PPI Reclaiming successes and failures

fedrightupgirly

di3004 wrote: »

Hi hun

I am not sure on this bit to be honest, maybe someone on here will post up who have had dealings with them.
Good luck with this.;)

Ok will have a look through, anything is worth a try if I get some more debt cleared and money back!

di3004

fedrightupgirly wrote: »

Ok will have a look through, anything is worth a try if I get some more debt cleared and money back!

Yes definately - fingers crossed.:beer:

K1RST1E_2

Hi All,

I called Welcome Finance today to check up on them and I was told that a letter and a cheque have been sent to me. I thought great until he read the contents of the letter! Welcome Finance are only refunding me £248.50.

Their calculation works out the following:

£1487.33 different in PPI
£1438.83 in arrears (?)
= £48.50 plus £200.00 compensation

Following the MSE guide on how the FOS calculates PPI refunds, I get something very different.

The loan was due to end in September 2009 assuming that the PPI was still in place. I made every monthly payment of £155.95 up till then. Welcome Finance have stated in the letter that the agreement expired in September 2009 so they class this as 'running to term before the FOS decision'.

Loan and PPI policy ran to term before FOS decision

Overall loan was £5614.20 (monthly repayments of £155.95) - but it would have been £3814.97 with monthly payments of £105.97 without PPI. Term of loan and policy was 36 months so I have paid £49.98 more per month than if PPI had not been mis-sold. Therefore:

£49.98 x 36 months of the loan (£1799.28)
Add interest to each excess payment of £49.98 at 8% simple, from date that excess was incurred (£143.94)
Pay £200.00 for extra inconvenience.
TOTAL REFUND OF £2143.22

I am totally confused as to why Welcome Finance believe I still owe them over £1000.00. My PPI claim arose in 2008 when I noticed that my outstanding balance was significantly higher than what it should have been. It seems like they have added a further £2000 onto the loan!! I have made every payment as stated on the credit agreement and never missed one so how can I still owe £1400.00?!

:mad: And the saga continues!!

robbedofmymoney

K1RST1E wrote: »

Hi All,

I called Welcome Finance today to check up on them and I was told that a letter and a cheque have been sent to me. I thought great until he read the contents of the letter! Welcome Finance are only refunding me £248.50.

Their calculation works out the following:

£1487.33 different in PPI
£1438.83 in arrears (?)
= £48.50 plus £200.00 compensation

Following the MSE guide on how the FOS calculates PPI refunds, I get something very different.

The loan was due to end in September 2009 assuming that the PPI was still in place. I made every monthly payment of £155.95 up till then. Welcome Finance have stated in the letter that the agreement expired in September 2009 so they class this as 'running to term before the FOS decision'.

Loan and PPI policy ran to term before FOS decision

Overall loan was £5614.20 (monthly repayments of £155.95) - but it would have been £3814.97 with monthly payments of £105.97 without PPI. Term of loan and policy was 36 months so I have paid £49.98 more per month than if PPI had not been mis-sold. Therefore:

£49.98 x 36 months of the loan (£1799.28)
Add interest to each excess payment of £49.98 at 8% simple, from date that excess was incurred (£143.94)
Pay £200.00 for extra inconvenience.
TOTAL REFUND OF £2143.22

I am totally confused as to why Welcome Finance believe I still owe them over £1000.00. My PPI claim arose in 2008 when I noticed that my outstanding balance was significantly higher than what it should have been. It seems like they have added a further £2000 onto the loan!! I have made every payment as stated on the credit agreement and never missed one so how can I still owe £1400.00?!

:mad: And the saga continues!!

hi, i don't really know the history here, but have Welcome accepted a miss-sale without FOS involvement or have you gone ot the FOS to get to this point.

K1RST1E_2

Hi,

I had to go to the FOS to get to this point. I wasn't originally claiming mis-sold PPI; I was just very concerned that the amount Welcome Finance believed I still owed in 2008 was a lot more than it should have been.

After going to the FOS following a 'get lost' letter from Welcome Finance, they decided in October last year to go down the mis-sold PPI route. I have since discovered though after looking on a different post that Welcome Finance charge interest on a monthly basis despite calculating it at the start of the loan. I can only assume that is where these 'arrears' have come from and the explanation to my original complaint almost a year and a half ago.

robbedofmymoney

K1RST1E wrote: »

Hi,

I had to go to the FOS to get to this point. I wasn't originally claiming mis-sold PPI; I was just very concerned that the amount Welcome Finance believed I still owed in 2008 was a lot more than it should have been.

After going to the FOS following a 'get lost' letter from Welcome Finance, they decided in October last year to go down the mis-sold PPI route. I have since discovered though after looking on a different post that Welcome Finance charge interest on a monthly basis despite calculating it at the start of the loan. I can only assume that is where these 'arrears' have come from and the explanation to my original complaint almost a year and a half ago.

i would suggest you ask the FOS to check the figures for you

cavesy

For those of you who are looking at this site for the 1st time or debating whether to claim or have received an initial rejection letter and are not sure if you should continue with your claim...... THIS IS FOR YOU:

Over the past 16 months I have received over £18k from various financial houses:
Barclaycard, MBNA, RBS, Essential Loans, Nemo for miss sold CC and Loan PPI.

2 claims went to the FOS: 1 is still outstanding.
1 the FSCS resolved.

In EVERY case the firm concerned rejected my initial letter. Through the information provided by this website and the testimonials from various people on it I persevered.
The process is not difficult, you have to be patient and use the templates provided.

Hope someone finds this useful.
Is it worth it ..? I'll let you decide ....

NManthey

I took a £20000 loan out with Lloyds TSB in March 2004. I sent an letter (downloaded from this site) to them on Feb 10, 2010 asking for a break down of costs. I got a letter back from them on Feb 19, 2010 saying they had looked in my case and were refunding £4200 plus 8% interest.

I had to phone them to confirm as I was in shock that I got it back with out even asking for it.

Thanks Martin!!!!! :j

di3004

NManthey wrote: »

I took a £20000 loan out with Lloyds TSB in March 2004. I sent an letter (downloaded from this site) to them on Feb 10, 2010 asking for a break down of costs. I got a letter back from them on Feb 19, 2010 saying they had looked in my case and were refunding £4200 plus 8% interest.

I had to phone them to confirm as I was in shock that I got it back with out even asking for it.

Thanks Martin!!!!! :j

Hi and welcome

This is fab and so quick too :T:T
Well done and Congratulations.......:beer: and good on LLoyds for dealing with this instantly for you, brilliant!:T:T

NManthey

I succesfully manged to claim from Mint Credit Card. I had paid £220 in late payment fees.

I asked Mint for a breakdown of charges. Mint replied saying they would refund £48 as the other charges were in line with the FSA guidlines on late payments.

I replied saying I wanted a full refund, they sent a cheque for £194

Thank You Martin!!!! :j