PPI Reclaiming discussion Part II

missljm

Looking for some advice regarding my claim for PPI against Welcome Finance.
I wrote to Welcome using the template letter given here with my complaint about being mis-sold my PPI policy. They tried to call me to discuss this but I used my newly gained money savvy skills and wrote to them and told them that I would like everything in writing, and surprisingly I didn't hear from them again. Once I left it for the required amount of time and then sent the second template letter requesting a response to my initial letter, once again nothing.
Again I waitied the required amount of time and then wrote to the FSO who contacted them on my behalf, to which I received a standard letter from Welcome saying that they were looking into my complaint and that they would send a response in due time. Well the 8 weeks came and went and I heard nothing again and so last week contacted the FSO letting them know the current situation.
Does anyone know what the likely outcome is going to be?

dannythedog83

Hi, sorry if this is in the wrong place.

I am going to try claim back PPI on my Lloyds CC I believe I was mis-sold around 2002/03. I was unemployed at the time of applying when I was a student. I can't remember exactly when I took it out and have chucked all the paperwork out! I had the account until I closed it last year, and remember paying a lot each month on PPI. Until reading this forum I thought it was just a type of service charge - how naive!!

I read the guide but I couldn't seem to find the answer to the questions below.

1. How do I know the amount I should get back? Do I need to ask for information under the Data Protection Act like claiming back bank charges?
2. Can I claim back over 6 years for PPI as I was mis-sold it?
3. Do I just send the template from the guide letter first? I don't have all the details.

Any help would be gratefully received!

georgiajam

Newbie here so be gentle!
Looked at my first direct loan last october after Martins Publicity on PPI and wrote to them with template letter, back came the to go away dont be silly letter, so sent off second letter was told virtually the same. Went to FOS, they have just answered by saying they are contacting HSBC (aka first direct) to give me a final letter within 8 weeks, it would appear that FD finished all their letters with an option to ring them or go to FOS (I would never ring them as they would probably confuse me even more!) If their final letter says no do I still have the right to go back to FOS?

tiggrae

georgiajam wrote: »

Newbie here so be gentle!
Looked at my first direct loan last october after Martins Publicity on PPI and wrote to them with template letter, back came the to go away dont be silly letter, so sent off second letter was told virtually the same. Went to FOS, they have just answered by saying they are contacting HSBC (aka first direct) to give me a final letter within 8 weeks, it would appear that FD finished all their letters with an option to ring them or go to FOS (I would never ring them as they would probably confuse me even more!) If their final letter says no do I still have the right to go back to FOS?

what kind of complaint did you make to the FOS - was it for mis selling? if so, the FOS should already be looking at it for you.

Robbed?

Hi all- I've been *lurking* round this site for the past few months and have put in the first letter to Natwest to claim PPI (they have until Tue to reply:eek: )! Does anyone know how I work out the total amount owed- the loan was originally started in 2002 and has been renewed 9 times_pale_ !!

Original Loan- 18/03/02
Amount Borrowed- £1000
Interest Charged for Credit- £226.48
PPI- £124.00
Total- £1350
Mthly Payt- £56.27
Term- 24mth
Annual Rate- 19.90%

Renewed- 26/09/02
Amount Borrowed- £3000
Interest Charged for Credit- £800.04
PPI- £480.00
Total- £4280.04
Mthly Payt- £118.89
Term- 36mth
Annual Rate- 14.90%

Renewed- 11/02/03
Amount Borrowed- £4000
Interest Charged for Credit- £1067.24
PPI- £651.00
Total- £5718.24
Mthly Payt- £158.84
Term- 36mth
Annual Rate- 8.2%

Renewed- 21/03/03
Amount Borrowed- £5500
Interest Charged for Credit- £1648.08
PPI- £1094.00
Total- £8242.08
Mthly Payt- £171.71
Term- 48mths
Interest Rate- 6.8%

Renewed- 16/09/03
Amount Borrowed- £5400
Interest Charge for Credit- £1748.60
PPI- £1327.00
Total- £8475.60
Mthly Payt- £141.26
Term- 60mth
Interest Rate- 6.8%

Renewed- 24/02/04
Amount Borrowed- £8100
Interest Charge for Credit- £2649.60
PPI- £2091.00
Total- £12840.60
Mthly Payt- £214.01
Term- 60mth
Interest Rate- 5.75%

Renewed- 08/06/05
Amount Borrowed- £8300
Interest Charged for Credit- £1849.52
PPI- £1646.00
Total- £11795.52
Mthly Payt- £245.74
Term- 48mth
Interest Rate- 5.2%

Renewed- 28/11/05
Amount Borrowed- £9300
Interest Charged for Credit- £1793.36
PPI- £1720.00
Total- £12813.36
Mthly Payt- £305.08
Term- 42mth
Interest Rate- 5.2%

Renewed- 02/07/06
Amount Borrowed- £10000
Interest Charged for Credit- £2606.80
PPI- £2596.00
Total- £15202.80
Mthly Payt- £253.38
Term- 60mth
Interest Rate- 4.65%


As you can see when the last loan was negotiated it put me over 15k in debt :embarasse - could someone please help me calculate a ball park figure I am reclaiming.

Thanks in advance

tiggrae

dannythedog83 wrote: »

Hi, sorry if this is in the wrong place.

I am going to try claim back PPI on my Lloyds CC I believe I was mis-sold around 2002/03. I was unemployed at the time of applying when I was a student. I can't remember exactly when I took it out and have chucked all the paperwork out! I had the account until I closed it last year, and remember paying a lot each month on PPI. Until reading this forum I thought it was just a type of service charge - how naive!!

I read the guide but I couldn't seem to find the answer to the questions below.

1. How do I know the amount I should get back? Do I need to ask for information under the Data Protection Act like claiming back bank charges?
2. Can I claim back over 6 years for PPI as I was mis-sold it?
3. Do I just send the template from the guide letter first? I don't have all the details.

Any help would be gratefully received!

When you make your complaint ask them to send you a copy of the Terms & Conditions - that should have all the PPi details on, you don't need the amounts to make your complaint, but what I suggest you do is try and get as much evidence as possible that you were unemployed at the time - tax returns, benefit office details, student loans - anything you can think of that will support your claim. As for the 6 year rule, there is debate about this - but if it is over 6 years ago but you were making payments within the last 6 years then you should be able to make a claim.

tiggrae

Robbed? wrote: »

Hi all- I've been *lurking* round this site for the past few months and have put in the first letter to Natwest to claim PPI (they have until Tue to reply:eek: )! Does anyone know how I work out the total amount owed- the loan was originally started in 2002 and has been renewed 9 times_pale_ !!

Original Loan- 18/03/02
Amount Borrowed- £1000
Interest Charged for Credit- £226.48
PPI- £124.00
Total- £1350
Mthly Payt- £56.27
Term- 24mth
Annual Rate- 19.90%

Renewed- 26/09/02
Amount Borrowed- £3000
Interest Charged for Credit- £800.04
PPI- £480.00
Total- £4280.04
Mthly Payt- £118.89
Term- 36mth
Annual Rate- 14.90%

Renewed- 11/02/03
Amount Borrowed- £4000
Interest Charged for Credit- £1067.24
PPI- £651.00
Total- £5718.24
Mthly Payt- £158.84
Term- 36mth
Annual Rate- 8.2%

Renewed- 21/03/03
Amount Borrowed- £5500
Interest Charged for Credit- £1648.08
PPI- £1094.00
Total- £8242.08
Mthly Payt- £171.71
Term- 48mths
Interest Rate- 6.8%

Renewed- 16/09/03
Amount Borrowed- £5400
Interest Charge for Credit- £1748.60
PPI- £1327.00
Total- £8475.60
Mthly Payt- £141.26
Term- 60mth
Interest Rate- 6.8%

Renewed- 24/02/04
Amount Borrowed- £8100
Interest Charge for Credit- £2649.60
PPI- £2091.00
Total- £12840.60
Mthly Payt- £214.01
Term- 60mth
Interest Rate- 5.75%

Renewed- 08/06/05
Amount Borrowed- £8300
Interest Charged for Credit- £1849.52
PPI- £1646.00
Total- £11795.52
Mthly Payt- £245.74
Term- 48mth
Interest Rate- 5.2%

Renewed- 28/11/05
Amount Borrowed- £9300
Interest Charged for Credit- £1793.36
PPI- £1720.00
Total- £12813.36
Mthly Payt- £305.08
Term- 42mth
Interest Rate- 5.2%

Renewed- 02/07/06
Amount Borrowed- £10000
Interest Charged for Credit- £2606.80
PPI- £2596.00
Total- £15202.80
Mthly Payt- £253.38
Term- 60mth
Interest Rate- 4.65%


As you can see when the last loan was negotiated it put me over 15k in debt :embarasse - could someone please help me calculate a ball park figure I am reclaiming.

It's really not that hard to work out - lets take your first 2 loans -

1st loan - £124 as a % of £1350 is about 9% - 9% of the monthly premium is £5.04 - you paid it for about 7 months so £5.04 x 7 = £35.28

2nd loan - £480 as a % of £4280 is about 11% - 11% of the monthly premium is £13.08 x 4 months = £65.29 and so on

Original Loan- 18/03/02
Amount Borrowed- £1000
Interest Charged for Credit- £226.48
PPI- £124.00
Total- £1350
Mthly Payt- £56.27
Term- 24mth
Annual Rate- 19.90%

Renewed- 26/09/02
Amount Borrowed- £3000
Interest Charged for Credit- £800.04
PPI- £480.00
Total- £4280.04
Mthly Payt- £118.89
Term- 36mth
Annual Rate- 14.90%

Robbed?

So I will only be able to claim back the £35.28 and the £65.29 and so on... ?

As you can see I have only ever had somewhere in the region of £7k cash off them and have paid more than that that in monthly payments over the years. They have never refunded any PPI amounts or interest either?

I thought (dangerous thing ) that they had calculated their figures on the loans running for their full period, lets say 5 years, and because they were renewed after say 6 mth- do they not owe me a refund on the premiums for the remainding 4.5 years?

Thanks x

tiggrae

Robbed? wrote: »

So I will only be able to claim back the £35.28 and the £65.29 and so on... ?

As you can see I have only ever had somewhere in the region of £7k cash off them and have paid more than that that in monthly payments over the years. They have never refunded any PPI amounts or interest either?

I thought (dangerous thing ) that they had calculated their figures on the loans running for their full period, lets say 5 years, and because they were renewed after say 6 mth- do they not owe me a refund on the premiums for the remainding 4.5 years?

Thanks x

I think what you need to do is look at the settlement figures - did they ever rebate you for the early settlement of each loan ?

Robbed?

No- I've never had any settlement figures! They just recalculated the loans to pay off the existing ones and give me approx £1000 in cash! Nor have they ever refunded any premiums. Twice I renegotiated them rather than had any cash.

Thank you x