PPI Reclaiming successes and failures

pinknico

SO VERY VERY PLEASED, HAPPY, DELIGHTED FOR YOU
AMERSALL.BRILLIANT.
:j:j:j:j:j:j:j:j:j:j:j:j:j:j

amersall

pinknico wrote: »

SO VERY VERY PLEASED, HAPPY, DELIGHTED FOR YOU
AMERSALL.BRILLIANT.
:j:j:j:j:j:j:j:j:j:j:j:j:j:j

:ATHANK YOU EVER SO MUCH, if it wasnt for you telling me to give it a go i wouldnt have done as it was an old loan. they said that as it was so long ago they do not have any point of sale documentation, they do not believe it was mis sold but as a good will gesture they will make me an ex gratia payment of £1495.99:D this represents a refund of the loan interest charged on the ppi payments paid, i could go to fos to get the 8% and the ppi back but to be honest it was money i did not have and with this being an old loan it could take ages and i am not greedy, i have won with nr and citicard and firstcrap and i am chuffed to get this money back as well (have posted the acceptance letter now anyway ) they will pay this money back to my bank account on reciept of the acceptance. once again thank you so much xxxxx

di3004

amersall wrote: »

:ATHANK YOU EVER SO MUCH, if it wasnt for you telling me to give it a go i wouldnt have done as it was an old loan. they said that as it was so long ago they do not have any point of sale documentation, they do not believe it was mis sold but as a good will gesture they will make me an ex gratia payment of £1495.99:D this represents a refund of the loan interest charged on the ppi payments paid, i could go to fos to get the 8% and the ppi back but to be honest it was money i did not have and with this being an old loan it could take ages and i am not greedy, i have won with nr and citicard and firstcrap and i am chuffed to get this money back as well (have posted the acceptance letter now anyway ) they will pay this money back to my bank account on reciept of the acceptance. once again thank you so much xxxxx

So happy for you
amersall, well deserved hunni
and remember to treat yourself as well.:j:j:j:beer::beer::beer::beer::beer::beer::T:T:T:T:T:T:T:A:A
XXXXXX

amersall

di3004 wrote: »

So happy for you
amersall, well deserved hunni
and remember to treat yourself as well.:j:j:j:beer::beer::beer::beer::beer::beer::T:T:T:T:T:T:T:A:A
XXXXXX

:Athanks for that di, my little jack flash:rotfl::rotfl::rotfl: i cant believe that i have had the success i have, its all thanks to you lovely people:A:A:A glad i came on here:A

di3004

amersall wrote: »

:Athanks for that di, my little jack flash:rotfl::rotfl::rotfl: i cant believe that i have had the success i have, its all thanks to you lovely people:A:A:A glad i came on here:A

Your welcome "Jack Flash 2" :rotfl::rotfl::D:beer:.
You done great hun and so happy for you, hey you've been amazing too......:T:T;)XXX:A

DI_Frost

Well, here we go:

Reclaiming: PPI from a secured loan
From: Picture Financial
Recovered amount: A lot, read on!!:T
How: Picture, then FSA, then FSCS

Details.........(brief)
Took out a secured loan back in January 2007. It seemed like the right thing to do at the time as it 'reduced all our monthly payments into one more affordable payment' We were financially struggling at the time and this felt like the only solution. There was not as much debt help or awareness a few years ago.

So, this made things more comfortable for a while, but after a few hikes in their interest rates, it began to trouble us.

When I took the policy out, we were quite desperate; Picture Financial were the only company willing to help us out and I fell to their 'we don't judge' charms. All communication was done over the phone with just documents that required a signiture being sent through the post.

When we began to feel weighted down again, we decided to face our problems head on. We had heard of the 'money saving man' and looked at the website. We looked at PPI insurance and got to learn a lot more about it. I dug the loan agreement out to see if I had taken it. SURPRISE SURPRISE, I had. Upon further reading, I found that while our secured loan was over a 25 year period, our PPI insurance only covered the loan for the first 5 years! I was so angry.

So, we set about trying to recover some £20k. I did the first step back in October 2007 and called them and asked for a refund, after finding out that the total value of the insurance had been added to our loan. They accepted that they could give me a refund (after firstly stating that they didn't have to) and offered me around £4,500. This was their final offer as detailed in all the small print.

So, now its war:mad:

I sent a total of 3 letter templates to Picture Financial asking them to reconsider my circumstances and my request. All 3 letters failed. Even the 3rd one threatening them with action through the FSA proved fruitless.

I then forwarded my claim to the FSA for them to investigate....and waited....

and waited.....

and waited some more.....

The FSA would send me a letter every 4 months or so and say that my complaint was in a queue and that due to the sheer volume of complaints, there would be a delay.

We waited some more.....

Then we were informed that Picture Financial who are now owned by Target Loans (who bought them for 1p) had been declared insolvent and any compensation, if awarded, could not be paid by the company. My heart sank.....

The only hope was that my claim was being passed to the FSCS.

So, we waited again......

Around 18 months had passed here with bits of information being sent to and fro.

Then out of the blue in September 2009, I was called at work to say that they are finally looking at my case. I was overjoyed:T However, they did say that it would take upto 6 months to complete. Well, it had been nearly two years, so another 6 months isn't long if its going to get a result.....

Then, on 4/11/09, a large A4 envelope arrived with the FSCS logo marked on the envelope. I opened it expecting it to be another questionnaire that needed to be filled in.............

I briefly looked at the first page and noticed the title, 'decision letter'. I scanned through the other attached pages to find....at the bottom of one......a cheque for £25,567 :rotfl:

I was numb with shock. I began looking at the cheque for the words, SPECIMEN but couldn't find any!

So thats it, it took 2 years and during that 2 years it hasn't been easy. However my best advice is to stick with it. Yes it does take a LONG LONG time but its worth it if you get the result you want.

My utmost thanks go to Martin Lewis and his team as without his advice I probably would not be living here for much longer, THANK YOU. :T

di3004

DI_Frost wrote: »

Well, here we go:

Reclaiming: PPI from a secured loan
From: Picture Financial
Recovered amount: A lot, read on!!:T
How: Picture, then FSA, then FSCS

Details.........(brief)
Took out a secured loan back in January 2007. It seemed like the right thing to do at the time as it 'reduced all our monthly payments into one more affordable payment' We were financially struggling at the time and this felt like the only solution. There was not as much debt help or awareness a few years ago.

So, this made things more comfortable for a while, but after a few hikes in their interest rates, it began to trouble us.

When I took the policy out, we were quite desperate; Picture Financial were the only company willing to help us out and I fell to their 'we don't judge' charms. All communication was done over the phone with just documents that required a signiture being sent through the post.

When we began to feel weighted down again, we decided to face our problems head on. We had heard of the 'money saving man' and looked at the website. We looked at PPI insurance and got to learn a lot more about it. I dug the loan agreement out to see if I had taken it. SURPRISE SURPRISE, I had. Upon further reading, I found that while our secured loan was over a 25 year period, our PPI insurance only covered the loan for the first 5 years! I was so angry.

So, we set about trying to recover some £20k. I did the first step back in October 2007 and called them and asked for a refund, after finding out that the total value of the insurance had been added to our loan. They accepted that they could give me a refund (after firstly stating that they didn't have to) and offered me around £4,500. This was their final offer as detailed in all the small print.

So, now its war:mad:

I sent a total of 3 letter templates to Picture Financial asking them to reconsider my circumstances and my request. All 3 letters failed. Even the 3rd one threatening them with action through the FSA proved fruitless.

I then forwarded my claim to the FSA for them to investigate....and waited....

and waited.....

and waited some more.....

The FSA would send me a letter every 4 months or so and say that my complaint was in a queue and that due to the sheer volume of complaints, there would be a delay.

We waited some more.....

Then we were informed that Picture Financial who are now owned by Target Loans (who bought them for 1p) had been declared insolvent and any compensation, if awarded, could not be paid by the company. My heart sank.....

The only hope was that my claim was being passed to the FSCS.

So, we waited again......

Around 18 months had passed here with bits of information being sent to and fro.

Then out of the blue in September 2009, I was called at work to say that they are finally looking at my case. I was overjoyed:T However, they did say that it would take upto 6 months to complete. Well, it had been nearly two years, so another 6 months isn't long if its going to get a result.....

Then, on 4/11/09, a large A4 envelope arrived with the FSCS logo marked on the envelope. I opened it expecting it to be another questionnaire that needed to be filled in.............

I briefly looked at the first page and noticed the title, 'decision letter'. I scanned through the other attached pages to find....at the bottom of one......a cheque for £25,567 :rotfl:

I was numb with shock. I began looking at the cheque for the words, SPECIMEN but couldn't find any!

So thats it, it took 2 years and during that 2 years it hasn't been easy. However my best advice is to stick with it. Yes it does take a LONG LONG time but its worth it if you get the result you want.

My utmost thanks go to Martin Lewis and his team as without his advice I probably would not be living here for much longer, THANK YOU. :T

Hello and welcome.;)

Congratulations.
:beer::beer::beer::j:j:j:T:T:T
With all that waiting and waiting......and.......waiting, you deserve this sooooooo much, well done to you, and thanks for all your details here, absolutely fantastic !
What a lotta money "wow" Xx

kp3

Currently I have a loan with Halifax/Bank of Scotland it was for £7500 over 7 years I am almost half way through. They added £1989 PPI to the total of my loan. I wrote to them using the templates on this site on the 21 September 2009 at the weekend I received a letter with an offer in it. They have refunded my premiums made to date and also the interest they have given me an additional interest payment at 8% and a refund of the last 3 months interest in total £1464.79. They have also re-arranged the current loan minus the PPI for the remaining term left on the loan.

Thank you Martin for this article and the letters supplied I am now going back to GE Capital etc for charges on previous loans lol watch this space.

di3004

kp3 wrote: »

Currently I have a loan with Halifax/Bank of Scotland it was for £7500 over 7 years I am almost half way through. They added £1989 PPI to the total of my loan. I wrote to them using the templates on this site on the 21 September 2009 at the weekend I received a letter with an offer in it. They have refunded my premiums made to date and also the interest they have given me an additional interest payment at 8% and a refund of the last 3 months interest in total £1464.79. They have also re-arranged the current loan minus the PPI for the remaining term left on the loan.

Thank you Martin for this article and the letters supplied I am now going back to GE Capital etc for charges on previous loans lol watch this space.

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

bertatswad

Hi, have been browsing this site for a while and this gave me the courage to reclaim my ppi. Have so far successfully claimed £1547.00 from
Alliance & Leicester. £4850.00 from Halifax, received letter today from Halifax for a further £942.00,& am waiting on the calculations on 2 old loans i had with them from 1999 and 2001 which they have agreed to pay me back. Also claimed from egg £894.00 & capital one :mad:( these i have found really difficult to claim from) but they agreed to pay back £158.00. Only Abbey to go now and they are saying it will only take 15 days:T for my complaint to be resolved. :j Thanks to everyone on this site i am now in a better place financially. So go on and give it a go and don't take no for an answer:j Thanks Martin you are my hero !!!!:money: