PPI Reclaiming successes and failures

ntskylife

Hi Lisa 88

Well done on Barclays win :T:beer::beer::j:money:! How long was it at the ombudsman?



QUOTE=lisa88mph;22394783]After reading all the advice on here I decided use the letter templates provided to claim back the PPI I took out on a loan at Barclays several years ago where I was told by agreeing to take it my application was more likely to be accepted.

After sending both template letters and a final letter to the Financial Ombudsman, I received a cheque from Barclays yesterday for £220 + 8% interest = £253.

Not a huge amount but certainly something I wasn't expecting in all honesty. Just wanted to say thanks![/QUOTE]

miggyman

miggyman wrote: »

Hi all,

My partner pointed me to Martins site this morning (what a marvelous thing!) after having seen a statement of mine for a loan I took out some years ago. Basically I was paying a wopping amount on PPI which I didn't realise was optional. I took the loan out in 04 and have put together my letter to send off today.

I'm hoping that I get somewhere as it's quite a large amount of money i've paid into this loan and having almost got myself debt free feel this might be a great claim having been missold PPI when I was in a real down time with poor credit.

Well here I am just over a week later holding a letter in my hand saying they have enclosed a cheque for £2600 to cover the PPI and the interest after the one letter. However no cheque is enclosed...at least they've admitted it's their fault and they're going to pay me back so i'm now composing a letter asking for a copy of my cheque.

So excited though!

Thank you Money saving expert, and Martin you've saved me a lot of money in the past and now even more I can't thank you enough. Fantastic result, if anyone else is doubting if to do this, get on and do it it's only a few stamps and the worse you can get is a no.

Terry_collins

I posted a letter to A&L 3 months ago for a Person l Loan i took out in 2006 which i paid back after 7 months in early 2007 for £7000 over 3 years with PPI. The Alliance and Leicester sent me a letter today offering £338 but have also said they were not able to establish if i was actually provided the correct information. Why would they make an offer then if that was the case?

di3004

miggyman wrote: »

Well here I am just over a week later holding a letter in my hand saying they have enclosed a cheque for £2600 to cover the PPI and the interest after the one letter. However no cheque is enclosed...at least they've admitted it's their fault and they're going to pay me back so i'm now composing a letter asking for a copy of my cheque.

So excited though!

Thank you Money saving expert, and Martin you've saved me a lot of money in the past and now even more I can't thank you enough. Fantastic result, if anyone else is doubting if to do this, get on and do it it's only a few stamps and the worse you can get is a no.

Brilliant, Congratulations.:j
:beer::T:beer:

di3004

Terry_collins wrote: »

I posted a letter to A&L 3 months ago for a Person l Loan i took out in 2006 which i paid back after 7 months in early 2007 for £7000 over 3 years with PPI. The Alliance and Leicester sent me a letter today offering £338 but have also said they were not able to establish if i was actually provided the correct information. Why would they make an offer then if that was the case?

Hi Terry

I know what you mean.......

But if your not happy, ask if they are able to higher the offer where you will consider this, or you can take to the FOS to try to get the whole lot of the PPI plus interest back.
Good luck.;)

Lusty

Hi all
This is now in the hands of the Ombudsman.Don't know how far they've got with it but here's a letter I received from Lloyds this morning.Words in bracket are my own thoughts.
Dear Mr Lusty
Thank You for contacting me about your concern regarding your Loan Protection Insurance policy.
I would like to apologies for the delay in responding to your concerns(You've already sent me a final response!).I have carried out a detailed review of your complaint( we've had the boffins look at it to see how we can get off the hook!)so I can either resolve your concerns or issue a final decision letter in which a full explanation is provided on behalf of Lloyds TSB bank PLC.
You took out a personal loan on 26th February 2008 for £14,000 and you elected to protect your risk(No PPI,no deal in so many words) by purchasing an insurance contract for a "one off" premium of £6,153.59 plus interest.
Your Concern
You made me aware that you were unhappy with the sale of the loan protection insurance.You explained you felt pressured into taking out LPI(I also stated in an earlier letter that no LPI,no loan).
My Findings
Lloyds TSB did not lead customers to believe that the insurance was compulsory or that application for credit would be compromised in the absence of cover(You and your sales staff aren't singing from the same song sheet then!).Lloyds TSB through its processes,practices and documents took steps to ensure the customer was fully aware of the optional nature of the cover(I must have been asleep then when this was explained!).
Lloyds TSB's process provides for customers to receive Your Quick Guide to Comprehensive Loan Protection Insurance which complies with the FSA's requirments to provide a policy summary to the customer.An electronic copy of the reason for recommendation you recieved is attached.As you can see the "Supporting Information" section of the document confirms that full details of the price of the "optional loan protaction insurance"were included in the Consumer Credit Ageement.(I have found the word "Optional"in the small print BUT at the time of taking out the loan,this was never ever mentioned).
The version of the document you recieved contains a clear statement that:
"You are aware of the elements of the optional LPI for which you are currently eligible,the reasons why I am recommending the policy and the range of benefits on which you could claim"
As you can see,the insurance adviser declaration confirms receipt by you of the policy summary.
Lloyds TSB's policy summary makes clear that the policy is an optional in the KEY Facts section on the front page.
The Policy summary sets out the right that the customer has to cancel the policy.
Lloyds TSB would have provided a statement of price during the course of the sales process.This followed the information in the Fixed Sum Loan Agreement.The amount of the premium is listed seperately from the price of the cash loan.The version of the consumer credit Agreement in use at the time of your sale set out seperately.
(i) the fact that there was a cash loan and a seperate loan of the premium for the loan protaction insurance together with the respective amounts;
(ii) the monthly repayments for the loan and for the LPI;
(iii)the total amount payable for the loan and for the LPI;
(iv)the total charge for credit split between the loan and the LPI indentifying the cash price for the loan once more;
You were required to sign the agreement confirming that you wished to be bound by the terms of the agreement and seperately to tick a box confirming that you also wished to purchase the insurance
You were required to sign the agreement separately to confirm that you wish to purchase the insurance(Again,was told in so many words that,no LPI,No loan).
In light of the above,I should be grateful if you would provide me with further details of your dicussion with the seller in order that I can more fully consider your complaint(This happened 18months ago,how am i supposed to remember what was said word for word?)
DECISION
When you bought the policy it was explained to you rebates were based on a sliding scale due to the claims risk being greater at the beginning of the loan.However we are prepared to offer you a more favourable rebate on a pro rata basis as a getsure of goodwill on this occasion.(Sounds like their trying to cut a deal as they think they will probably loose in the eyes of the FOC)
We will calculate the amount of your rebate on the pro rata basis if you decide to cancel your policy early,meaning it will be calculated on the actual amount of time you will have had the policy.
If you choose to cancel your LPI you would currently recieve a rebate of £4,496.35.However,as you are a valued customer of Lloyds TSB I am willing to back date your cancelation to the date we first recieved your complaint and offer you a proportionate rebate on this policy.Should you wish to cancel your policy,I am prepared to backdate the cancellation of your policy to 9th March 2009 when we first received your complaint,you will receive a rebate of approximately £5,250.77 using the proporionate basis we are prepared to offer.
Please note that if you wish to accept this offer,your monthly repayments would remain the same,which means you will repay your loan earlier.
If you would like to accept this offer,please sign the enclosed acceptance slip to confirm this and return it to me in the pre-paid envelope within 14 days of reciept of this letter.On receipt of this I will make the payment and close your file.
Thank you for bringing the matter to my attention and for giving me the opportunity for being of assistance.
This does not affect your right to refer your case to the FOC(I sent everything off to them several weeks ago).
Yours Sincerely XXXXX


Anyone else had a letter along these lines from Lloyds whilst trying to reclaim a PPI.
As I said before,I sent everything of to the FOC several weeks ago and my feeling is that they may have already contacted Lloyds,that is why they are trying to cut a deal which is of no advantage to me whatsoever.
I'm also worrying that might loose this because of the word "optional in the small print.
I'm assuming that everyone who has beaten Lloyds was in a similar scenario as myself.

di3004

Hi there

And WOW what a letter......:eek:

Now as your case is with the FOS are you aware if this is with an Adjudicator yet?

If so then personally I would let them know about this letter, it may be the case that they have already received a copy as well, but in my opinion I would contact the FOS if this has not been passed on to your knowledge and ask first.
I did not know about one of mine until weeks later that it was passed on, it was only because I made contact with them.

What do you think of this?

Are you happy with this letter and the way they have dealt with this?

So they are saying they will reduce your loan out of the PPI repayments, but you will still pay the same, but yet the loan will finish at an earlier date? Where you will not actually receive a refund as such paid directly to you?
As they are reducing this from the full loan amount?

The choice is yours, if your happy then obviously let the FOS know as well, so they can close the case and move on to the next one.:D;)XX

Good luck hunni and well done.:beer:;)

PS, just to add that do not worry about the "optional" in the small print, what they have stated is just a standard response.
On mine with a credit card PPI with lloyds, I signed the agreement, and the copy I received shows a automated cross done by them, it was a matter of a direct sale, quickly sign here !!!

lilygirl

Hi Lusty - I received a letter today from Lloyds in the exact same format (4 pages long) I made my first contact with Lloyds in March 09 & the Ombudsman hasn't been involved. With me they said they would pay the £3900 that they will rebate back onto the loan because I am in arrears (only 1 month). They havn't mentioned anything about taking out a new loan just will let me cancel existing PPI. I am going to send them a letter recorded delivery on Monday to say I will only accept this if they refund me the difference between the arrears & the rebate otherwise I am going to the ombudsman

funkyc27

Just received my statements from Barclaycard for the card that i thought was my husbands, only charged about £31 for PPI but going to try and get it back!! on credit cards is it still 8% interest??

Lusty

No I'm not happy.I want my dosh back!I'll send this latest letter to the FOS.