PPI Reclaiming successes and failures

amersall

JonasTheHobbit wrote: »

What were you reclaiming: PPI on Loan
Who was the provider: HSBC
How much did you get back: £2688
Did you get it back after a letter or did you go to the Financial Ombudsman: 1 Letter sent
And then write your brief reclaim tale: Sent off 1 letter from the templates on this site, received a response about a week later stating it was being investigated. Received another 3 weeks later stating they would not meet the 4 week deadline but had 8 weeks (according to FO) in which to complete the claim. Received a further letter 2 days before the 8 week time scale with the above offer. HSBC denies being in the wrong though!

Moneysavingexpert wins again. Cheers guys.

:j:j congrats and well done:j:j:beer:

charliedaydream

Hi all, congrats on everyones recents wins.

My sainsbury claim continues, they sent me 2nd letter today to say they are still investigating my concerns. Impressive that they are keeping up good communications.

Although I have a new concern, I told my parents about this process and mum&dad were shocked to discover that £70 a month was being added to one of their credit cards. So they have put in a claim for that, they received a letter back and their complaint is being handled by the same man who is dealing with mine.

Since we live at the same address should I be worried that they wont look equally objectively on both claims, or since they are in different names it shouldnt make a difference?

Thanks

marshallka

Dellboy wrote: »

I worry about my sanity sometimes but they are not taking the single premium off the outstanding loan just given me the payments ive made against it so i'm worse off :mad:
if i hadnt had the ppi i wouldnt have made £11000 worth of payments so surely i should get both the refund and the ppi removed from the loan accounts outstanding figure ???

Your PPI would have been 26.97% of whatever repayments you made so it cannot have been £11000 in PPI alone. Your repayments were £525 a month and of that there was broker fee so your actual repayments were more like £515 for BOTH the loan and PPI. Of the £515 26.97% went towards paying the PPI so your total PPI if your loan HAD gone to term would be £11673. If they pay you back £11673 then this would be a FULL redress and nothing less.

If they give you back £11K and you pay this £11K towards your loan then your loan maybe paid off perhaps and some more besides...Have you made 60 repayments so far?? Sorry cannot remember???

They are not just giving you the repayments you have made against the PPI, they are giving you the repayments you have made to date and all the extra too to put you back into the position as if you never had the PPI.

If they gave you just the repayments made against your PPI then that would be more like £8K and they are paying you back ALL the PPI and interest.

They have not however mentioned the 8% statutory interest so perhaps you could ask them for this.


If you won with FOS here you would get back the £8K worth of payments you have made (as this is what you have been out of pocket by to date) and then your loan would be reduced by the remaining £3K odd to reflect the PPI. They are saying to you, your loan has only 2 years left to run so we are going to pay you ALL the PPI and interest on the PPI and you can then either pay back to settle the loan or leave the loan as it is and use for other things. They are giving you a choice here. Maybe it would be better to rid the loan with it and have done....

marshallka

JonasTheHobbit wrote: »

What were you reclaiming: PPI on Loan
Who was the provider: HSBC
How much did you get back: £2688
Did you get it back after a letter or did you go to the Financial Ombudsman: 1 Letter sent
And then write your brief reclaim tale: Sent off 1 letter from the templates on this site, received a response about a week later stating it was being investigated. Received another 3 weeks later stating they would not meet the 4 week deadline but had 8 weeks (according to FO) in which to complete the claim. Received a further letter 2 days before the 8 week time scale with the above offer. HSBC denies being in the wrong though!

Moneysavingexpert wins again. Cheers guys.

Well done...:beer:

marshallka

charliedaydream wrote: »

Hi all, congrats on everyones recents wins.

My sainsbury claim continues, they sent me 2nd letter today to say they are still investigating my concerns. Impressive that they are keeping up good communications.

Although I have a new concern, I told my parents about this process and mum&dad were shocked to discover that £70 a month was being added to one of their credit cards. So they have put in a claim for that, they received a letter back and their complaint is being handled by the same man who is dealing with mine.

Since we live at the same address should I be worried that they wont look equally objectively on both claims, or since they are in different names it shouldnt make a difference?

Thanks

You should be fine with different name and account numbers. Hope you all win.:beer:

leondp

marshallka wrote: »

You should be fine with different name and account numbers. Hope you all win.:beer:

Hi

Just to let you know me and my wife have got separate claims ongoing for the same address and we have had no problems so far and we have both wins to date!! Good luck and go get them!!!:T

Dellboy_3

marshallka wrote: »

Your PPI would have been 26.97% of whatever repayments you made so it cannot have been £11000 in PPI alone. Your repayments were £525 a month and of that there was broker fee so your actual repayments were more like £515 for BOTH the loan and PPI. Of the £515 26.97% went towards paying the PPI so your total PPI if your loan HAD gone to term would be £11673. If they pay you back £11673 then this would be a FULL redress and nothing less.

If they give you back £11K and you pay this £11K towards your loan then your loan maybe paid off perhaps and some more besides...Have you made 60 repayments so far?? Sorry cannot remember???


They are not just giving you the repayments you have made against the PPI, they are giving you the repayments you have made to date and all the extra too to put you back into the position as if you never had the PPI.

If they gave you just the repayments made against your PPI then that would be more like £8K and they are paying you back ALL the PPI and interest.

They have not however mentioned the 8% statutory interest so perhaps you could ask them for this.


If you won with FOS here you would get back the £8K worth of payments you have made (as this is what you have been out of pocket by to date) and then your loan would be reduced by the remaining £3K odd to reflect the PPI. They are saying to you, your loan has only 2 years left to run so we are going to pay you ALL the PPI and interest on the PPI and you can then either pay back to settle the loan or leave the loan as it is and use for other things. They are giving you a choice here. Maybe it would be better to rid the loan with it and have done....

ok so using your figures the payments i have made are £8316.30 i get that
so there giving me the payments because they misold the ppi but there leaving the £9000 ppi on the loan ..

marshallka

Dellboy wrote: »

ok so using your figures the payments i have made are £8316.30 i get that
so there giving me the payments because they misold the ppi but there leaving the £9000 ppi on the loan ..

There is not £9000 left on the loan for the PPI, you have paid 60 months of it off. If the total of the "loan for the PPI" was £11K odd and you have repaid 60 months towards it then there is only about £3K left of the PPI and interest. They are not leaving it on, you do not owe it now as you have repaid all but 2 years of it. You will get the money back to YOU in a cheque and if you use "some of it" being the 3K left on the 11k PPI then your loan will be in the position as if you never had the PPI. You could in actual fact use it all to repay the loan and then have no balance at all. You HAVE had a fair redress and more. Your total PPI for the whole of the loan terms would have cost you £11K and you are getting back £11K. You are not out of pocket at all.

amersall

marshallka wrote: »

There is not £9000 left on the loan for the PPI, you have paid 60 months of it off. If the total of the "loan for the PPI" was £11K odd and you have repaid 60 months towards it then there is only about £3K left of the PPI and interest. They are not leaving it on, you do not owe it now as you have repaid all but 2 years of it. You will get the money back to YOU in a cheque and if you use "some of it" being the 3K left on the 11k PPI then your loan will be in the position as if you never had the PPI. You could in actual fact use it all to repay the loan and then have no balance at all. You HAVE had a fair redress and more. Your total PPI for the whole of the loan terms would have cost you £11K and you are getting back £11K. You are not out of pocket at all.

you are spot on, thanks for that plain and simple terms! i wish fp had been that generous with me and given me all my ppi back!! 23000. i would be in the bahamas now lol if i dare fly!

Dellboy_3

marshallka wrote: »

There is not £9000 left on the loan for the PPI, you have paid 60 months of it off. If the total of the "loan for the PPI" was £11K odd and you have repaid 60 months towards it then there is only about £3K left of the PPI and interest. They are not leaving it on, you do not owe it now as you have repaid all but 2 years of it. You will get the money back to YOU in a cheque and if you use "some of it" being the 3K left on the 11k PPI then your loan will be in the position as if you never had the PPI. You could in actual fact use it all to repay the loan and then have no balance at all. You HAVE had a fair redress and more. Your total PPI for the whole of the loan terms would have cost you £11K and you are getting back £11K. You are not out of pocket at all.

But if i had paid the £500 odd amount for 60 months the £25000 loan would be gone or almost and not £11000 outstanding
Sorry i must be thick .