PPI Reclaiming successes and failures

Niggly_2 · 19 August 2011 at 7:01PM

grant1256 wrote: »

thanks niggly maybe i'm being bit thick but they say they are paying me he interest i have paid plus the 8%. I do understand that they also reduce the payments on the loan.

but if hey are taking 6146 off the loan and only giving me back the 3146 plus the interest plus the 8% flat interest per annum.

were is the other half of the money gone.

Back into the loan effectively with the £6146. This over the shortened period of the loan will be enough to ensure the monthly payments reduce by 20% for future payment. NB you only contibuted £3146 in the past so thats what you get back

i.e.

You only pay part of the 5 year single premium cash back in the first 5 years

n

rowls · 19 August 2011 at 7:02PM

Hi Niggly

Thanks for your reply :-)

Still a bit confused ! What happens to the interest already acued ?
Also on the Loan agreement form we have a highlighted box that quotes the PPI , this states as follows :
"the premium is set and will not vary or be reviewed during the 60months period of cover .
there are no additional fees or taxes payable in respect of the premium other than interest on the premium loan shown in the optional payment protection premium box.assuming you keep to the term of the agreement and that interest rates do not vary,this interest would be £17,271.00 .
The total price you would pay for cover is £29,151.00 this will however change if interest rates change "

Sorry this is very long winded but need help to understand !!
Also I received a statement from Nemo approx 12 months ago and to my surprise even though my payments are £489/month and I had paid 40 months only £1000 had actually been paid off the loan balance ..

Please advise :-) thanks

sunny8_2 · 19 August 2011 at 7:05PM

ebayg1rl wrote: »

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!

Brill news!!:T:T Congratulations...some great news today from MBNA..hope it continues..xx

di3004 · 19 August 2011 at 7:12PM

sunny8 wrote: »

Hia folks...anyone know if there is an email address/CEO for a creation finance??
OH been on annual leave & ratching in the loft!!haha, found an old JJB store card statement from donks ago....anyone any ideas...it's worth a try!! :-) xx

Hi Sunny

I have not yet come across the actual CEO email addy but do have the details for the customer service, so hope this helps, good luick with this.
[EMAIL="customerenquiries@creation.co.uk"]customerenquiries@creation.co.uk[/EMAIL]

http://www.creation.co.uk/contact-us/contact-us.html

Have the CEO details for JJB though and more details here....
[EMAIL="kjones@jjbsports.com"]kjones@jjbsports.com[/EMAIL]

http://www.jjbsports.com/

Hope this info helps, good luck.;)

di3004 · 19 August 2011 at 7:13PM

ebayg1rl wrote: »

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!

LOL......:D:T
Fab work!:T:j
Congratulations!:beer:

Niggly_2 · 19 August 2011 at 7:22PM

rowls wrote: »

Hi Niggly

Thanks for your reply :-)

Still a bit confused ! What happens to the interest already acued ?
Also on the Loan agreement form we have a highlighted box that quotes the PPI , this states as follows :
"the premium is set and will not vary or be reviewed during the 60months period of cover .
there are no additional fees or taxes payable in respect of the premium other than interest on the premium loan shown in the optional payment protection premium box.assuming you keep to the term of the agreement and that interest rates do not vary,this interest would be £17,271.00 .
The total price you would pay for cover is £29,151.00 this will however change if interest rates change "

Sorry this is very long winded but need help to understand !!
Also I received a statement from Nemo approx 12 months ago and to my surprise even though my payments are £489/month and I had paid 40 months only £1000 had actually been paid off the loan balance ..

Please advise :-) thanks

[FONT=&quot]What happens to the interest already acued ?

This is a figure the lender will calculate and add back in with the ppi premium of £11880. This interest plus the ppi is added together and taken off the loan so future payments will reduce by the £98.80 you have paid each month. Its a nominal figure that they calculate. The actual interest paid over the term is the ppi payments you have made each month.
[/FONT]
[FONT=&quot]"the premium is set and will not vary or be reviewed during the 60months period of cover .[/FONT]

This is the single premiumm ppi of £11880 set up as a loan on the policy to pay for the 5 years cover.

[FONT=&quot]interest rates do not vary,this interest would be £17,271.00 .
The total price you would pay for cover is £29,151.00 this will however change if interest rates change "

This is the interest that you would pay over the total term of the loan scary isnt it . So the ppi £11880 plus interest £17271.00 = £29151 the total cost over the loan. Divide this by 300 and you get the premium for the ppi per month.

If the interest is adjusted during the term the amount of interest charged on the £11880 will rise if interest rates rise and you will pay more for the ppi.

So the biggest ever rip off ever. You pay £30000 for a policy that in most circumstances will only pay out for 12 months and max 5 years on disability

N:beer:

[/FONT]

The_Marksman · 19 August 2011 at 7:24PM

ebayg1rl wrote: »

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!

:rotfl::j:beer: WELL DONE :beer::j:rotfl:

Go on push the boat out & have a battered sausage aswell lol :rotfl::rotfl:

bhoqoN · 19 August 2011 at 7:24PM

Niggly wrote: »

08/03 to 07/08
Refund of payments £47.45 x 60 = £2847
8% Interest £1271.98 (on payments starting 97 months ago finishing 37 months ago)
Total refund £ 4118.98 (give or take a little as ppi premium estimated)

n:cool::beer:

Niggly,

Thank you very much. I put in my claim in September 2010. MBNA paid in July 2011! If that helps anyone waiting for as long as I did. I got £4060 which is not far off from your estimate. Thank you!:j

bhoqoN · 19 August 2011 at 7:30PM

For a claim that was put in October 2010 and offer letter sent in July 2011 with an acceptance form that I sent back and was received on the 2nd of August:

My running loan from 4 consolidations has been adjusted at day 13 and I have a credit of over 5000. I am wondering what they are doing and will ring them on Monday. I was meant to have been paid plus or minus 13000. Happy all the same:j!!

phoenix80 · 19 August 2011 at 7:44PM

saverjules wrote: »

Hi, after accepting an offer from Northern Rock on 18th June, we finally received the money in the bank today.

It was due 18th July and I have had to call every week since to chase it.

Bizarrely - it is £500 more than in the settlement offer - just another example of their ineptitude. I presume they might ask for it back, or maybe they got the calculations wrong.

Still - got £5200 back so my OH is over the moon.

The remaining part of the loan is now £860 over 10 months - they have had to set up and cancel no less than 3 new loans to get the amount right - however they have not written to us with the latest account number or when its due.

PPI claims in with RBS, Lombard, and Natwest - so will have to wait and see what happens with those.

Thanks again for all the support on MSE - a great day indeed!:j

I won't hold my breath for our money yet then

.

I posted our acceptance back to them on July 12th. I've rung them a few times and they keep saying 10 working days :mad: Their 28 working days is up next week. I'll be ringing them again on Monday.

:beer::beer: Glad you finally got your money though. Happy spending :beer::beer:

PPI Reclaiming successes and failures

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