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PPI Reclaiming discussion
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Sorry for posting this again. I really don't have a clue and cannot go to FOS.
Please help!
They were a member of the FISA though which can be found here:
http://www.fisa.co.uk/lenders/
Remember evryone if they weren't a member of FOS then they had to be a member of some financial regulatory body its just a matter of finding which one.
Use this link to find the bodies and check them all. Remember if at first you don't succeed then try, try, try again and win.
http://www.uknetguide.co.uk/Finance/Financial_Institutions/Regulatory.html0 -
HI All, l've just had a quick read of the mis-representation act 1967 and there's lots of thereto's and thereof's!! in normal terms does this basically mean that if the t&c's were not properly explained i.e. self employed have to cease trading etc that it is a case of mis selling, if you understand whatl mean!! l hope l get a refund soon as l want to put one of those little jumping men on my post!
I'm sure it's just paragraph 61 which normally applies however i could be wrong 0 -
Hi, thanks for the fast replies. I've had a look through their website where it talks about settlement figures and I'm still none the wiser. If I took it to court and I had put in the wrong amount would this be really bad? In my opinion it doesn't look like we got a rebate on the ppi as it says settlement interest at the end of the statement and there is no mention of a ppi rebate. All I really need to know is how to work out the 8% interest as the loan was settled early.
Thanks again.0 -
Hi, thanks for the fast replies. I've had a look through their website where it talks about settlement figures and I'm still none the wiser. If I took it to court and I had put in the wrong amount would this be really bad? In my opinion it doesn't look like we got a rebate on the ppi as it says settlement interest at the end of the statement and there is no mention of a ppi rebate. All I really need to know is how to work out the 8% interest as the loan was settled early.
Thanks again.
Ok look again at this. The FISA isn't as busy as the FOS at the moment and will carry out the same investigation in this case let them do the leg work for you and work everything out for you. If you're in a hurry though give them a ring and ask if it was a single premium policy and the loan was front loaded. If it was then the PPI payment would have been paid in the first couple of payments and therefore you didn't start paying the balance of the loan until the PPI and subsequent interest had been paid off. If this is the case add up all the payments you paid and the settlement figure minus this from the original loan and then split the loan charge into the number of months the original loan was for before deducting this too. The figure remaining is the amount you have paid already for PPI (theorectically). Take this amount and work out how long it would have taken you to pay this off monthly and add the 8% accordingly to each month until you reach the settlement date then just do a bulk interest sum.0 -
Sorry for posting this again. I really don't have a clue and cannot go to FOS.
Please help!
Ok have done some quick calculations:
Starting Balance 5958.33
Money Paid 527.31
Interest 381.08
Settlement Figure 5299.44
Total paid out 5826.75
Original Loan 4500.00
Interest on Loan 4 months of 1.52%
Interest 4779.91
Period of Loan 60 months (I Guess not sure)
Charge of loan for period @31.20 per month
124.80
Therefore Total Amount repayable accounting for loan interest and loan charge= 4904.71
Difference between Total Paid Out and Amount Should Have Paid
922.04
so basically you have overpaid 922.04
so next step:
1st payment of 175.77 paid 02/09/02
which works out to be 77.03 in interest
2nd payment of 175.77 paid 21/10/02
which works out to be 75.14 in interest
3rd payment of 175.77 paid 19/11/02
which works out to be 74.02 in interest
Remainder 394.73
Interest of which 165.20
Total to reclaim = 1313.43
Sorry about the mistake took into account the refund twice
ps this is only my working out not what the FISA will award or what you think you should get back0 -
has anyone had any succes with capitol one? we have had the second rejection letter this morning and they basically said go ahead and get in touch with fos you still wont get anything. just wondered if anyone else has got this far wit them?
thanksback to comping in 2017, fingers crossed :beer:0 -
We also took out finance with welcome finance at a high rate and told we had to have PPI or they could not help us!! we were desperate so signed. We unfortunately sold our house and paid the car off (amongst other lenders such as First Plus - PPI 12,000) The car was worth 2000 we had to them pay 4000!! not including regular monthly payments on top. I hope your successful these lenders should not be allowed to exploit people who do not know exactly what their signing up to. I have sent a letter to fist plus and i am looking into others“most people give up just as they are about to achieve success”If you think you are going through hell keep going - Sir Winston ChurchillIf You Can't Change It, Change the Way You Think About It.SW, 13st5lb, -4 1/2, -1,(12st13.5lbs)0
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Sorry was having a bit of a break. When you ask for the request stipulate the original terms and conditions of the loan in the letter. Send it make sure it's registered and keep a copy for yourself. If no answer in 8 weeks get the information commisioner involved.
cheers agian m8 your help to us is invaluable - your a great guy (did you manage to read the t&c i posted earlier that i copied form their leaflet?)
anyway I called the infromation commision as both have had 8 weeks to supply the information (i did ask for the t&c at the time the loan/card was taken out) and they said to take it up with the ombudsman
anyway i think ill refer capital one to the ombudsman instead of mcol and use as part of my aguament they they have failed to supply t&c that were applicable at the time - im sure the ones provided are new(ish)
again im grateful for any comments and advise0 -
has anyone had any succes with capitol one? we have had the second rejection letter this morning and they basically said go ahead and get in touch with fos you still wont get anything. just wondered if anyone else has got this far wit them?
thanks
Its a common pratice between them to attempt to try and put people off so all i'll say is keep going as sooner or later they will have to pay out and determination on your part is required.0 -
louietudor wrote: »cheers agian m8 your help to us is invaluable - your a great guy (did you manage to read the t&c i posted earlier that i copied form their leaflet?)
anyway I called the infromation commision as both have had 8 weeks to supply the information (i did ask for the t&c at the time the loan/card was taken out) and they said to take it up with the ombudsman
anyway i think ill refer capital one to the ombudsman instead of mcol and use as part of my aguament they they have failed to supply t&c that were applicable at the time - im sure the ones provided are new(ish)
again im grateful for any comments and advise
first of all the information commisioner shouldn't just slope shoulders and say take it up with the fos as that is what he is there for. I would get in contact with them again and ask them to approach the company as your case is dependant to retrieving the information and the company know this and that is why they are withholding it. DOn't use the new term and conditions if youe think/know that the old ones couldn't or wouldn't protect you in your case.0
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