Banks ppi repayment

24
Found 31st Dec 2011
Hi just got a letter back after waiting 3 months for an answer.Which i am not to sure whether i should take their offer or chase it further with the ombundsman.Please post below if you took the first figure they sent you or looked into it further.I dont want to know the amount you got offered just whether you accepted it or carried on and what was the consequences.
I would suggest if you havnt chased up your old ppi payments its worth doing as they do all the work for you and it could be a nice little 2012 present.In my case i remember a few years ago that i got told i had to take the loan insurance out otherwise i wouldnt get approved.
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After dealing with the FSA (on endowments ) I can tell you it's a nightmare. Took 6 months before they even looked at the paperwork.
Hope this helps
The first rule of negotiation is never to accept the first offer.

Just out of interest, have you calculated what you are owed plus 8% interest per year?

That would be my starting point.
Original Poster
Hi grill yeah i got the figure including 8% interest per year but some of these loans are going back 10-12 years ago.So cant find or havnt got any paperwork so i am totally relying on their figures.
8% interest? Where would you get that for the last 3 years?

Anyway I worked for a bank doing all this last year and it's not really a "negotiation" as grill puts it and it's not compensation either so you aren't entitiled to more than you have lost. The best way to look at it is a refund. The bank work out how much you have spent and cross reference it against how much you could have potentially benefited from the insurance.

If you wouldnt have benefited during the period at all they would pay back the whole amount (I.e if you were ineligible for insurance and therefore shouldn't have it). If you could have potentially used it they will offer a percentage (I.e if you we're eligible but "didn't know" you had it).

Best bet would be to work out how much it cost you, look at there offer and see what the difference is. Ultimately if you are happy with the amount offered and don't have a stone wall claim I would be tempted to accept since getting a solicitor involved costs a decent fee anyway.

Good luck with it and for anyone else who has held it, make sure you contact your bank as they have money set aside to pay out because they know they can't prove they sold them legitimately.
Banned
Grill

The first rule of negotiation is never to accept the first offer.Just out … The first rule of negotiation is never to accept the first offer.Just out of interest, have you calculated what you are owed plus 8% interest per year?That would be my starting point.




Something tells me you've just plucked that number out the air?
Original Poster
Hi just to clarify that is what lloyds is offering 8% interest over all repayments
Original Poster
Has anyone else got ppi repayments back from lloyds here?
My husband got his PPI back from Lloyds, so I wrote to HSBC requesting mine and got it. Now husband is chasing up getting his PPI back from his LLoyds credit cards he was auto issued when he turned 18. We accepted 1st offer. Whats the point being greedy, we were just grateful to get some money back
Banned
gbspurs

8% interest? Where would you get that for the last 3 years? Anyway I … 8% interest? Where would you get that for the last 3 years? Anyway I worked for a bank doing all this last year and it's not really a "negotiation" as grill puts it and it's not compensation either so you aren't entitiled to more than you have lost. The best way to look at it is a refund. The bank work out how much you have spent and cross reference it against how much you could have potentially benefited from the insurance.If you wouldnt have benefited during the period at all they would pay back the whole amount (I.e if you were ineligible for insurance and therefore shouldn't have it). If you could have potentially used it they will offer a percentage (I.e if you we're eligible but "didn't know" you had it). Best bet would be to work out how much it cost you, look at there offer and see what the difference is. Ultimately if you are happy with the amount offered and don't have a stone wall claim I would be tempted to accept since getting a solicitor involved costs a decent fee anyway.Good luck with it and for anyone else who has held it, make sure you contact your bank as they have money set aside to pay out because they know they can't prove they sold them legitimately.


8% is less than the government use when calculating pension credits. They assume any savings get 10% interest! If the government can apply this rule to pensioners, I'm damn sure we can apply 8% to banks
Edited by: "csiman" 31st Dec 2011
Fair enough 8% it is! I guess the point is that it's down to personal circumstances so there isn't one rule to the process. The good news is that people are getting money back without a fight.
JonnyTwoToes

Something tells me you've just plucked that number out the air?



Not out of the air! You should do some research!
archer1204

Hi grill yeah i got the figure including 8% interest per year but some of … Hi grill yeah i got the figure including 8% interest per year but some of these loans are going back 10-12 years ago.So cant find or havnt got any paperwork so i am totally relying on their figures.



Submit a subject access request SAR. They will charge £10 for a SAR and they have to send you all the information you need i.e statements. You will also be able to claim the £10 charge back.
Original Poster
Hi grill never heard of a SAR do i send it off to Lloyds then and what information do i have to give i just looked again and it seems they only gone back to 2002 even though i know i had loans before that date
Google 'Data Protection Act 1998 Section 7' or alternatively have a look on the ICO website, you will find plenty of helpful information on the website regarding subject access requests.
archer1204

Hi grill never heard of a SAR do i send it off to Lloyds then and what … Hi grill never heard of a SAR do i send it off to Lloyds then and what information do i have to give i just looked again and it seems they only gone back to 2002 even though i know i had loans before that date


SAR - Subject Access Request.
Basically, it is a request for all the information they hold on you.

You can find many templates online to request this info from your bank. You must also include £10 to cover the costs which you can add to your claim.

The bank then has 40 days to comply with this.
Once received, you can then work out how much they owe you.

I requested back PPI from Capital One without doing a SAR. They offered me approx £150 but they only went back 2 years. I've had the account for at least 8.
I've now sent a SAR to them so just awaiting this so I can then work out what they owe me.
Original Poster
As i said before they seem to have only gone back to 2002 but i have had loans with them going back to the late 1980s and 1990s if i got SAR would they have to pay back them as well
archer1204

As i said before they seem to have only gone back to 2002 but i have had … As i said before they seem to have only gone back to 2002 but i have had loans with them going back to the late 1980s and 1990s if i got SAR would they have to pay back them as well



You are lucky that they have gone back to 2002 they only have to keep the records for the last 6 years.
Original Poster
This is what i thought newbie1001 thats why i might take the offer they given will a SAR show all my loans i have taken out.Anyone else requested a SAR and how far does it go back.
I submitted a SAR and they sent me a file of papers dating back to when my PPI began in 1998.
Original Poster
Looking at the settlement again i now notice that i might have to now pay tax on this figure.
PPI payouts are usually formed of three elements: A refund of the premiums paid, interest you have paid on the premium and additional interest on the compensation at 8% per annum. If you receive the final element as part of your payment you may need to pay a small amount of tax to the government.

This is because, had you not paid out the PPI premiums it is assumed you'd have that cash in the bank and earned interest on it, which would then be taxed. If you received interest it would have been split out from the compensation on your refund letter. Any amount received in the last six years is liable for tax.
So i will now pay tax on the final figure or just part of it?
Original Poster
Grill how long did it take to get your SAR back and have you now settled your case
I'm still waiting to hear back on my claim from lloyds, it's been around two months now so hopefully should hear something soon
Original Poster
souljacker mine was about 3 months it took did you do a SAR first do you know how much you expecting back my loan history is about 20 years with lloyds but as i said before only looked back as far as 2002.
archer1204

Grill how long did it take to get your SAR back and have you now settled … Grill how long did it take to get your SAR back and have you now settled your case



I received the paperwork within 4 weeks but I anticipate that it will take 3+ months before they even look at my PPI customer questionnaire. I am not in a rush to get closure due to it dating back to 1998.
Edited by: "Grill" 31st Dec 2011
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