PPI Reclaiming successes and failures

CrackFox_3

Hi Everybody,

What were you reclaiming: Loan PPI on a £8000 loan, taken in August 2005.
Who was the provider: HSBC
How much did you get back: £2300
Did you get it back after a letter or did you go to the Financial Ombudsman: Two letters and a visit to the local branch


I wrote to my branch back in May with the template letter asking for my PPI to be refunded for the following reasons :-

I was made to feel that the PPI would aid my application, The salesperson was pushy, and that the salesperson told me that I could simply cancel my insurance within 30 days anyway (and forgot to tell me that I would have to cancel the whole loan and re-apply)

I received three letters in return, the first to say it's taking a long time etc, the second to say that they would not uphold my complaint because I signed a DNR form, and that because I applied and signed in branch, there is no evidence to suggest the PPI was mis-sold.

And the third to confirm after my request to re-evaluate my case, they would still not uphold my complaint.

Oh well I thought, I'll have to go down the Ombudsman route. But in the second letter I received there was a passage that read, "whilst we can not cancel your insurance, we can re-schedule your loan without the insurance policy" I rang the complaints officer that wrote this to me who told me of an OVER-RIDE function that HSBC MUST use to arrange you a new loan without the insurance, as they can not make you continue with the policy if you do not wish to. I was given rebate figures which were something like £350 policy refund and £400 interest.

Great I thought, for now I will re-schedule using the over-ride function, get a rebate to help out for now, and continue with my complaint through the Ombudsman.

I arranged a meeting in my local branch, and sure enough they used the over-ride function to arrange me a new loan ( as i was refused as an R1 )without the insurance. HERE'S THE SHOCKING BIT ! My old payments were £216 a month, and my new payments were £214.50 a month, with NO REBATE.

How can this be ? I initially borrowed £8000. Total repayable was £9,700 11.9% APR. Insurance Policy + Interest was a further £2,800 so total loan was £12,500 over 60 Months.

33 months down the line my balance was around £5800, then they take the rebate from your policy + Interest and take that off your settlement figure. ( there was also a £600 charge for early cancellation orf the policy that was deducted from any rebate I was due. )

If you're still following, I was now £1.50 a month better off, but had sacrificed my £3k insurance policy. No Way was I accepting that. Hadn't signed that new loan papers yet and told the salesperson that I was furious. "the figures are correct Mr. CrackFox" she said, which they were. Still furious I insisted to speak to the complaint officer who had written to me to tell me of the re-scheduling Over-ride function and asked why she would advise this if it were of no benefit to me.

She was kind of speechless, I told her I was not leaving the bank or signing any new papers until she had spoken to her managers.

15 minutes later and a cup of tea later she was back on the phone saying that in the circumstances they would put me back in the position I would have been had I never taken the policy.

3 days later I received a letter stating the above, and an acceptance form with a breakdown of the refund I was due.

£1300 in payments I had already made
£400 in interest
£600 in rebate of cancellation fee I had been charged for re-scheduling

3 days later the money was in my NOMINATED account.

So I hope there some useful information in here for fellow HSBC complainants. I can't reccommend doing what I did with the whole re-scheduling thing because right up until the end of the appointment (over 2 hours long) I thought I was coming away with nothing. But getting on the phone to the customer complaints people and demanding that the managers do something seemed to work.

A massive thank you to Martin and this site, I can now clear my horrible arrears, and file Moneyclaims against my Credit Card companies. Many, Many thanks,

CrackFox.

nothingwitty

Hi folks

I started my claim against Bank fo Scotland in August last year. In May I was awarded defualt judgement as defence was not entered in time. In June I applied for an execution of warrant as they largely continued to ignore me. They have applied for the judgement to be set aside, which failed as they did not complete the paperwork correctly. So the bailiffs are going in! To make matters better, they sent me a copy of their defence which states that I made my loan applications online and the PPI was sold to me in follow-up phone calls. I think they may have sunk their case here as previous letters I have from them say that I applied for the loans on the telephone (which is true). I applied for the first of four loans via the internet and the other three on the phone. The whole basis of their defence is inaccurate! I'm going to phone their solicitor today and make them aware that their case is doomed. It is doomed, isn't it???

alleybabes

nothingwitty wrote: »

Hi folks

I started my claim against Bank fo Scotland in August last year. In May I was awarded defualt judgement as defence was not entered in time. In June I applied for an execution of warrant as they largely continued to ignore me. They have applied for the judgement to be set aside, which failed as they did not complete the paperwork correctly. So the bailiffs are going in! To make matters better, they sent me a copy of their defence which states that I made my loan applications online and the PPI was sold to me in follow-up phone calls. I think they may have sunk their case here as previous letters I have from them say that I applied for the loans on the telephone (which is true). I applied for the first of four loans via the internet and the other three on the phone. The whole basis of their defence is inaccurate! I'm going to phone their solicitor today and make them aware that their case is doomed. It is doomed, isn't it???

when you say they applied for the judgement to be ste aside and failed do you mean the judge refused to let them? was there a hearing? ive got a hearing on 31st july as hfc are trying to get my judgement set aside its helpful when you know how other people are getting on

farmercocky

Hey everybody,

Reclaiming : PPI on a loan taken out
Provider: Bank of Scotland
How much back: Expected to be about £1000
How got it back: Wrote to the bank and they told me I was getting nothing. Took it to the financial ombudsman and within 3 weeks I got a letter saying the bank are willing to pay me back the money for PPI, interest at 8% on what I have paid and any interest paid on the PPI so far!!!!! Just shows you filling in one form and I got my money back!!!! :T :beer: :j

MayGirl

Contacted HSBC in May about mis-sold PPI on my loan... Was told it was compulsary!

Two letters (saying they were investigating the complaint) later, and it's been successful...

I'm getting the PPI i've paid so far back, plus 8% - £909
And they're going to restructure my loan without the PPI, at the same terms and interest rate as the original loan too!

Success!

nothingwitty

alleybabes wrote: »

when you say they applied for the judgement to be ste aside and failed do you mean the judge refused to let them? was there a hearing? ive got a hearing on 31st july as hfc are trying to get my judgement set aside its helpful when you know how other people are getting on

They entered an application for judgement to be set aside but it was returned as was not completed properly. They informed me yesterday that they have re-sent it. I told them I am very, very much looking forward to seeing them in court and that I have no doubt that I will win. I love the whole David v. Goliath thing. Am thinking of asking around to see if any papers want to be there as mine is a perfect example of PPI being missold and a bank using its size and power to make my request for a refund as difficult as possible!!!

kes75

:money: WE LOVE MARTIN..

Just got a letter to say we would be getting over £4600 for 3 loans that RBS, never paid out on just one of them..lol:T
Iam over joyed as didnt expect anywhere near that amount. It includes interest as we had paid the loans off early we didnt get the full amounts but I was infact only complaining about the last loan as this was the one I tried to claim on.. :j
It has been a long haul though as I first put my letter of complaint in right after the show on itv which I think was Jan..

But really only cost me 3 stamp and 2 phone calls to Finantial ombusman, they got the money for me as RBS said no to me..


thanks martin.. you are a star:money:

alleybabes

nothingwitty wrote: »

They entered an application for judgement to be set aside but it was returned as was not completed properly. They informed me yesterday that they have re-sent it. I told them I am very, very much looking forward to seeing them in court and that I have no doubt that I will win. I love the whole David v. Goliath thing. Am thinking of asking around to see if any papers want to be there as mine is a perfect example of PPI being missold and a bank using its size and power to make my request for a refund as difficult as possible!!!

i am quite nervous about my hearing even tho i won judgement by default it depends on whether the judge will let them have it put aside,i will let you know how iget on and good luck with yours,hopefully we will be toasting our success:beer:

embelliss

norbert wrote: »

I had 3 loans with the Halifax between 2001 and 2005 which I paid off early that all had single premium PPI. First wrote to the Halifax back in Feb and both my 1st and 2nd letters were fobbed off. I filed my complaints with the FOS in April.

This week I have just heard from the FOS that all 3 of my complaints have been successful and that HBOS will be compensating me!
:j

I've yet to find out how much this will be but I'm very pleased with the outcome. It did take a bit of time and a few stamps and letters but it is worth it and I would encourage anyone else to claim.

Good news!
I would like to ask, how did the letter fob you off?
I wrote to halifax in august last year, and received a very long letter back about how they didn't miss sell it. So I just left it.
Do you think I should try again??

ANY_CHANCE

embelliss wrote: »

Good news!
I would like to ask, how did the letter fob you off?
I wrote to halifax in august last year, and received a very long letter back about how they didn't miss sell it. So I just left it.
Do you think I should try again??

Yes you have nothing to lose;)