PPI Reclaiming successes and failures

mathewuk

Hi,

I need help - please read my post.

I have taken a loan from Lloyds TSB in March 2008 for £17k and £6k ppi was added to it. My monthly repayment is £450 (£330 for original amount +£120 for ppi). I have seen this forum in sept 2009 and realised that I can claim the ppi. The mistake I did was I went through a third party company which will charge me 25% +VAT on a no win no fee basis. They send the letters in Oct 2009 to Lloyds on my behalf. I haven't even canceled the ppi as the company told me to wait until I get a response from Lloyds. I received a letter in Jan 2010 from Lloyds mentioning that

" they will refund my loan insurance premium of £3500. But as a valued customer they will back date to the complaint received and refund me £4500 as a final settlement. This amount will be paid to my loan account and the term of my loan will be reduced. But my monthly repayments will remain the same. I can go to FOS if I am not happy with their final decision".

The company was telling me that it is good news. I think it is not. My understanding of ppi reclaim and of what everyone talking here is --- I am claiming for the refund of the monthly ppi repayments (£120) I have paid so far since March 2008 which would be nearly £2400 plus 8% interest. But NOT the refund or deduction of the ppi amount that is still left on my loan or which I will pay in the future if I don't cancel. Please correct if I am wrong. What surprised me is Lloyds are not talking about the ppi I paid so far.

Today I called the Lloyds ppi cancellation department. They said I can cancel my ppi and they will deduct £3200 from my existing loan amount and my monthly loan repayments will also go down. I am very confused now. What is the point in waiting me all these months by sending letters through third party and getting the same response which I got over the phone. I think it is even better in the phone as my repayments are going down. Am I right or am I missing any point here. I am unable to understand.

Also the most imp. thing- if I sign the document and accept the refund/rebate of £4500 into my loan account should I have to pay 25% +VAT to the third party company. If so I will be completely drained out as I haven't got back my ppi so far paid but on top of it I will loose money from my pocket to the company also.
But why should I pay them when my ppi paid so far is not refunded and if I can get cancellation of ppi just by talking over the phone to Lloyds directly.

If ppi cancellation and ppi reclaim are two different things altogether then can I cancel my ppi by calling Lloyds without telling the third party so that at least it will reduce my monthly repayments.

Please advice me. I will be waiting for the replies/suggestions/advice.

Many thanks,
Mat.

di3004

bowesyb5syncro wrote: »

hi everyone ive just been reading this thread very interesting and some great success stories i have been thinking off reclaiming ppi for a while now on a loan i had and paid off i have found the paperwork and i had £600 added to the loan i was missold this as i had a pre exsisting medical cond the company is the AA has anyone reclaimed from these? also i have been paying accident sickness and unemployment cover on my mortgage even tho i have pre exsisting and im self employed so i know ive defo bin missold this i only cancelled this last year this cover was through my mortgage advisor do i go to her or the company (paymentshield) i am hoping to reclaim myself and not thro a company on my behalf

Hi there
I would give it a go with the reasons you have.
You write to the ones who arranged and sold you the finance, and they have 8 weeks in full to respond.
More on the link below to guidelines of reclaiming, with templates as well, check this out, and ask for help as well anytime, good luck.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

di3004

laverslomax wrote: »

:jHi , In October 2009 i sent of the first template letter to Welcome Car Finance to claim back PPI on a car loan we took out in 2005, I had to also send the second and third letters, they did correspond back to me keeping me up to date with the claim, and i did fill out a questionaire , however today 30 January 2010 i have a letter stating they are going to refund all my PPI plus interest, a huge £3807.89,
I would just like to say to anybody claiming DO NOT GIVE UP, also thankyou to members who have helped me,
please look at other posts i have made to see how the claim progressed...:T this website is the BEST !:rotfl:

Fantastic, well done and Congratulations.:j:beer::T:beer:

di3004

Promanuk wrote: »

Hi Martin

Just wanted to say a big thank you for providing the advice and template letter on how to reclaim PPI from my lender. I wrote to Egg Plc some 6 months ago using your template letter.

I believe I had been mis-sold PPI when I took out a £15k car loan 4 years ago, the charges for PPI were £3900.

After 8/12 weeks their first response was to deny my claim (standard reply to every claim I think, they hope you will just go away) I insisted that they listen to the original recording of my telephone application, after a few weeks they wrote back stating that they had reviewed the call and I had not been mis-sold and that was the end of the matter as far as they were concerned.

Again just another attempt to make me go away!!!

I called them requesting a transcript of all calls which related to my application, so i could review what had actually been said during the calls. As I knew the call centre person had told me taking out PPI would ensure I qualified for the loan.

Meanwhile I wrote to the FOS asking them to investigate my claim.

Meanwhile I continued chased EGG for the transcripts of the calls, once again they just tried to put me off by saying "The Legal department were reviewing my request and they had not mis-sold me PPI"

I received a letter from the FOS yesterday stating that Egg had agreed to refund me 100% of the fee plus 8% per year interest total of about £4,100 what a RESULT.....

So why would a company like EGG refund me £4,100 if they had NOT mis-sold me.........Of course they had otherwise I would have got nothing.

The lesson here is to remember if you believe you have been mis-sold don't take NO for an answer, keep chasing them, and remember if you apply via the phone, all calls are recorded and may contain the proof you need to get your money back so ask for a transcript of the calls, that's what got me my money back!

Good Luck
Promanuk

Brilliant, Congratulations and well done to you.:beer::T:beer:

di3004

koala77 wrote: »

Hello

The adjudicator at the FOS has upheld my complaint for mis-sold PPI. The company however are disputing this and dragging the whole thing out.

Can anyone tell me what sort of figure I would be looking at to get back please?

I took out the loan for £30,500 in October 2007 with a PPI premium of £6777. The PPI component of my monthly payment was £92. I made 5 payments before cancelling the PPI cover and got a rebate of £2264. I settled the loan in full in August 2008. The settlement figure was £36,100 after 9 monthly repayments (5 with PPI and 4 without). Hope that makes sense!

Thanks.

Hi there

First of all well done and Congratulations.:beer::T:T
Bumping up the same time for you and hopefully someone will take a look at these for you shortly.;)

di3004

mathewuk wrote: »

Hi,

I need help - please read my post.

I have taken a loan from Lloyds TSB in March 2008 for £17k and £6k ppi was added to it. My monthly repayment is £450 (£330 for original amount +£120 for ppi). I have seen this forum in sept 2009 and realised that I can claim the ppi. The mistake I did was I went through a third party company which will charge me 25% +VAT on a no win no fee basis. They send the letters in Oct 2009 to Lloyds on my behalf. I haven't even canceled the ppi as the company told me to wait until I get a response from Lloyds. I received a letter in Jan 2010 from Lloyds mentioning that

" they will refund my loan insurance premium of £3500. But as a valued customer they will back date to the complaint received and refund me £4500 as a final settlement. This amount will be paid to my loan account and the term of my loan will be reduced. But my monthly repayments will remain the same. I can go to FOS if I am not happy with their final decision".

The company was telling me that it is good news. I think it is not. My understanding of ppi reclaim and of what everyone talking here is --- I am claiming for the refund of the monthly ppi repayments (£120) I have paid so far since March 2008 which would be nearly £2400 plus 8% interest. But NOT the refund or deduction of the ppi amount that is still left on my loan or which I will pay in the future if I don't cancel. Please correct if I am wrong. What surprised me is Lloyds are not talking about the ppi I paid so far.

Today I called the Lloyds ppi cancellation department. They said I can cancel my ppi and they will deduct £3200 from my existing loan amount and my monthly loan repayments will also go down. I am very confused now. What is the point in waiting me all these months by sending letters through third party and getting the same response which I got over the phone. I think it is even better in the phone as my repayments are going down. Am I right or am I missing any point here. I am unable to understand.

Also the most imp. thing- if I sign the document and accept the refund/rebate of £4500 into my loan account should I have to pay 25% +VAT to the third party company. If so I will be completely drained out as I haven't got back my ppi so far paid but on top of it I will loose money from my pocket to the company also.
But why should I pay them when my ppi paid so far is not refunded and if I can get cancellation of ppi just by talking over the phone to Lloyds directly.

If ppi cancellation and ppi reclaim are two different things altogether then can I cancel my ppi by calling Lloyds without telling the third party so that at least it will reduce my monthly repayments.

Please advice me. I will be waiting for the replies/suggestions/advice.

Many thanks,
Mat.

Hi Mat
Well done anyway.:beer:

Was this the final decision?

If not and your not satisfied you can write back and tell them this and what you expect to receive.

I would wait as well for opinions from others on here about this, good luck.

amersall

hi mat, wish you had looked at this site before you went to a claims company, but you have now so i think you will have to pay the 25% i am afraid. i would do what di says if you are not happy with this offer, but you only get the ppi paid to date and that is 2.760 at your ppi monthly amount to jan 2010 plus 8% you do not get the ppi you havent paid ,does that make sense? the offer sounds about right to me. also when you win a mis sell you no longer have the insurance it is cancelled ,and you can take that option up directly with lloyds you dont need the company to do that for you. and have your monthly payments reduced. even if you sign the acceptance form and deal with lloyds you will still have to pay the company.

mathewuk

Hi Di and Amersall,

Thank you very much for our replies. I am still not clear. I am sorry for not understanding this.

I am thinking that Lloyds have to pay me the monthly ppi repayments of £120 that I have paid so far since March 2008. This comes to a total of nearly £2700 plus 8% interest.

They are telling me that they will give rebate of £4500 to my loan account and my monthly repayments will remain the same. I don't understand where this £4500 amount came from. That means they are not giving me the ppi I paid so far and are only giving the rebate of the existing ppi on the loan.
Please explain me in detail. I am still confused.

Thanks a lot in advance.

Regards,
Mat.

mathewuk

Hi Di and Amersall,

Thank you very much for our replies. I am still not clear. I am sorry for not understanding this.

I am thinking that Lloyds have to pay me the monthly ppi repayments of £120 that I have paid so far since March 2008. This comes to a total of nearly £2700 plus 8% interest.

They are telling me that they will give rebate of £4500 to my loan account and my monthly repayments will remain the same. I don't understand where this £4500 amount came from. That means they are not giving me the ppi I paid so far and are only giving the rebate of the existing ppi on the loan.
Please explain me in detail. I am still confused.

Thanks a lot in advance.

Regards,
Mat.

mathewuk

Hi Di and Amersall,

Thank you very much for our replies. I am still not clear. I am sorry for not understanding this.

I am thinking that Lloyds have to pay me the monthly ppi repayments of £120 that I have paid so far since March 2008. This comes to a total of nearly £2700 plus 8% interest.

They are telling me that they will give rebate of £4500 to my loan account and my monthly repayments will remain the same. I don't understand where this £4500 amount came from. That means they are not giving me the ppi I paid so far and are only giving the rebate of the existing ppi on the loan.
Please explain me in detail. I am still confused.

Thanks a lot in advance.

Regards,
Mat.