PPI Reclaiming successes and failures

1…18751876187818801881…3771

Comments

  • themass
    themass Posts: 142 Forumite
    First Anniversary Combo Breaker First Post
    Makes you wonder if i am in safe hands Amersall,, they have two refs with the same claim i know i sent everything they asked for recorded delivery and she never answers her phone,, maybe they have a Norton spy in their camp. lol.
  • tifosi
    tifosi Posts: 485 Forumite
    First Post First Anniversary Combo Breaker
    Katinkka wrote: »
    Hello people.

    Have recently realised we took out ppi on our old mortgage with Northern Rock. It was through a brokers and was advised in my other thread that I should contact the brokers. They said because they sold me it in 2004 I can not claim because it is outside of some 'ruling'. THe woman on the phone made me feel pretty stupid.

    What can I do? Anything? It was £3060 single payment on a mortgage of 102k.

    Also earlier in the day I had a call from another guy at their solicitors who said he would send me some 'paperwork'. Not sure what to expect now but this woman basically told me I had no chance and was like 'what about it?'.



    They are more than likely referring to the Statute of Limitations that states you cannot claim beyond 6 years

    BUT (and its a big BUT) you can invoke Section 32 which states that the 6 years only starts from the date you became aware of the issue (so in your case you have 6 years from the date you realise you had PPI on the NR mortgage)

    Mortgage claims are a little different though and you are better off posting a seperate thread entitled "Northern Rock Mortgage Claim" under the general "Reclaim PPI and other insurances" section

    DunstonH is apparently one of the users that is well versed in mortgage claims

    :cool:
    -


    Congratulations to all who have got their PPI back!

    :T
  • Niggly_2
    Niggly_2 Posts: 325 Forumite
    Sophieh wrote: »
    Ok just spoken to GE & obtained all of the above info! Grateful if you could advise a rough idea of what we can expect to get back? Thanks very muchly! :cool:

    PPI is £89.83. per month (£8100/£38100 x 100 = 21.26% x £422.53= £89.83)
    26/11/2004 to 26/08/2011 = 81 months

    Refund to you

    £89.83 x 81 = £7276.23
    8% Simple = £1949.31
    Total £ 9225.54

    Loan reconstruction
    £8100 to take off loan plus interest so future payments = £332.70

    This is ball park. You may have had 6 month premium holiday? No such thing payments are just taken over the remaining months at higher rate per month. Having problems with the interest rate quoted
    More like 10.5 % or the monthly figure should be £476

    :beer:
  • Sophieh_2
    Sophieh_2 Posts: 42 Forumite
    Niggly wrote: »
    PPI is £89.83. per month (£8100/£38100 x 100 = 21.26% x £422.53= £89.83)
    26/11/2004 to 26/08/2011 = 81 months

    Refund to you

    £89.83 x 81 = £7276.23
    8% Simple = £1949.31
    Total £ 9225.54

    Loan reconstruction
    £8100 to take off loan plus interest so future payments = £332.70

    This is ball park. You may have had 6 month premium holiday? No such thing payments are just taken over the remaining months at higher rate per month. Having problems with the interest rate quoted
    More like 10.5 % or the monthly figure should be £476

    :beer:

    Oooh thats about £1000 more than I thought it would be!!!!!!!!! :j
    Thank you so much for doing that! With regard to the '£8100 to take off loan & reconstruction' bit - I am not using the money to pay off any of the loan, so that will remain as it is......won't it?
    Keep Smiling :D - It makes people wonder what you're up to!!!
  • RosieBrock
    RosieBrock Posts: 29 Forumite
    First Anniversary Combo Breaker
    tifosi wrote: »
    Its not ALL claims that have to be resolved by 31st August, its only those that were sent to the banks before and during the Judicial Review, that were put on hold by the banks because of the JR

    Those received after the JR had been concluded, but before the 31st August have to be completed in 16 weeks

    Those received after the 1st September but before have to be completed within 12 weeks

    Then after 31st December, it returns to the normal 8 weeks


    Just to confuse you further, this only applies (no matter what some other banks like to try and tell people) to those banks and building societies owned by the Barclays, HSBC, Lloyds and HBOS groups (those that were involved in the Judicial Review)


    All other banks, credit card companies and loan companies have to stick to the normal 8 week processing time


    See HERE



    I think RBS are included in the 16 week extension period
  • smitchy73
    smitchy73 Posts: 2,558 Forumite
    Photogenic Name Dropper First Post First Anniversary
    Sophieh wrote: »
    Oooh thats about £1000 more than I thought it would be!!!!!!!!! :j
    Thank you so much for doing that! With regard to the '£8100 to take off loan & reconstruction' bit - I am not using the money to pay off any of the loan, so that will remain as it is......won't it?
    Sophie, your refund will be what you have paid plus interest, the £8100 coming off the loan is the lender restructuring your loan as if there had been no ppi on it, and therefore you're monthly payment will decrease after the ppi amount is removed, just as niggly had listed.

    Well done on your win.:D
    Thanks to all the competition posters.
  • smitchy73
    smitchy73 Posts: 2,558 Forumite
    Photogenic Name Dropper First Post First Anniversary
    RosieBrock wrote: »
    I think RBS are included in the 16 week extension period
    They are included.
    Thanks to all the competition posters.
  • tifosi
    tifosi Posts: 485 Forumite
    First Post First Anniversary Combo Breaker
    RosieBrock wrote: »
    I think RBS are included in the 16 week extension period

    Quite correct

    Sorry!


    So -

    RBS, Lloyds Banking Group, HSBC and Barclays

    NOT HBOS
    -


    Congratulations to all who have got their PPI back!

    :T
  • smitchy73
    smitchy73 Posts: 2,558 Forumite
    Photogenic Name Dropper First Post First Anniversary
    tifosi wrote: »
    Quite correct

    Sorry!


    So -

    RBS, Lloyds Banking Group, HSBC and Barclays

    NOT HBOS
    Don't be sorry tifosi, you can't be faulted for forgetting a small fish like RBS from the list, hell I forgot what day it was today:eek::D
    Thanks to all the competition posters.
  • Mrs_Impatient
    Mrs_Impatient Posts: 43 Forumite
    Quote:
    Originally Posted by tifosi viewpost.gif
    Hi,

    do you have the figure for the amount you paid back in June 2003?

    It is likely they gave you a rebate on the PPI when you settled early

    By my calculations, the £1269 would have had £736 in interest added if you had seen the loan through its full 60 month term

    So, if we take £1269 + £736 = £2005


    Even allowing for any rebate given, £302 sounds low (as you would be entitled to 8% compensatory interest on top as well)

    Can you track down the amount you paid to settle the loan?


    Hi tifosi

    I did some digging around and rang the loan company and have found out that I paid £8,910.17 back in full on 15/7/2003, but they did tell me that £970.73 was written off as part of the settlement figure they gave me (which I had a feeling thats was why my rebate figure was low), but still I don't think there is any compensatory interest on that £302 figure for the last 8 years, what do you think?

    Thanks.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards