PPI Reclaiming successes and failures

geoff1057

after one letter, ge money paid up in full was expecting this to go to the wire. thank you for all the information on how to reclaim. Geoff

Strangely_Brown

After a long drawnout battle with HSBC to claim back C. £1400, I won!

HSBC failed to file their Defence as a result I was awarded judgement by default.

one down, 6 to go!!!!!!!!

alleybabes

Strangely_Brown wrote: »

After a long drawnout battle with HSBC to claim back C. £1400, I won!

HSBC failed to file their Defence as a result I was awarded judgement by default.

one down, 6 to go!!!!!!!!

hi can you tell me how long it took you to get your money once you were awarded judgement by default? i have put in a judgement by default 20th may but they are trying to get the judgement put aside

Lolaliz

• What were you reclaiming: PPI on a loan
• Who was the provider: Barclays
• How much did you get back: £500
• Did you get it back after a letter or did you go to the Financial Ombudsman: Letter
• And then write your brief reclaim tale

After hearing about PPI claims I checked through the paperwork of a loan that I had taken out in 2003 and to my surprise a single premium insurance had been added. I wrote to Barclays using the template from the moneysaving expert website asking for a refund and after 8 weeks I was sent an offer letter offreing a refund plus statutory interest on payments made. It was very straight forward and cost me a first class stamp!!!

Good luck with your claims!!!

TwinsMum_2

Just a little reminder that this forum is for reporting success. Questions can be asked on the discussion forum, save things getting all confusing.

74Alex

Having read this article, I checked through my old loan acount details. I had paid a single payment of £1753 PPI on a loan I had taken out with LLoysdtsb in Jan 2001. I filled out the template letter and thought no more about it until a week later I got a call from LLoyds insurance regarding my letter and my grounds for complaint. I restated what I had written in the original letter and that was that.

I received a letter the next week stating my case had been looked into and that since the loan was so old and they couldn't locate the papaerwork they were willing to make an ex gratia payment of the full amount plus accrued interest.

I received payment into my account the following week!

1 letter, 1 phone call, £2000+ better off!

I would reccomend everyone who has PPI to try to reclaim.

marshallka

74Alex wrote: »

Having read this article, I checked through my old loan acount details. I had paid a single payment of £1753 PPI on a loan I had taken out with LLoysdtsb in Jan 2001. I filled out the template letter and thought no more about it until a week later I got a call from LLoyds insurance regarding my letter and my grounds for complaint. I restated what I had written in the original letter and that was that.

I received a letter the next week stating my case had been looked into and that since the loan was so old and they couldn't locate the papaerwork they were willing to make an ex gratia payment of the full amount plus accrued interest.

I received payment into my account the following week!

1 letter, 1 phone call, £2000+ better off!

I would reccomend everyone who has PPI to try to reclaim.

Lucky you, congratulations

Laini

28 May 2008
Dear Mr & Mrs xxxxx


Your complaint about Firstplus Financial Group Plc trading as Firstplus


I am writing to set out my assessment of your complaint. In reaching my assessment I have considered all the evidence produced by you and Firstplus.

Complaint
This is a complaint about the sale of a payment protection insurance (PPI) policy.

Circumstances
In December 2006, you arranged finance with Firstplus and at the same time, you took out a single premium PPI policy, which covered your monthly loan payments if you became unemployed or incapacitated. You borrowed an additional amount to pay for the policy. Some of the figures in respect of the borrowing were set out in a loan agreement, a copy of which was provided to you.

You have complained about the way the policy was sold and Firstplus rejected the complaint on the basis that it had fulfilled its obligations when selling the policy.

Findings
Before I specifically address the merits of your complaint, I believe it would be helpful if I explained the role of The Financial Ombudsman Service when assessing complaints. The Financial Ombudsman Service is impartial and is independent of both the industry and the complainants.

I have carefully reviewed all the evidence and arguments presented by both you and Firstplus.

When Firstplus sold the PPI policy, it had a responsibility to ensure that you were able to make an informed choice as to whether or not to purchase it. The fact that the policy required payment by a single lump-sum premium for a fixed term policy with a restrictive cancellation condition and additional borrowing placed the firm under a duty to ensure that you had the opportunity to understand the significant features of the policy and its cost, so that you could make an informed choice between this and alternative products or to decide to not purchase the policy at all.

I have listened to the recorded sales calls and considered your submissions. Your evidence suggests that you did not fully understand the policy and how it was funded at the point of sale and, whilst I accept that reference to the cost of the policy was made on the loan agreement, this was not clearly set out, which meant that you were unlikely to fully appreciate how the policy was funded.

The policy was a five year plan funded by a premium loan added to the twenty five year borrowing. If the complainants had kept the policy in place, you would have paid interest against the PPI loan for the twenty five year term although you would only have enjoyed cover for twenty percent of that time. If you wanted further cover, you would have had to take out and pay for a further policy whilst still paying for the original PPI. These implications do not appear to have been put to you during the sales call made on 3 November 2006 which I have listened to.

In addition, Firstplus did not appear to have drawn your attention specifically to the restrictive cancellation condition in the policy.

Therefore, I am persuaded that the policy was not adequately explained to you at point of sale – in other words, you were not sufficiently aware of the cost or the implications of having a single premium policy to make an informed choice at that time.

Conclusions
Accordingly I conclude that Firstplus should pay redress to you with the intention of putting you as closely as is practicable in the position you would have been in had the PPI policy not been sold.

I therefore recommend that Firstplus should:

(a)[FONT=&quot] [/FONT]calculate the amount you paid in total in respect of your overall loan, including fees, penalties, as well as interest and repayments and reflecting any premium refund allowed on cancellation of the PPI policy;

(b)[FONT=&quot] [/FONT]calculate the amount you would have paid in total had the original loan been taken without the additional borrowing to fund the PPI, but assuming it was settled on the same date (including fees, penalties, as well as interest and repayments);

(c)[FONT=&quot] [/FONT]pay you the difference between (a) and (b) plus interest at 8% per annum simple from the date your loan was redeemed to the date Firstplus pay this compensation.

Firstplus has agreed to my recommendation.

I trust you will, therefore, be prepared to accept my assessment of your complaint. However, if you have any new points that you consider we should take into account and which you believe would make a difference to the outcome, please let me have them by 11 June 2008. If you are unable to reply fully by then, please let me know now.

Otherwise, please sign, date and return to me the attached settlement form so that it reaches me by 11 June 2008, to confirm your acceptance of my assessment in full and final settlement of your complaint. I will then ask Firstplus to settle the matter with you direct.

Yours sincerely

just thought i would say please please dont give up!!!
I will post the amount received when we receive the cheque

Laini xxx_party__party__party__party_:money::money::money::money::money:

Marbles296

Hi, I wrote to HSBC to reclaim PPI on a loan taken out 5 years ago... it took 5 minutes to download the standard letter on here and I emailed HSBC with the letter. Two weeks later I had an email offering me 2300 as a refund. Good but it wasnt the full amount. Banksscare me so I accepted their first offer.

also have been mis-sold PPI on my credit card but am finding it much more difficult. They have not kept any record of the telephone conversation between me and the salesman who sold me the card... so I am not really sure that I can take things any further... but I have been lied to by them as I called them on Friday to see what progress they had made with the claim, only to be told that they dont have the records. I then received the next day a letter saying that they had investigated my claim in full and that they can find NO EVIDENCE that I was mis-sold... and when I rang them to find out what was going on they told me they did have the records, only to confirm 15 minutes into the call that they didnt (!?) so actually they havent found any evidence full stop.

Finally within a week of them receiving my PPI reclaims they have downgraded my Premier account and if I want to keep the benefits then I have to pay 40 quid a month... bit of a coincidence!

Has anyone had any similar experiences? Would love to hear.

minichick

well done laini - how long did it take you to get this positive response from the FOS - ive a few claims with them at the moment and they are saying at least 6-9 months to deal with a claim