PPI Reclaiming successes and failures

di3004

newsman wrote: »

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.

Well done and Congratulations.:beer::T:beer:
It is an excellent site isn't it?;)

di3004

Mooge11 wrote: »

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 compulsary and they would not approve the loan unless I took out their PPI also, no questions were asked about pre-existing 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 for the PPI! I have also passed this information onto the Ombudsman. The Natwest loan ends in June 2010. 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 they 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 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

Hi there

Good luck with your cases.

They all vary from one to another, but for more information our Maxdp posted up in how the FOS calculates and sorts out refunds, this may give you some idea here:
http://forums.moneysavingexpert.com/showthread.html?t=1596473

Hope this helps and fingers crossed to you.;)

pinknico

ANTHOZ, if egg had received your letter they would have replied straight away so either ring them or write again. Where did you send it?
Also it does not matter that your loan was taken out in 2002.

fks

Well ! im trying my luck with barclays, having re financed an existing loan and topped up, my new loan is £18900 not including intrest etc with a shade under 7k for ppi. i dont think so Mr Barclays...ive had always been advised that " it is worth having ppi in the event of an accident or illness or should you be made redundant" having taken thier advice. It was only after seeing a bit in the local paper about reclaiming ppi that i looked at my policy etc. ! so fingers crossed for me :-), also can i claim or will barclays take into consideration my previous loan ? that i also believe had ppi included. ?

di3004

fks wrote: »

Well ! im trying my luck with barclays, having re financed an existing loan and topped up, my new loan is £18900 not including intrest etc with a shade under 7k for ppi. i dont think so Mr Barclays...ive had always been advised that " it is worth having ppi in the event of an accident or illness or should you be made redundant" having taken thier advice. It was only after seeing a bit in the local paper about reclaiming ppi that i looked at my policy etc. ! so fingers crossed for me :-), also can i claim or will barclays take into consideration my previous loan ? that i also believe had ppi included. ?

Hello there and welcome.;)

Good luck.

If there are others involved as well, I would make sure you include all the account numbers on your reclaim just in case.;)
Or you may have to do this separately otherwise.

fks

Hiya & thanks i do not know what the other loan account number was, so whether they will look into it i do not no, if they do not could i then re-claim against the previous loan ?

OK I HAVE JUST READ YOU LAST BIT. YES A BIT DENCE AT TIMES HAHAH

maxdp

fks wrote: »

Well ! im trying my luck with barclays, having re financed an existing loan and topped up, my new loan is £18900 not including intrest etc with a shade under 7k for ppi. i dont think so Mr Barclays...ive had always been advised that " it is worth having ppi in the event of an accident or illness or should you be made redundant" having taken thier advice. It was only after seeing a bit in the local paper about reclaiming ppi that i looked at my policy etc. ! so fingers crossed for me :-), also can i claim or will barclays take into consideration my previous loan ? that i also believe had ppi included. ?

Hi There

Make sure if they were re financed loans that you claim for them as such. The FOS have devised a calculation for re financed loans. Good luck.

fks

Hav'nt done that, i have sent off the first letter though, should and when i get a reply is it worth mentioning the previous loan ? and ask they to review it. ?

di3004

fks wrote: »

Hiya & thanks i do not know what the other loan account number was, so whether they will look into it i do not no, if they do not could i then re-claim against the previous loan ?

OK I HAVE JUST READ YOU LAST BIT. YES A BIT DENCE AT TIMES HAHAH

lol

Well what you could do here, if you no longer have the account number for that one, ask if they will be kind enough to send you the CCA (true copy of your loan agreement) for when you taken this out.
It may be a case that you will have to write to them and request for this and pay that £1 towards it, payable by postal order or cheque payment, the loan account number will be on that.;)

McMillen_2

Just wanted to say thank you for making my life that bit better!

My girlfriend pushed me to get involved with this website, and it has been life changing, already!

I have contact a number of my account (be it credit cards, banks, loans) so far and just recently receive my first bit of feedback.

With little effort I have just received confirmation from Egg that they will be refunding my missold PPI on a £25k loan. To my shock I will be receiving £9.5k!!!!!!! I cannot believe it.

Firstly I want to say thank you! Secondly, I am really hopeful and confident that the ease with which you have made this possible will enable me to post more success stories in the coming weeks!