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Could this be worth chasing **more good news!**
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Havin cosidered the availble information,we have not been able to establish whether you were provided with sufficient details to allow you to make a informed decstion when this policy wstakn out, We would like to offer you a total of £577.68
Our offer includes £237.48, representing a refund of all premiums paid for he ppi element of your loan.
When you repaid your loan( includind if you refinanaced it) your PPI policy was also cancelled. A rbate of the unused element o your insurance was used to reduce the total amount thAT YOU owed The amount by which the loan was reduced was not proportinate to its remaining term. As a result, the insurance element of your settlement figure was greater tha it would otherwise has been. We would therefoe like to offe your £179.72 representing te difference between the new figure and the one that was applied to your loan at the time.
In addition, we will offer you £160.48 in respect of interest payable to 31 august 2009.
A. TOTAL MONTHLY PREMIUMS TO 25 FEB 2005 £237.48
B. REBATE ADJUSTMENT £179.72
C. TOTAL REFUND A+B £417.29
D. INEREST ON TOTAL REFUND TO AUGUST 2009 £160.48
E TOTAL C+D £577.68
BASICALLY saying if i dont agree speak to FOS
HELPLLoyds TSB LOAN - Currently Stage 1
LLoyds TSB CC - Currently Stage 1
A&L Loan - Offer sent- accepted- awaiting feeback
Capital One CC - Currently Refund £45.15
Halifax CC - Currently Stage 1
AA Loan - Currently Stage 10 -
Havin cosidered the availble information,we have not been able to establish whether you were provided with sufficient details to allow you to make a informed decstion when this policy wstakn out, We would like to offer you a total of £577.68
Our offer includes £237.48, representing a refund of all premiums paid for he ppi element of your loan.
When you repaid your loan( includind if you refinanaced it) your PPI policy was also cancelled. A rbate of the unused element o your insurance was used to reduce the total amount thAT YOU owed The amount by which the loan was reduced was not proportinate to its remaining term. As a result, the insurance element of your settlement figure was greater tha it would otherwise has been. We would therefoe like to offe your £179.72 representing te difference between the new figure and the one that was applied to your loan at the time.
In addition, we will offer you £160.48 in respect of interest payable to 31 august 2009.
A. TOTAL MONTHLY PREMIUMS TO 25 FEB 2005 £237.48
B. REBATE ADJUSTMENT £179.72
C. TOTAL REFUND A+B £417.29
D. INEREST ON TOTAL REFUND TO AUGUST 2009 £160.48
E TOTAL C+D £577.68
BASICALLY saying if i dont agree speak to FOS
HELP
Hi Kev
If your not happy with this you can write back first to ask if they are able to offer more if you feel this is not right, hopefully someone else will be along to take a look as well, Marshallka is cool at working these out.
Then if you want to, if they do not do this for you by offering you more, then go to the FOS.
Some do write back if this is the case, even if the FOS have already been mentioned.
Definately wait for another opinion here Kev.;)The one and only "Dizzy Di"
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cCheers Di :>}
Any others can helpLLoyds TSB LOAN - Currently Stage 1
LLoyds TSB CC - Currently Stage 1
A&L Loan - Offer sent- accepted- awaiting feeback
Capital One CC - Currently Refund £45.15
Halifax CC - Currently Stage 1
AA Loan - Currently Stage 10 -
Hi Kev. can you post the actual loan details too. I know that their method of rebate is correct but would not be able to see if their figures are from just their calculations above without your agreement details.
Can you post the Loan amount, PPI amount, interest or total of monthly payments
Your actual monthly payment amount in total
How many months this was over.
I can then have a go but cannot be sure it would be correct as i don't know their form of settlement but would guess (the word disproportionate gives it away) rule 780 -
I dont have any of the paper work and its gonna take another 40 days to get it
Loan was for 5000 over 3 years. Monthly payment was £177.28
Whats rule 78?LLoyds TSB LOAN - Currently Stage 1
LLoyds TSB CC - Currently Stage 1
A&L Loan - Offer sent- accepted- awaiting feeback
Capital One CC - Currently Refund £45.15
Halifax CC - Currently Stage 1
AA Loan - Currently Stage 10 -
I still could not work it out from that as i would need the actual PPI amount added to your £5000 and how many months did you pay and then you settled???I dont have any of the paper work and its gonna take another 40 days to get it
Loan was for 5000 over 3 years. Monthly payment was £177.28
Whats rule 78?
Rule 78 is a method of settling loans early in that they still get to keep most of the interest that you had on the loan and its actually banned now since May 2005. Your loan was before this and they obviously used it in your settlement and PPI rebate too. This would have meant that when you settled you would have been penalised by this too. Its very complicated but fair to say it was abolished for a very good reason. It was only fair to the lender and not the consumer.0 -
So does that mean i can claim i it back?
I have requested all my loans details for AA, but for the above is for a A&L is it worth asking for al the deails, may take some time , will that effect what they have offered now cos it will take longerLLoyds TSB LOAN - Currently Stage 1
LLoyds TSB CC - Currently Stage 1
A&L Loan - Offer sent- accepted- awaiting feeback
Capital One CC - Currently Refund £45.15
Halifax CC - Currently Stage 1
AA Loan - Currently Stage 10 -
Rule 78 is "challengable" but only through the courts. They were quite entitled to use it at the time of your loan (and mine). They will have to put you back into the position you would have been in had you not had the PPI anyway but as regards the rule 78 on the actual loan then like I say, they could use it.So does that mean i can claim i it back?
I have requested all my loans details for AA, but for the above is for a A&L is it worth asking for al the deails, may take some time , will that effect what they have offered now cos it will take longer
Its only usually challengable on large loans of over 10 years.0 -
So its more then likely sounding like i should just accept the claimLLoyds TSB LOAN - Currently Stage 1
LLoyds TSB CC - Currently Stage 1
A&L Loan - Offer sent- accepted- awaiting feeback
Capital One CC - Currently Refund £45.15
Halifax CC - Currently Stage 1
AA Loan - Currently Stage 10
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