PPI Compensation calculation

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Comments

  • GLD_2
    GLD_2 Posts: 12 Forumite
    Hi guys, been a while but since Loans co uk agreed that the policy was missold in December we have just been waiting for the settlement figure which we received yesterday a massive £25k.
    However after looking at it we asked the question whether the 8% that we had requested in our original letter had been added. Credit to the bloke at loans, he came back within a few hours and advised that it hadnt and we just had to reject the offer and he would then recalculate our payment, no ifs or buts.
    So just make sure when you get your offer that they have actually included the 8% as they may hope that just sending a total figure no one will question it.

    Also got £300 back from PPI on a Virgin Credit Card and have another £300 in the pipeline.

    All of this is thanks to martin and his amazing site and you amazing people who give up your time to help people out.

    Thank you all, for all your help

    Happy New Year!!!
  • marshallka
    marshallka Posts: 14,585 Forumite
    GLD wrote: »
    Hi guys, been a while but since Loans co uk agreed that the policy was missold in December we have just been waiting for the settlement figure which we received yesterday a massive £25k.
    However after looking at it we asked the question whether the 8% that we had requested in our original letter had been added. Credit to the bloke at loans, he came back within a few hours and advised that it hadnt and we just had to reject the offer and he would then recalculate our payment, no ifs or buts.
    So just make sure when you get your offer that they have actually included the 8% as they may hope that just sending a total figure no one will question it.

    Also got £300 back from PPI on a Virgin Credit Card and have another £300 in the pipeline.

    All of this is thanks to martin and his amazing site and you amazing people who give up your time to help people out.

    Thank you all, for all your help

    Happy New Year!!!
    Hi if you asked for the 8% statutory interest then they mostly pay it out and calculate it on top of the redress. They do this by calculating what you are due back and then if its paid "simple" interest (which is what most do) they then add 8% from the date of settlement to todays date.

    If the loan is still existing then they should work out each PPI payment (at the date each one is paid) and then add 8% on top to todays date. You could ask them for a breakdown of your redress to see if this is the case.
  • GLD_2
    GLD_2 Posts: 12 Forumite
    marshallka wrote: »
    Hi if you asked for the 8% statutory interest then they mostly pay it out and calculate it on top of the redress. They do this by calculating what you are due back and then if its paid "simple" interest (which is what most do) they then add 8% from the date of settlement to todays date.

    If the loan is still existing then they should work out each PPI payment (at the date each one is paid) and then add 8% on top to todays date. You could ask them for a breakdown of your redress to see if this is the case.

    Hi Marshallka

    I got an email back first thing this morning and they have agreed to send me a breakdown with the offer which they expect to be this afternoon or tomorrow at the latest. thank you
  • skinny-on-the-inside
    skinny-on-the-inside Posts: 43 Forumite
    Hi GLD could I ask a question is it loans.co.uk broker you have just claimed money back from as i was sold a single premium policy in 2004 on a secured loan of 15k and have been trying to contact them to claim misselling however they appear to have went into liquidation and the loan company won't hear anything from me and say it's loans.co.uk's issue any help would be appreciated
  • di3004
    di3004 Posts: 42,579 Forumite
    skinny-on-the-inside wrote: »
    Hi GLD could I ask a question is it loans.co.uk broker you have just claimed money back from as i was sold a single premium policy in 2004 on a secured loan of 15k and have been trying to contact them to claim misselling however they appear to have went into liquidation and the loan company won't hear anything from me and say it's loans.co.uk's issue any help would be appreciated

    Hi there

    I assumed loans.co.uk were now being dealt with by the FSCS, Financial service compensation scheme (FSCS), you can always check with these here:
    http://www.fscs.org.uk/contacts/
    If they are listed with these, they will arrange to send you a claim form through the post, good luck please let us know how you get on.;)
    The one and only "Dizzy Di" :D
  • marshallka
    marshallka Posts: 14,585 Forumite
    skinny-on-the-inside wrote: »
    Hi GLD could I ask a question is it loans.co.uk broker you have just claimed money back from as i was sold a single premium policy in 2004 on a secured loan of 15k and have been trying to contact them to claim misselling however they appear to have went into liquidation and the loan company won't hear anything from me and say it's loans.co.uk's issue any help would be appreciated
    Hi, if they have gone under and your loan and PPI were sold before 14th January, 2005 (you say it was sold in 2004) then I am afraid that the FSCS cannot help. They can only help for policies sold after 14th january, 2005. You could however ask FOS about chasing the insurer for the missale. I know that FOS are trying to make underwriters/insurers responsible. You would have to write a complaint though again and go through the same procedure as an ordinary complaint and then FOS can handle these. I would first check with them and see what they say.

    Extra good luck.;);)
  • di3004
    di3004 Posts: 42,579 Forumite
    Good thinking Marshallka with the date which I missed.;)

    I agree with Marshallka, it may be the case you will get more joy with going the insurer direction instead.
    The one and only "Dizzy Di" :D
  • GLD_2
    GLD_2 Posts: 12 Forumite
    skinny-on-the-inside wrote: »
    Hi GLD could I ask a question is it loans.co.uk broker you have just claimed money back from as i was sold a single premium policy in 2004 on a secured loan of 15k and have been trying to contact them to claim misselling however they appear to have went into liquidation and the loan company won't hear anything from me and say it's loans.co.uk's issue any help would be appreciated

    Hi there, I am actually dealing with bank of America who seem to have taken over from Loans.co.uk, or atleast have a complaints department set up. As others have pointed out the dates maybe an issue but you could send your letter to Mark williams, Loans.co.uk, Chester Business Park, Wrexham Road, Chester CH4 9FB. Send the standard letter from MSE, which is the one I used and see what happen, its worth the cost of a stamp and they have been really helpful, I just hope the dates dont cause too much of an issue. Hope this helps
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