PPI help please

18
Found 30th Aug 2012
Well today I surprisingly found out that I have PPI which I didn't now about on a loan back in 2001, only tried on the off chance. Anyway lady called me today to gain more info, which i said i honestly didnt know i had PPI and i was surprised by her call she said it was for £2900 now I'm just wondering how it all works. I have tried googling but cannot see a definitive answer. Do you get 8% interest on top of the £2900 should they deem my claim valid so I would get £3132 or is it worked out another way. Really appreciate any help guys
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you do get intrest and it was a good rate not sure if it was as high as 8% tho dunno if i still have my payout details ill check would be mor than 3132 if it was 85 tho


who contacted you?
Did the person that called work for the loan provider or a claims company? If it was the loan provider ask for a breakdown of what they are offering. The 8% is added to the amount paid upto that point per year and compounded.

If its a claims company then claim it yourself not via them.
8% per year
i got nearly as much in interest as i was owed tho i was only owed around 700 quid ended up with just under 1500 better than a whack in the face with a shovel :-).
as has been said in various threads before checkout moneysavingexpert.com.
Very good forum the thread about lloyds ppi is about 300 pages long if you dont get much joy look at writing to your mp as i did with mine. Waiting upto 6 months no joy after writing to my mp who kindly wrote to the head of lloyds who sorted it out within 2 weeks.
GOOD LUCK AND DONT GIVE UP AS THEY OWE YOU THE MONEY
Oneday77

Did the person that called work for the loan provider or a claims … Did the person that called work for the loan provider or a claims company? If it was the loan provider ask for a breakdown of what they are offering. The 8% is added to the amount paid upto that point per year and compounded.If its a claims company then claim it yourself not via them.



She was calling from lloyds tsb whom I had the loan with, she told me the loan was for £13800 (gosh I was foolish in my younger days) I asked if that was including the PPI she said no PPI was added on. Cheers for your help guys x
Edited by: "keli" 30th Aug 2012
archer1204

as has been said in various threads before checkout … as has been said in various threads before checkout http://www.moneysavingexpert.com.Very good forum the thread about lloyds ppi is about 300 pages long if you dont get much joy look at writing to your mp as i did with mine. Waiting upto 6 months no joy after writing to my mp who kindly wrote to the head of lloyds who sorted it out within 2 weeks.GOOD LUCK AND DONT GIVE UP AS THEY OWE YOU THE MONEY



I asked her what happens now as I was shocked I had PPI she said she will review it later today or tomorrow, and I should hear win next 4wks as its already been 4wks although they can ask for an extension. I replied just like the bank charges then it will go in your favour not to pay out, she said no its not the same.
archer1204

as has been said in various threads before checkout … as has been said in various threads before checkout http://www.moneysavingexpert.com.Very good forum the thread about lloyds ppi is about 300 pages long if you dont get much joy look at writing to your mp as i did with mine. Waiting upto 6 months no joy after writing to my mp who kindly wrote to the head of lloyds who sorted it out within 2 weeks.GOOD LUCK AND DONT GIVE UP AS THEY OWE YOU THE MONEY



thats because it takes just over 6 months to settle your mp had no effect on your claim
takes around 6 months to sort out keli hang on in there dont expect quick fix,the people selling mis-sold ppi are actually mis-selling something as the banks etc are to contact anyone who took it out.
jamstaruk1972

takes around 6 months to sort out keli hang on in there dont expect quick … takes around 6 months to sort out keli hang on in there dont expect quick fix,the people selling mis-sold ppi are actually mis-selling something as the banks etc are to contact anyone who took it out.



Booooo I was spending it next month lol oh well 1 I knew about this 1 I didn't so bonus whenever I get it 22 weeks to go ha ha
Some people have been waiting years to settle their claims 6 months is only an approximate just look at the LLoyds thread on MSE so it may be a massive coincidence but as my mp wrote to the CEO of lloyds she kindly sent me a copy the case was looked into again hurried up as they had already had to recalculate the interest twice and i had the cheque in my hand all in under 2 weeks.
Remember that the refund of the PPI is tax exempt, but the 8% interest is taxable at your standard rate if HMRC become aware of it

One thing I didn't realise about PPI (and therefore didn't claim on the PPI that I had on a couple of loans) is that in certain circumstances you can claim it back even if you knowingly accepted it and it was valid for your personal circumstances, which are the two main reasons highlighted in the news and by PPI touts. A lot of banks added PPI on to the loan value and charged interest on the PPI lump sum as well, before charging a single payment over the life of the loan (known as front-loading). According to the chaps on MSE, this is frowned upon by the powers that be and banks are refunding if this was the case too...if that helps anyone.
Edited by: "IndianaBlues" 30th Aug 2012
archer1204

Some people have been waiting years to settle their claims 6 months is … Some people have been waiting years to settle their claims 6 months is only an approximate just look at the LLoyds thread on MSE so it may be a massive coincidence but as my mp wrote to the CEO of lloyds she kindly sent me a copy the case was looked into again hurried up as they had already had to recalculate the interest twice and i had the cheque in my hand all in under 2 weeks.



I've tried finding the ltsb thread but can't is it under the general discussion of PPI claims
i got 4100 but since im in an IVA they got all the money :-/
My bubble burst called this morning got told a rejection letter being sent out in the post, no sufficient evidence to prove miss selling of PPI
keli

My bubble burst called this morning got told a rejection letter being … My bubble burst called this morning got told a rejection letter being sent out in the post, no sufficient evidence to prove miss selling of PPI



appeal you will get paid out, say you suffer from back and neck problems and were not told this would not be covered,which im sure they did fail to mention anyway.

mention you will take it further they dont want to get into anymore trouble.
I called the fso this afternoon, they asked me all sorts of questions was I employed, any medical problems ect. They said its 50/50 I'm gutted lol I can't say I suffer with back and neck problems as have already answered nothing wrong with me
Edited by: "keli" 31st Aug 2012
Find out how you were paying the PPI - was its value added to the loan before interest was calculated, and the loan payment plus ppi payment subtracted from your bank each month in one payment? If yes, then the PPI was front-loaded and this is now illegal. Back then it wasn't, but the FSO have ruled that front-loaded PPI should be refunded. Apparently, that's the basis for my claim - four weeks to go before I'm meant to hear back.
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