PPI Reclaiming successes and failures

Nickhey1967

Having spent 7 years paying of a loan that had been refinanced several times due to circumstances and finally unemployment through a repayment plan (@375 pcm)came to a total over £31000. A year after paying it off a friend in banking offered to help me fill the PPI reclaim form out (no fee). I received an offer letter or should i say several letters regarding each refinance of the loan, in total I received £18,500 in compensation for the loan PPI, I was rejected for the NatWest Credit card and at present this is with the ombudsman who thinks that this claim will be unsuccessful.
The form took 5 minutes to fill out and fairly simple to fill out with the little help i had.
I have paid a chunk off the Mortgage and updated my Car and paid towards home improvements.. my Advice is fill out and send as it is the cost of a stamp and a little time. No need for PPI claim companies.

janat12

Hi, can anyone advise ?

I have been offered a refund of PPI by Santander for an old Alliance & Leicester loan. The offer is £455.78 - this is 50% of the total on offer, on a personal loan of £2,150 plus £832.72 interest with PPI of £545.76.
The loan is from 1997, taken over 4 years.

Apparently I am only entitled to 50% of the refund because my ex-husband (we divorced 17 years ago) was also a signature on the agreement despite being long term unemployed at the time.

Luckily I have kept the original documents, and on these it clearly states that I was THE insured person - not including my ex, and also all payments for both the loan and PPI were taken solely from my bank account via direct debit (I also have the old bank statements showing these payments).

Is the bank within their rights to withold the other 50% from me under these circumstances ?

Thank you.

dunstonh

janat12 wrote: »

Hi, can anyone advise ?

I have been offered a refund of PPI by Santander for an old Alliance & Leicester loan. The offer is £455.78 - this is 50% of the total on offer, on a personal loan of £2,150 plus £832.72 interest with PPI of £545.76.
The loan is from 1997, taken over 4 years.

Apparently I am only entitled to 50% of the refund because my ex-husband (we divorced 17 years ago) was also a signature on the agreement despite being long term unemployed at the time.

Luckily I have kept the original documents, and on these it clearly states that I was THE insured person - not including my ex, and also all payments for both the loan and PPI were taken solely from my bank account via direct debit (I also have the old bank statements showing these payments).

Is the bank within their rights to withold the other 50% from me under these circumstances ?

Thank you.

Yes. 50% will be paid to the ex-spouse where they are party to the account. it is the debt, not the insurance that matters with built in plans.

janat12

I see. Thank you dunstonh.

bonniem13

Hi, can anyone please advise?

Newday refused my missold Ppi claim - went to the FOS and 9 months later, the FOS have written to say the company have agreed to make me an offer. It's an old credit card from 2000 and for approx 9-10 years I was paying £74 approx ppi payments each month. I cancelled the ppi 4-5 years ago, although I still have a small balance. Does anyone know how much I should be due back? I have no idea how it works with credit cards.

[Deleted User]

You'll receive back all the PPI you paid plus 8% simple interest. However (unless your card balance remained constant for 10 years), it's very unlikely you paid £74 a month for a whole decade.

TABgate

I wanted to say thank you to everyone who encouraged and advised me about PPI reclaim. I have recently made a successful claim to Abbey National (Santander) and was awarded £3709. Santander were straightforward and helpful to deal with, after sending the initial letter (template from this site used) they requested further information which I provided in full over the telephone. In their written response received within the 8 week time frame they informed me where their liability ended and MBNA took over. As a result I have made a further claim to MBNA (telephone) and am awaiting their decision.
I have made other claims to BOS, HBOS & Lloyds although despite lengthy telephone applications they have requested further paperwork to be completed. I will update as and when I have more information.
To summarise I would not have had the knowledge or confidence to apply in the first instance without this site/ forum so thank you to all concerned.

[Deleted User]

What does 8% simple interest mean? Is the 8% added on every year you've paid ppi or is just added on to the total amount the one time?

amersall

The 8% is for each PPI payment you made,it is on a decreasing scale so the nearer the redress date,the less the 8% amount.

bonniem13

Moneyineptitude wrote: »

You'll receive back all the PPI you paid plus 8% simple interest. However (unless your card balance remained constant for 10 years), it's very unlikely you paid £74 a month for a whole decade.

Thank You for this information, Moneyinep,
Card was maxed out for 9-10 years, so yes on a few old statements I found ppi was £74-£76 on each month. I m worried because Newday Ltd said in the initial refusal letter that they didn t have any record, going back over 6 years . So how can they work out how much they owe me?
Thankyou for any reply and thanks eveyone on this forum. I would never have gone to the FOS if I hadn t read the posts on here!