PPI Reclaiming discussion Part III

di3004

Dealwithit wrote: »

a transvestite,

Put it this way, you defo the humour lol....:rotfl: :rotfl:

di3004

Will leave you to it folks.
Nighty night. x

booi666

di3004 wrote: »

Will leave you to it folks.
Nighty night. x

Night di

catcha later

booi666

Rete dealwithit,

Im afraid you have the pleasure of doing the grave yard shift on here,

You could always post summat to do with ppi if you have any to get the posts flowing again,

Catcha later

Hawkwind_2

di3004 wrote: »

Hiya Hawkwind
Sorry to hear about your health here and hope your okay.;)

It seems to be a common thing these questionaires lately, if you go back a few pages you may note that others are not sure what to do here either, but you could write to them and tell them you given them enough information during the application and attach the form with it.

Again its possibly another stalling tactic, if you do not want to complete the form, then just do the above by writing to them, because to me its silly and they should know all your information at the start of the application.

Good luck and let us know if you get any problem with this.;)

Well done on your other one :T .

Hi di3004, thanks for the message and the tumour is doing fine at the moment, was a drag at the time but thats a chat for the money savers arms. re the questionnaire theres a couple of questions asking if I have had ppi previously and if any was in place at the time of the application. To me Im wondering if they are trying to get out by saying that as others approved me then i dont have a case. If this is the case then it will still be going to the ombudsman as the application was online and at no time was my health raised re the policy. As for the other ppi thats with lloyds and will be sending a letter/template on monday. I dont know where this came from but decided 2009 is the year I unleash the dogs of war. will also nicely dent my soa (yet to be posted - probably need a beer before I get the courage for that one lol). Well back to it for now.. wheres my ride of the valkyries CD

Hawkwind

dreamer33

Hi all

Just to update not had any call recordings from EGG yet not even any replies from ICO. However not ppi this one have received a letter from FOS ref MBNA complaint.

Dealwithit I know exactly who you are and who you were before and what you are doing here to people and on the forum is not funny at all.:mad:

I have checked through all your posts and what you don't realise is you have left little clues there which from then I put 2 and 2 together. Let it lie you are making the situation worse.

Turboman

Right Boooi666 -- the posts have been spread out a bit, so lets start from scratch with a summary of where we are, and start again with our calculations and answers. I always like to see all the available info. quite visible before we start our discussion.

You did not supply me with the actual PPI SPI amount, but based on the ratio of the mthly payments of 40.82:168.52 = 17.7%, I have calculated it as £1,729.

First of all, lets summarise the available data. For this exercise we’ll use Rule of 78 like in Marshallkas examples, it may not be applicable on regs for this loan, but its near enough for this scenario. (until Marshallka tells me how the revised system works)—(I’ll tempt her back yet):D

From my Amortization tables previously demonstrated
Position as at 1/2/2009 after 26 payments of a 48 month loan at a fixed rate of 13.9% APR

____________________Loan________Mthly________%________O/S balance___Total Paid So Far
Loan Advance.............8,000.00............212.12... .........82.23%.............4,271.88..............5,515.12
PPI Loan......................1,729.00..............45.88.............17.77%...............922.20...............1,192.88

TOTAL.......................9,729.00.............258.00...........100.00%...........5,194.08...............6,708.00
__________________________________________________ ____________________________

Rule 78 Calculations from the “calculator site”

____________________Loan____Settlement
LoanAdvance.............8,000.00...........4,277.04
PPI Loan.....................1,729.00.............924.85
Both loans...................9,729.00..........5,201.89 (this compares “near enough” with your 5,156.59)
_________________________________________________________________________________
Also:
In posts 10312/10320/10529 you stated that your settlement letter letter included “Amount to settle before rebate” = 5,156.59. And that also a rebate (on the PPI SPI presumably) of 548.48 and they would charge you £120 discharge fee. (5,156.59 – 548.88 + 120.00 = 4,728.11)
_________________________________________________________________________________

So we have 5 possible scenarios for discussion:

A)-Cancel the total loan and pay an amount to completely discharge your obligations
-Successfully claim PPI mis-selling but retain main Cash Advances Loan of 8,000
C)-Successfully claim PPI mis-selling and (at the same time) cancel the main Advances Loan
D)-Cancel only the PPI part of the Loan and keep the main Advance Loan in operation.
E)-At a later date, successfully claim PPI mis-selling in scenario’s at A)
_________________________________________________________________________________

A)-Cancel the total loan and pay an amount to completely discharge your obligations

This would cost you the figure as in your settlement letter of 5156.59 less the PPI rebate of 548.48 plus 120.00 discharge fee ie 4,728.11
_________________________________________________________________________________

-Successfully claim PPI mis-selling but retain main Cash Advances Loan of 8,000

If you to succeed in your claim for mis-selling, then the loans must be put back in the position as if PPI had never been applied.

This would entail the refund of the premiums paid to date of 1,192.88 + 8% interest of 100.26 = 1,292.88 which it can be argued that as this is in effect an overpayment, that it should be refunded as a cheque.

The outstanding balance of 922.20 would of course be written off leaving you with just the loan for the cash advance remaining. ie the £8,000 loan with a monthly payment of £212.12.
_________________________________________________________________________________

C)-Successfully claim PPI mis-selling and (at the same time) cancel the main Advances Loan

This would be as in above with a refund of 1,1292.88

but additionally, you would pay also the settlement figure for the 8,000 loan of 4,277.04 + 120 = 4,397.04.
_________________________________________________________________________________

D)-Cancel only the PPI part of the Loan and keep the main Advance Loan in operation.

You would need to ask HFC for the for the figures on this option—and you will be unpleasantly surprised.
The PPI SPI has been subdivided among brokerage fees/commission/up front insce.premiums so you are contracted to pay that throughout the whole 48 months with appropiate interest.

If you cancel, you will be offered a derisory refund based on “whatever formula HFC have in their T&C’s” and a slightly reduced payment of the £45 pm - NOTE: It is not a simple matter of you being £45 pm better off. Plus—you have no PPI cover now.

This is without doubt, your worst option IMO.
_________________________________________________________________________________

E)-At a later date, successfully claim PPI mis-selling in both scenario at A)

This is similar to Marshaalka’s Co-op case and needs a few more calculations to arrive at your PPI refund.

Assume you completely cancelled everything as in A) above and then in 6 months time (1/8/2009) successfully claimed mis-selling of PPI.

In this case its (Settlement figure with PPI less Settlement without PPI ) less (the rebate that you have already been paid) + PPI payments made +8% on those (to 1/8/09)

(5,156.59 – 4,277.04) – 548.48 + 1,192.88 + 145.93
= 879.55 – 548.48 + 1,192.88 + 145.93
= 1,669.88 PPI refund

________________________________________________________________________________
I sure wish Marshallka was here to check all this-in case I don’t know what I’m doing:D

Turbo

lclclclc

Hi, I believe I will be getting an offer of refund for my PPI this week, can I ask them to send a cheque to me ? the ppi is for a loan with the bank, that I am also contesting enforceability with.. in the meantime I have opened an account with another bank.. I dont want the bank in question, trying to pull a fast one, and either use the PPI vs the loan balance, or transfer it to my account, and then close my account..

Dealwithit

dreamer33 wrote: »

Hi all

Just to update not had any call recordings from EGG yet not even any replies from ICO. However not ppi this one have received a letter from FOS ref MBNA complaint.

Dealwithit I know exactly who you are and who you were before and what you are doing here to people and on the forum is not funny at all.:mad:

I have checked through all your posts and what you don't realise is you have left little clues there which from then I put 2 and 2 together. Let it lie you are making the situation worse.

Little clues of which you have put two and two together.:rotfl: :rotfl:


There is a lot of paranoid androids on here

I am just a lurker, have been for a long time
don't be angry at me

pinknico

lclclclc wrote: »

Hi, I believe I will be getting an offer of refund for my PPI this week, can I ask them to send a cheque to me ? the ppi is for a loan with the bank, that I am also contesting enforceability with.. in the meantime I have opened an account with another bank.. I dont want the bank in question, trying to pull a fast one, and either use the PPI vs the loan balance, or transfer it to my account, and then close my account..

If you are not in arrears you are entitled to have the money you have paid towards the PPI sent directly to you.