PPI Reclaiming discussion Part III

maxdp

marshallka wrote: »

I have actually just worked it back from a settlement breakdown and it is right I think from what I can tell.... I am just a little angry at listening to Tiggrae here and doing the calculations her way. I don't think that any of hers would be right in that she knows a lot about PPI but never takes a look at the actual settlement figures of the loans and how much of the rebates against the loans are for interest on the PPI. I may accept here and leave it at that because like I say I have worked these back and cannot see anything wrong on the one that I do have a breakdown on...

Hi Yes it is confusing:mad: I wish we had the infinite answer to these problems so that we know once and for all. Hopefully if you agree you will get that paid within 6 weeks. If you argue it is probably going to take ages. It is like being between the devil and the deep blue sea.

di3004

marshallka wrote: »

Maxdp, just for you and me here


Loan amount £9000
Loan interest amount £2580.55
PPI 2068.75
PPI interest £593.17
total amount loan and Interest £11580.55
Total amount of PPI and interest £2661.92

Repayments £237.38 x 60

Breakdown of repayments £44.37 for PPI and 193.01 for the loan

Repaid agains the loan £965.05
Repaid against the PPI £221.85

Loan total 11580.55 - repayments agains the loan 965.05 = 10615.55
PPI total £2661.92 - repayments against the PPI 221.85 = 2440.07

Owing on the loan at settlement 10615.05 less interest rebate on settlement statement 2482.00 = 8133.05

Owing on PPI at settlement 2440.07 - rebate received 1617.69 = £822.38

Now bear in mind that I loaned £9000 originally and paid off 965.05 so there was really at least £8034.95 of the original amount owing plus whatever interest they can charge to settle early.

I then paid to settle the lot £8956.21 and using the rule of 78 calculator I would have paid £8443.90 at settlement on the original £9000 with repayments made of 5 x £193.01 so the difference is £512.31



It seems what they have offered is 545.06 and my calculation is £1044.23 so it seems they are definately wrong here....

I know you don't want this held up any longer Marshallka as you have been waiting long enough really, but what if you post your calculations to the Adjudicator and see what they have to say about this, they may get back to you and rectify it, afterall you have to make a decision on this now to accept it or not, so I would contact them, just to be sure here, you don't want to lose out.;)

masmit

robbiewilliams wrote: »

This one was 2000. They reckon waiting on archive dept to obtain records. I'm a bit unclear on the GISC thing could you shed any light?

i found that blackhorse was a member of GISC from 2000 but i havnt any knowledge or adviceto give you on this,
marsha has mentioned these before maybe she can help you & me the more ammo to fire the better

maxdp

marshallka wrote: »

Maxdp, just for you and me here


Loan amount £9000
Loan interest amount £2580.55
PPI 2068.75
PPI interest £593.17
total amount loan and Interest £11580.55
Total amount of PPI and interest £2661.92

Repayments £237.38 x 60

Breakdown of repayments £44.37 for PPI and 193.01 for the loan

Repaid agains the loan £965.05
Repaid against the PPI £221.85

Loan total 11580.55 - repayments agains the loan 965.05 = 10615.55
PPI total £2661.92 - repayments against the PPI 221.85 = 2440.07

Owing on the loan at settlement 10615.05 less interest rebate on settlement statement 2482.00 = 8133.05

Owing on PPI at settlement 2440.07 - rebate received 1617.69 = £822.38

Now bear in mind that I loaned £9000 originally and paid off 965.05 so there was really at least £8034.95 of the original amount owing plus whatever interest they can charge to settle early.

I then paid to settle the lot £8956.21 and using the rule of 78 calculator I would have paid £8443.90 at settlement on the original £9000 with repayments made of 5 x £193.01 so the difference is £512.31



It seems what they have offered is 545.06 and my calculation is £1044.23 so it seems they are definately wrong here.... JUST SENT THIS TO THE ADJUDICATOR AS PROOF OF THEIR MISTAKES... IT SEEMS THE DIFFERENCE BETWEEN MY FIGURES AND THEIRS IS THAT OF £499.17 WHICH IS NEAR TO THE FIGURE ABOVE OF £512.31

Hi I see, let me know what they say. Is the other one correct

di3004

Dreamer06 wrote: »

I have a few store cards all with GE money, I did put a claim in two years ago because of illness, they did pay the money into the accounts, but I thought that PPi's were to pay your monthly payments if you were unable to work because of a reduction in wages, i still had to pay the minimum amount every month. is this right, & can I still put a claim in? I am still paying the monthly PPI on all the cards

Hiya Dreamer, hope your well hunni, we have missed ya.;)

Right the only thing I can think of here is that they pay you the amounts of PPI into your account every month to cover your min payments, like with my mortgage etc, when we have claimed on this, the mortgage amount still comes out, but the money from the insurance still goes into the account to cover this.
Even though it may not be on the same days the mortgage is due.

Does that make any sense hunni ?

I would see what the others have to say here though if you want to be sure.

Di
xxx

masmit

di3004 wrote: »

Right GISC was the regulator which companies (General insurance), then the FSA came into force in Jan 2005, not all were regulated by GISC prior to 2005, it was voluntarily.

The Financial ombudsman service are able to deal with firms and investigate complaints only if these firms were covered by these.

Other than that there is the Financial leasing Association here:
http://www.fla.org.uk/fla/consumerfinance/ConsumerFinanceOverview.riv

This is another way if your not successful for the FOS (financial service ombudsman), some are successful with these some are not depending if any of the firms are or were registered with them.

I am sure others here may have some useful info on this for you too.;)

sorry di missed your post
thanks for advice

di3004

masmit wrote: »

sorry di missed your post
thanks for advice

Not a problem hunni.;) x

marshyyouth

Hi again all,

Just thought id post a quick up date on my situation

Got my first letter back from LLOYDS TSB credit card (Insurance) , tho unlike the first letter from their loan people, it was a nice one, not telling me to sod off!

Dear mr M

I am writing to let you know that we've recieved your complaint and to say how sorry we are tp learn that you're unhappy. .................................
............................ your have my assurance that one of our case handlerss will investigate the concerns you have raised. This may take alittle time but we will do our best to complete our equires as soon as we can. We will then be able to respond in full to your complaint, and at that stage, Ihope resolve matters.

It then goes on to tell me how i can cancel the cover......:mad: which i have done all ready!!!!! stop cuting and pasteing Tsb!!!!!. Also this time its signed by hand ... wow! They say it will take 8 weeks to look at.

Is this the norm for them?

:rolleyes: spanks for your help

Dreamer06

di3004 wrote: »

Hiya Dreamer, hope your well hunni, we have missed ya.;)

Right the only thing I can think of here is that they pay you the amounts of PPI into your account every month to cover your min payments, like with my mortgage etc, when we have claimed on this, the mortgage amount still comes out, but the money from the insurance still goes into the account to cover this.
Even though it may not be on the same days the mortgage is due.

Does that make any sense hunni ?

I would see what the others have to say here though if you want to be sure.

Di
xxx

thanx Di, it does make sense, i've just read your posts about Welcome car finance, I had a personal loan, secured loan & car finance loan with them a few years ago, I phoned them up last week to send me a copy of the paperwork, so i'm after them also,& Vanquis bank & capital one, & ace catalogue.How far can I go back to reclaim, I had a pers loan with Halifax about 11 yrs ago, or am i being a bit to cheeky??!!!!

di3004

marshyyouth wrote: »

Hi again all,

Just thought id post a quick up date on my situation

Got my first letter back from LLOYDS TSB (Insurance) , tho unlike the first letter from their loan people, it was a nice, not telling me to sod off!

Dear mr M

I am writing to let you know that we've recieved your complaint and to say how sorry we are tp learn that you're unhappy. .................................
............................ your have my assurance that one of our case handlerss will investigate the concerns you have raised. This may take alittle time but we will do our best to complete our equires as soon as we can. We will then be able to respond in full to your complaint, and at that stage, Ihope resolve matters.

It then goes on to tell me how i can cancel the cover......:mad: which i have done all ready!!!!! stop cuting and pasteing Tsb!!!!!. Also this time its signed by hand ... wow! They say it will take 8 weeks to look at.

Is this the norm for them?

:rolleyes: spanks for your help

Hi hun
Yes its 8 weeks they have to respond, however if you've not heard from them by the full 8 weeks I would then complain to the Financial ombudsman and write on the complaint form that they have been given their 8 weeks to respond, so now you would appreciate it if they can now look at your complaint.
I think you will hear from them though.

Please do not give up if you receive the standard fob off response which normally states "you signed the agreement and must have been aware of the PPI), this means nothing, they may even give you another opportunity to write to them again with further information, LLoyds who I am also dealing with right now normally does give you that opportunity, however as soon as you receive the letter which they enclose the leaflet for the FOS, they do often mention this on the letter to that you can go to the FOS if your not satisified.

Good luck and hope you get a favaourable response first time.

Please keep us posted, cheers.;)

Di