PPI Reclaiming successes and failures

gerryscot

ruthb1 wrote: »

HI,

I submittred a claim to northern rock for missold ppi.

I have a mortgage with northern rock and took out 2 secured loans with them and ppi was offered

After a long wait, northern rock have writted to me today and advised that they agree with me that the sale of the ppi met there standards and have agreed to refund all of my premiums as well as 8% interest on the premiums paid. (which is great news)

My query is when you take out ppi on a secured loan is it the same as ppi for a personal loan, the reason i am saying this is because last year i received £600 from alliance and leicester for a £6000 personal loan. Northern rock are offering me £356 inc 8% interest on £10,000 secured loan and £121.88 on a £6000 secured loan.

What they are saying is that I have only paid 277.95 in ppi premiums on one and 99.00 on another, does it go on the premiums that you have paid or the amount of the loan. ( ithough it was the amount of the loan)

I suppose what I am trying to say is, do you think that this sounds a fair offer or if I went to the FOS what are my chances of this being increased.

although I am pleased that they have finally made this offer, I was a little shocked to see the amounts that they are offering me.


any advice would be really appreciated.


I HAVE POSTED THIS SOMEWHERE ELSE I THINK ALSO, SORRY I DONT KNOW WHICH AREA IS THE BEST FOR IT TO BE IN.


thanks


ruth

My loan was secured with BH and I got PPI refunded.

Probably best I don’t offer any advice on amount for your refund, I thought I was due £1000 and I got £2714.

Go for it and wish you the very best of luck.

Gerry x x

amersall

ruthb1 wrote: »

HI,

I submittred a claim to northern rock for missold ppi.

I have a mortgage with northern rock and took out 2 secured loans with them and ppi was offered

After a long wait, northern rock have writted to me today and advised that they agree with me that the sale of the ppi met there standards and have agreed to refund all of my premiums as well as 8% interest on the premiums paid. (which is great news)

My query is when you take out ppi on a secured loan is it the same as ppi for a personal loan, the reason i am saying this is because last year i received £600 from alliance and leicester for a £6000 personal loan. Northern rock are offering me £356 inc 8% interest on £10,000 secured loan and £121.88 on a £6000 secured loan.

What they are saying is that I have only paid 277.95 in ppi premiums on one and 99.00 on another, does it go on the premiums that you have paid or the amount of the loan. ( ithough it was the amount of the loan)

I suppose what I am trying to say is, do you think that this sounds a fair offer or if I went to the FOS what are my chances of this being increased.

although I am pleased that they have finally made this offer, I was a little shocked to see the amounts that they are offering me.


any advice would be really appreciated.


I HAVE POSTED THIS SOMEWHERE ELSE I THINK ALSO, SORRY I DONT KNOW WHICH AREA IS THE BEST FOR IT TO BE IN.


thanks


ruth

hi there, how long did you have the loans for?. as you only get back the ppi you have paid to date, and the original ppi amount should be taken off your loans.and your loan payment should reduce each month by the ppi payment. if you find that it should be more, get back in touch with nr and let them know you are not happy and will take it to fos, hope this helps

twinkledust

Congrats everyone whose managed to claim :T

I'm new to this and still don't really understand it. I've been sitting trying to work it out all day. I've managed to compose a letter to Freemans using the first template letter as a guide which I'm pleased about

However as I mentioned earlier I have one I want to sort out for Welcome Finance and it was mentioned I could claim on 2 accounts above but I don't really understand whats meant. I don't know where best to start. Think I need a coffee :eek:

ruthb1

amersall wrote: »

hi there, how long did you have the loans for?. as you only get back the ppi you have paid to date, and the original ppi amount should be taken off your loans.and your loan payment should reduce each month by the ppi payment. if you find that it should be more, get back in touch with nr and let them know you are not happy and will take it to fos, hope this helps

thanks for getting back to me- I contacted Northern rock earlier as I needed to discuss other things with them- I asked them if the policy was still running and they said it was cancelled in 2007 but they didnt know if it was them who cancelled it or us- I cant remember cancelling it but thats by the by now anyway, so am I right in thinking the loan is still ongoing but no ppi in place- so the ppi is only payable until 2007 that would be the premiums that i paid with the 8% interest on top. The loans are attached to my mortgage.

I just need to get this straight in my head before i decide what to do


thanks for your help

ruthb1

twinkledust wrote: »

Congrats everyone whose managed to claim :T

I'm new to this and still don't really understand it. I've been sitting trying to work it out all day. I've managed to compose a letter to Freemans using the first template letter as a guide which I'm pleased about

However as I mentioned earlier I have one I want to sort out for Welcome Finance and it was mentioned I could claim on 2 accounts above but I don't really understand whats meant. I don't know where best to start. Think I need a coffee :eek:

hi there- Im no expert what i would do in your situation is concentrate on the missold PPI first, take one step at a time as it is confusing at first, complete the template letters, then you are on your way- happy days.
If you get stuck im sure anyone on here will be happy to help you, i have always had great advice on here, just take one step at a time.


take care

ruth

twinkledust

ruthb1 wrote: »

hi there- Im no expert what i would do in your situation is concentrate on the missold PPI first, take one step at a time as it is confusing at first, complete the template letters, then you are on your way- happy days.
If you get stuck im sure anyone on here will be happy to help you, i have always had great advice on here, just take one step at a time.


take care

ruth

on my way to cpmleting my first letter to welcome finance then I'll need to start with northern rock whom I also have a loan with which is unsecured but runs beside my mortgage! :eek:

di3004

sahra wrote: »

Omg omg :j

Just got home from work to find a letter from Barclays. I sent the 2 templates off (1st letter last April) and we hadn't had a reply after the 40 days or so. OH phoned and they said we could complain to the FSO, but we were too lazy and just waited. That was in September.

Letter today says:
Blah, blah, ...The loan was for £7000 over a term of 60 months.The application included PPI cover with a premium of £1,553.33 which was to be added to the loan and required a contracted monthly instalment of £199.46 to ensure it was repaid within the agreed term. etc,etc.
I have sent a cheque for £3,104.77. This comprises the original PPI premium of £1,553.33, plus interest of £621.15 paid on the premium loan. It also includes 8% interest on the monthly premiums paid which amounts to £930.29. This figure also includes 8% interest on the monthly premiums since closure of your loan.

I phoned OH in work and told him to guess how much the cheque was for. He said, £50?, £100?, £500?


I never thought it would be for that much!!


Can't believe it after only 2 letters and a phone call, I'm over the moon :T:T
Thanks Martin and everyone on here for their help :beer:

Wow this is fanatastic :T:T well done :T:T and Congratulations.:beer:

di3004

christine_chris_chrissy wrote: »

I need to get my files out!
but other half has just had a letter to say bank has made an offer woop woop
he is using one of those company's but he his happy will let you know when he has his chq

Hi there
Wishing you luck and for a good outcome, fingers crossed.;)

di3004

ruthb1 wrote: »

HI,

I submittred a claim to northern rock for missold ppi.

I have a mortgage with northern rock and took out 2 secured loans with them and ppi was offered

After a long wait, northern rock have writted to me today and advised that they agree with me that the sale of the ppi met there standards and have agreed to refund all of my premiums as well as 8% interest on the premiums paid. (which is great news)

My query is when you take out ppi on a secured loan is it the same as ppi for a personal loan, the reason i am saying this is because last year i received £600 from alliance and leicester for a £6000 personal loan. Northern rock are offering me £356 inc 8% interest on £10,000 secured loan and £121.88 on a £6000 secured loan.

What they are saying is that I have only paid 277.95 in ppi premiums on one and 99.00 on another, does it go on the premiums that you have paid or the amount of the loan. ( ithough it was the amount of the loan)

I suppose what I am trying to say is, do you think that this sounds a fair offer or if I went to the FOS what are my chances of this being increased.

although I am pleased that they have finally made this offer, I was a little shocked to see the amounts that they are offering me.


any advice would be really appreciated.


I HAVE POSTED THIS SOMEWHERE ELSE I THINK ALSO, SORRY I DONT KNOW WHICH AREA IS THE BEST FOR IT TO BE IN.


thanks


ruth

Hi Ruth

Basically the costly types of policies of PPI is the ones that they add to the loan as another loan, so say for example a loan of 20 or 25 years, these costly ppi's only cover for 5 of those years yet you would still be paying for the policy over the 25 years years.....outragious indeed!!

Where stand alone protection these are far cheaper than the above type policies.
Some types of policies do vary to the other as stated above.

Do you have the terms and conds of the policy, if so theck how they work with the personal loan, as they may vary from one bank to another sort of thing.

If there is a huge difference in the amount you paid to what they are offering then no it would not be fair, but personally it depends if your happy or not yourself with this offer, if your not and was not give the final decision, you should have the chance to write back and tell them your not happy with the offer, and ask that they eiher consider accepting liability by paying you the full PPI paid and interest, plus 8% interest of what a court would award, or request that they offer a more reasonable higher amount for you to consider.

If they do not do this for you, you always have the FOS, but as you may be aware could take some time, as they have large volumes of these complaints to deal with.
But its entirely up to you of course, either way, the best of luck.

Maybe others on here will have some advice for you on this as well, anf give their own opinion on this.;)

Di

gerryscot

Pssss Di I'm stalkin you, are you coming to the party???? :j:beer: