PPI Reclaiming successes and failures

maxdp

dby47 wrote: »

Hiya


I am still on cloud 9 here !! and wondering if any bright spark can do the maths for me.

"...I have got no idea what i am going to get back - suspect its the PPI payments plus 8% interest simple per year..."

I have just been checking my statements for 2008 and what PPI i paid on a monthly basis and it works out on average about £44 PPI premiums per month.

I opened the account March 1998 and its still being paid.

Does this mean i get (on average)

£44 x 12 months PPI payments back - Plus 8% for each year 1998 - 2009 ?

Just need a ball park figure to work on and any help would be appreciated.

Den

You are not far off with that 44.00 x 12 x no of years plus 8% per year plus interest. :beer: Good amount.:D

jj10_2

Hi All
Could some help please
Is there a letter to request paperwork as I can't find any? Dohhhh

JJ

di3004

jj10 wrote: »

Hi All
Could some help please
Is there a letter to request paperwork as I can't find any? Dohhhh

JJ

Hi JJ

Yes there is, it's called SAR (Subject Access Request), template on the link here:
http://forums.moneysavingexpert.com/showthread.html?t=1475553
Remember to enclose £10 postal order or cheque payment for this, they have 40 days to comply and post by recorded delivery, good luck and please keep us posted.

In regards of reclaiming PPI, post up when your ready.;)

Di

big_al_1981

maxdp wrote: »

Hi big al
Were these re financed loans?

the first was a loan,i paid that,the second was another loan,for 5000,and the last one for 7000 was a refinance loan to pay off other debts and the remainder of the 5000,i had the 5000 loan for about 6mths.

mrsdarbs

Egg Loan
Repaid over £1100

All it took was one letter to say that the insurance had not been requested. Got the full amount back with interest today with their first reply - took about 2 weeks!!

di3004

mrsdarbs wrote: »

Egg Loan
Repaid over £1100

All it took was one letter to say that the insurance had not been requested. Got the full amount back with interest today with their first reply - took about 2 weeks!!

Wonderful and just 2 weeks, Well done !:j:j
Congratulations.
:beer:

tina1981

big_al_1981 wrote: »

thanks tina,
that does help as it gives me an indication of when i can expect them,as mine r with lloyds 2,how much were ur loans for as i had loans from lloyds,3 altogether,first one for 1700,second one for 5000 and my last one,and stil got,for 7000,however the loan i hav now is for 7000 but i pay back 15000,nothing was explained to me on the phone just the monthly payments,253 a month,thats why i want my agreements so i can c wot the ppi is on this cos its over like 100per cent interest and that cant b rite can it.

hi big al

I've been on night shift, that's why I'm just replying now lol.

I am studying my agreements just now and tbh I'm struggling to make head nor tail of them.

I'll give you a guide of the loan amounts though and the ppi on them.

First loan was 2000 over 60 payments. PPI was 519.12.

I was repaying 51.37 to loan and 13.32 per month to PPI.

I consolidated this loan 11 months in.

Second loan was 5070 over 49 months. PPI was 951.01.

This loan was paid off in full.

I then took another loan for 5000 over 48 payments. PPI was 1211.04!!!

I was invited to my bank about a month ago as I was told they could save me money!!!! Not!! That's another thread lol.

Anyway, I agreed to consolidate again!! My credit card bill of 2096 (although we were fine as we were), we always pay way more than the minimum and always on time.

So my new loan is for 6430.11 over 31 months. PPI would have been 1251.78.

It was at this meeting that I saw the light if you like and realised that I was paying a fortune for a PPI that I didn't need. They have clearly changed the way that they sell PPI and inform you of it compared to a few years back. This is the first time I got and understanding of what PPI's are. I had no idea I have paid these for my previous loans.

As it stands, I've cancelled my most recent PPI. I am trying to get my loan reverted to my previous one as I believe the salesperson was not competent and told me she would do things that she hasn't done (that sounds wrong in sooooooooo many ways!! Eugghhh!!!) eg save us money, order ma a cc with low limit etc.

At the same time, I may have her to thank for bringing PPI's to my attention by asking 'will I just carry your PPI on from your last loan?'

I hope some of this information is useful to you x

tina1981

God, I do go on a bit lol,

Just realising at the age of 28 that I need to wise up and stand up for myself and say no when things are don't quite add up. I don't think I'll be taking up any more of their invitations to save me money. They have cost me money grrrr!! lol x

big_al_1981

tina1981 wrote: »

hi big al

I've been on night shift, that's why I'm just replying now lol.

I am studying my agreements just now and tbh I'm struggling to make head nor tail of them.

I'll give you a guide of the loan amounts though and the ppi on them.

First loan was 2000 over 60 payments. PPI was 519.12.

I was repaying 51.37 to loan and 13.32 per month to PPI.

I consolidated this loan 11 months in.

Second loan was 5070 over 49 months. PPI was 951.01.

This loan was paid off in full.

I then took another loan for 5000 over 48 payments. PPI was 1211.04!!!

I was invited to my bank about a month ago as I was told they could save me money!!!! Not!! That's another thread lol.

Anyway, I agreed to consolidate again!! My credit card bill of 2096 (although we were fine as we were), we always pay way more than the minimum and always on time.

So my new loan is for 6430.11 over 31 months. PPI would have been 1251.78.

It was at this meeting that I saw the light if you like and realised that I was paying a fortune for a PPI that I didn't need. They have clearly changed the way that they sell PPI and inform you of it compared to a few years back. This is the first time I got and understanding of what PPI's are. I had no idea I have paid these for my previous loans.

As it stands, I've cancelled my most recent PPI. I am trying to get my loan reverted to my previous one as I believe the salesperson was not competent and told me she would do things that she hasn't done (that sounds wrong in sooooooooo many ways!! Eugghhh!!!) eg save us money, order ma a cc with low limit etc.

At the same time, I may have her to thank for bringing PPI's to my attention by asking 'will I just carry your PPI on from your last loan?'

I hope some of this information is useful to you x

hey tina,
that has helped me alot and got me thinking,thank you,my lastest loan was taken out in october 2007 and nothing was mentioned about ppi then,however they wil mention it now,the !!!!!!!s,lol,how much r ur monthly repayments now u hav cancelled ur ppi,im dying 2 find out how much i hav/and am stil paying,so hav u sent off a template letter saying u were mis sold these loans and u want ur money back from all ppi payments,that is the first thing im going 2 do when i get my agreements thru the post,u wil hav 2 keep us informed of how ur getting on and 2gether we wil get each other thru this.c ya later and thanks again.xxxxxx:rotfl:


just thought it was cool we both hav r year of birth in r username,1981,lol,im tired.xxx

maxdp

big_al_1981 wrote: »

the first was a loan,i paid that,the second was another loan,for 5000,and the last one for 7000 was a refinance loan to pay off other debts and the remainder of the 5000,i had the 5000 loan for about 6mths.

Hi Big al
Just make sure that when you write to them you make it clear that this was a refinanced loan as it will make a difference because the PPI on the first loan would have influenced the second loan.