PPI Reclaiming successes and failures

Tigger2808

I wanted to share my success and hopefully encourage others to reclaim.

What were you reclaiming: Loan PPI
Who was the provider: Lloyds TSB
How much did you get back: nearly £600
Did you get it back after a letter or did you go to the Financial Ombudsman: I sent just one letter using a template on MSE
And then write your brief reclaim tale
I took out a loan with Lloyds TSB a year ago. They offered me PPI and I asked if I could take out a policy of my own to cover it. I was told "no". This was a definite "no" and I was lead to believe that because of the financial climate the loan would be refused if I did not agree.
I recently saw a financial advisor to review my insurance policies and he recommended income protection insurance which covers my mortgage and the loan and more for less than half what I was paying to Lloyds TSB just for the loan!
I decided to reclaim the loan PPI and I used a template letter on MSE website. I only sent one letter. Lloyds wrote back a couple of times saying they were still investigating but now I've got a letter saying I'm getting a full refund of PPI plus interest - nearly £600. Result!

I'm so happy. Thank you Martin Lewis and people who post on the forum. Your advice is fantastic!! :T

marshallka

Tigger2808 wrote: »

I wanted to share my success and hopefully encourage others to reclaim.

What were you reclaiming: Loan PPI
Who was the provider: Lloyds TSB
How much did you get back: nearly £600
Did you get it back after a letter or did you go to the Financial Ombudsman: I sent just one letter using a template on MSE
And then write your brief reclaim tale
I took out a loan with Lloyds TSB a year ago. They offered me PPI and I asked if I could take out a policy of my own to cover it. I was told "no". This was a definite "no" and I was lead to believe that because of the financial climate the loan would be refused if I did not agree.
I recently saw a financial advisor to review my insurance policies and he recommended income protection insurance which covers my mortgage and the loan and more for less than half what I was paying to Lloyds TSB just for the loan!
I decided to reclaim the loan PPI and I used a template letter on MSE website. I only sent one letter. Lloyds wrote back a couple of times saying they were still investigating but now I've got a letter saying I'm getting a full refund of PPI plus interest - nearly £600. Result!

I'm so happy. Thank you Martin Lewis and people who post on the forum. Your advice is fantastic!! :T

Well done tigger;):beer:

Elliekate77

Black Horse Finance

Hi there, bear with me as im new to this! I have just had a case successfully upheld by the FOS against BH for a PPI refund on a loan taken out in Sept 05 but now settled. I am now waiting for BH to send me a letter advising how much they are going to refund me.

The original PPI amount was for £326, not sure if we got a small rebate as we settled the loan after 4 months.

However, what i want to know is how do they work out the interest? will i receive 8% statutory interest from the date the loan was taken out until the date BH refund the ppi? and do i get interest on the ppi payments already made? and if so how is that worked out?

Any advice would be greatly appreciated!

Successes to date:
Lloyds TSB - Bank charge refund 03/07 - £3348
Lloyds TSB - PPI refund - £1326 + £687 interest
HSBC - Bank charges refund 05/07 - £348

marshallka

Elliekate77 wrote: »

Black Horse Finance

Hi there, bear with me as im new to this! I have just had a case successfully upheld by the FOS against BH for a PPI refund on a loan taken out in Sept 05 but now settled. I am now waiting for BH to send me a letter advising how much they are going to refund me.

The original PPI amount was for £326, not sure if we got a small rebate as we settled the loan after 4 months.

However, what i want to know is how do they work out the interest? will i receive 8% statutory interest from the date the loan was taken out until the date BH refund the ppi? and do i get interest on the ppi payments already made? and if so how is that worked out?

Any advice would be greatly appreciated!

Successes to date:
Lloyds TSB - Bank charge refund 03/07 - £3348
Lloyds TSB - PPI refund - £1326 + £687 interest
HSBC - Bank charges refund 05/07 - £348

Hi, some do the interest on each PPI payment made and from the date each one was made to the redress date and others total the PPI payments made and then work out your redress and add interest from the date your loan was repaid to todays date.

katie1

Elliekate77 wrote: »

Black Horse Finance

Hi there, bear with me as im new to this! I have just had a case successfully upheld by the FOS against BH for a PPI refund on a loan taken out in Sept 05 but now settled. I am now waiting for BH to send me a letter advising how much they are going to refund me.

The original PPI amount was for £326, not sure if we got a small rebate as we settled the loan after 4 months.

However, what i want to know is how do they work out the interest? will i receive 8% statutory interest from the date the loan was taken out until the date BH refund the ppi? and do i get interest on the ppi payments already made? and if so how is that worked out?

Any advice would be greatly appreciated!

Successes to date:
Lloyds TSB - Bank charge refund 03/07 - £3348
Lloyds TSB - PPI refund - £1326 + £687 interest
HSBC - Bank charges refund 05/07 - £348

Elliekate ,
Did you write to BH before going to FOS ???
Just out of interest how long from start to finish did the FOS take to deal with your complaint ?? Im just about to submit a complaint in and wanted a rough idea.

Elliekate77

Hi Katie1

I wrote to BH first at the beginning of last year and they sent me a letter with a flat NO and didnt think they had mis-sold me the policy. I then put in my complaint with the FOS in May 09, my complaint was not passed to an Adjudicator until August last year. The FOS then wrote to me on the 14/12/09 to say they had upheld my complaint. I sent back the settlement form to the FOS which they have passed to BH, that was 2 weeks ago, but you have to allow up to 12 weeks for them to settle, slightly unreasonable I think seeing as I have to wait a good 9 months already!!!

I did email BH and have had a reply today to say my claim is in the queue to be processed, sounds like they have a major backlog, but there will be some very happy customers!

Elliekate77

Just out of curiosity has anyone else had a refund from BH? if so how did they calculate your refund and did they give you a breakdown?

thanks

di3004

Elliekate77 wrote: »

Just out of curiosity has anyone else had a refund from BH? if so how did they calculate your refund and did they give you a breakdown?

thanks

Hi there

And yes there have been much success with BH to what I am aware of.

I'm sure you will receive some feedback on this in regards of calculations.

However, when you write to reclaim from them there is no need to write the amounts down on the letter, and if successful they should also include sending a written breakdown on how they done this.

More on reclaiming here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

On how the Financial ombudsman Service (FOS) calculates refunds here:
http://forums.moneysavingexpert.com/showthread.html?t=1596473

Hope this helps, please ask for help anytime and please keep us posted, cheers.;)

NikkiTony

I got my money back ! Thank you to MoneySaving artical and Martin!

I took my loan out in 2006 with Aliance and Leicester who have just been taken over by Abbey, I don't have the paperwork with me so can't check but I managed to get over £1,000 back which I used to pay off my credit card in full, now leaving me clear of CC debt !!!!

As it happens I had written a letter about a year ago which I got a reply saying if I wanted to cancel it I would need to take out a new loan, which in Martin's artical said was now against the FSA rules. I stated this in my letter along with a couple of other points, the first being that the company had already been fined by the FSA and secondly that I don't feel the policy was sold to me with complete honesty, that the salesperson was very pushy and that I was not told the policy was optional. My last paragraph was that I requested a letter back within 8 weeks or I would contact the financial Ombudsman.
To my utter disbelief I received a letter back saying no problems and this is what we will credit you!

I was so pleased as I didn't think for one minute that I would get a yes straight away, I thought there would be a battle. Maybe my original letter had helped, I'd done that before I'd even ever heard of this website!!

Anyway good luck with reclaiming.

di3004

NikkiTony wrote: »

I got my money back ! Thank you to MoneySaving artical and Martin!

I took my loan out in 2006 with Aliance and Leicester who have just been taken over by Abbey, I don't have the paperwork with me so can't check but I managed to get over £1,000 back which I used to pay off my credit card in full, now leaving me clear of CC debt !!!!

As it happens I had written a letter about a year ago which I got a reply saying if I wanted to cancel it I would need to take out a new loan, which in Martin's artical said was now against the FSA rules. I stated this in my letter along with a couple of other points, the first being that the company had already been fined by the FSA and secondly that I don't feel the policy was sold to me with complete honesty, that the salesperson was very pushy and that I was not told the policy was optional. My last paragraph was that I requested a letter back within 8 weeks or I would contact the financial Ombudsman.
To my utter disbelief I received a letter back saying no problems and this is what we will credit you!

I was so pleased as I didn't think for one minute that I would get a yes straight away, I thought there would be a battle. Maybe my original letter had helped, I'd done that before I'd even ever heard of this website!!

Anyway good luck with reclaiming.

Brilliant, well done and Congratulations Nikki.:T:beer::T