PPI Reclaiming successes and failures

xxisabellexx

Another one!!
What were you reclaiming: Loan PPI
Who was the provider: HSBC
How much did you get back: £498.86
Did you get it back after a letter or did you go to the Financial Ombudsman: One letter again!


Sent first letter on the 6th April 2009, received letter stating receipt on 5th May, then another letter saying they needed more time on the 26th May. Received letter on 23rd June stating no liability but they will settle the claim for the full amount of £498.86. Really pleased to have two refunds in two weeks!

The breakdown is 24 premiums paid - £438.23
8% interest on these - £33.26
plus 8% interest from the date the loan was repaid to date - £27.37
Total - £498.86

Does that sound right?

Thanks xx

di3004

xxisabellexx wrote: »

Another one!!
What were you reclaiming: Loan PPI
Who was the provider: HSBC
How much did you get back: £498.86
Did you get it back after a letter or did you go to the Financial Ombudsman: One letter again!


Sent first letter on the 6th April 2009, received letter stating receipt on 5th May, then another letter saying they needed more time on the 26th May. Received letter on 23rd June stating no liability but they will settle the claim for the full amount of £498.86. Really pleased to have two refunds in two weeks!

The breakdown is 24 premiums paid - £438.23
8% interest on these - £33.26
plus 8% interest from the date the loan was repaid to date - £27.37
Total - £498.86

Does that sound right?

Thanks xx

Hi hun

Wow another, this is great, good one.:T:beer::T

Right just by quickly looking at the calcs, it does look right to me, but other than the 8% interest does this include the interest you have paid as well?

I'm sure someone will check on this for you to make sure.;)

xxisabellexx

di3004 wrote: »

Hi hun

Wow another, this is great, good one.:T:beer::T

Right just by quickly looking at the calcs, it does look right to me, but other than the 8% interest does this include the interest you have paid as well?

I'm sure someone will check on this for you to make sure.;)

Hey, the £438.23 is just the amount paid, the £33.26 is the interest on the payments (I think) which doesnt seem an awful lot but I think we're just happy the claims been successful. If its a difference of hundreds then I'll push it but Im wondering whether its worth the hassle really! The loan was taken out in Nov 06 and finished in Nov 08.
Thanks xx

bakerboy35

Hi All, Just recieved a letter off Blackhorse. ;

As detailed in the terms and conditions provided to you when you took out your policy, the rebate which would be given in the event of early cancellation was based on a sliding scale as the potential amount payable under a successful claim would be greater at the begining of the loan. However, whilst we do not accept that the policy was mis-sold, as a gesture of goodwill, we are prepared to offer you a more favourable rebate which will be calculated on a pro-rata basis.

we will calculate the amount of your rebate on a pro-rata basis if you do decide to cancel your policy early, meaning it will be calculated on the actual amount of time you will have had the policy.

Should you wish to cancel your policy within the next 14 days we would expect you to recieve a rebate of approximatly £5,197.23 using the proportionate basis we are prepared to offer. if you do cancel your policy, your repayments will be £168.56 for the remainder of the agreement term.


Now whilst i appreciate their offer, i telephoned them to clarify how much the cheque would be,before i signed the acceptance letter, they said that i would not be recieving a cheque, but this would come off the total cost of the loan outstanding.
i have looked at my paperwork, and i pay £92 per month for the ppi, so they are basically saying that i will not get any money back, however the cost of paying back will reduce by only £79 !!

i would like to have all monies paid into the ppi plus interest back as this would really help at the moment but they are refusing that.

what do you guys think i need to do now?

any answers will be really helpfull

thanks

SammyK_2

How fab was this, we downloaded the letter sent it off and 6 weeks later Northern Rock confirmed we had been mis sold PPI and in total will be refunding us £6000. It does work. Thanks Money Saving Expert.

di3004

bakerboy35 wrote: »

Hi All, Just recieved a letter off Blackhorse. ;

As detailed in the terms and conditions provided to you when you took out your policy, the rebate which would be given in the event of early cancellation was based on a sliding scale as the potential amount payable under a successful claim would be greater at the begining of the loan. However, whilst we do not accept that the policy was mis-sold, as a gesture of goodwill, we are prepared to offer you a more favourable rebate which will be calculated on a pro-rata basis.

we will calculate the amount of your rebate on a pro-rata basis if you do decide to cancel your policy early, meaning it will be calculated on the actual amount of time you will have had the policy.

Should you wish to cancel your policy within the next 14 days we would expect you to recieve a rebate of approximatly £5,197.23 using the proportionate basis we are prepared to offer. if you do cancel your policy, your repayments will be £168.56 for the remainder of the agreement term.


Now whilst i appreciate their offer, i telephoned them to clarify how much the cheque would be,before i signed the acceptance letter, they said that i would not be recieving a cheque, but this would come off the total cost of the loan outstanding.
i have looked at my paperwork, and i pay £92 per month for the ppi, so they are basically saying that i will not get any money back, however the cost of paying back will reduce by only £79 !!

i would like to have all monies paid into the ppi plus interest back as this would really help at the moment but they are refusing that.

what do you guys think i need to do now?

any answers will be really helpfull

thanks

Hi there,

As you have an active loan, this must be the way they deal with these issues, but there is no harm in writing to them instead of ringing them and ask if there is a possibilty of them sending you the refund directly to you instead of them rebating this off the loan. Tell them you need this for personal reasons.
If your not happy with the way this is dealt with you should be able to ask the Financial ombudsman to investigate this for you.
If you don't mind waiting, as the FOS have high volumes of these complaints.

However, as they have not admitted to the mis selling, and its an offer, this may be the thing, yet if they have admitted the mis selling this should go your way.
If you still belive this was mis sold, tell them that if you want to, this may help them change the decision on how this is paid, but do not guarantee this.

If you get the chance to browse through the threads you will find that there are many in the same situation.

Below is the link to how the FOS would work out the calculations, which should be the same as the company themselves.
This is the link that Maxdp posted on this site which is useful:
http://forums.moneysavingexpert.com/...html?t=1596473

Maybe someone else will post up some useful advice for you, I do wish you all the luck in the world, please keep us posted.

Good one on the offer though.:beer:

di3004

SammyK wrote: »

How fab was this, we downloaded the letter sent it off and 6 weeks later Northern Rock confirmed we had been mis sold PPI and in total will be refunding us £6000. It does work. Thanks Money Saving Expert.

Wow Sammy

Brilliant, so quick as well :T:T
Congratulations.
:beer:

amersall

bakerboy35 wrote: »

Hi All, Just recieved a letter off Blackhorse. ;

As detailed in the terms and conditions provided to you when you took out your policy, the rebate which would be given in the event of early cancellation was based on a sliding scale as the potential amount payable under a successful claim would be greater at the begining of the loan. However, whilst we do not accept that the policy was mis-sold, as a gesture of goodwill, we are prepared to offer you a more favourable rebate which will be calculated on a pro-rata basis.

we will calculate the amount of your rebate on a pro-rata basis if you do decide to cancel your policy early, meaning it will be calculated on the actual amount of time you will have had the policy.

Should you wish to cancel your policy within the next 14 days we would expect you to recieve a rebate of approximatly £5,197.23 using the proportionate basis we are prepared to offer. if you do cancel your policy, your repayments will be £168.56 for the remainder of the agreement term.


Now whilst i appreciate their offer, i telephoned them to clarify how much the cheque would be,before i signed the acceptance letter, they said that i would not be recieving a cheque, but this would come off the total cost of the loan outstanding.
i have looked at my paperwork, and i pay £92 per month for the ppi, so they are basically saying that i will not get any money back, however the cost of paying back will reduce by only £79 !!

i would like to have all monies paid into the ppi plus interest back as this would really help at the moment but they are refusing that.

what do you guys think i need to do now?

any answers will be really helpfull

thanks

dont accept a cancellation amount, black horse are like first plus, you will still be paying ppi for the remaining time of the loan. go to fos and get mis sell, they are getting off lightly with you cancelling it, take this all the way then you will have the ppi taken off the loan, so your payment will reduce by that amount every month, you will also get 8% interest and all ppi payments you have paid to date back. good luck with this and please keep us posted, they should not get away with this

bakerboy35

bakerboy35 wrote: »

Hi All, Just recieved a letter off Blackhorse. ;

As detailed in the terms and conditions provided to you when you took out your policy, the rebate which would be given in the event of early cancellation was based on a sliding scale as the potential amount payable under a successful claim would be greater at the begining of the loan. However, whilst we do not accept that the policy was mis-sold, as a gesture of goodwill, we are prepared to offer you a more favourable rebate which will be calculated on a pro-rata basis.

we will calculate the amount of your rebate on a pro-rata basis if you do decide to cancel your policy early, meaning it will be calculated on the actual amount of time you will have had the policy.



Should you wish to cancel your policy within the next 14 days we would expect you to recieve a rebate of approximatly £5,197.23 using the proportionate basis we are prepared to offer. if you do cancel your policy, your repayments will be £168.56 for the remainder of the agreement term.


Now whilst i appreciate their offer, i telephoned them to clarify how much the cheque would be,before i signed the acceptance letter, they said that i would not be recieving a cheque, but this would come off the total cost of the loan outstanding.
i have looked at my paperwork, and i pay £92 per month for the ppi, so they are basically saying that i will not get any money back, however the cost of paying back will reduce by only £79 !!

i would like to have all monies paid into the ppi plus interest back as this would really help at the moment but they are refusing that.

what do you guys think i need to do now?

any answers will be really helpfull

thanks

Having now sat down and worked out what it means to me, they are simply cancelling the ppi policy and not refunding any of the ppi paid so far!! that £5197.23 is what is left of the ppi policy to pay, not including the interest as well!
its a con as far as i can see, with a fancy worded reply, where we think we are getting a good deal, but we are not.

any ideas on what to do now?

amersall

:mad::mad: is anyone else sick to death of hearing about good will gestures from companys, :mad::mad: there is no good will, all they want is for you to accept what they are saying to you and go away :mad::mad: just like we accepted taking ppi in the first place, well we all were stupid then but not now, we have to show these companys we have woken up and smelt the coffee:p:p so they had better watch out ;) thats it rant over;);)