PPI Reclaiming successes and failures

dave_kerr

Over ten years ago I took out ppi on a loan of £1000, I successfully claimed on the policy due to illness, my complaint against natwest (rbs) was upheld but because the claim against the ppi is higher no compensation was due as I suffered no financial loss, is this right

dave_kerr

Over ten years ago I took out ppi on a loan of £1000, I successfully claimed on the policy due to illness, my complaint against natwest (rbs) was upheld but because the claim against the ppi is higher no compensation was due as I suffered no financial loss, is this right

dunstonh

dave_kerr wrote: »

Over ten years ago I took out ppi on a loan of £1000, I successfully claimed on the policy due to illness, my complaint against natwest (rbs) was upheld but because the claim against the ppi is higher no compensation was due as I suffered no financial loss, is this right

That is both technically correct and morally correct.

You complained you should not have had the PPI. They agreed (which is normal when you claim as its easier for them to agree as they dont have to pay anything and it closes the case quicker). So, they are required to put you in the position you would have been had you not had the PPI.

Morally, you should pay them back the amount you claimed and they should pay you back the premiums. However, as that would leave you out of pocket, they are saying that you are financially better off and thats the end of it.

It rather beggars belief why you complained and expected a refund when they had paid out on a claim but I guess it takes all sorts.

Mart3433

LLOYDS LOAN: £5,592.81
Lloyds sent me a Letter / Questionnaire in early 2014. I filled it out, and within about 8 weeks I received the money, Upheld In Part. They withheld £1,372.92 as an alternative redress - I will be pursuing this shortly.

LLOYDS CREDIT CARD: £2,196.19
I actively complained about this one after my first Loan success, in early 2014. Lloyds actually Defended, I didn't take in any further. They had a copy of the signed credit card agreement, with my signature in a PPI box. However, a year later (early 2015) they contacted me again, to say they were reviewing the case. Second time around, they Upheld, I'm just awaiting the money to appear in my bank.




Thanks everyone for all the excellent advice on this Forum. So far my cases have been quite easy, as it's been mainly Lloyds that actively approached me about PPI. I'll keep you updated with my alternative redress complaint.

Adviceneeded15

My complaint is with the Lloyds TSB too so will keep an eye out for your update. I have had ppi on loans and the card none of which I had realised I had signed up for. I'm not holding much hope for the card as I saw the payment on my monthly statement and assumed everyone paid that. Duh!

Mart3433

I didn't have any hope for my Lloyds Credit Card, but they contacted me 3 weeks ago to reopen the case, and got the letter 2 days ago offering full payment. Like i said, the original agreenent had my signature clearly in a box for insurance. My complaint was that i never knew what it was. I told them on the phone i just thought PPI was interest, which is the truth. I only realised what it was when it started hitting the headline.

Adviceneeded15

Same here I assumed that you had to have it! Think I'll send a complaint off for it. Nothing (more) to lose

CarrieGirl27

Didn't want to post until final claim had been settled. After several of the usual (when I say several, I mean thousands!) of cold calling companies re PPI, I downloaded Martin's template and started my own investigation. Coupled with some old loan statements I have successfully reclaimed PPI and interest from HSBC (3500), barclaycard masterloan (1900), Halifax credit card (35), Mint credit card (350) and First direct loan (3100). The First Durect loan was mis sold as I was very young and naive and advised that I would stand a better chance blah Blah blah. During my working life I have always had long term sick cover and enhanced benefit/redundancy packages so never needed PPI. Halifax were by far the best company to deal with. Some of my loans dated back 22 years so it's never too late! Thanks again.

beckyboop1963

I've sucessfully reclaimed PPI on 3 seperate occasions with Lloyds bank for assorted loans.
1st was a couple of years ago, when it all 1st came about and I received £836
The 2nd occasion was about 18months ago, the PPI insurance did not cover my husband, who is self employed despite being told by Lloyds bank that it would and being told that unless we took out the PPI the loan would be refused, on that occasion we were refunded £2576. This prompted us to claim back for other loans we had had via Lloyds, there were 2 other loans, all the same circumstances, so we claimed and this was rejected. I contacted the ombudsman who took up the case and then 3 weeks ago received a letter advsing that the decission had been overturned and received a final refund of £3476.41p.
It really is well worth contacting the Banks etc direct and yourself. You dont need the PPI claims compaines, just be honest and explain, and with the new changes for lloyds decissions which have been instructed to be overturned due to unfairness, it really is worht taking this up if you are genuinly due a refund... We were and as you can see, it works..:j

Daerve

Just had a settlement from HSBC of £1400 for a couple of loans I didn't even have any details for.

Thanks MSE, another nice lump in my account thanks to you lot.