PPI Reclaiming successes and failures

marshallka

dohboy4 wrote: »

I Wrote to First Direct about PPI for a personal loan. I got a letter back a few days later saying they were looking into it. A week later I got a letter offering me the value £528.02 plus £164.48 interest, accepting no liability. EASY. Only thing left to do is to say is a big thank you to Martin and the MSE team and go after alliance and Leicester for an older loan. Thanks Martin.

Well done to you. Wow, only a week. :beer:

di3004

dohboy4 wrote: »

I Wrote to First Direct about PPI for a personal loan. I got a letter back a few days later saying they were looking into it. A week later I got a letter offering me the value £528.02 plus £164.48 interest, accepting no liability. EASY. Only thing left to do is to say is a big thank you to Martin and the MSE team and go after alliance and Leicester for an older loan. Thanks Martin.

Well done and Congratulations.
:beer::T:beer:

di3004

woodymeg wrote: »

Hi sorry to be a pain but am abit confused do i write to freedom even though it was not them who paid out the money to me, or do i go straight to the companies that i recieved the money from. Just want to make sure that im sending letter to correct place. It was freedom that arranged the loans for us both times with the companies but the money came directly from the companies not freedom. sorry if im sounding abit confusing x x

Hi hun, your certainly not a pain, remember we have all been there, and all this was new to us once upon a time, and its always best to get it right first time round.;)

Yes it would be Freedom Finance, because they sold you the loan and ppi, even though the loan was provided by the lender, the responsibility does lie with the broker in your case Freedom Finance because they mis sold you (with the reasons you have).;)

Of course, if you had a loan advance with the lender (further loan, the broker is out of the picture then), so in this case then it would be lender for the 2nd loan, if you had a further loan with them.

Hope this makes sense, so go to Freedom Finance, as it was them that sold you the loan.

Good luck.;)

amjad.khan

Hi Guys

I used Martin tip on reclaiming PPI on my loan, got this letter couple of ago from HFC BANK:

Dear Mr Khan

I write further to your letter dated 9 September 2009. I note your concern regarding the PPI being mis-sold on the above account

I have now completed my investigation into the issue you raised. Whilst i do not accept the allegations you have set out, on this occasion, without any admission of liability and as a gesture of goodwill, i am prepared to offer you an ex gratia payment

As a result of my decision, it is not my intention to respond specifically to the individual issues that you have raised other than to explain how i intend resolving the matter.

I propose to offer you the amount £1,489.72 in full and final settlement of your complaint against HFC Bank. This fiqure will effectively return the protection premiums you have paid (including interest) Details of the offer are show on the Acceptance of Offer form enclosed.

You should note this offer includes an element of interest amount to £65.98

Regrettably it is not possible to just cancel the Personal Loan Protection Plan. However, it is possible to restructure your existing Personal Loan onto a new loan without protection at the same interest rate and remaining terms.

In resolution to your complaint we are willing to refund the cost of the policy to the bank account to your choosing.

The original loan i borrowed was £6928.07 back in Nov 2007

This was the offer breakdown:
Premium paid = £848.64
Plus interest at 8% = £65.98
Total amount paid for insurance to date(cash refund) (a) = £914.62
Current outstanding (b) = £5052.53
Cost of PPI not paid (c) = £575.10
New loan starting amount (b-c) = £4477.43
APR = 24.9%
Revised Monthly repayment amount = £152.80
Total Offer = £1489.72

This a stupid question what shall i do next? Do i take the offer or carry the complaint further? I have no idea im new this sort of stuff? thanks in advace guys

marshallka

amjad.khan wrote: »

Hi Guys

I used Martin tip on reclaiming PPI on my loan, got this letter couple of ago from HFC BANK:

Dear Mr Khan

I write further to your letter dated 9 September 2009. I note your concern regarding the PPI being mis-sold on the above account

I have now completed my investigation into the issue you raised. Whilst i do not accept the allegations you have set out, on this occasion, without any admission of liability and as a gesture of goodwill, i am prepared to offer you an ex gratia payment

As a result of my decision, it is not my intention to respond specifically to the individual issues that you have raised other than to explain how i intend resolving the matter.

I propose to offer you the amount £1,489.72 in full and final settlement of your complaint against HFC Bank. This fiqure will effectively return the protection premiums you have paid (including interest) Details of the offer are show on the Acceptance of Offer form enclosed.

You should note this offer includes an element of interest amount to £65.98

Regrettably it is not possible to just cancel the Personal Loan Protection Plan. However, it is possible to restructure your existing Personal Loan onto a new loan without protection at the same interest rate and remaining terms.

In resolution to your complaint we are willing to refund the cost of the policy to the bank account to your choosing.

The original loan i borrowed was £6928.07 back in Nov 2007

This was the offer breakdown:
Premium paid = £848.64
Plus interest at 8% = £65.98
Total amount paid for insurance to date(cash refund) (a) = £914.62
Current outstanding (b) = £5052.53
Cost of PPI not paid (c) = £575.10
New loan starting amount (b-c) = £4477.43
APR = 24.9%
Revised Monthly repayment amount = £152.80
Total Offer = £1489.72

This a stupid question what shall i do next? Do i take the offer or carry the complaint further? I have no idea im new this sort of stuff? thanks in advace guys

This is actually looks like an offer to put you back into the position as if you never had the PPI and 8% statutory interest too so I would accept if it were me.

They are refunding what you have paid already against the PPI with interest I tihink (could you please put details of the loan on here and we can check) and also the 8% statutory interest, then they are taking off the original loan the part that would be due in respect of the PPI. This is a normal redress that you would get through the FOS.

Well done

(just need to clarify the interest on the PPI so if you put your original loan details we can check - ie loan amount, PPI amount (both without interest, repayments and how many years it was over)

btw

• What were you reclaiming: CC PPI
• Who was the provider: MBNA
• How much did you get back: £2700
• Did you get it back after a letter or did you go to the Financial Ombudsman: One template letter
• And then write your brief reclaim tale:

2nd success for me - I sent a template ,etter to MBNA on 3rd Sept, had a call from them20 mins ago at work to "resolve my dispute" - started out by telling me I had ticked boxes on the application form blah blah,however after 10 mins polite chat offered me £2750 - rougly two thirds of my premiums as a goodwill gesture. I've accepted and cheque is being sent out in the next three days.

Only HSBC and Cap One to go - don't give up if you are chasing these claims, it is well worth perserveering and actually th banks/CC companies are very prompt and polite in dealing with you (or so I have found).

marshallka

di3004 wrote: »

Hi hun, your certainly not a pain, remember we have all been there, and all this was new to us once upon a time, and its always best to get it right first time round.;)

Yes it would be Freedom Finance, because they sold you the loan and ppi, even though the loan was provided by the lender, the responsibility does lie with the broker in your case Freedom Finance because they mis sold you (with the reasons you have).;)

Of course, if you had a loan advance with the lender (further loan, the broker is out of the picture then), so in this case then it would be lender for the 2nd loan, if you had a further loan with them.

Hope this makes sense, so go to Freedom Finance, as it was them that sold you the loan.

Good luck.;)

woodymeg put that
It was freedom that arranged the loans for us both times with the companies but the money came directly from the companies not freedom

So both loan complaints would actually be against Freedom.

di3004

btw wrote: »

• What were you reclaiming: CC PPI
• Who was the provider: MBNA
• How much did you get back: £2700
• Did you get it back after a letter or did you go to the Financial Ombudsman: One template letter
• And then write your brief reclaim tale:

2nd success for me - I sent a template ,etter to MBNA on 3rd Sept, had a call from them20 mins ago at work to "resolve my dispute" - started out by telling me I had ticked boxes on the application form blah blah,however after 10 mins polite chat offered me £2750 - rougly two thirds of my premiums as a goodwill gesture. I've accepted and cheque is being sent out in the next three days.

Only HSBC and Cap One to go - don't give up if you are chasing these claims, it is well worth perserveering and actually th banks/CC companies are very prompt and polite in dealing with you (or so I have found).

Well done to you, so happy for you.
Congratulations.
:beer::T:beer:

di3004

marshallka wrote: »

woodymeg put that
It was freedom that arranged the loans for us both times with the companies but the money came directly from the companies not freedom

So both loan complaints would actually be against Freedom.

Arh yes, you got it.;)X

woodymeg

marshallka wrote: »

woodymeg put that
It was freedom that arranged the loans for us both times with the companies but the money came directly from the companies not freedom

So both loan complaints would actually be against Freedom.

Hi just to let you know am sending letter today to Freedom over both cases (recorded Del of course)
Can i just ask has anyone heard of someone claiming against the broker as dont seem to have seen any on here, just wondered what my chances were x x:p