PPI Reclaiming successes and failures

smithy1976

Hi

I had a letter from lloyds 2nd june upholding my complaint, and said they would put me in the position had the PPi not been added.

I have just rung lloyds, to my shock after only sending the acceptence back on the 5th june, they state ( maybe due to me chasing and copying CEO) they have calculated the figures.

which dont seem right..

the PPI the state im getting is £488.03 which is ok. but the toal amount of interest is £50. this seems low. The person i spoke to didnt inspire me with confidence that they knew what they were talking about, but he said they dont give 8% interest.

the period the refunding PPI to me is from July 04 - May 06. should i be due soem interest from 06 to present date.

Also i know the acceptence slip asked me if i wanted it of my CC balance ( which does have arrears, but is on an arrangment, and not classed as defaulted) or i can have this paid into a bank account of my choice.

To my shock they have said they paid it int my bank, which isnt with lloyds. would they normally do this, i expected it to come of my balance?

any help appreciated

di3004

smithy1976 wrote: »

Hi

I had a letter from lloyds 2nd june upholding my complaint, and said they would put me in the position had the PPi not been added.

I have just rung lloyds, to my shock after only sending the acceptence back on the 5th june, they state ( maybe due to me chasing and copying CEO) they have calculated the figures.

which dont seem right..

the PPI the state im getting is £488.03 which is ok. but the toal amount of interest is £50. this seems low. The person i spoke to didnt inspire me with confidence that they knew what they were talking about, but he said they dont give 8% interest.

the period the refunding PPI to me is from July 04 - May 06. should i be due soem interest from 06 to present date.

Also i know the acceptence slip asked me if i wanted it of my CC balance ( which does have arrears, but is on an arrangment, and not classed as defaulted) or i can have this paid into a bank account of my choice.

To my shock they have said they paid it int my bank, which isnt with lloyds. would they normally do this, i expected it to come of my balance?

any help appreciated

Hi there

I do think they pay out some kind of interest but think it may also differ to that of loan PPI, cannot remember exactly, have you also checked on how the FOS calculates ppi refunds on both Credit Card and loan ppi on maxdp's thread?
https://forums.moneysavingexpert.com/discussion/1596473

Wonder if Robbedofmymoney will be able to work this one out for you, just in case anything is amiss?
Hopefully he will be along at some point soon.;)

With my credit card ppi it was refunded directly back to me, this was ages ago now, and been trying to find the letter on this so I can check on the interest side of it, this was a settled account though and again the loan ppi was also refunded to an account of my choice too.

dippynina

amersall wrote: »

congrats on your win :beer:
i echo what di says, you should give them a ring and tell them you would like the interest refunding to you.If you had not taken ppi you would not be out of pocket with this interest.
And they were "quick" because they are taking the money and not giving it back to you,bet the money is off the loan already!!.by the way have you asked them about the loan being reduced by the actual ppi amount? as you will benefit from that and your loan will decrease .
Ask them for figures of the loan without ppi just to make certain, as i wouldnt put it past them to "cook the books" with this, ask them for a balance on this loan and make sure the amount you owe is reduced by the ppi and you will know for certain.

Hi - I have re-read my acceptance form and I don't know how I missed it but it does state that the '8% simple interest offered will be paid to my current account' - this is great news. They have asked for my bank details (sort code and acc no). My query is that I no longer bank with Lloyds, so do I just give them details of my new bank and they will pay what I am due straight into that or are they assuming I still bank with them?
They have given me an explanation of how this will be worked out (without actual figures) but because the loan is with their debt collection dept and not been paid off, will I still be entitled to the full PPI refund or only a percentage of this because I have only paid part of it off. ie the loan started in Nov 2002 and was passed to debt collectors in 2007, and the PPI payment was £19 per month. Will I only be refunded my PPI for this period and will the 8% interest be calculated from Nov 2002? Hope this makes sense and sorry its a bit longwinded but any advice much appreciated. Thanks

di3004

dippynina wrote: »

Hi - I have re-read my acceptance form and I don't know how I missed it but it does state that the '8% simple interest offered will be paid to my current account' - this is great news. They have asked for my bank details (sort code and acc no). My query is that I no longer bank with Lloyds, so do I just give them details of my new bank and they will pay what I am due straight into that or are they assuming I still bank with them?
They have given me an explanation of how this will be worked out (without actual figures) but because the loan is with their debt collection dept and not been paid off, will I still be entitled to the full PPI refund or only a percentage of this because I have only paid part of it off. ie the loan started in Nov 2002 and was passed to debt collectors in 2007, and the PPI payment was £19 per month. Will I only be refunded my PPI for this period and will the 8% interest be calculated from Nov 2002? Hope this makes sense and sorry its a bit longwinded but any advice much appreciated. Thanks

Hi

Hope your well.

On the acceptance slip, did they leave a part for you to write down the account of your choice?

I do not bank with them anymore either and they did refund into another account I have when giving the details.

I would email the insurance dept as well, if they have stated they are putting you back in the position as if you did not take out ppi, then they should also pay you the interest, which is that of the 8%.

Did they state they would calculate inline with the FOS?
If so they must include the 8% interest.

You can ask if they can refund the amount into an account of your choice, but I do also know if this actual account is in arrears, they may possibly refund the amount towards this but the 8% should be awarded directly to you.

Email them here:
[EMAIL="customer.care.insurance@lloydstsb.co.uk"]customer.care.insurance@lloydstsb.co.uk[/EMAIL]

As you already been out of pocket due to this in the first place, that have not helped the debt, you could otherwise argue on this if you want to, and tell them you have already been deprived of your money and wish to have the amount refunded directly to you, or see what they say first.

Remember to include your ref complaint number if you email them on the above.

Good luck and please keep us posted.;)

amersall

dippynina wrote: »

Hi - I have re-read my acceptance form and I don't know how I missed it but it does state that the '8% simple interest offered will be paid to my current account' - this is great news. They have asked for my bank details (sort code and acc no). My query is that I no longer bank with Lloyds, so do I just give them details of my new bank and they will pay what I am due straight into that or are they assuming I still bank with them?
They have given me an explanation of how this will be worked out (without actual figures) but because the loan is with their debt collection dept and not been paid off, will I still be entitled to the full PPI refund or only a percentage of this because I have only paid part of it off. ie the loan started in Nov 2002 and was passed to debt collectors in 2007, and the PPI payment was £19 per month. Will I only be refunded my PPI for this period and will the 8% interest be calculated from Nov 2002? Hope this makes sense and sorry its a bit longwinded but any advice much appreciated. Thanks

hi there, do as di says and you wont go far wrong:A
you will get the ppi you have paid to date plus interest, with the account being with debt collection i dont know what portion of your low payment went to ppi.

But in any event you need the new loan payment amount with the total ppi off, ask for a breakdown of this, as your balance you owe will reduce by this.
You should get the 8% from the date you took out the loan.
Hope this helps and keep us posted x

smithy1976

Hi

I am waiting for afinal decision on 2 claims with HSBC. One for a Flexiloan since 2000 and one a credit card had since around 2002.

I thought i would chase them today as by anyone standard 12 weeks is a long time to wait.

I was but through to a very pleasent lady, who said she was in the final stages of reviewing my complaint, and needed to ask me a couple of questions.

firstly do i recall the conversation of how it was sold. "which i replied was implied if i dont have the PPi, due to having a poor credit rating i may not be accepted"

that was all i was asked, at which they said i would have a final decision with me by the end of next week.

Does anyone know how HSBC are being recently with upholding complaints on loans and credit cards.

it seems strange me just answering that one question, and have i ever claimed on the PPI means they can issue a reply now.

I shall keep my fingers crossed

as always many thanks to this site and anyone who can give me some input

di3004

smithy1976 wrote: »

Hi

I am waiting for afinal decision on 2 claims with HSBC. One for a Flexiloan since 2000 and one a credit card had since around 2002.

I thought i would chase them today as by anyone standard 12 weeks is a long time to wait.

I was but through to a very pleasent lady, who said she was in the final stages of reviewing my complaint, and needed to ask me a couple of questions.

firstly do i recall the conversation of how it was sold. "which i replied was implied if i dont have the PPi, due to having a poor credit rating i may not be accepted"

that was all i was asked, at which they said i would have a final decision with me by the end of next week.

Does anyone know how HSBC are being recently with upholding complaints on loans and credit cards.

it seems strange me just answering that one question, and have i ever claimed on the PPI means they can issue a reply now.

I shall keep my fingers crossed

as always many thanks to this site and anyone who can give me some input

Hi Keeping my fingers crossed for you, and hope you hear soon of the decision.

There have been loads who have had reclaims against these and hopefully will post up of their own experience, good luck.;)

nanna58

HI di nanna here

could you tell me plz if "Extra care advantage" is recaimable its with my cataloge. I tried to make a claim today and have been refused as my work have not reduced my hours enough!!!!!!

I have posted same question on new thread but should not have done so plz feel free to delete

many thanks

di3004

nanna58 wrote: »

HI di nanna here

could you tell me plz if "Extra care advantage" is recaimable its with my cataloge. I tried to make a claim today and have been refused as my work have not reduced my hours enough!!!!!!

I have posted same question on new thread but should not have done so plz feel free to delete

many thanks

Hi nanna, that is fine, you done the right thing so not to worry.:A

I have also left you a post on your other thread, and will post it here for you too. As below.;)

Now you go for this, if they are not paying out then the policy is worthless to you.

Complete the FOS questionnaire, the FOS have issued these to make a complaint against who is responsible, and keep a copy in case you need to complain to the ombudsman later on.
These questionnaires are used now instead of writing letters and to make a reclaim against any ppi product.

You will find this further down the page as Stage one on here:
http://www.moneysavingexpert.com/rec...loan-insurance

They have 8 weeks in full to respond with a decision.

Good luck nanna, keep at them and ask for further help if your require this.;)

Di
X

chinoclone

What were you reclaiming: Missold PPI
Who was the provider: HSBC
How much did you get back: £2,798.47
Did you get it back after a letter or did you go to the Financial Ombudsman: Sent MSE template letter

I originally sent a letter on 16th March to claim for missold PPI due to me being unable to cancel the policy when I originally requested to do so 1 year into my agreement. I received several letters from HSBC informing me that they are not yet in a postion to respond to my complaint.

I recevied a letter dated 22nd June informing me that they are not upholding my complaint. However, they will be refunding my premiums from the original cancellation date with interest at 8%.

I am extrememly happy with this, and I'd like to thank MSE for all the help they have provided, as I wouldn't have been able to do this with out the information that is on this site.

:beer: