PPI Reclaiming successes and failures

rambo65 wrote: »

Hello

Help - not done this before so here goes wrote to winthur re ppi which is on a £5000 morgage .

It states waiver premium but we cannot remember being advised of this at all we have another two morgage endowments with this company and they do not have it on and they say it is not ppi and we cannot claim.

Hi there

I would post about this one on a new/separate thread below where maybe dunsonh or magpiecottage may know the answer to this one, good luck.
http://forums.moneysavingexpert.com/newthread.php?do=newthread&f=169

grant1256 wrote: »

received my offer from barclays today,
not happy not sure how they are working this out.

paid ppi payments 4 years if i pay it till 7/2012 I would get the full £6146 cashback, which is the full ppi payment for the loan
but because I have complained they say with interest for the past 4 years inc they will refund me £3246, plus 8% flat interest of £508.

any comments

I worked it out they I have been paying about 75 a month for the past 4 years so with interest that should come to more than they are offering me?

Dont forget the PPI premium increases every time the interest rate increases. If you are positive the average ppi premium was £75pm

Then 75 x 50 payments is £3750
The interest would be at 8% £637.50
They would take off £6146 plus interest to reduce the future payments by £75 per month

rowls wrote: »

Hi, wonder if anyone can work out some figures for me please.

Loan with nemo finance for £48,000

ppi £11,880

total loan £59,880

monthly int rate 0.724%

apr 9.0%

monthly payment £498.00

Loan term 300 months. So far i have paid this loan for 48 months. could anybody work out how much i am paying a month for ppi
as it does not say on my agreement. Also could you work out how much i will get back if my claim is upheld. Thanks very much

PPI is £ 98.80 (£11880/£59880 x 100 = 19.84% £498.00 x 19.84 % = £98.80 per month)
£98.80 x 48 months payments is £4742.40
8 % simple is £774.59
Total to you is £5516.99

Then £11880 credited off loan plus interest accrued so future payments fall to £399.20

:beer:n

grant1256 wrote: »

hi thanks for reply hope this enough info for those maths genius you are talking about

taken out 2/09/2007
loan amount £25,100 cash loan
PPP loan £6146.99

terms 144 months
apr 6.9% variable

(On pp i statement of price it says after 60 months they would pay me a cash back of 6146.99 also states that total price payable on the premium with int rate and the loan runs for full term £8976.96.)

My comment it seems that over the next 12 months I will be paying near enough another £3000 for the ppi with interest?

Thanks

Start date 09/07
Number of payments 48
PPI is £8976.96/144 = £62.34

PPI refund on £62.34 x 48 = £2992.32
8% refund is £488.75
Total refund to you is £3481.07

Then £6146.99 plus interest accrued off the loan and future payments reduce by £62.34
8 years left on the loan so £62.34 x 96 = £5984.64 in future interest

N:beer:

Finally I can report a surprise from MBNA. Yesterday I was told by phone that my case manager (at MBNA) was off sick with stress and so things would be on hold for a while. Just before 5pm last night I had an email from aforementioned case manager who apologised for being un-well but would get back to me with a response today (miraculously better?) maybe they say that so people don't get phone calls(?).
Anyway, this morning I received an email, bright and early, saying the credit card PPI complaint was being UPHELD and that a nice cheque for £1064.22 was on its way within the next 28 days.
Ooh I think we will have a little celebration tonite - fish and chips!