PPI Reclaiming successes and failures

hamish222

I asked for 8% in letter that I sent and they replied back and went through all points that I had made. They stated in letter that I had requested full amount refunded and then 8% interest. So I believe that they are refunding full insurance and 8% interest.
Original Loan figures are loan 7000
PPI 2586.50
Charge Credit 2285.82
Total Repayable 11872.32

So not sure how it works and how much I will get. Anyone any ideas?

Also just wanted to add to anyone thinking about reclaiming when they have been misold then go for it. I have received full payment from HFC (plus compensation) and BOS. Also received full payment on 1 account from RBS all after 1 letter. 2 further accounts with RBS have been offered a part payment but have decieded to go to FOS with these. These were all accounts that hubby had and he is niave when it comes to these things. Just believes what advisor/ sales person tells him. So if you have been pushed into something you didn't want or need then challenge it. It really is easy and everyone here will help you.

di3004

hamish222 wrote: »

I asked for 8% in letter that I sent and they replied back and went through all points that I had made. They stated in letter that I had requested full amount refunded and then 8% interest. So I believe that they are refunding full insurance and 8% interest.
Original Loan figures are loan 7000
PPI 2586.50
Charge Credit 2285.82
Total Repayable 11872.32

So not sure how it works and how much I will get. Anyone any ideas?

Also just wanted to add to anyone thinking about reclaiming when they have been misold then go for it. I have received full payment from HFC (plus compensation) and BOS. Also received full payment on 1 account from RBS all after 1 letter. 2 further accounts with RBS have been offered a part payment but have decieded to go to FOS with these. These were all accounts that hubby had and he is niave when it comes to these things. Just believes what advisor/ sales person tells him. So if you have been pushed into something you didn't want or need then challenge it. It really is easy and everyone here will help you.

Hi Hamish

I am no good with working out figures lol , and I am sure someone will take a look for you, Marshallka is good with working out calculations.;)

Great advice for all as well, and this will give others hope, cheers.:beer:

Toesdugin

Well I got a letter from Lloyds to say that they had received my complaint - they said in the letter that if I wanted to cancel the PPI whilst they investigate to call their Loan insurance people which I duly did. The girl I spoke to literally snapped my head off and said that the letter from Customer Care shouldn't have said that - and that if I did want to cancel I'd have to do it their way - re-negotiate the loan! I rang Customer Care then and they said either re-negotiate the loan or wait for the result of the investigation.

Can anyone tell me what I should do now?

di3004

Toesdugin wrote: »

Well I got a letter from Lloyds to say that they had received my complaint - they said in the letter that if I wanted to cancel the PPI whilst they investigate to call their Loan insurance people which I duly did. The girl I spoke to literally snapped my head off and said that the letter from Customer Care shouldn't have said that - and that if I did want to cancel I'd have to do it their way - re-negotiate the loan! I rang Customer Care then and they said either re-negotiate the loan or wait for the result of the investigation.

Can anyone tell me what I should do now?

Hi there

So I take it then that in regards of your ppi they are investigating your complaint?

Sorry to hear the way that are towards you, its not your fault you were told this, its them of the customer care dept they should be having a go at not you.

This is the way that lloyds deals with cancellations on loans, so is you were to take a new loan without the ppi, the loan interest should be equal to that rate or sometimes lower, so ask them on the rate as well.

Then you can still continue to reclaim on the PPI, that should not be a problem, but with my experience with lloyds they tend to send the first letter out and state that "you should have been aware that you taken ppi" and so on because you signed etc.....but this is standard, so if this is the case write back, normally they do give you the opportunity to write back in order for them to reconsider, and wait until you receive the final response, which should give you details of the financial ombudsman service (FOS), if your not satisfied with the outcome you will be given the opportunity to take your complaint to the FOS.

Keep at them and please let us know how you get on, and/or post up for more help if required, good luck.;)

funkyc27

pinknico wrote: »

Hope so:o Its been 6 weeks since they said 6-8 weeks, so I hope they will stick to that timescale.

Have you emailed them?

amersall

Toesdugin wrote: »

Well I got a letter from Lloyds to say that they had received my complaint - they said in the letter that if I wanted to cancel the PPI whilst they investigate to call their Loan insurance people which I duly did. The girl I spoke to literally snapped my head off and said that the letter from Customer Care shouldn't have said that - and that if I did want to cancel I'd have to do it their way - re-negotiate the loan! I rang Customer Care then and they said either re-negotiate the loan or wait for the result of the investigation.

Can anyone tell me what I should do now?

in my opinion you should wait and dont cancel yet, if you win mis sell you will get all ppi payments back you have made to date. plus 8% interest and ppi taken off the loan. then they will redo the loan over the remaining loan term at the same interest. if you cancel and redo now you will not get much benefit and you may end up paying more than you are now, at the end of the day it is up to you. but please think about this

pinknico

funkyc27 wrote: »

Have you emailed them?

No, my MP has written to them and I am waiting for their reply to him which he will forward to me.

marshallka

Dot_Com wrote: »

Hi all - I need advice.

First Plus have sent final response to my claim for mis-selling. I was claiming about pre existing illness and the fact that I have 6 months full pay sick scheme in work. Which I had to use last year by the way because I developed breast cancer, I am back at work and so didn't make a claim on the insurance.They do not agree and have listened to telephone calls. They sent me a copy and I must admit I agreed to take it out as I was desperate at the time, I also signed the agreement and the PPI box was ticked.
In their final letter they have offered "as a goodwill gesture" to cancel the insurance and pay me back £1000. What should I do, would I have a case to send to the FOS or should I just keep paying for another year and get £6500 back. This was a single payment policy and after 5 years you get back the amount of the original premium. Your advice will be much appreciated. Thanks.

Dotcom, although you agreed to it did you really understand it totally. Also did they give you the option of buying from elsewhere which was something they should have mentioned. You really should not give up on this and also I would stress to them that its not just the fact of pre existing conditions alone (as this would not necessarily win alone) it was also the facts you were not offered an alternative cheaper option and also did you know of it being a loan upon your original loan and incurring interest for the full term. Also it only covered you for 5 years of your original loan and although you get your "premium" back after 5 years you still carry on paying the interest on this full term. They have offered something so they know you will win in my opinion.

Dot_Com

marshallka wrote: »

Dotcom, although you agreed to it did you really understand it totally. Also did they give you the option of buying from elsewhere which was something they should have mentioned. You really should not give up on this and also I would stress to them that its not just the fact of pre existing conditions alone (as this would not necessarily win alone) it was also the facts you were not offered an alternative cheaper option and also did you know of it being a loan upon your original loan and incurring interest for the full term. Also it only covered you for 5 years of your original loan and although you get your "premium" back after 5 years you still carry on paying the interest on this full term. They have offered something so they know you will win in my opinion.

Thanks so much to all who answered my question. I did not realise that I would be paying for the insurance over the 15 years of the loan and I was not told I could get shop around for my own insurance. I thought it strange that they offered a "goodwill gesture" if they were 100% convinced I didn't have a case. So I am going to take your advice and go to the FOS. Do I have to write to First Plus to tell them I am not accepting their offer? Thanks again.

larrycarter_2

Thanks a ton for your piece of information. However, I had got my property insured from Inproagent. They are fabulous in terms of offering a variety of customized policies and consultancy regarding which policy to choose for our best.