PPI Reclaiming successes and failures

**Dawn** wrote: »

To everyone who thinks that they can't claim PPI back start reading this.....


.....back in Feb i claimed back bank charges and after 3 months was refunded £700 - what a shambles be patient anyway got the confidence to request my PPI back. Downloaded Martin's template letter and off it went to the bank thinking it would take ages for a reply (like with the charges) i made a note of the date and carried on as normal.....two weeks later got a letter from Nat West stating that all the PPI had been taken off my loan and that my monthly repayments were changing they were refunding me £4,700!!!!


(pick me off the floor!!)

It was SO easy - if you have PPI go for it you can't loose :rotfl: :rotfl:

there should be a Saint Martin Day!!!:A

So you only had to send 1 letter?

When did you take out the loan?

MTIA.

RESULT!! Just received a letter from first plus saying that they would not accept liability for my PPI (they wouldn't would they?!) but as a good will gesture they will refund £1100.00 on top of the early repayment rebate i had already received. I expected to get nothing so i am taking the money and running!!!

I have just received a letter to say that Alliance & Leicester are going to make a full refund (including interest) on the PPI which I took out in June 2006 when I topped-up my unsecured loan with them! I was led to believe that the PPI was necessary for me to have in order for my loan to be approved (I had PPI on the previous loan). Thanks to Martin and all you wonderful people who use this website the cancellation/refund of the PPI means that I benefit as follows:

a.) My loan repayments have been reduced by over £40.00 per month. This may not seem a huge amount, but over the five years of the loan (at 10.5% APR), I will be saving approximately £3,000. The outstanding amount of my loan is now £23,000 instead of £26,300! That is certainly a step in the right direction in terms of reducing it!

b.) I had got behind with the monthly repayments quite soon after taking out the top-up loan in June 2006 due to the unexpected and sudden breakdown of my twelve-year relationship and the loss of a second household income as a result. I was also advised to stop paying the monthly repayment by a company dealing with my IVA application as I was struggling to pay it each month - then the IVA was refused so it all went pear-shaped from there. Anyhow, the £4,000 arrears that I had on the loan has now been 'cancelled out' as the loan has been re-calculated over 56 months by Alliance & Leicester so no longer do I have arrears! Hopefully as I no longer have any other debt my credit rating will improve as I intend to pay the FULL amount each month to the A & L and not get into arrears again - things will be a bit tight admittedly, but at least I have overtime opportunities available regularly at work which helps plus a couple of monthly financial committments that can be reduced or are due to be paid off in a couple of months so that will free-up a further £65.00 per month anyway!

c.) I'll be debt-free by June 2012! My aim and hope was to be 100% debt-free by the time I reached the age of 40. In June 2012, when I make my last monthly repayment, I will be 39.5 years old, so this aim and hope of mine IS achievable and realistic! Hurrah!

Anyhow, the moral of the story is ....... if at first you don't succeed, try, try, try again. Originally when I wrote to A & L they refused to cancel/refund the PPI claiming that I was not mis-sold it. They claimed they had listened to the recording of my loan application and, in so many words, they claimed that their advisor had not told me that the PPI was a condition of the loan being approved. Anyhow, I wrote back strongly disputing this and requesting a copy of the recording, stating that I would be contacting the Financial Ombudsman if I didn't get a satisfactory result!

Three weeks later the next letter that A & L sent me - received today - outlined how they could not provide me with the recording of my telephone application (surprise, surprise, I wonder why not?!!!), but 'as a goodwill gesture' they would cancel and fully refund the PPI and the interest on the PPI amount (10.5% APR) and set up my loan as a new loan to be paid over 56 months (instead of 60 months, to allow for interest, arrears etc). RESULT!!!!! I am well happy!!!

So, don't give up, persevere ...... many thanks to Martin and all you lovely helpful people on this website, you have saved me £3,000 overnight (well, it all took about 12 weeks but I only wrote two letters to the A & L)! I never realised until reading on this website that PPI could not be sold as a condition of the loan being accepted and, if it had been (as was the case for me) it could be reclaimed. I didn't think I would get anywhere but thought I had nothing to lose by trying; am so glad that I did, I'm not normally 'lucky' with things like that! :T :beer:

Thanks for sharing your success stories with us. This will give us the insentive to do the same.