PPI Reclaiming successes and failures

pmw14282

Hey Guys,

Just came across this website, and found the link to the PPI claims. I took a loan out in my gap year in 2004 for a car before I went to uni in September of that year. Two things here, I was pressured into taking out more than I had planned for, and was pushed into taking insurance. I've now found out I wasn't covered as I was and am currently working part time, and then was pressured into extending my loan to pay off my overdraft and credit card with the same provider, thus inflating my PPI payment. I'm thinking of going through a claims company to avoid any hassle and bureacracy. Is it worth the 25% fee, or should I go through with it myself? I'm also worried my bank will call in my overdraft, which I've had since uni. Is that a possibility?

di3004

pmw14282 wrote: »

Hey Guys,

Just came across this website, and found the link to the PPI claims. I took a loan out in my gap year in 2004 for a car before I went to uni in September of that year. Two things here, I was pressured into taking out more than I had planned for, and was pushed into taking insurance. I've now found out I wasn't covered as I was and am currently working part time, and then was pressured into extending my loan to pay off my overdraft and credit card with the same provider, thus inflating my PPI payment. I'm thinking of going through a claims company to avoid any hassle and bureacracy. Is it worth the 25% fee, or should I go through with it myself? I'm also worried my bank will call in my overdraft, which I've had since uni. Is that a possibility?

Hi there

Personally I would give it a go with help from this site and do not pay out these companies, this way you get to keep all your ppi, interest etc and only pay for the posting of the letters.
I would be very wary of others doing this for you.

Check this here for more information, although it seems you do have good reasons and for being pushed into taking out the PPI and you would not have been eligible anyway to make a claim as it seems, so hopefully by doing this yourself it should be a quicker method and straightforward too.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

In regards of the overdraft, just because your reclaiming it should not affect anything else with your account etc, your only rightfully reclaiming what belongs in your pocket.

Yell up if you you require any help from here, and good luck with this, please keep us posted, cheers.:)

lovetocomp_2

Thanks Martin - I applied to |Egg and HSBC to reclaim my PPI and within weeks were sent offers from both - in total I have received thousands back

di3004

lovetocomp wrote: »

Thanks Martin - I applied to |Egg and HSBC to reclaim my PPI and within weeks were sent offers from both - in total I have received thousands back

Well done and Congratulations. :beer::T:beer:

HappyShrimper

HappyShrimper wrote: »

I recently stumbled across a loan agreement with AA Financial Services, from July 1995 (yes, 14 years ago!), and noted that I had been charged nearly £2500 for loan PPI.

I wrote to BoS requesting the money back + interest and a couple of weeks ago I received a letter asking me to contact them, which I ignored. Today, Christmas Eve, I received another letter offering to put me "in the position you would have been in had you not taken the insurance". I should have the money within a month. It was that easy!

Update: I never heard from BoS so I rang them today. Coincidentally they said they had sent a letter out today :-) The lady at BoS told me that with interest the £2500 had risen to over £6500. I should have a cheque within 28 days. Happy days! :beer:

Gerald_The_Frog

Gerald_The_Frog wrote: »

Hi all

Just had a call from the FOS, stating that my case has not yet been passed to an Ombudsman, and that it could take a few months !! :eek: before it arrives on an Ombudsman's desk to look at!!
What is going on at the FOS?? My case started in Sep 08...
is there anything I can do to get things accelerated? I don't consider myself in hardship, as I still have a roof over my head and food on the table, but a positive outcome, could drastically change my life around...

Please help!!!

Hello all!

Finally some good news... Following an 18 month wait, Barclays has finally upheld my 5 complaints, thanks to the FOS intervention. The agreement letter was sent by the FOS yesterday, and I should receive it in today's post... On top of that I will get £300 compensation for distress (or as my wife calls it: "Woohoo!! Shopping money!!")..
Now I just have to wait till Barclays pays it out to me... I have no idea what kind of figures I am looking at, as each loan paid off the following loan, and all of them were paid early... FOS mentioned that they would have to pay back the PPI premiums paid + interest paid on those + 8% interest...

I will update with some figures once I get the payment through

Have a great day :rotfl:

lucieloo

:j:j:jwell done:j:j:j

di3004

HappyShrimper wrote: »

Update: I never heard from BoS so I rang them today. Coincidentally they said they had sent a letter out today :-) The lady at BoS told me that with interest the £2500 had risen to over £6500. I should have a cheque within 28 days. Happy days! :beer:

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

di3004

Gerald_The_Frog wrote: »

Hello all!

Finally some good news... Following an 18 month wait, Barclays has finally upheld my 5 complaints, thanks to the FOS intervention. The agreement letter was sent by the FOS yesterday, and I should receive it in today's post... On top of that I will get £300 compensation for distress (or as my wife calls it: "Woohoo!! Shopping money!!")..
Now I just have to wait till Barclays pays it out to me... I have no idea what kind of figures I am looking at, as each loan paid off the following loan, and all of them were paid early... FOS mentioned that they would have to pay back the PPI premiums paid + interest paid on those + 8% interest...

I will update with some figures once I get the payment through

Have a great day :rotfl:

That is great news :T:T:j:j
Congratulations :beer::T

nightmail

Happy to report success following a very short claim. Bare facts are that my wife was sold a PPI on a substantial loan and after she finally let me read the policy wording I noticed that she would only get life cover after retirement age yet they were charging £110 a month and she was 12 months off retirement age at the time she took the loan (although she had no intention of retiring but that doesn't wash with them).

Rapidly cancelled the PPI and substituted with a reducing term legal & general policy (for £9 a month !!) and got a refund of the unexpired portion of £2,500.

Waited for cheque to clear then used the template letters and claimed misselling on the basis of no alternative being offered. Took the letter to the bank and got them to stamp a copy of it as received. Heard nothing after the allotted period and after a further week she went to the bank again with the second letter. The manager told her she had no chance but would send the second letter off to the Insurance department at Cardiff. TWO DAYS later got a reply - will look into it and expect a response with 6 weeks. NEXT day got a second letter upholding the complaint and asking for confirmation that their proposed method of dealing with it was acceptable in which case they would calculate the payment plus 8% interest.

Accepted that and within 7 days got the last letter advising the amount. We were expecting about a further £4,000 on top of the refund already received - amount being paid is £7,057 making £9,507 in all.

Thanks MoneySavingExpert.com - you really gave us the tools to work with.

:beer: :kisses3: