PPI Reclaiming discussion Part III

dreamer33

Nite Nite xx catch up tomorrow

marshallka

dreamer33 wrote: »

Yes I agree, I would go for the whole loan amount and ppi :rotfl:

Good luck for tomorrow x

Waiting for my next appointment at hospital

Whats that for Dreamer... . (if you don't mind us asking that is!!!)

di3004

Morning all, wonder what the postie will bring today?:rolleyes:

di3004

marshallka wrote: »

For the interest just go onto the bank charges reclaim bit here

http://www.moneysavingexpert.com/reclaim/bank-charges#interest

Put in your amount and dates and it adds on the interest automatically.

Thanks Marshallka

I will have a go, have to find my paperwork, its here somewhere amongst all the SAR's lol.

Now when you say put the amount in, do you mean the settlement figure?

Sorry hun, like I said I am flippin useless with calculations, even with a calculator lol......:o

di3004

Written explanation of settling original agreement:


The value of the original agreement settled by new loan outstanding balance (on the day the further advance settles it) plus any interest that has accrued on the account since the last monthly instalment was paid.


In your individual case:
Balance = £51022.52 + Accrued Interest @ £181.16 = £51203.68


When the Payment Protection Policy is taken, the TOTAL outstanding balance of the account is the loan amount + the payment protection premium.

In your individual case:
Loan amount @ £43,000 + Payment Protection Premium @ £8492.50 = £51,492.50.


However, upon settling of the original agreement we give a rebate for the above mentioned protection (ie: for the remainder of the 60 month term that has not been needed).

In your individual case:
Payment Protection insurance Premium = £8492.50

Number of months cover ran for (ie: length of time the original agreement ran) = 9 months
Rebate applied to account (for 51 months of unused cover) = £7644.43

(Therefore the 9 months of cover cost £848.07)

The above rebate (£7644.43) was then applied to the earlier figure (ie: the balance of the account + accrued interest), and the result was the amount that was used to settle the original agreement.

In your individual case:
Balance + Accrued Interest: £51203 - £7644.43 (the rebate of the payment protection).

Figure used to settle the original Nemo agreement = £43559.25.
......................................................................................................

Right just to be sure is it the 9 months of cover used I put into the calculator?

Cheers.;)

marshallka

di3004 wrote: »

Morning all, wonder what the postie will bring today?:rolleyes:

Mines just been and nothing...:mad: .

marshallka

di3004 wrote: »

Written explanation of settling original agreement:


The value of the original agreement settled by new loan outstanding balance (on the day the further advance settles it) plus any interest that has accrued on the account since the last monthly instalment was paid.


In your individual case:
Balance = £51022.52 + Accrued Interest @ £181.16 = £51203.68


When the Payment Protection Policy is taken, the TOTAL outstanding balance of the account is the loan amount + the payment protection premium.

In your individual case:
Loan amount @ £43,000 + Payment Protection Premium @ £8492.50 = £51,492.50.


However, upon settling of the original agreement we give a rebate for the above mentioned protection (ie: for the remainder of the 60 month term that has not been needed).

In your individual case:
Payment Protection insurance Premium = £8492.50

Number of months cover ran for (ie: length of time the original agreement ran) = 9 months
Rebate applied to account (for 51 months of unused cover) = £7644.43

(Therefore the 9 months of cover cost £848.07)

The above rebate (£7644.43) was then applied to the earlier figure (ie: the balance of the account + accrued interest), and the result was the amount that was used to settle the original agreement.

In your individual case:
Balance + Accrued Interest: £51203 - £7644.43 (the rebate of the payment protection).

Figure used to settle the original Nemo agreement = £43559.25.
......................................................................................................

Right just to be sure is it the 9 months of cover used I put into the calculator?

Cheers.;)

Yeah, you put it in the calculator as a lump sum or as payments each month for a bigger amount of interest..

di3004

marshallka wrote: »

Mines just been and nothing...:mad: .

I expect if we do get anything it will be a loads of rubbish......

marshallka

Sent this to the adjudicator who was asking for the details of the complaint about the unfair rebate (Firstplus insurer). I received the email yesterday and was confused by it so want to make sure that I have not been led up the garden path again..

Hi, sorry to be email again but I do not understand what you are saying here. I had already found out that Miller Firstline had liquidated in 2003 and this was who it said to write to in the first instance from the insurance documents i have here from FIrstplus. I thought that all complaints were now being dealt with by Cassidy Davis but are you perhaps saying that my complaint most probably will not be within the jurisdiction of the FOS if the liabilty issue is not with Cassidy Davis.

I have had a read receipt so waiting for the outcome here...

marshallka

I still have not heard from the adjudicator for the Co-op other two loans and it should be this week now. I just hope its today...