PPI Reclaiming successes and failures

fenderstratz

What were you reclaiming: PPI on a Loan
Who was the provider: RBS
How much did you get back: £5,460.00
Did you get it back after a letter or did you go to the Financial Ombudsman: Sent the template letter beginning of July and received offer yesterday
And then write your brief reclaim tale
Was told when taking the loan out in 2003 that i needed PPI or wouldn't get the loan. Sent the template letter, waited 8 weeks, got a letter asking for more time to investigate, waited a further 4 weeks and received an offer yesterday of the full amount paid as a "goodwill gesture" without admission of fault on their part.
Thanks MSE :money:, this is also on top of £4,500.00 worth of bank charges i got back from RBS 2 years ago :T

di3004

fenderstratz wrote: »

What were you reclaiming: PPI on a Loan
Who was the provider: RBS
How much did you get back: £5,460.00
Did you get it back after a letter or did you go to the Financial Ombudsman: Sent the template letter beginning of July and received offer yesterday
And then write your brief reclaim tale
Was told when taking the loan out in 2003 that i needed PPI or wouldn't get the loan. Sent the template letter, waited 8 weeks, got a letter asking for more time to investigate, waited a further 4 weeks and received an offer yesterday of the full amount paid as a "goodwill gesture" without admission of fault on their part.
Thanks MSE :money:, this is also on top of £4,500.00 worth of bank charges i got back from RBS 2 years ago :T

Fantastic !!:j
Well done and Congratulations.
:beer::T:beer:

big_al_1981

hi there,
im in need of sum serious advice,i had a loan with welcome finance bak in 2003 and was mis sold ppi on this,anyway i complained to the FOS after not hearing bak from welcome finance and the FOS has said to me that they cannot investigate my complaint as welcome finance wasnt covered by the FOS in 2003,has anyone been successful claiming with welcome with a loan taken out in 2003 and if so how did u go about it,they did say they cud look into it as its the underwriter they need to get hold of,but need my agreement,im just going to hav 2 write to welcome again to request a copy of my loan agreement.

di3004

big_al_1981 wrote: »

hi there,
im in need of sum serious advice,i had a loan with welcome finance bak in 2003 and was mis sold ppi on this,anyway i complained to the FOS after not hearing bak from welcome finance and the FOS has said to me that they cannot investigate my complaint as welcome finance wasnt covered by the FOS in 2003,has anyone been successful claiming with welcome with a loan taken out in 2003 and if so how did u go about it,they did say they cud look into it as its the underwriter they need to get hold of,but need my agreement,im just going to hav 2 write to welcome again to request a copy of my loan agreement.

Hi there

This is so annoying when this happens.
Sorry to hear this, there are many that have been in the same situation as you here.
Think Welcome were governed by GISC before the FSA came into it, but can't remember the actual year, hopefully someone will confirm on this for you.

Another way maybe to pursue through the insurer, you can always ask the FOS on this if you want to.;)

koala77

Hi again Plaitey. Most definitely send a letter to loans.co.uk aswell. Paragon will only direct you to them anyway! You could wait for the response from Paragon first and copy loans.co.uk in on this or you could just send a letter now (if you are impatient like me!) But inform loans.co.uk that you have also raised your complaint with Paragon.

samkid

wrote to 2 of my credit card companies, Debenhams refunded £300 which paid off my card, replied straight away, result.

Today I received a letter from MBNA (Virgin Card) I had a balance of £2,100 which I have been trying to reduce for years, paying £100 a month only to get £55 reduced - £45 interst each month, though I would never get rid of it. However I wrote to them and received a letter saying that I never asked for the PPI to be removed therefore I had no claim against them. Left it at that then today received another letter from them saying that after looking into the case they were wrong and would offer me £150 as a gesture of good will. Good I thought until I read the rest of the letter. They have said that they have re-opened my complaint in order to review the original decision that was made. They have now upheld my claim and total refund to be credited to my account is a whopping £1,525.44. Now I can pay the card off in a couple of months and cut it up. Thank you soo much, it has made my day and taken a lot of worry off me wondering how I was going to get the card paid off. That is only 2 second class stamps and 2 fantastic results. Got a couple of more to do so I will post any further success's or failures. If anyone is unsure whether to try my advice is go for it you have nothing but a second class stamp to loose.:j

di3004

samkid wrote: »

wrote to 2 of my credit card companies, Debenhams refunded £300 which paid off my card, replied straight away, result.

Today I received a letter from MBNA (Virgin Card) I had a balance of £2,100 which I have been trying to reduce for years, paying £100 a month only to get £55 reduced - £45 interst each month, though I would never get rid of it. However I wrote to them and received a letter saying that I never asked for the PPI to be removed therefore I had no claim against them. Left it at that then today received another letter from them saying that after looking into the case they were wrong and would offer me £150 as a gesture of good will. Good I thought until I read the rest of the letter. They have said that they have re-opened my complaint in order to review the original decision that was made. They have now upheld my claim and total refund to be credited to my account is a whopping £1,525.44. Now I can pay the card off in a couple of months and cut it up. Thank you soo much, it has made my day and taken a lot of worry off me wondering how I was going to get the card paid off. That is only 2 second class stamps and 2 fantastic results. Got a couple of more to do so I will post any further success's or failures. If anyone is unsure whether to try my advice is go for it you have nothing but a second class stamp to loose.:j

What a result, so happy for you.
Well done and Congratulations.
:beer::T:beer:

pinknico

This post above sounds like the start of companys re looking at complaints.

amjad.khan

marshallka wrote: »

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)

Thanks for your reply here the additional info you want

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

do you think these are calculated correctly?

marshallka

amjad.khan wrote: »

Thanks for your reply here the additional info you want

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

do you think these are calculated correctly?

Looks to me like they have redressed it correctly just by looking. They have caclulated what you have already paid against the PPI and added the 8% statutory interest on:cool:. They have then looked at what would have been owing on the PPI if the loan had gone to term and taken that amount off the "then" settlement and then they have started a "new" loan off without the PPI so all looks good to me. ALso "looks" to include the interest on the PPI too.