PPI Reclaiming discussion Part II

LilacPixie

lily147 wrote: »

Hi
I'm new to this!!
recently sent in a reclaim to HSBC regarding 3 ppi policies....1 on a business loan, 1 on a business overdraft & 1 on a personal loan.
They have just replied to say that they will uphold the personal claim but not the business ones as the policy clearly states what the ppi is for & also that monthly payments were being taken from my accounts so I was aware I was paying for them. Plus there was a cooling off period. Plus I have only just complained & have never tried to cancel the policies.
My main complaint with them was that I did argue at the time with the bank manager, face to face, and he stated that he would not give me the money without my taking out the policies. Since then, I had been too scared to cancel them as I feared they would demand all their money back.
I only put the claims in after closing my business & repaying the business loans.
Should I accept their offer or push on with my claim? If I push on do I lose the initial offer, even though it's on a different policy/account?
Can anyone offer any advice Please

I am purely surmising here but I would think 3 diffrent policies would mean 3 seperate complaints so accepting an offer for the complaint regarding the personal account shouldn't affect your other complaints.

Personally I don't think banks offer anything if they are sure they are right so the fact they have made an offer to me says they know they messed up.

Iwould push on with the two business accounts and in addition if the bank have offered any less than full whack plus interest paid on the personal account i would push on with that too.

TwinsMum_2

doingmybest wrote: »

Good news. How long was your case with the FOS?

Case has been with them since last October,so it has taken a while.

marluc

marluc wrote: »

Thanks Tiggrae for such a prompt response. I had hoped to be able to do this all by myself. Thanks for your advice. I will go and get legal advice.

Does anyone have any knowledge of reputable companies - No Win no Fee types? Or is it better to just go and see a Solicitor from the High Street as it were?
Thanks for help in advance

YEOSAL

Hi
I am after a bit of help if possible.
Have done court forms for Lloyds TSB who are defending their claim and have advised me they have instructed a solicitor. I am not sure that I have calculated the interest correctly.

The total amount paid for PPI including interest is £1993.20. I calculated the 8% interest from the beginning of the loan, not sure whether this should have been from the end of the loan.

I have got a claim to do for Lombard too, but struggling with the calculations.
Loan Amount £15000.00
PPI amount £4132.09
APR 13.9% - Loan 5yrs from May 1998 - April 2003. 60 monthly payments.

Stuck again with when the 8% should be charged from.

Any help would be great!

Kaia_2

YEOSAL wrote: »

Hi
I am after a bit of help if possible.
Have done court forms for Lloyds TSB who are defending their claim and have advised me they have instructed a solicitor. I am not sure that I have calculated the interest correctly.

The total amount paid for PPI including interest is £1993.20. I calculated the 8% interest from the beginning of the loan, not sure whether this should have been from the end of the loan.

I have got a claim to do for Lombard too, but struggling with the calculations.
Loan Amount £15000.00
PPI amount £4132.09
APR 13.9% - Loan 5yrs from May 1998 - April 2003. 60 monthly payments.

Stuck again with when the 8% should be charged from.

Any help would be great!

Hi Yeosal
I am having a problem with figures as well, if you have seen my posts on page 3 you will know what I mean!.....I am hoping tiggrae will get back to me on this...."praying":A more like.
I have no shame in saying I am USELESS at this sort of thing!
All I DO know is that you dont work it out from the begining OR at the end, you have to put each figure into Martins calculator (on the banks charges page ) to calculate for each month on the date your payments were made.
Dont know if thats any help.
Kaia x

gt568

8% is from the beginning

DebtMagnet

So just had a reply to my first letter from GE Money and no surprise they are saying that there is no evidence of any mis-selling and no refunds are due. However a few things they say have given me new questions.

They pointed out that as my agreement dates back to 1999 the FSA fine they recieved (which I pointed out on my letter as per Martins template) is not relevant as it only relates to policies purchased after 14th Jan 05. Fair enough and I have looked at the other thread on the FLA and other bodies but to be honest, it doesn't seem like they are much use? Has anyone had anything other then the FLA passing the complaint straight back to the original company?

My other question relates to my original agreement. They say they can't retrive a copy of my credit agreement due to the length of time since my account was opened yet they go on to state that:

"I can confirm that on your credit agreement it asked for you to sign the relevant section if you required the account cover, which you did."

Now maybe this is too simplistic of me but if they have no agreement to show this, how can they confirm that I did actually sign the relevant section as they claim? Can I not simply just tell them to go ahead and prove it?

I may well have signed something, but it was in a shop, I was young, I had never had any credit and nobody explained that there was anything added to the card that would have cost me more. If they told me to sign a box or two then I would have done it. They say that as it was shown on each monthly statement then I should have known it was there and could have claimed on it at any time or likewise cancelled it. The fact of the matter is I didn't know it was optional and just thought it was just part of the standard monthly charges for the store card and certainly didn't know it was insurance.

So I can't go to the ombudsman but should I simply write back to them and tell them that I do not agree with their findings and ask them to provide proof that they follwed the guidelines they state and that I did actually sign this 'relevant section' of the form? Am I right in saying that without anything showing my signature, they wouldn't have a leg to stand on should I go down the court route (which I would like to avoid if possible?) and merely pointing that out should be enough?

Thanks in advance,
DM

mishnewclaimer

mishnewclaimer wrote: »

i am trying to reclaim ppi from natwest,they have sent me a questionaire but say it is not compulsary to fill in.is there a template letter to send telling them why i wont be answering their questionaire.

can anyone help with this please

tiggrae

ANY_CHANCE wrote: »

Hi all,:hello:

I have received a letter from FP saying basically that they did not agree with my complaint on unfair rebate.

What should i put in my 2nd letter back to them??

Any ideas??:think:

I cannot see a template letter that relates to this particular situation (or maybe i have just missed it?)

Wouldn't bother, they're not going to move - take your complaint to the Financial Ombudsman

tiggrae

Kaia wrote: »

....just to give a clearer idea...hope this helps....tiggrae
IT IS QUITE FRIGHTENING TO LOOK AT !!!! seeing how much I pay and what actually goes on just interest!!!!

2003 Statement 1 Paid £3306.45 Interest £2572.53
2004 Statement 2 Paid 2014.32 Interest £2014.36
2005 Statement 3 Paid £2757.48 Interest £2065.14

So by this point.....at the end of the third year.......I had actually paid £8371.29
But £6652.03 of this being INTEREST!!!!!!!
So, in effect at this point had only paid approx £2000 off the loan ( basically just the cost of the ppi).
Tiggrae...hope this gives a clearer picture .....x

Hi Kaia, It's actually the interest on the PPI element you need to work out how much in PPI you've paid - If it's not clear from the papaerwork then you can always ask them for the details - they are obliged to provide this information under the Data Protection Act !