PPI Reclaiming successes and failures

di3004

CLOFT wrote: »

Following on from my successful PPI refund of approx £1700.00, I emailed Egg to request the refund to me direct, rather than to reduce the outstanding balance on my card. It was repeated to me that this is 'Egg Policy'. When I asked for the specfic, this is what I was quoted

"You authorise us to apply any credit balance on any account you maintain with us in satisfaction of any sum due and payable by you under this Agreement which has not been paid. We are not obliged to exercise this right but we will notify you if we do so"

This is para 19.4 of the Egg Card small print.

In a nutshell I have been told that although it states they are not obliged to refund to the card, for all PPI refunds where a balance is outstanding on the card, the refund will be credited to the card account. They would not budge on this despite my very best efforts.

Think I will just cut my losses and accept the offer - do you think this is the right decision, or is it worth holding out and referring the case to the FOS?? At the end of the day it is significantly reducing card balance.

Despite this, I have to compliment Egg for the very swift turnaround of my complaint - 8 working days in total from receipt to offer.

Hi there
Before you decide, give the FOS a ring as a general query and see what they suggest, because if you NO arrears (missed payments) I would of thought that money would be rightfully yours, for being deprived of it from being mis sold the policy in the first place.

So see what the FOS suggest first and take it from there.
Good luck.
http://www.financial-ombudsman.org.uk/contact/index.html

emsy2

Been confirmed today that Black Horse are going to refund all of my PPI from an unsecured loan taken out 2 and a half years ago. haven't got exact figures but should be in the region of £2000.

Wrote to them initially and was told that they didn't think the PPI had been mis-sold and they wouldn't pay a refund. They sent a form I'd signed to accept the PPI and offered a better rebate rate as a compromise. Which I very nearly accepted had it not been for a very rude member of staff who told me, when I rang up to query a couple of things in the letter, that they were not willing to discuss it further and I either accepted what was in the letter of contact the FOS. So I did and after initial contact from FOS Black Horse have now agreed to refund the full amount, plus interest at 8%.

So I'd encourage everyone to stick to your guns, these banks have been ripping us off for too long now but you can get them back. But be persistent, it pays off in the long run!

di3004

emsy2 wrote: »

Been confirmed today that Black Horse are going to refund all of my PPI from an unsecured loan taken out 2 and a half years ago. haven't got exact figures but should be in the region of £2000.

Wrote to them initially and was told that they didn't think the PPI had been mis-sold and they wouldn't pay a refund. They sent a form I'd signed to accept the PPI and offered a better rebate rate as a compromise. Which I very nearly accepted had it not been for a very rude member of staff who told me, when I rang up to query a couple of things in the letter, that they were not willing to discuss it further and I either accepted what was in the letter of contact the FOS. So I did and after initial contact from FOS Black Horse have now agreed to refund the full amount, plus interest at 8%.

So I'd encourage everyone to stick to your guns, these banks have been ripping us off for too long now but you can get them back. But be persistent, it pays off in the long run!

Hi and welcome

That is fantastic, great work! :T
Congratulations.:beer:

zack31

I just want to urge anyone who has paid ppi to send the letter now to reclaim, I did my sisters on her behalf, I sent the completed questionnaire to both MBNA and Barclaycard and have in total had £3500!! I am thrilled and want to say a massive thank you, it was so easy!

bonkyoks

peachybecks wrote: »

I sent my letter to Lloydstsb 2 weeks ago, saying that i didn't need the PPI as i had nearly all cover through my job, she was pushy and i ended up taking it, i later tried to cancel it but was told i could without re-financing, which i was turned down for.

I paid the loan off early using the help of a family member.

I today received a letter saying that they are going to uphold my claim, they have told me how they are going to work out the interest payment, but have asked for me to sign an acceptance form before they work it out.

I do not fully understand how they are going to work it out, is it normal practice they do this?

If i post the details can someone help me work it out?

thanks becks

Hi,

Unfortunately I'm unable to work it out for you, but make sure you get some idea what you are owed. Please make sure they work out the interest before you sign the acceptance form, otherwise they could repay you an amount that is much smaller than your entitled to! you will then be unable to query the amount as you have already signed the acceptance form.

Regards

robbedofmymoney

peachybecks wrote: »

I sent my letter to Lloydstsb 2 weeks ago, saying that i didn't need the PPI as i had nearly all cover through my job, she was pushy and i ended up taking it, i later tried to cancel it but was told i could without re-financing, which i was turned down for.

I paid the loan off early using the help of a family member.

I today received a letter saying that they are going to uphold my claim, they have told me how they are going to work out the interest payment, but have asked for me to sign an acceptance form before they work it out.

I do not fully understand how they are going to work it out, is it normal practice they do this?

If i post the details can someone help me work it out?

thanks becks

if you post the following details i can work out roughly what you are owed.

start date (month/year)
settlement date (month Year)
total ppi premium, interest rate, and total term of loan.
what your monthly ppi payments were if known.
how much ppi was returned by rebate upon early settlement.

cheers

di3004

zack31 wrote: »

I just want to urge anyone who has paid ppi to send the letter now to reclaim, I did my sisters on her behalf, I sent the completed questionnaire to both MBNA and Barclaycard and have in total had £3500!! I am thrilled and want to say a massive thank you, it was so easy!

Hi and welcome Zack.

Fantastic work, Well done to you.:T:T
And Congratulations to your sister, bet she is so happy and very proud of you too.:beer:

antsmack

Morning all

just sent away the wifes ppi claim last week and this week we recevied a cheque in post for the said amount then this morning we recevied my wifes cc statment and the cheque amount was credited to her account, just wondering if that means the cheque is no longer valid.also should my wife receive some compensation on top

many thanks

robbedofmymoney

antsmack wrote: »

Morning all

just sent away the wifes ppi claim last week and this week we recevied a cheque in post for the said amount then this morning we recevied my wifes cc statment and the cheque amount was credited to her account, just wondering if that means the cheque is no longer valid.also should my wife receive some compensation on top

many thanks

have you had any kind of breakdown given to your by the lender advising how much you are to get back, you will have a better idea then, if not all you can do is give them a call

cheers

antsmack

hi yes my wife did get a redress return of, premiums to date,interest charged on premiums and compensatory interest at 8% i was under the impression that she would get some or all 18%APR back from them and also some compensation