PPI Reclaiming successes and failures

mikepatterson

Can I ask you please regarding PPI, do all of the loan companies have to refund my PPI? I have a loan with Halifax and one with First Plus. Can I get back the PPI on both do you know?

amersall

busbyh wrote: »

Suzysu

If you intend claiming off pICTURE, There is no need to pay anybody else to do this for you. All those on the Picture thread have done it themselves, saving loads
Just ring fscs and ask for a claim form fro Picture, and read all our posts on the Picture thread.
Good luck

fully agree busbyh!!! claims companys can do it no quicker than you can do it yourself, you will get a lot of help from this site and all for free. just ask

amersall

mikepatterson wrote: »

Can I ask you please regarding PPI, do all of the loan companies have to refund my PPI? I have a loan with Halifax and one with First Plus. Can I get back the PPI on both do you know?

hi there, it all depends if you were mis sold, i take it with the fp one the ppi was put on at the beginning of the loan and you pay it over the term of the loan with interest but the ppi only actually lasts for five years, a lot of these front loaded ppi claims are winning at the moment due to the unfairness and cost. you go for it with fp you have nothing to lose and everything to gain, as for halifax send them a letter stating why you think you were mis sold and see what they say, any help with this just ask. you might find it usefull to go on this website concerning fp firstpluscomplaints.co.uk go on and have your eyes opened. you can claim mis sell for the price of a stamp, dont be taken in by these claims companys when you can do it all yourself and no one gets a chunk of your win good luck with this

marshallka

Dellboy wrote: »

Hi all
recieved a letter from Egg today saying they have agreed a refund on PPI :j
The amounts are as follows

PPI premium on loan £ 9235.75
Less any PPI refund taken off loan £ 543.28
Refund of interest charged on PPI at contractual loan rate £ 3299.48
Total refund due £11991.95

Now is this correct given the details below



annual percentage rate (APR) 6.9% (as per agreement)
annual interest rate 6.73% fixed (as per agreement)
original term of loan 84 months (this is the term of your loan starting from the date the agreement was made through to the last payment date as provided in the agreement - any changes will have been notified to you)
date of initial advance 05 July 2004
amount of credit £25,000.00 cash loan
£9,235.75 repayment protection

i would have thought it should be

PPI pemium on loan £9235.75
Refund of payments made on PPI portion of loan
£134.00 a month for 60 months) £8040
plus any additional interest

this would mean £17275.75 plus any interest .

I know this might sound greedy but that £6000 would make a hell of a difference .

If my workings are correct shall i just write and tell them as when i phoned for clarification i was told that i just didnt get it .:mad:

Also is it ok to accept the payment and continue to argue as there letter says the complaint is now closed ...

Dellboy if your repayments were about £465 a month over 84 months (can't see your repayment total above???) and your PPI element was 26.97% (worked this out from figures above) then your total PPI with interest over the period would have only been £10,500 (being 125.00 x 84 months so you are getting a great deal as amerall has said. If you paid this off the loan you should be back in the position (or better than that) as if you never had the PPI. If you keep it and use for other things then your loan will stay the same I assume.

Have they mentioned the 8% statutory interest though???

amersall

DI_Frost wrote: »

HI, I didn't receive the loan payouts as I didn't allow the loan to progress that far along its term before I claimed for the PPI insurance. I#m sure they would still have paid as they are contractually obliged to do so. If you have had some payments, I'm sure they would just reduce your compensation award by that amount. I did recieve around £1,100 back from picture when I cancelled my PPI and the award from the FSCS showed that had received that back and adjusted by compensation.

I claimed the PPI was mis-sold on the basis that it was never mentioned in all the conversations (all they provided me with was a monthly payment figure), and at the time, we were desperate to get some funding in place just to live! I felt that their agents were not financially trained and took advantage of people in desperate situations.

I suspect you will probably need to go the whole hog, just keep all the letters that they send to you as replys to your letters. This shows to the FSA that you have already tried to resolve it yourself.

Alternately, you can get a company to chase your money for you. Its probably a lot quicker but will cost you a percentage in commission.

Hope this helps!
Paul

hi paul, if you dont mind me asking did you use a claims company to win with picture, if you did and you dont mind me asking how much was it , sorry to be nosy but some one on this site paid 25% of the win to one company. i think they target people who dont know that you can do what they can do and all for the cost of a stamp (or 2)

amersall

marshallka wrote: »

Dellboy if your repayments were about £465 a month over 84 months (can't see your repayment total above???) and your PPI element was 26.97% (worked this out from figures above) then your total PPI with interest over the period would have only been £10,500 (being 125.00 x 84 months so you are getting a great deal as amerall has said. If you paid this off the loan you should be back in the position (or better than that) as if you never had the PPI. If you keep it and use for other things then your loan will stay the same I assume.

Have they mentioned the 8% statutory interest though???

thanks for that, wasnt sure if i was right, am not a whizz with figures but it did seem a very good deal

marshallka

amersall wrote: »

thanks for that, wasnt sure if i was right, am not a whizz with figures but it did seem a very good deal

Yes you are correct amersall but looks like Egg are doing a strange redress here??? Never seen it TBH before. Its actually more than the total PPI and interest for the whole term of the loan????

amersall

marshallka wrote: »

Yes you are correct amersall but looks like Egg are doing a strange redress here??? Never seen it TBH before. Its actually more than the total PPI and interest for the whole term of the loan????

i know tell me about it!! if a loan has not got long to go i suppose its better to do that than redo a loan for a short time? any way it was a good deal for delboy!!

kellylouise001

Well i have heard about PPI reclaiming for the last year or so but it was only September when i decided to do something about it...so off i sent my letters (templates from here)to Halifax - for 2 loans, 1 still ongoing which i took out in 2007 and one which i took out in 2003 which has settled. Also sent off letters to Littlewoods re PPI and also Aqua credit card re PPI.

I am so happy to say that I recieved a letter from Halifax on Thurs saying that they would refund both PPI premiums :j yay! There was no figures and said they would write to me in the next month to confirm amounts to be paid to me. The told me that it would go towards reducing my current loan with them which is still a bonus! Anyway checked my online banking yesterday and was astounded to see that £1,349.50 had been deposited! :beer: I didnt expect to get any cash and thought and the money would be paid off my loan! Bonus! So today i get a letter stating that the £1,349.50 is a refund of the PPI plus interest which i paid on my first loan. Obviously because that loan has settled they are unable to use it to pay off the other loan! Also for the loan i still have which i owed £3,100 on they have reduced it to £2,350 to reflect the PPI being removed and also refunded me £1,000 off the loan which means that now i have £1,349.50 in the bank and a loan which is now just over £1,100! To say I am overjoyed is an understatement!

I would like to say a massive thanks to all you guys on here who are so encouraging and also of course a massive thanks to Martin himself! What a legend! Also i recieved a letter from Aqua today saying that they too are upholding my complaint and i should also recieve payment in a month which is about £800!

If you have not yet started to claim stop holding back, you have nothing to lose but the price of a stamp! AND i did not even have my loan details so as i still bank with Halifax i just gave them by bank account no and sort code and they found the details themselves!

I shall keep you updated on the outcome with Aqua and Littlewoods and as usual keep checking the site for your successes...as for now i'm off shopping

Kelly x x

:T:beer::j:money::A

amersall

kellylouise001 wrote: »

Well i have heard about PPI reclaiming for the last year or so but it was only September when i decided to do something about it...so off i sent my letters (templates from here)to Halifax - for 2 loans, 1 still ongoing which i took out in 2007 and one which i took out in 2003 which has settled. Also sent off letters to Littlewoods re PPI and also Aqua credit card re PPI.

I am so happy to say that I recieved a letter from Halifax on Thurs saying that they would refund both PPI premiums :j yay! There was no figures and said they would write to me in the next month to confirm amounts to be paid to me. The told me that it would go towards reducing my current loan with them which is still a bonus! Anyway checked my online banking yesterday and was astounded to see that £1,349.50 had been deposited! :beer: I didnt expect to get any cash and thought and the money would be paid off my loan! Bonus! So today i get a letter stating that the £1,349.50 is a refund of the PPI plus interest which i paid on my first loan. Obviously because that loan has settled they are unable to use it to pay off the other loan! Also for the loan i still have which i owed £3,100 on they have reduced it to £2,350 to reflect the PPI being removed and also refunded me £1,000 off the loan which means that now i have £1,349.50 in the bank and a loan which is now just over £1,100! To say I am overjoyed is an understatement!

I would like to say a massive thanks to all you guys on here who are so encouraging and also of course a massive thanks to Martin himself! What a legend! Also i recieved a letter from Aqua today saying that they too are upholding my complaint and i should also recieve payment in a month which is about £800!

If you have not yet started to claim stop holding back, you have nothing to lose but the price of a stamp! AND i did not even have my loan details so as i still bank with Halifax i just gave them by bank account no and sort code and they found the details themselves!

I shall keep you updated on the outcome with Aqua and Littlewoods and as usual keep checking the site for your successes...as for now i'm off shopping

Kelly x x

:T:beer::j:money::A

:j:j:jthats brilliant news:jwell done:money: