PPI Reclaiming successes and failures

marshallka

Silverbird wrote: »

Hi everybody

Hope you don't mind me posting here, but I just wondered how long the FOS cases are taking roughly at the moment. My husband's case has been with them since late December 2008. They do keep sending letters saying they're dealing with it, but just wondered what the average wait is for things to move forward at the moment? Anybody?

Thanks in advance!

Mine was before that and still not got an adjudicator yet. I think its about 12/18 months. You should not have much longer now. Good luck

Briggsy.notts

marshallka wrote: »

To work out your statutory interest you would put each repayment into the bank charges calculator http://www.moneysavingexpert.com/reclaim/bank-charges

and put the date it was paid and click add to charges list and it will add it up for you.

Its about half way down the page...

http://www.moneysavingexpert.com/reclaim/bank-charges

Thanks for that but I'm really confused. I don't know what you mean. I looked at the calculator but that is for bank charges which isn't what I'm claiming. Could you clarify in more detail what you mean.

Silverbird

marshallka wrote: »

Mine was before that and still not got an adjudicator yet. I think its about 12/18 months. You should not have much longer now. Good luck

Thank you so much, marshallka. That's reassuring and helpful and good luck to you too x

marshallka

Briggsy.notts wrote: »

Thanks for that but I'm really confused. I don't know what you mean. I looked at the calculator but that is for bank charges which isn't what I'm claiming. Could you clarify in more detail what you mean.

The statutory interest is worked out at 8% (same as the bank charges caclulator works it out) so you would put in each amount of repayment that went towards the PPI (suppose you paid £50 a month for PPI and interest on PPI), you would put in the calculator the first payment date (suppose this was 15th April, 2005) and then click "add to charges list" then you would put £50 in again and then 15th May 2005 etc etc etc. This then adds up in the charges list the actual amount of statutory interest due for each monthly payment you made against the PPI. Some firms however will just add simple interest onto whatever payment you are due back but this works out less.

Hope this helps

This is from the Ombudsman site and states the same

Loan and PPI policy still in place at time of FOS decision.
Lender agreed for the cancellation of the PPI policy and restructuring of loan. E.g.
Overall loan repayments £250 per month but would have been £200 without PPI, term of policy was 60 months and complaint settled after 20 monthly payments.
· Return excess monthly payments of £50 x 20 payments up to date of settlement (£1000)
· Add interest to each payment of £50 at 8%simple, from date of each payment until lender repaid.
· Arrange loan to be restructured, so remaining 40 monthly payments reduced to £200
· Pay borrower £300 for extra inconvenience caused.

flinty85

Hi just got back £4,700 of A&L Credit card PPI..thats great you would think,but they paid it off the balance of my outstanding credit card debt,is they anyway i can make them send me a cheque for this amount as this seems very unfair

di3004

fraz1776 wrote: »

Just got £1468 back from Alliance and Leicester on my £5000 loan delighted!! 50" Plasma is now coming my way!!

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

starxtrouble

Calling all EGG winners

Can anyone confirm if you had 8% statutory interest added (without going to the FOS) as Egg have told me today that it 'isnt their policy' to add 8% stat. interest to policies and they are not admitting liability just doing it as a goodwill gesture.

However I'm sure that Ive seen people say on here that they have got 8% stat. interest added on.

Can anyone clarify for me ?

Thanks

marshallka

starxtrouble wrote: »

Calling all EGG winners

Can anyone confirm if you had 8% statutory interest added (without going to the FOS) as Egg have told me today that it 'isnt their policy' to add 8% stat. interest to policies and they are not admitting liability just doing it as a goodwill gesture.

However I'm sure that Ive seen people say on here that they have got 8% stat. interest added on.

Can anyone clarify for me ?

Thanks

If its only goodwill and not admitting liablility they can basically do as they please. You can though take this to the FOS who should be able to get you the 8% statutory interest for monies you were deprived of. (if you win of course and I would think that Egg are only offering you this cause they know you will win, just my opinion of course!!)

bazzaboy1979

I've just been speaking my Grandma about her £4000 loan that has just finished with TSB. She showed me the paper work and i noticed she was paying PPI and she didn't even she had it.

She is 75 years old. Surely this PPI has been mis-sold.

Can anyone help??


Thanks:)

marshallka

bazzaboy1979 wrote: »

I've just been speaking my Grandma about her £4000 loan that has just finished with TSB. She showed me the paper work and i noticed she was paying PPI and she didn't even she had it.

She is 75 years old. Surely this PPI has been mis-sold.

Can anyone help??


Thanks:)

I would say she was most definately missold as she most definately would never have been able to claim on it. I would now do your own missale letter and state whatever is in the terms and conditions about age related claims etc. This will save you time as they cannot dispute it then. Send by recorded delivery too.

Do you have (or does your grandma have) the terms and conditions relating to the loan?