PPI Reclaiming discussion Part III

marshallka

andyauk wrote: »

Hi yes she is dealing with a case for me which is currently at court - I am going to contact the court tomorrow to see if a hearing date has been set. thanks for your help

Please come back and let us know...;)

Turboman

booi666 wrote: »

The total amount payable as we stand is £5156.59

--My rebate is £548.48

+£120 discharge fee

And i havent even attempted to reclaim yet or cancel the ppi

my total outstanding balance (total loans) is 5200 (assuming 1844 SPI (which you haven't confirmed yet) although as I illustrated in Nicks post--very susceptile to large interest changes

Turboman

marshallka wrote: »

Turbo, I am going to send you something a little later.... Its another way of working things ....just to make you aware...;)

Is it a "click" ?:D

marshallka

Turbo, this is the way that mine was worked by the FOS and also checked....



Loan £8100
PPI £2588.84
Repayments £168.52 x 84
Apr 8.67%

PPI element is 2588.84 divide by (8100 + 2588.84) = 24.22%
24.22% of the repayments = 40.81 (being the amount of the repayments that went towards paying the PPI

Repayments towards the loan 127.71

Made 19 repayments and settled
19 x 40.81 = 775.39
Then as mine was settled using the Rule of 78 you would then take the calculator and put the amounts into the calculator as if you only had the loan without the PPI and the amounts of the repayments were the £127.71 as the rest was to pay the PPI.

Rule of 78 Calculator

Amount of credit (£)8100

Amount of initial payment (£)0.00

Amount of regular repayments (£) 127.71

Number of regular repayments:84

Additional final repayment 0.00

Time of settlement (months/weeks)19

Repayment frequency:12

Weeks

Statutory rebate (£)1530.95

Settlement figure (£)6770.20

This would give a settlement figure of £6770.20.
Then you put the actual amount into the rule of 78 calculator with the PPI and the repayments with the PPI added too. This is the ACTUAL to the penny settlement I did pay but of the £8933.90 I was given a rebate against the insurance of £1461.93 so actually paid them at settlement £7471.93.

Please note I have my statements from this loan and the settlement shows
CPI (which is the refund amount against the PPI) of £1461.93
TRF £7471.97
Add the two together and you get £8933.90 which is exactly what is shown here from the rule of 78 calculator.

Amount of credit (£)10688.84

]

Amount of initial payment (£)0.00

Amount of regular repayments (£)168.52

Number of regular repayments:84

Additional final repayment (£)0.00

Time of settlement (months/weeks)19

[Repayment frequency12

Months Weeks

Statutory rebate (£)2019.90

Settlement figure (£)8933.90

The difference between the two amounts is 2163.70 – rebate received 1461.93 = 701.77 which is what the insurance cost me at settlement and then add the repayments made against the PPI being 775.39 (which was your 19 repayments of 40.81) = 1477.16 is the refund I would receive.

I actually received £1462.00

You would then add the SIMPLE interest onto this from the bank charges calculator.


I realise this is to do with SETTLED loans but thought it may be of interest to you. Also this is loans where the regs of 1983 were used in the settlement.


http://brian-stewart.orpheusweb.co.uk/credit/javascript/equalr78-prr.htm

also may be utter tosh but thought it worth a post. Its also a simple way of working the PPI element of a loan....;)

Still being ignored I have noted...

maxdp

Hi Di

Lovely to see you;)

kazc_2

Hi Di,

When you have a minute could I pick your brains re: Nemo.
Thanks
Kaz

Anne.Jade

bathgatebuyer wrote: »

So, we must be at around roughly the same stage? Have your lenders put any account you have on hold at the moment as Sainsburys have refused to do that for me. During the course of the dispute, they have added just under £200 worth of interest to my account, which combined with the PPI premiums and 8% interest I'm reclaiming, means that the remaining balance of my credit card is all related to PPI! :eek:

I did write to the OFT to ask for their take on the fact that Sainsburys have not put this account on hold pending outcome of the Adjudication (breaching their own Guidance Note), so perhaps the call was about that? Or maybe the chap calling was the Adjudicator? Who knows! This is going to really annoy me until I speak to them!

My loans are already paid up. Let us know what happens.

A

di3004

maxdp wrote: »

Hi Di

Lovely to see you;)

Hi Maxdp thank you, you too.;) X

di3004

kazc wrote: »

Hi Di,

When you have a minute could I pick your brains re: Nemo.
Thanks
Kaz

Hi there Kaz

How are you?

Yes please do fire away.;)

booi666

Turboman wrote: »

my total outstanding balance (total loans) is 5200 (assuming 1844 SPI (which you haven't confirmed yet) although as I illustrated in Nicks post--very susceptile to large interest changes

Hi turbo,


I can only tell you what hfc told me reg initial amounts and caharge for credit

and the ppi is £45 p/m for 4yrs