PPI Reclaiming successes and failures

littlemissteapot_2

Hi all
Not sure if this has been asked before and please don't smack my hand if it has!!! hehe!! But can you still claim mis-sold PPI on a loan that is in the hands of a Debt Company and not held by bank any longer?
Cheers LMTP

di3004

mathewuk wrote: »

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.

Hi Mat

Sorry to hear this.

This is Lloyds all over.

Did they supply you a full detailed written breakdown on how they actually worked this out?
In case anything is amiss here.

Of course if your not happy with the outcome and if they have not given the final decision you can ask them to take another look to reconsider in your favour if you want to, or otherwise to the financial ombudsman service (FOS).

Meanwhile though I'm sure someone will be along to explain this one to you in more detail, in case I get you all confused all the more.....:o;).
Good luck Mat. X

di3004

fatboy13 wrote: »

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

Hi there

As amersall says, it makes no difference at all, if still active or paid off, if you have reasons for being mis sold give it a go.
For more info here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
Check the link out with the guidelines of reclaiming, templates, a checklist of mis selling reasons and so on, they have 8 weeks in full to respond, keep at them, and if you can post by recorded delivery for your proof of posting.

Hope this helps but ask for help anytime, good luck and please let us know how you get on, cheers.;)

di3004

wannabe_super_saver wrote: »

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:

Wow this is brilliant news, Well done and Congratulations
Great work.:T:beer::T

di3004

littlemissteapot wrote: »

Hi all
Not sure if this has been asked before and please don't smack my hand if it has!!! hehe!! But can you still claim mis-sold PPI on a loan that is in the hands of a Debt Company and not held by bank any longer?
Cheers LMTP

lol.......:D don't worry your safe.....:rotfl::D;)

Yes you can, however, if successful it may be the case that any refund will be used towards the debt, and anything remaining should come back to you, but this may vary from one bank to another.

More here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
Please ask for help when you need this as well, good luck.;)

amersall

mathewuk wrote: »

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.

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 you will have to contact them again and tell them what it is you want (as explained above) the claims company should do this 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.

Classy_Lady

• What were you reclaiming: Laura Ashley store card PPI
• Who was the provider: Santander Cards UK Ltd (formerly GE Money)
• How much did you get back: £66.76
• Did you get it back after a letter or did you go to the Financial Ombudsman: Ltr
• And then write your brief reclaim tale

After looking at MSE website decided to look at my mum's various credit cards etc to discover she had been paying PPI on three of her cards, all of which were operated by Santander Cards (formerly GE Money). An obvious case of mis-selling given she was retired at the time the accounts were opened. Wrote on 13/11/09 requesting details of premiums paid etc. Rec'd reply on 10/12/09. Wrote on 15/12/09 claiming refund plus interest etc as policy mis-sold. Rec'd reply on 7/1/10 admitting policy mis-sold and refund to be made. This was for a total of £7.22. After pointing out their error on 12/1/10 rec'd reply on 18/1/10 agreeing to repay premiums paid of £25.32 plus interest thereon of £22.12 and loss of cash payment of £12.10, equivalent to 8% statutory interest, a total of £59.54. They still sent cheque for initial offer of £7.22, which I was told to keep when I phoned to query! Have now rec'd cheque for £59.54 too. Result. Thanks to Martin Lewis and the MSE website.

Am now in the process of claiming refund on Debenhams store card for Mum in which she has paid premiums of £331.70. Will report outcome of that claim in due course.

di3004

Classy_Lady wrote: »

• What were you reclaiming: Laura Ashley store card PPI
• Who was the provider: Santander Cards UK Ltd (formerly GE Money)
• How much did you get back: £66.76
• Did you get it back after a letter or did you go to the Financial Ombudsman: Ltr
• And then write your brief reclaim tale

After looking at MSE website decided to look at my mum's various credit cards etc to discover she had been paying PPI on three of her cards, all of which were operated by Santander Cards (formerly GE Money). An obvious case of mis-selling given she was retired at the time the accounts were opened. Wrote on 13/11/09 requesting details of premiums paid etc. Rec'd reply on 10/12/09. Wrote on 15/12/09 claiming refund plus interest etc as policy mis-sold. Rec'd reply on 7/1/10 admitting policy mis-sold and refund to be made. This was for a total of £7.22. After pointing out their error on 12/1/10 rec'd reply on 18/1/10 agreeing to repay premiums paid of £25.32 plus interest thereon of £22.12 and loss of cash payment of £12.10, equivalent to 8% statutory interest, a total of £59.54. They still sent cheque for initial offer of £7.22, which I was told to keep when I phoned to query! Have now rec'd cheque for £59.54 too. Result. Thanks to Martin Lewis and the MSE website.

Am now in the process of claiming refund on Debenhams store card for Mum in which she has paid premiums of £331.70. Will report outcome of that claim in due course.

Hi and welcome.;)

Well done and Congratulations, this is fab :beer:
Also good luck with Debenhams.

lucieloo

hi all just got in from work, and got a letter from bos for an aa loan i had in 2003. they have said they have decided to pay me back to put me in the position i would be if i hadnt had ppi. no figures yet as they say they will contact me in due course.i only wrote to them a week ago. im so pleased. thanks for all your help as i wouldnt have done this without reading this site. just a quick question does that mean i should receive all my ppi back?

sunnygirls

lucieloo wrote: »

hi all just got in from work, and got a letter from bos for an aa loan i had in 2003. they have said they have decided to pay me back to put me in the position i would be if i hadnt had ppi. no figures yet as they say they will contact me in due course.i only wrote to them a week ago. im so pleased. thanks for all your help as i wouldnt have done this without reading this site. just a quick question does that mean i should receive all my ppi back?

Well done :j:j yes you will get all payments back plus interest :T