PPI Reclaiming successes and failures

di3004

smithy1976 wrote: »

Hi following my success, im sure as most of you aware with lloyds no figures untill you sign

Does anyone have any idea as to what the procedure is

I had a loan that was for £13,000 taken out in oct 2002 PPI was £3,002.48 they dotn give me the date loan settled, but im sure it was running for no more than 4-6 months. and they state i had a rebate of £2,347.00.

does having the PPI have a major effect on settlement figures and, is the calc based on the difference between rebate and PPI cost?

I know i will get interest from date loan settled to now which is a good few years.

With not having a hol for a good few years due to the mess i was in, this money is smoething i will get back myself, and try to get an idea if should be looking at butlins or abraod...

If anyone could have a guess or point me in the direction of someone who could id be very greatfull

just waiting onHSBC now and halifax

cheers

Hi there

Robbedofmymoney will probably give a good explanation on this for you, hopefully he will be along soon.

But your right though, with LLoyds they do not tend to let you know an amount until you signed.

Basically, if they had already given a certain amount of rebate, they then refund you all you have paid out in PPI over the months you were paying this out, and the remaining amount of PPI, for example: PPI was something like £4K and they rebated £2K and paid something like £30 a month for 6 months = £180, therefore there would be £2,180K plus simple interest to come back to you plus 8% interest of what a court would award, but hopefully this can be confirmed.

I am hopeless at workings out but I'm sure Robbedofmymoney will check this for you.

Good luck with the other 2 reclaims as well.;)

Looking back at yours:
£3,002.48 - £2,347.00 = remaining of PPI = £655.48
And on top of that, whatever the PPI amount was alone without the loan amount x 6 months = this amount added to the above total, and interest is refunded on each monthly amount paid, which adds up to some amount, and then interest added from the date loan settled to say end of May 2010.

smithy1976

di3004 wrote: »

Hi there

Robbedofmymoney will probably give a good explanation on this for you, hopefully he will be along soon.

But your right though, with LLoyds they do not tend to let you know an amount until you signed.

Basically, if they had already given a certain amount of rebate, they then refund you all you have paid out in PPI over the months you were paying this out, and the remaining amount of PPI, for example: PPI was something like £4K and they rebated £2K and paid something like £30 a month for 6 months = £180, therefore there would be £2,180K plus simple interest to come back to you plus 8% interest of what a court would award, but hopefully this can be confirmed.

I am hopeless at workings out but I'm sure Robbedofmymoney will check this for you.

Good luck with the other 2 reclaims as well.;)

Looking back at yours:
£3,002.48 - £2,347.00 = remaining of PPI = £655.48
And on top of that, whatever the PPI amount was alone without the loan amount x 6 months = this amount added to the above total, and interest is refunded on each monthly amount paid, which adds up to some amount, and then interest added from the date loan settled to say end of May 2010.

Thanks di

So i was rite with the starting point is the difference between rebate and cost of PPi? if so im happy with that before they add premiums and interest

I got this to come of 2 loans, one for asmaller amount. but was left to run for longer so i got more premiums to come and interest from when settled in 2000.

thank you for you help.

I hope i dont hear from others till this settled, in a way waiting to see what youll get is worse than knowing if you have won or not.

cheers

robbedofmymoney

di3004 wrote: »

Hi there

Robbedofmymoney will probably give a good explanation on this for you, hopefully he will be along soon.

But your right though, with LLoyds they do not tend to let you know an amount until you signed.

Basically, if they had already given a certain amount of rebate, they then refund you all you have paid out in PPI over the months you were paying this out, and the remaining amount of PPI, for example: PPI was something like £4K and they rebated £2K and paid something like £30 a month for 6 months = £180, therefore there would be £2,180K plus simple interest to come back to you plus 8% interest of what a court would award, but hopefully this can be confirmed.

I am hopeless at workings out but I'm sure Robbedofmymoney will check this for you.

Good luck with the other 2 reclaims as well.;)

Looking back at yours:
£3,002.48 - £2,347.00 = remaining of PPI = £655.48
And on top of that, whatever the PPI amount was alone without the loan amount x 6 months = this amount added to the above total, and interest is refunded on each monthly amount paid, which adds up to some amount, and then interest added from the date loan settled to say end of May 2010.

spot on,

they will rebate you the ppi you actually paid, plus the interest that was applied to the ppi amount while the loan was running, plus the 8% simple.

Lloyds will give an explanation of how they will calculate the figure but will not give an actual figure until just before the refund so the interest is correct.

let us know how you get on, Smithy, i'm sure you'll get a holiday out of it

cheers

di3004

smithy1976 wrote: »

Thanks di

So i was rite with the starting point is the difference between rebate and cost of PPi? if so im happy with that before they add premiums and interest

I got this to come of 2 loans, one for asmaller amount. but was left to run for longer so i got more premiums to come and interest from when settled in 2000.

thank you for you help.

I hope i dont hear from others till this settled, in a way waiting to see what youll get is worse than knowing if you have won or not.

cheers

Hi there

And yes, by the seems of it now Robbedofmymoney have confirmed it.;)

Two of them of well that will soon add up, well done.:beer:

ozzysaver

What were you reclaiming: PPI on a loan
Who was the provider: Egg
How much did you get back: £5382
Did you get it back after a letter or did you go to the Financial Ombudsman: After a letter
And then write your brief reclaim tale

I assisted my girlfriend in recaliming her PPI on a loan from Egg. Egg had originally called her and asked her if she would like to consolidate her credit card and a small loan into one single Loan agreement with Egg. They pressured her into taking the PPI and the call was conducted via the phone during the period Egg was fined by the FSA for. The loan is still exhisting and has a bit to pay of. However we were able to increase the savings made by cancelling the PPI and then submitting the claim. By cancelling the PPI on the exhisting loan it has saved her £2000 and then with the refund they have given of £5382 she is looking at a total saving of £7382 !!!!!
Egg were really good about it. We wrote the first letter using the FSA form. Explained that she was pressured into taking PPI, also that they called during the period Egg were fined for AND that she consequently had medical problems that made her PPI null and void and that Egg did not explain the 'pre-exhisting medical conditions' clause correctly.
Martin thank you for advice. This has made a massive difference to her financial situation. We just would not have known to do this unless we had read your article... I'd by you a massive Fosters if I could..

di3004

ozzysaver wrote: »

What were you reclaiming: PPI on a loan
Who was the provider: Egg
How much did you get back: £5382
Did you get it back after a letter or did you go to the Financial Ombudsman: After a letter
And then write your brief reclaim tale

I assisted my girlfriend in recaliming her PPI on a loan from Egg. Egg had originally called her and asked her if she would like to consolidate her credit card and a small loan into one single Loan agreement with Egg. They pressured her into taking the PPI and the call was conducted via the phone during the period Egg was fined by the FSA for. The loan is still exhisting and has a bit to pay of. However we were able to increase the savings made by cancelling the PPI and then submitting the claim. By cancelling the PPI on the exhisting loan it has saved her £2000 and then with the refund they have given of £5382 she is looking at a total saving of £7382 !!!!!
Egg were really good about it. We wrote the first letter using the FSA form. Explained that she was pressured into taking PPI, also that they called during the period Egg were fined for AND that she consequently had medical problems that made her PPI null and void and that Egg did not explain the 'pre-exhisting medical conditions' clause correctly.
Martin thank you for advice. This has made a massive difference to her financial situation. We just would not have known to do this unless we had read your article... I'd by you a massive Fosters if I could..

Great work, Congratulations and Well done! :T:beer::j

halphy

WOW!!! Fantastic news x What a result...u could buy everyone a fosters with that! lol

CLOFT

Hi

I emailed my complaint to Egg regarding PPI on an Egg Credit Card on 28 May.

I received an acknowledgement on 3 June stating the standard 8 week response time.

Received a further letter this morning, confirming they want to offer me a full refund of all premiums, plus 8% interest - total of £1758.98!!!!!

Total result for very little effort on my part and this cost me nothing as I emailed my completed FOS questionnaire to them.

I am really, really pleased, thanks MSE!!

Only one minor point, as my card has an outstanding balance they are saying their policy states the refund has to be credited to my card account to reduce the oustanding balance - is this normal practice??

Either way, it's reduced my total outstanding debt by £1758.98 which is a good feeling!

Thanks again:T

DragonHeart_2

Hi PPL,

Just thought i would let you know my first claim and it was a success thanks to all the information on here.

Have a loan via the AA which is done via Royal Bank of Scotland, called them up and said ive been made redundant and they said 'oh your protection doesnt cover redundancy' which of course is insane as you think your fully covered.

Anyway sent my first letter off 2 weeks ago, and received a letter today saying they agree i was misold it and will refund all PPI plus interest as if i never took it out in the first place. So it should be around the £2,000 mark refund which is great.... all just from one single letter

Thanks again to everyone on here and the advice, now onto my other loans and credit cards Good luck everyone :T

lickoloctupus

di3004 wrote: »

Hi KIMY.

I take it your waiting for a response from lickoloctupus ?

Hi sorry but have been off line for a few days and just checked the forum. I had a chargecard from 1995 and personal reserve from 1999 and I cancelled both ppis in 2007. M and S categorically deny having to repay the money as they were not a member of the GISC when I took out the policies. I have now requested the underwriters details and policies and am awaiting a reply. One issue I have is that M and S will not take telephone calls and everything must be in writing. I will post again when i get to the next stage. All paperwork has been forwarded to the FOS and they are aware of the stuation.