Confused where to start with PPI refund....**** SUCCESS ****

[Sportybfg]

Hi Sporty

 

You are very nearly there in post #20.

 

The loan progression sheet shows that at the point of paying off the loan, the amount required to clear the PPI loan was £3,835. The rebate should have been that figure but of course the bank's never rebated the ppi in full at the time of repayment. They gave you back £2,366 so you overpaid on that final payment of £1,469.

 

So in your spreadsheet you have already listed the 26 monthly payments which is fine. The 27th payment is the payment to pay off the loan. So your payment at the point should show in the spreadsheet with the date the loan was repaid, the description ("PPI overpaid on settlement") and the amount of £1,469. The sheet will calculate the 8% interest on that payment as well.

 

ims

 

Thanks Ims, that's great news!

 

Do I need to supply them with a copy of my loan analysis form as well so that they can see how I came about the £1469 overpayment figure?

 

Sporty

[ims21]

Hi

 

No you don't. What you are doing is just showing them that you know what you're on about and that you're not going to be fobbed off easily.

 

ims

[Sportybfg]

ok that's great, thanks very much Ims, I'll get the paperwork sent off today and I'll keep you all informed of how it goes.

 

Sporty

[ims21]

[Sportybfg]

oh actually, while I'm here, do you think this sounds like a fair thing to put on the PPI Questionnaire to answer why I'm unhappy with the insurance?

 

"At the time of applying for this loan I was in a certainamount of financial difficulty and I needed to amalgamate my debts. At the timeof applying I was told that a new loan WOULD NOT be agreed WITHOUT me opting totake the PPi (therefore I was basically forced to take it if I wanted toamalgamate my debts and lower my payments, and in the situation that I was in Iwas left with no other option).What I also didn't realise at the time was thatthere was absolutely no need for me to take this as my employer provided agenerous illness and redundancy package which would have comfortably covered myloan payments anyway."

Let me know what you think

thanks once again

Sporty

[ims21]

Hi

 

Yep, put that in.

 

Being forced to take their PPI to get their loan is in itself enough of a reason for the mis-selling.

 

ims

[Sportybfg]

one last question, I promise! lol

 

on the fos questionnaire it asks whether you have ever been in arrears with the loan that you are claiming on. I missed the final payment before I paid that loan off. Will they still pay me if they see that it was in arrears for 1 payment at the end of the loan?

 

Sporty

[dx100uk]

arrears make no odds at ALL

 

you are still entitled to the refund of something you did not need.

 

you dont HAVE to answer everything

 

dx

[Sportybfg]

arrears make no odds at ALL

 

you are still entitled to the refund of something you did not need.

 

you dont HAVE to answer everything

 

dx

 

Hi dx

 

do you think its a better idea to answer everything as openly and honestly as possible though to show that you have nothing to hide and that you are trying to be as straight with them as possible?

 

Sporty

[ims21]

Hi

 

If it helps, when I completed my one for HFC, I considered some of the questions irrelevant for the purpose of a PPI reclaim and to those I just put "irrelevant". Didn't stop them coughing up.

 

As dx says, the conduct of an account doesn't affect the mis-selling of insurance.

 

ims

Edited November 3, 2011 by ims21

[Sportybfg]

Ok, thanks very much to both of you

 

Oh well, here goes, wish me luck!

 

Sporty

[ims21]

Good luck

 

[Sportybfg]

Good luck

 

 

 

Me again! lol

 

Just a couple of quick things on the covering letter before I send it all off:

 

Took the covering letter from the ones you suggested on the 'this is money' weblink and one line says 'The total amount of my premiums plus interest is £......." Does this mean the total amount of the PPI plus interest or the total amount of the whole loan (PPi included) plus interest?

 

Also, as my loan was taken out in 2004 (and hence is 7 years old) do you think i ought to put something in the covering letter about the fact that a claim can be more than 6 years old? Just don't want them wasting time coming back to me saying "this is more than 6 years old, sorry mate".

 

Was thinking along the lines of this paragraph below (from the FSA PPi policy) unless you know of something that better fits the bill?

 

Decisions concerning the time barring of individual complaints are ultimately for the fos to make, but in general terms, our view (as set out in CP10/6 para 3.14), is that general media coverage of the PPI issue, including comments or publications by us, would not be enough to have given a consumer the kind of specific ‘constructive knowledge’ required by DISP’s time limits."

 

 

Thanks Ims, promise this will be the last question before I get things underway, lol

 

Sporty

[ims21]

Me again! lol

 

Just a couple of quick things on the covering letter before I send it all off:

 

Took the covering letter from the ones you suggested on the 'this is money' weblink and one line says 'The total amount of my premiums plus interest is £......." Does this mean the total amount of the PPI plus interest or the total amount of the whole loan (PPi included) plus interest?

 

Just put the total amount of PPI plus interest that you have worked out per your spreadsheet. You don't actually have to put anything in the letter apart from something to the effect that you enclose a spreadsheet of your calculations.

 

Also, as my loan was taken out in 2004 (and hence is 7 years old) do you think i ought to put something in the covering letter about the fact that a claim can be more than 6 years old? Just don't want them wasting time coming back to me saying "this is more than 6 years old, sorry mate".

 

Don't put anything in about this...there is no time limit for PPI. If they bring it up we cross the bridge when we come to it....but it is a very small bridge

 

Was thinking along the lines of this paragraph below (from the FSA PPi policy) unless you know of something that better fits the bill?

 

Decisions concerning the time barring of individual complaints are ultimately for the fos to make, but in general terms, our view (as set out in CP10/6 para 3.14), is that general media coverage of the PPI issue, including comments or publications by us, would not be enough to have given a consumer the kind of specific ‘constructive knowledge’ required by DISP’s time limits."

 

 

Thanks Ims, promise this will be the last question before I get things underway, lol

 

Sporty

 

 

See my replies in red

 

Regards

 

ims

[Sportybfg]

ok that's great, thanks Ims

 

Sporty

[Sportybfg]

ok that's great, thanks for all your help Ims

 

sporty

[Sportybfg]

oh damn, sorry i lied, last question I promise!!

 

is it best to send this stuff recorded delivery or is it ok just in the normal post?

 

Sporty

[ims21]

Hi

 

Recorded

 

ims

[Sportybfg]

thank you once again Ims

 

Sporty

[Sportybfg]

Hi Ims

 

Quick question if I may?

 

I sent my stuff off recorded delivery on 4th November (which was delivered on the 7th) but have not received any acknowledgement from them. Do they have a certain amount of time to acknowledge receipt?

 

Thanks

 

Sporty

[citizenB]

It is my understanding that they should acknowledge your complaint within 5 working days.

[Sportybfg]

Hi Citizen

 

Ok, that's great thanks. So what happens when you haven't heard from them in 17 days? What is my next step?

 

thanks

 

Sporty

[ims21]

Hi

 

Send a reminder letter telling them that they received your claim on 7th and their 12 weeks start form that date.

 

ims

[Sportybfg]

ok, I will do, thanks Ims

 

sporty

[Sportybfg]

HI Ims, Hi Citizen how are you both?

 

I've had some good news this morning, well actually I've had some AMAZING news! I had a letter back from HSBC and they have agreed to make me an offer..................

not for the £4790.00 I asked for though..................

.they have asked me also to take into consideration the PPI I paid on my graduate loan before this one..........................

they've offered me £9983.00!!!!!!!!!

 

WOHOOOOOOOOOOOOOOOOO!!!!!................................

 

Now that's what I call a Merry Christmas!

 

they've said it could tak up to 4 weeks to get the money but that's a wait that I'm more than willing to do.

 

I just wanted to thank you both very much for all your help and to wish you both a very happy christmas.

 

I'd like to make a donation to the website as well if I may?

 

So i was wondering if you could help me one last time by telling me how i go about it please.

 

Once again, thank you both so much, you've helped to give a family a christmas they'll never forget!

 

Sporty