PPI Reclaiming successes and failures

amersall

BMF wrote: »

Hey all,

Wondered if someone could offer some perspective on my complaint...

Wrote to Lloyds about the misselling of PPI and they have finally replied, offering me £785.97, which is backdated to the time of my original complaint made 16th November. I am uncertain whether to accept or take it to the FOS and try to get it from the original date of obtaining the loan (was October 2007). What's been people's experience of this?

Thanks for yr continued help and support!

Ben

hi bmf, i would go to fos and see what they think, if lloyds are offering you something they will hope you will accept this. you want the ppi amount taking off your loan and the loan put back to what it should have been without ppi(your payment should then reduce) and you want all ppi monthly payments paid to date back with the 8%. give it a go you have nothing to lose, good luck

amersall

mathewuk wrote: »

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.

hi mat, if the loan is still running you will not have paid the full 6000 ppi amount back, so they will only give you the ppi paid to date with 8% interest- the ppi total should come off your loan to reduce the loan - and your monthly payment reduces, if you win mis sell ppi then i dont think you still have the insurance, so you need lloyds to put the loan back to the position it would have been without ppi and at the same apr and terms, then your monthly payment will reduce.if they are giving you 4,500 back that seems a good deal to me, but you will have to contact them again to explain this better, or get the claims company to do t as they will take a hefty chunk of what you get for basically doing nothing!!! hope you understand this better, if not come back and i will try to help you some more.if you dont mind me asking who is this claim company and how did you find out about it?

EllBee

I received a letter from BOS yesterday confirming the amounts to be paid out on the 3 PPIs I claimed for. The amounts are made up of refund of premiums paid, refund of interest paid and interest at 8%. The total I will actually receive will be £6,693.28, £623.81 having been taken off to pay off the remaining outstanding balance on my last loan which I had paid as a partial settlement in December. I'M OVER THE MOON!!!! :j:j:j

So, yesterday I had 2 celebrations - my granddaughter's 1st birthday (yes Di she's 1 already and a gorgeous, happy healthy little girl after her traumatic start in life!!!) and my PPI win!!! I should receive the cheques within the next 28 days so can finally clear all my debts and be debt free for the first time in years and actually have some money in the bank!!! I'll be treating myself to a new computer as this one is on its last legs and getting slower every day (a bit like me!!!) and will treat my daughters and grandchildren.

Once again, to everyone who has offered encouragement and advice a big THANK YOU. I know I've said it before but you really are a wonderful bunch of people. To everyone just starting out on reclaiming don't give up. I really didn't think I'd have any success (I'm not generally a lucky person and will happily admit I'm a real dimwit where finances are concerned!!) but I've now claimed successfully against NatWest, loans.co.uk and now AA Financial Services/BOS. I did it all with the help of the MSE templates and the wonderful people on this forum. If I can do it anyone can!!! Good luck to you all and lots of love and hugs to everyone whose offered help and advice (especially Di, amersall and marshalka and anyone else who I've missed out but you're still just as important!!) xxxxx

amersall

hi ellbee :A you are so kind :T well done on your win that is excellent news :beer: xxxx and hugs for your grand daughter :smileyhea

Briggsy.notts

BMF wrote: »

Hey all,

Wondered if someone could offer some perspective on my complaint...

Wrote to Lloyds about the misselling of PPI and they have finally replied, offering me £785.97, which is backdated to the time of my original complaint made 16th November. I am uncertain whether to accept or take it to the FOS and try to get it from the original date of obtaining the loan (was October 2007). What's been people's experience of this?

Thanks for yr continued help and support!

Ben

I would persue the matter with the FOS as they are not offering you the full amount of PPI you have paid to date. Lloyds have done the same to my brother and told him that was their final offer and that if he was unhappy to contact the FOS. So he has wrote to both Lloyds and FOS to investigate further. Much to say he doesn't hold out much hope for Lloyds getting back to him.

di3004

EllBee wrote: »

I received a letter from BOS yesterday confirming the amounts to be paid out on the 3 PPIs I claimed for. The amounts are made up of refund of premiums paid, refund of interest paid and interest at 8%. The total I will actually receive will be £6,693.28, £623.81 having been taken off to pay off the remaining outstanding balance on my last loan which I had paid as a partial settlement in December. I'M OVER THE MOON!!!! :j:j:j

So, yesterday I had 2 celebrations - my granddaughter's 1st birthday (yes Di she's 1 already and a gorgeous, happy healthy little girl after her traumatic start in life!!!) and my PPI win!!! I should receive the cheques within the next 28 days so can finally clear all my debts and be debt free for the first time in years and actually have some money in the bank!!! I'll be treating myself to a new computer as this one is on its last legs and getting slower every day (a bit like me!!!) and will treat my daughters and grandchildren.

Once again, to everyone who has offered encouragement and advice a big THANK YOU. I know I've said it before but you really are a wonderful bunch of people. To everyone just starting out on reclaiming don't give up. I really didn't think I'd have any success (I'm not generally a lucky person and will happily admit I'm a real dimwit where finances are concerned!!) but I've now claimed successfully against NatWest, loans.co.uk and now AA Financial Services/BOS. I did it all with the help of the MSE templates and the wonderful people on this forum. If I can do it anyone can!!! Good luck to you all and lots of love and hugs to everyone whose offered help and advice (especially Di, amersall and marshalka and anyone else who I've missed out but you're still just as important!!) xxxxx

Ellbee, hiya hunni how are you?:A

Wow, well done and Congratulations, that is fantastic :beer::T:T your very welcome X

OMG one already........:eek:, where have the time gone?
It does not seem that long ago when she was just a wee few weeks old.......:j, a Very Happy Birthday to your beautiful granddaughter......sorry its late.....hope she had a lovely time.
:bdaycake::j:j:).XXXXXXXXX

mathewuk

Briggsy.notts wrote: »

Mat I think what they are saying is that they will refund the PPI paid to date which you state is £2700 plus 8% interest. Then they will knock the PPI what you would have paid on the remaining loan which is the £4500 figure of the amount of loan you have left to pay. By keeping the same monthly payment you should pay the loan of sooner. Hope this makes sense.

Hi Briggsy, amersall and Di,

Thank you very much for your replies. Unfortunately Lloyds haven't said they will pay me £2700 plus 8% interest. This is the amount I am thinking that they have to pay me for the ppi I paid so far since March 2008. The loan is still running. But they gave a reply mentioning that they will give the rebate or refund of £4500 from my original ppi of £6000 which was the ppi amount added to my original loan of £17 k when I have taken the loan. I am thinking they are deducting this £4500 from original ppi of £6000. 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. I am confused here. I called Lloyds over the phone and asked about the cancellation of ppi . They said I can cancel and they will deduct nearly £ 4000 from my loan account (that is original loan amount + ppi amount). I don't understand this at all. What is the point in writing letters through a company and waiting for so long to get the same rebate amount when I can do it by a single phone call.

Please explain me in detail. I am still confused. Thanks a lot in advance.

Regards,
Mat.

fatboy13

Can i claim back credit card protection payments on a credit card that has now closed...

amersall

hi there fatboy13, i see no problem, it doesnt need to be a running account for you to put a claim in. you go for it!!

wannabe_super_saver

Hi guys, just thought I'd make a quick post of our success. My partner, over past few years, has had two lloyds loans. Both had PPI and she never knew a thing about it. Whilst sitting down to set up budgets and make cut backs I discovered that she had been paying PPI for years! Her first loan was for her car and she then took a new loan with Lloyds to consolidate a credit card, again with PPI. Long story short, I got letters drafted up for her for both loans and sent them off to Lloyds. It took a few months, but when they were finalised she got a response from lloyds with two apologies for mis-selling her PPI. She got a return of £1700 from her first loan and around £900 on her 2nd and current loan. That totalled about £2600 - winner! And......her monthly payment has come down by £50-00 and the term on her loan has been shortened. Great feeling. Anyway, sister in law has just discovered that she has also been paying PPI. So we're gonna do it all again! Cheers Martin!:money: