PPI Reclaiming successes and failures

di3004

queeniedog wrote: »

Amount offered £1216.84
Refund of all premiums, statutory interest at 8% plus compensation interest payment calculated at 8% per annum.

RESULT!!! :beer:

I originally complained in March 2008, however my claim was not upheld at the time as I took the loan out during 2004 when Black Horse were not covered by the FOS. So felt at the time there was nothing I could do without FOS intervention.

After reading successes recently on the MSE forums I thought I would write to them again following up on this complaint as I still maintain I was mis-sold as it was a condition of the loan that I took out the PPI insurance. Sent letter on the 18th of June saying I remained dissatisfied and today received their final offer of settlement - Yipppeeeee! :T

Thank you to Martin, and all the helpful posters on this Forum that have kept me inspired to get back what is mine xxx

Wonderful, congratulations, so pleased for you.
:beer::T:beer:X

di3004

selecta_c wrote: »

Just had a letter from the ombudsman saying they have ruled in my favour against Welcome Finance miselling me PPI,and that Welcome will be in touch with me directly to compensate me.Am well chuffed,its taken nearly a year but is well worth it.

Fantastic news, you deserve this after a long wait, well done to you.:beer::j:j

anthoz

di3004 wrote: »

Hi there

They have 8 weeks to respond in full, some take a while before they even acknowledge, hope you hear soon with some good news, good luck.

Di
thanks for that
just thought it was weird that one person heard within 3 days from egg and ive been waiting 2 weeks.
maybe I sent to the wrong address?
maybe its beacuse ive moved house since the loan was paid off last year?
is there anything else I should do at this stage?
(i obviously put my new address on the letter!!)
thanks

di3004

anthoz wrote: »

Di
thanks for that
just thought it was weird that one person heard within 3 days from egg and ive been waiting 2 weeks.
maybe I sent to the wrong address?
maybe its beacuse ive moved house since the loan was paid off last year?
is there anything else I should do at this stage?
(i obviously put my new address on the letter!!)
thanks

Hi there, not a problem.;)

I suppose this depends on how many complaints they are dealing with on the day sort of thing, but if you hear nothing at all by 8 weeks you are entitled to move this on to the Financial ombudman service (FOS) if you want to. Did you post by recorded delivery?

I'm sure the letter would be re-directed to the correct company, so if you posted by recorded delivery, you can check the delivery on this on track and trace on the Royal Mail website.

dec22

anthoz wrote: »

Di
thanks for that
just thought it was weird that one person heard within 3 days from egg and ive been waiting 2 weeks.
maybe I sent to the wrong address?
maybe its beacuse ive moved house since the loan was paid off last year?
is there anything else I should do at this stage?
(i obviously put my new address on the letter!!)
thanks

Reading on the forums it seems to vary from person to person, not sure why thisa is the case. Some people even wait past the 8 week period but I was fortunate enough to have mine resolved in 10 days.

My issue (and many others on these forums) is that they won't refund the payments I have made to date, they have credited my loan account and my loan will finish a year earlier. I would rather have the cash to clear more expensive credit card debt as my loan APR is very low. It is with the FOS now although I believe it is a long wait.

Good luck!

dec22

anthoz wrote: »

Di
thanks for that
just thought it was weird that one person heard within 3 days from egg and ive been waiting 2 weeks.
maybe I sent to the wrong address?
maybe its beacuse ive moved house since the loan was paid off last year?
is there anything else I should do at this stage?
(i obviously put my new address on the letter!!)
thanks

Also menat to say it might be worth giving them a ring and checking whether they have received your complaint. As Di says always send recorded although I have even had Egg lose a recorded item.

anthoz

dec22 wrote: »

Also menat to say it might be worth giving them a ring and checking whether they have received your complaint. As Di says always send recorded although I have even had Egg lose a recorded item.

thanks guys for the help
I sent it recorded and i have a copy of the signature downloaded from the royalmail track and trace service
hopefully this will suffice
I did take the loan out in 2002 though so maybe this will mean I dont get paid out??
who knows!

di3004

anthoz wrote: »

thanks guys for the help
I sent it recorded and i have a copy of the signature downloaded from the royalmail track and trace service
hopefully this will suffice
I did take the loan out in 2002 though so maybe this will mean I dont get paid out??
who knows!

Fingers crossed for you anthoz, keep at them.;)

newsman

hi this morning i opened my mail and thought i,d won the lottery.inside 1 letter was notification that i was entitled to £2671 ppi refund from a loan i took out in2003. i followed ur instructions,sent 1 letter,now i,m that much richer, excellent site.

Mooge11

I have two loans, one with Natwest for £7500 and the other with Egg for £3000, the former taken out in 2005 and the latter in 2004. Both loans had PPI atached to them but I knew nothing about mis-selling PPI until I heard about it earlier this year and research led me to your superb website. I studied your mis-selling guide and felt that both PPIs had been mis-sold to me in that I was told by both banks the loan was compulsory and they would not approve the loan unless I took out their PPI. Also, no questions were asked about any pre-existing medical conditions or my suitability to take out the PPI, nor was it made clear to me the full cost of the PPI would be added to the loan and interest would be charged on it.

Using your letter templates I first contacted NatWest in February this year. There then followed correspondence between NatWest and myself for nearly five months, at first they said I had no case to make but later offered me a 'goodwill payment' of £750 without accepting liability. I rejected this offer but NatWest would not increase their offer further. As this was Natwest's final response my claim against them is now with the Financial Ombusman. I did manage to get Natwest to cancel the PPI but they have only reduced my loan payment by £6.77 whereas I have been paying £40.66 per month + interest for the PPI! I have also passed this information onto the Ombudsman. The Natwest loan ends in June 2010 so it may well be paid off before the ombudsman decision.

It has been a different story with Egg. I first wrote to them using your letter template on 18th June 2009. They acknowledged the letter by return of post informing me they would look into the matter. On 11th July 2009 I received a letter from Egg stating they had refunded the PPI premium of £419.25 plus £208.97 interest, making a total of £628.22. They did not send me a cheque but stated they had paid this money into my loan account which left a balance of £27.91. I have now paid this amount and closed the account. A great response from Egg in settling my complaint within a month!

The only down side is that Egg decided what to do with my refund in paying off my loan which left me no choice in the matter, but I am happy the loan is now paid off. However, if I win the case against NatWest this should amount to a refund of over £2000 which I would prefer be paid directly to me. Could anyone out there explain the legality of banks dealing with refunds as they see fit, should refunds be paid directly to the customer or do they have the right to take the refund off the outstanding loan balance.

Finally may I thank Martin for the great advice available on his site and the letter templates which I found to be second to none.
:T