ones for mis selling it so they should sort it. Heard nothing back so i emailed a complaint mon 13th jan. I got a letter through the door asking if i would accept £1,904!! I was only expecting to get about £500 but they gave me bank charges back too and lots of interest on top! So easy didnt have to fill a form or anything, 1 phone call and 5 emails is all it took.

Tony_R

I did my own claim, without any claim companies involvement, it was a lot easier than I thought.

The loan was for £7,500 and the added PPI was £973, with the interest rate being 7.8% and taken out in September 2000. So the PPI paid was £1,090.

I got 8% interest per year simple interest, i.e not compounded interest and I got back £1,989 after the 20% tax on the interest.

In all it took about 6 weeks.

piggott3

Dear Martin.
Just claimed for a friend his mortgage PPI with NORTHERN ROCK using your help section, completed the form from this section and sent it to northern rock they received it on the 8/01/15 on the 13/01/15 he received a offer for his complaint for £2,500 for his premiums plus 8% interest .
What a result all done and dusted in just over a week.
Thanks Martin he is over the moon.
Steve

1cat2fish

What were you reclaiming: Mortgage PPI

Who was the provider: Leeds Permanent/Halifax

How much did you get back: £3536.76

Did you get it back after a letter or did you go to the Financial Ombudsman: downloaded form from Halifax website.

Mortgaged from 1990 to 1997, we did not require MPPI as this policy would not cover myself being self employed and other half did not need it as there was a very good redundancy, death in service, sickness benefit package through his employer. We were told we wouldn't get a mortgage without having MPPI, so felt pressured into taking it out.
Started the reclaim process in November, received a cheque yesterday.

LauraCV21

I sent off a PPI claim for a catalogue (Kays) I had in the early 90s not expecting to have any success as it was such a long time ago - they have upheld my claim and I'm now waiting for my cheque (£1200!).

It just shows that it's not too late for these claims and could be worth the price of a stamp!

:beer: :T:T:T

jojorocky

In 1994 I took out a c/c with HFC, it had been advertised on the web,it had a great low interest rate and you had to ring for an application and you were then screened by an advisor. The advisor I spoke to told me that unless I took the PPI it was unlikely that I would be granted a card, so as I needed a c/c at the time and this seemed a great deal, I answered the advisors questions and agreed to take the PPI.(It later transpired that due to my circumstances at the time I should never have been sold the PPI).In 2009, I ran into financial difficulties, due to a redundancy and a failed business and ended up over about £30.000. I took advice from what was then CCCS- now Step change.Who advised me to contact my creditors and explain my situation and when I contacted HFC - I was told I could cancel the PPI payments and make the debt more manageble., which I did, but then as things got more difficultin I ended up just making token payments, as in 2010 I had a Stroke, brought on by all the stress they think and as I was only in my 40's it was a bit of a shocker, I am still recovering and have only just got back into work and not my previous career, which I would no longer be up to, but in a relatively easy low paid job. My Husband has since been made redundant and his redundancy has gone on mortgage payments and living expenses.
About 2 1/2 years ago I contacted HFC to reclaim the PPI and was refused, I appealed and got a very offhand letter back so 2 years ago, I took it to the FOS and we had several conversations and correspondence, they then took my case and it went back and forth to HFC/HSBC with the banks refusing to compensate me,several times before FOS gave an adjudication decision in October 2014 and upheld my claim. HSBC then contacted me and asked me to complete a form to have the award which was over £4000 (I had owed them about £5,500 originally, but they sold my debt on 3 or 4 years ago and I have been paying a small monthly sum to a debt collection agency since). I am assuming that they have kept the sum towards the original debt, but should they then have cleared my debt to the collection agency, who frequently ring and try to bully me to pay more. I would have thought they would have the courtesy to let me know what they were doing with the money and if they intended to pay off the debt they had sold on.

The contact details on the letter accompanying the form they had filled in and sent back to them- are contact details for another company.

amersall

You need to contact the debt company and ask why they have not reduced the debt by the redress amount from the bank.

Ask the bank where the breakdown of the redress is and what they did with it, if they are not forthcoming, ask the FOS to deal with this.
They should have sent you a letter showing you what they have done with it.

What date did you return the forms to HSBC?, they may just be prolonging the payout, give the PPI dept a call and ask.

Rone_2

Just had a phone call telling me they are not upholding my claim with loans.co.uk as loan was taken out in 2004 that the paperwork has a tick on it saying yes to ppi , apparently at that time 2004 the company did not have to inform you that the product was not suitable for you , I was retired due to ill health in 1989 and husband job covered him if he was ill.... even though we were told that they required it to recieve the loan. We are still paying this loan for just under 4 more years...
I have 21 days to appeal with other reason as to why ???? she said she may then look at it again... seem pointless to me... feeling very very let down

amersall

Are they the only 2 reasons you gave for mis sell above?, it looks as if you need to give reasons for mis sell other than those you gave initially.
If you paid the PPI in with the loan payment each month, this is Single Premium PPI and one reason you could use for mis sell, this is in effect a loan on the loan repayable to term end with interest, if you settled the loan early you would have been given a rebate of the PPI but the remaining PPI would have been repaid by you in the settlement figure, so you repay the majority of the PPI back anyway, none of this would have been explained to you I guarantee.

Had this been known to you, it is possible you would not have taken this PPI.

If you had life insurance that would have repaid the loan then you may not have needed the life cover the PPI offered.

Your Husband had a good sick package that paid for 12 months? if so, it is possible the PPI only covered you for 12 months too, so you did not need that part of the PPI either, you have to show reasons why you did not need it, use all 3 above and ask for the claim to be reconsidered.