PPI Reclaiming successes and failures

di3004

wodz wrote: »

And just one two more questions if I may:

Will i be pestered to put the money successfully reclaimed back on to my loan?

And what is this about the refunded interest being taxable. I dont understand. What do i need to do as regards tax on the interest?

Hi wodz

Every company work different, if arrears - missed payments then, they may put this back into the loan to clear the arrears, and any of that left is to refund directly to you.
And depending if the loan is still active or not etc.......

In regards of the interest I did not have nothing about that on any of my letters, so again they all vary, and some I am aware calculate this before paying out, but this is not stated, where this is then not noticed if you know what I mean.....getting myself confused now lol.

Here is the link that Maxdp posted in regards of how the FOS work out calculations, this may give you some sort of idea:
http://forums.moneysavingexpert.com/showthread.html?t=1596473

Good luck.
I am not good at explaining how they work out the calculations and sure someone will post up to confirm.;)

wodz

I think what i am asking is

im not in arrears and never missed a payment so will they simply allow me to restructure and then i receive the money owed back?

di3004

wodz wrote: »

I think what i am asking is

im not in arrears and never missed a payment so will they simply allow me to restructure and then i receive the money owed back?

In my opinion they should repay this back to you, as you no arrears.

However, with one of my hubby's PPI, as it was still active, and no arrears they put the refund directly on his credit card.

I would check through the threads as you will find this will vary..with loans and credit card refunds.

On the other successful claims, as the loans were settled, they were refunded directly to us.;)

marshallka

wodz wrote: »

And just one two more questions if I may:

Will i be pestered to put the money successfully reclaimed back on to my loan?

And what is this about the refunded interest being taxable. I dont understand. What do i need to do as regards tax on the interest?

You should inform the tax office of this like you would with interest on a savings account if you got paid the interest gross. Most interest on savings is actually paid net anyway but this interest that is paid on your PPI is actually gross so there is in effect tax due.

Even if any of the letters that people receive do not mention tax on interest received then it is maybe within your interests to mention this to the tax office and apply if to your tax return as they can catch up with you sometimes and you can be left with a tax bill. Its entirely up to the individuals though but tax is due on it regardless of them mentioning it or not. Its wrong and I do not agree but so is a lot in life.

Flisspops

Hi there,

Reclaimed: Loan PPI
Bank: MBNA
Amount: £520 - including a goodwill payment - over 100%
Process: Usual letter route to bank and denied - went to Ombudsman and bingo! :T
Story: I took out PPI some time ago - loan about to end - as I was a temp worker at the time. It was a very long and stressful process and the rep implied that taking PPI would help my application. The terms and conditions did say that temp workers were covered but somehow I suspect if a claim was made that that would not have been the case. the only definite thing they did to hang themselves was the fact that the cost of loan was a single premium which is now outlawed. I must say the remaining grounds of my claim were tenuous! The usual bank letters fell on deaf ears and so I went via the Ombudsman who were brilliant. Really impressed with service - they kept me informed from start and the whole thing was wrapped up within 2 months. Go for it! And thanks Martin - you're a star! :beer:

di3004

Flisspops wrote: »

Hi there,

Reclaimed: Loan PPI
Bank: MBNA
Amount: £520 - including a goodwill payment - over 100%
Process: Usual letter route to bank and denied - went to Ombudsman and bingo! :T
Story: I took out PPI some time ago - loan about to end - as I was a temp worker at the time. It was a very long and stressful process and the rep implied that taking PPI would help my application. The terms and conditions did say that temp workers were covered but somehow I suspect if a claim was made that that would not have been the case. the only definite thing they did to hang themselves was the fact that the cost of loan was a single premium which is now outlawed. I must say the remaining grounds of my claim were tenuous! The usual bank letters fell on deaf ears and so I went via the Ombudsman who were brilliant. Really impressed with service - they kept me informed from start and the whole thing was wrapped up within 2 months. Go for it! And thanks Martin - you're a star! :beer:

Congratulations and Well done !
:beer::T:beer:

amazed_and_happy

Took quite a large loan out with Barclays in 2005 and was asked did we want PPI.
Initially said no as both our jobs get pay for upto 12 months if sick.
Was pushed further and told does not matter but still use as a savings plan - pay £250 per month extra for 5 yrs and if not claimed get £25k back -thougtht was too good to be true so rang 3 times and was told same £250 per month for 5 yrs get £25k back - even said what is catch as I pay you £15k you give me £25k?
Told no catch - so as a top high street bank agreed.
Jan 08 was struggling and decided to cancel ppi - this is when truth came out that it was put on top of loan and was to be paid for 15 yrs not 5 (just covered us for 5yrs).
Read stories from this site and decided to challenge on mis-sold.
Used templates - first letter told NoT BEEN MISSOLD.
Wrote 2nd Letter from template - told not admitting liability but offer of £7,500 to cancel insurance - this would be taken off loan - but no recalculation etc and would pay just £90.00 pcm less than was already paying - knowing payments were £250 decided after Serious consideration to decline offer and go to Ombudsman. This was the hardest decision to take as we could have got nothing but I was adamant I had been mis-sold and not told truth.
Finally on 1/4/09 Barclays admitted liability and this week got cheque for £15k+ plus had loan reduced by £42k for future payments with interest and loan gone down by£276 pcm.
:
Can't believe we won.
I advise everyone to try - what have you got to loose? a couple of stamps!!.

Now considering asking them to re-look at actual loan now as during the process they have written to us advising the original paperwork we signed was incorrect as it had wrong final ppi payment on - said max £18k even though we had been told £25k - can anyone advise where to start on this one or if we may have a case?

Keep up the good work martin - this world is better with you - your a star
:beer:

di3004

amazed_and_happy wrote: »

Took quite a large loan out with Barclays in 2005 and was asked did we want PPI.
Initially said no as both our jobs get pay for upto 12 months if sick.
Was pushed further and told does not matter but still use as a savings plan - pay £250 per month extra for 5 yrs and if not claimed get £25k back -thougtht was too good to be true so rang 3 times and was told same £250 per month for 5 yrs get £25k back - even said what is catch as I pay you £15k you give me £25k?
Told no catch - so as a top high street bank agreed.
Jan 08 was struggling and decided to cancel ppi - this is when truth came out that it was put on top of loan and was to be paid for 15 yrs not 5 (just covered us for 5yrs).
Read stories from this site and decided to challenge on mis-sold.
Used templates - first letter told NoT BEEN MISSOLD.
Wrote 2nd Letter from template - told not admitting liability but offer of £7,500 to cancel insurance - this would be taken off loan - but no recalculation etc and would pay just £90.00 pcm less than was already paying - knowing payments were £250 decided after Serious consideration to decline offer and go to Ombudsman. This was the hardest decision to take as we could have got nothing but I was adamant I had been mis-sold and not told truth.
Finally on 1/4/09 Barclays admitted liability and this week got cheque for £15k+ plus had loan reduced by £42k for future payments with interest and loan gone down by£276 pcm.
:
Can't believe we won.
I advise everyone to try - what have you got to loose? a couple of stamps!!.

Now considering asking them to re-look at actual loan now as during the process they have written to us advising the original paperwork we signed was incorrect as it had wrong final ppi payment on - said max £18k even though we had been told £25k - can anyone advise where to start on this one or if we may have a case?

Keep up the good work martin - this world is better with you - your a star
:beer:

Well done to you, Congratulations, glad you kept on at them.:T
:beer:

Sorry not heard of that other matter before in regards of wrong paperwork, hope someone will post with some advice on this for you, good luck.;)

NickiMcJock

Just wanted to let you all know that you can win.

I received a cheque for £2800 from Britannia Loan (underwritten by BOS) and £800 for Britannia Credit card PPI.

I have written to EGG card and asked for PPI refund, but they are refusing due to application completed online.

I am going to keep chasing this as I think they still have a duty of care to customers.

Good luck to you all!!!

Nicki
x

di3004

NickiMcJock wrote: »

Just wanted to let you all know that you can win.

I received a cheque for £2800 from Britannia Loan (underwritten by BOS) and £800 for Britannia Credit card PPI.

I have written to EGG card and asked for PPI refund, but they are refusing due to application completed online.

I am going to keep chasing this as I think they still have a duty of care to customers.

Good luck to you all!!!

Nicki
x

Hiya Nicki again

Congratulations :beer::T:beer:

Like I said keep on at EGG.;)