PPI Reclaiming Discussion part 4

I hope so. The last time I spoke to them they were quite dismissive of getting things sorted soon which is a bit irritating, as they've had it since May (Ha ha!!!!), but as long as it comes out in my favour I'll be delighted.

And yes, the money sure will come in handy!

Turbo

Here I have a copy of Emma's post, Emma has added more info, so obviously I know how busy you are, but when you do have a little extra time please could you check through this for Emma, thanks hun, much appreciated:;)


dinerodinero vbmenu_register("postmenu_19179873", true);
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Join Date: Nov 2007
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However, I take it you have applied for the PPI as a mis sold policy?
Yes, I did.


So by having the PPI refunded to you, they have given you a new agreement and the interest is as high as that???
Yes, that is whatI found very extrange

Do you know if that amount of £990 is the full amount of the PPI, plus interest etc
Sorry I had a mistake it is £912.68. Which is a refund of premium paid to date, refund of interest at 8.4% paid to date; interest at 8%; and refund of last 3 months interest.

Maybe it is easie with this information:

My first loan:
Cash loan: £12,310.00
Loan insurance: £3,137.83
Annual Interest Rate: 8.44%
Original amount of credit: £15,447.83
Agreement opening date: 14/11/2007 for 86 months

With the new agreement that HALIFAX want me to sign is as follows:
Amount of credit ( the loan ) £11,098
Duration of agreement: 74 months
Total amount: £14,254.56
APR: 8.4%
Total charge for credit on the loan ( interest on the loan ): £3,156.56

I need to send the agreement back before the 20th of March and I am in a total confusion at the moment.

Please I need someone's help

Thank you

[EMAIL="abuse@moneysavingexpert.com?subject=Reporting post http://forums.moneysavingexpert.com/showpost.html?p=19179873"][/EMAIL]

wj209980 wrote: »

Oh my god - could this really have happened????

I sent my first letter to Egg around 30 December. 4 weeks later I got the "we are still looking into it" letter. This would be their final week to respond.

This morning I log in to my Egg account, expecting to see my loan balance outstanding of about £1,700 or so. Instead it reads £0. Also, under "insurance options" it reads "none" (previoulsy it listed a number of things such as unemploymet, life etc).

Could they have written it off? I thought I would have received a letter first informing me of their decision and asking me to accept it etc????????

I hope this is true though, and not just a "glitch" on their site (it is still showing the end date for my loan to be December 2009, and still showing my next payment amount which is set to be taken on 1st March??)

Hmmmm, this will be interesting to find out hun, hope its all your way.;)

Maybe a letter have been sent but you have not received this, mislaid in the post perhaps, please keep us posted and of course make a record of this, in case you have to refer this further, you do not need the messing about and the inconvenience, so just in case keep this on record.
Hope its the news you've been waiting for.:D X

di3004 wrote: »

Turbo

Here I have a copy of Emma's post, Emma has added more info, so obviously I know how busy you are, but when you do have a little extra time please could you check through this for Emma, thanks hun, much appreciated:;)


dinerodinero vbmenu_register("postmenu_19179873", true);
MoneySaving Newbie


Join Date: Nov 2007
Post Count: 13
Thanked 4 Times in 4 Posts



However, I take it you have applied for the PPI as a mis sold policy?
Yes, I did.


So by having the PPI refunded to you, they have given you a new agreement and the interest is as high as that???
Yes, that is whatI found very extrange

Do you know if that amount of £990 is the full amount of the PPI, plus interest etc
Sorry I had a mistake it is £912.68. Which is a refund of premium paid to date, refund of interest at 8.4% paid to date; interest at 8%; and refund of last 3 months interest.

Maybe it is easie with this information:

My first loan:
Cash loan: £12,310.00
Loan insurance: £3,137.83
Annual Interest Rate: 8.44%
Original amount of credit: £15,447.83
Agreement opening date: 14/11/2007 for 86 months

With the new agreement that HALIFAX want me to sign is as follows:
Amount of credit ( the loan ) £11,098
Duration of agreement: 74 months
Total amount: £14,254.56
APR: 8.4%
Total charge for credit on the loan ( interest on the loan ): £3,156.56

I need to send the agreement back before the 20th of March and I am in a total confusion at the moment.

Please I need someone's help

Thank you

Thanks Di

Emma

The point you are missing is that you haven't quoted the Total Charge for Credit on your first loan figures-only the sum total of the Loan+PPI

In actual fact, I calculate that on a 86 month cash loan of 12,310 the premium was £191-ish so the total sum you would have paid back just for cash loan would be £16,448 ie £4,138 interest

Working back through your figures-I don't have all the info re the dates when the PPI loan was terminated but I calculate a balance on the old loan of £10,660 (at 16/2/09) -a difference of £444 on the new loan--there shouldn't be any penalty--if you are unclear-ask them for the balances & statements of the old loan

BTW-Assuming £11,098 is correct--£3,156 would be correct for the total interest over 74 months at 8.4%

Turbo

di3004 wrote: »

Hmmmm, this will be interesting to find out hun, hope its all your way.;)

Maybe a letter have been sent but you have not received this, mislaid in the post perhaps, please keep us posted and of course make a record of this, in case you have to refer this further, you do not need the messing about and the inconvenience, so just in case keep this on record.
Hope its the news you've been waiting for.:D X

Well I rang Egg, and I was told that the amount has been cleared. The person I spoke to wasn't the clearest - when I asked about a confirmation letter he said "I should get one".

I'm wondering whether they just cleared it, or whether I'm actually owed some on top - I know the difference between what was outstanding and what they owed me would have been pretty close though.

Anyway, I am soooooo pleased, and like so many people have said on here I never thought i'd get it. Once I get the confirmation letter I'll post the details in the correct thread :-)

Thanks so much everyone