PPI Reclaiming successes and failures

bean64

amersall wrote: »

hi there if you look at your ppi that amount will be taken off your loan, you will get back the ppi payments you have made to date with 8% interest, they will not give you ppi back that you have not paid yet. hope you understand what i am saying. and well done for your win i love it when fp lose out again

I think you might be in for a surprise here!!

Remember that if you have made payments to PPI of lets say £100 per month for simplicity.

You should be looking at £100 + interest at your loan rate for 42 months + 8%.

Then:

£100 + interest at your loan rate for 41 months + 8%

etc etc etc.........

Hope that puts a (bigger) smile on your face!!

Or am I wrong?

cot1198

linda2604 wrote: »

Hi,

I've just had a letter from Ocean Finance re a loan with Firstplus. Please could someone check it for me: Will I get the full £15,230 or is there some kind of catch here that I'm missing!!:j


As we do not have access to your account once your loan is completed Firstplus would need to restructure your loan and send you a cheque to put you in the position you would have been in had you not purchased the policy. We have been advised by Firstplus that the amount currently required to do this is £15,230.05. Should you accept our offer in full and final settlement of your claim against our firm we will send Firstplus a cheque for this amount, instruct them to restructure your loan and cancel your policy. Once your loan has been restructured the remainder of the money will be sent to you directly from Firstplus.

I hope that this assists you in understanding the basis of your calculation, however, please do not hesitate to contact me should you have any queries.

If you are prepared to accept our offer of redress in full and final settlement of your claim against our firm then please send confirmation to us in writing in order for us to instruct Firstplus to restructure your loan, cancel your payment protection policy and issue you with a cheque for the remainder of the £15,230.05.

Thats fantastic, well done.
How long did it take you? I have been complaining about my PPI for 14 months. I just hope they get their finger out with my complaint. Been with the FOS for 12 months and still waiting for an adjudicator.

elhell

Just checked my statement and have been credited with £2600!
All I did was write and ask them to tell me exactly what I'd paid over the years in PPI. Anyway, without question, they've given it all back!
They will be sending out a cheque within 10 days.


:beer:
Just need them to give me my charges back now.

di3004

TOTALNEWBIE wrote: »

I successfully claimed £2683.93 for mis-sold PPI on a loan with HSBC so the loan is cleared & they will credit my account with £531.92 (anybody know how long the credit will take!).

Also I had a loan with Lombard years ago which I cleared early. I claimed for PPI on this loan & was offered a good-will gesture of £750 which I accepted.

Happy Days!

Still waiting on a response from MINT regarding my PPI claim.

Volkswagen sent a rejection letter so have sent the second letter, same with CITI.

This site rocks!!!

Congratulations and well done.:beer::T:beer:
Good luck with the other cases.;)

di3004

elhell wrote: »

Just checked my statement and have been credited with £2600!
All I did was write and ask them to tell me exactly what I'd paid over the years in PPI. Anyway, without question, they've given it all back!
They will be sending out a cheque within 10 days.


:beer:
Just need them to give me my charges back now.

WOW, fantastic, well done and Congratulations.
:beer::T:beer:

bean64

linda2604 wrote: »

Hi Amersall,

I've sat and thought about this this morning and you're right, it makes sense to receive the PPI I've already paid, plus have my monthly repayments go down less what I would have paid.

The way the letter was written by Ocean was a bit confusing!

I'm going to write to both them and Firstplus asking for a breakdown of the figures/settlement before I agree to the full and final settlement though, so I know what to expect. I'm hoping to get just over £4k in a cheque though, for 42 payments plus the interest...

Thanks for your reply!

Further to my post above, I`ve been trying to work out what my PPI refund WILL be like, based on the 30 Oct 2009:

1st payment made 30 June 2006 therefore 40 months of payments.

For simplicity I am working on a rough average APR of 10%, with steady PPI payments at £150 (again for ease of calcs).

Jun 06 PPI = £150, interest = (40 X £1.70) £68, total due £218 + 8% = £235

Jul 06 PPI = £150, interest = (39 X £1.70) £66, total due £216 + 8% = £233

Aug 06 PPI = £150, interest = (38 X £1.70) £64, total due £214 + 8% = £230

etc etc........

Am I along the right lines? That for the first 3 months of the loan my return on £450 in premiums is nearly £700. Thats how I believe PPI refunds will be calculated, so even if you only paid a few premiums a few years ago its still worth the claim.

I might produce an excel routine if enough ppl are interested, assuming I am correct of course. Can someone check this out for me?

trisha909

What were you reclaiming: Loan
Who was the provider: Beneficial Finance (HFC)
How much did you get back: 1,954 Pounds and 25 Earth Pence!:j
Did you get it back after a letter or did you go to the Financial Ombudsman: 1st Letter
And then write your brief reclaim tale: Sent out 1st letter on the 4 Oct 09 recieved a response from the Complaints investigation team on the 9 Oct 09 to say they are investigating, then recieved a letter confirming a refund today 19 Oct 09 which reads, (in simple speak):

I write further to your letter of complaint of PPI blah blah blah. I do not accept the allegations you have set out (COP OUT :beer:), on this occasion, without any admission of liability and a gesture of goodwill, i am prepared to offer you an ex gratia payment.

In 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 in resolving this matter.(COP OUT :T)

I propose to offer you the amount of 2,488.12 in full and final settlement of your complaint against HFC bank. This figure will effectively return the protection premiums you have paid (including interest). Details of the offer are shown on the acceptance for enclosed.

You should note that this offer includes an element of 8% statutory interest amounting to 189.89

regrettably it is not possible to just cancel the PPIP. However, it is possible to restructure your existing loan onto a new loan without PPI at the same intrest rate and remaining term.

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

Breakdown

premiums paid: 1,764.36
plus 8% int: 189.89
Total amnt paid for insurance to date cash refund: 1,954.25
total offer cash refund: 1,954.25

Revised monthly payment amount 55 Quid cheaper than the norm.... can complain about that .

Extra info...

I was paying 1/3 of my loan in PPI!!, Its like i had an extra little savings account i didnt know about, just in time for xmas.... beautiful. This took 10 working days from me posting the 1st letter so fair play to them for being so efficient :j

My advice to anyone is do it, it only costs you a stamp! (In capital ones case, recorded delivery... Letter?, What letter?), the end result is worth it, who cares if they mark you down as being a "difficult customer". There are plenty other borrowers to choose from... Thankyou all for your advice along the way and thankyou martin for being such a flippin' genius!!:money: Im well on target to being debt free by April 2010! xxxxxxx

di3004

trisha909 wrote: »

What were you reclaiming: Loan
Who was the provider: Beneficial Finance (HFC)
How much did you get back: 1,954 Pounds and 25 Earth Pence!:j
Did you get it back after a letter or did you go to the Financial Ombudsman: 1st Letter
And then write your brief reclaim tale: Sent out 1st letter on the 4 Oct 09 recieved a response from the Complaints investigation team on the 9 Oct 09 to say they are investigating, then recieved a letter confirming a refund today 19 Oct 09 which reads, (in simple speak):

I write further to your letter of complaint of PPI blah blah blah. I do not accept the allegations you have set out (COP OUT :beer:), on this occasion, without any admission of liability and a gesture of goodwill, i am prepared to offer you an ex gratia payment.

In 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 in resolving this matter.(COP OUT :T)

I propose to offer you the amount of 2,488.12 in full and final settlement of your complaint against HFC bank. This figure will effectively return the protection premiums you have paid (including interest). Details of the offer are shown on the acceptance for enclosed.

You should note that this offer includes an element of 8% statutory interest amounting to 189.89

regrettably it is not possible to just cancel the PPIP. However, it is possible to restructure your existing loan onto a new loan without PPI at the same intrest rate and remaining term.

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

Breakdown

premiums paid: 1,764.36
plus 8% int: 189.89
Total amnt paid for insurance to date cash refund: 1,954.25
total offer cash refund: 1,954.25

Revised monthly payment amount 55 Quid cheaper than the norm.... can complain about that .

Extra info...

I was paying 1/3 of my loan in PPI!!, Its like i had an extra little savings account i didnt know about, just in time for xmas.... beautiful. This took 10 working days from me posting the 1st letter so fair play to them for being so efficient :j

My advice to anyone is do it, it only costs you a stamp! (In capital ones case, recorded delivery... Letter?, What letter?), the end result is worth it, who cares if they mark you down as being a "difficult customer". There are plenty other borrowers to choose from... Thankyou all for your advice along the way and thankyou martin for being such a flippin' genius!!:money: Im well on target to being debt free by April 2010! xxxxxxx

Wow, well done to you Trisha :j:j
Congratulations and great work.:beer::beer::T:T:T

trisha909

trisha909 wrote: »

What were you reclaiming: Loan
Who was the provider: Beneficial Finance (HFC)
How much did you get back: 1,954 Pounds and 25 Earth Pence!:j
Did you get it back after a letter or did you go to the Financial Ombudsman: 1st Letter
And then write your brief reclaim tale: Sent out 1st letter on the 4 Oct 09 recieved a response from the Complaints investigation team on the 9 Oct 09 to say they are investigating, then recieved a letter confirming a refund today 19 Oct 09 which reads, (in simple speak):

I write further to your letter of complaint of PPI blah blah blah. I do not accept the allegations you have set out (COP OUT :beer:), on this occasion, without any admission of liability and a gesture of goodwill, i am prepared to offer you an ex gratia payment.

In 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 in resolving this matter.(COP OUT :T)

I propose to offer you the amount of 2,488.12 in full and final settlement of your complaint against HFC bank. This figure will effectively return the protection premiums you have paid (including interest). Details of the offer are shown on the acceptance for enclosed.

You should note that this offer includes an element of 8% statutory interest amounting to 189.89

regrettably it is not possible to just cancel the PPIP. However, it is possible to restructure your existing loan onto a new loan without PPI at the same intrest rate and remaining term.

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

Breakdown

premiums paid: 1,764.36
plus 8% int: 189.89
Total amnt paid for insurance to date cash refund: 1,954.25
total offer cash refund: 1,954.25

Revised monthly payment amount 55 Quid cheaper than the norm.... can complain about that .

Extra info...

I was paying 1/3 of my loan in PPI!!, Its like i had an extra little savings account i didnt know about, just in time for xmas.... beautiful. This took 10 working days from me posting the 1st letter so fair play to them for being so efficient :j

My advice to anyone is do it, it only costs you a stamp! (In capital ones case, recorded delivery... Letter?, What letter?), the end result is worth it, who cares if they mark you down as being a "difficult customer". There are plenty other borrowers to choose from... Thankyou all for your advice along the way and thankyou martin for being such a flippin' genius!!:money: Im well on target to being debt free by April 2010! xxxxxxx

I actually meant "Cant" complain not "Can"

leondp

Hi Guys

Just had a phone call from MBNA re Credit Card PPI, they are saying I ticked the box but are willing to give me a Good will jesture of 872.00. Then they went on to say I had paid 1700.00in PPI payments. I told the very nice lady to send me the details in writing and a copy of the ticked box and I will make my mind up if I will except the offer. She was then stumbling for words and asked why I will not shut the case over the phone and asked what she could do to change my mind, so I told her repay the full amount and interest, I could tell in her voice she could do this but she did not want too. I will wait to see the agreement and then phone back and say I want all the monsy or I will go to the FO.

Wins so far
Egg Loan - 650
Egg Loan - 3500
Egg C/C - 1050
MBNA C/C - 870 ??
15 more to go !!!!

Thanks guys for all your help, and if you have a MBNA cliam going on phone them as it speeds up the process