PPI Reclaiming discussion Part III

cot1198

di3004 wrote: »

Hi there hun
I have not got a clue about calculations, but I am sure this will be checked for you.;)

Generally they have to put you back in the position as if you did not have the PPI to start with and if the loan is still active, you should have the option of having this paid directly to you or to have a new lower repayments, some have to have a new loan.
So basically you should receive the FULL amount of PPI, interest plus an extra 8% Stat interest on top of that.

Good luck;)
Di

thanks Di

I will wait and see what happens

marshallka

marshallka wrote: »

This is the tool I have used with my 1999 co-op settlement

http://www.hughchou.org/calc/rule78.cgi

I took the loan as being just the loan without the PPI of £9000 and then the repayments against the loan were £193.00 (they were actually 237.38 but 44.38 of each repayments was the PPI and interest). I made 5 repayments and then the settlement should have been £8443 and it was actually £8956 so there is a difference here of £513.00 being that this amount was included in my settlement as PPI interest...

My PPI was £2662.80 and that included the interest, I made 5 repayments against it of £44.38 totalling £221.90 and then had a rebate against it of £1617.69. If you take the 2662.80 and take the rebate off it comes to £1045.11 and they are offering me £545.06. The difference between what they charged me and what they are offering me is that of £500.05 and it happens to be the difference in the settlement that I was charged and the settlement that I should have been charged.

If my figure of £1045.11 is wrong then surely if I had the loan above and settled with a difference of £513.00 and made repayments too of £221.90 then its at least this amount being 734.90...which again is more than the £545 being offered.

This is doing my head in... why does the FOS not help with the calculations. If they had given me a working of how these rebates were made then perhaps I could get my head around it but I can't see how we were only charged £545 for this one alone.. Its so confusing...

Been calculating all night and morning and although I have now demanded that they pay back this £1045 it should have been £735 instead.:o .

If they paid us back £1045 then they only charged us £90 for having a loan of £9000 over 5 months and that is not right. The interest should have been about £400 odd and so the loan should cost at least £9400. We paid to them £8956 and also £1187 in repayments totalling £10143. Take what it should have cost from what it did cost and its only £743 difference... they have offered us £545 so maybe they are right here as the extra could have been charges and exit fees etc...:eek: . I have now written another email to the adjudicator and hopefully this will be sorted before christmas (LOL).

I have got to have been wrong...and might have to accept their offer. I will try for the extra £200 but like I say it may have been charges or even extra interest for settling early.

I wish I had not written that email yesterday now in HASTE!!!!:o

marshallka

This was what tiggrae did for may calculations for the 2002 loan

these figures are a bit rough - but I worked out the ppi element was about 24% of the total - therefore 24% of £14112 (168 x 84) = £3386.88
you paid approximately 18 payments of £40.32 (24% of 168) which totalled £766.08

so 3386 - 766.08 - the rebate of 1461.93 = £1158.15
therefore you paid 766.08 + 1158.15 = 1924.23 - the statutory interest against all that comes to 681.63 - totalling £2605.86

I actually have been offered £1462.00 so I actually think that the calculations of the co-op are right and tiggrae has been working these out wrong. Again the difference is about £462.23 here.[/font]

kevdodd

di3004 wrote: »

Hi there
I thought I had read up that Black Horse were regulated by GISC prior to Jan 2005, unless I have the wrong firm, maybe someone else could confirm this.

Have you tried checking the regulation part of it with the Financial ombudsman service? here:
http://www.financial-ombudsman.org.uk/contact/index.html

They will or should be able to confirm this to you.;)

So this was in 2003 then ?

Phone sale or not they should still have documents to provide you hun, request for a copy of the agreement, they may charge a £1 or this may be free, but ring first just to make sure if there is a charge or not, do it by cheque, you will know this is taken out of your account then, and they have approx 12 days to post this to you.
After ringing write a letter to request this, its far better in writing as its your proof and always post by recorded delivery for your proof.

You could have the option of requesting a SAR which is a Subject Access Request, there is a charge of £10 cheque or postal order payment for this and they have 40 days to post you ALL the information they have on you.

Its generally more difficult if the 6 years have passed by of obtaining your documents, do hun go for either of the above.

If you require a SAR template let us know one of us will post it up here for you, not unless you have already done this of course, good luck.;)

I have all the relevant documentation as i am anal about paperwork (bookkeeper). The problem i have is that this loan was all agreed by phone, Black Horse have told me they dont have the conversation recorded so its down to me to prove what was said on the phone!! Obv this is very difficult as i dont record my conversations. How can i prove that the guy on the phone told me i NEEDED PPI for the application to be successful?

kevdodd

robbiewilliams wrote: »

Hi there I am currently working on them, just waiting for my agreement to come through. I know Masmit has had awful trouble with them and is about to go for court I think. So FOS don't want to know?

FOS is apparently powerless as Black Horse were not regulated by them when i took the loan out in 2003.

FLA are biggest limp wrists going and seem like a toothless tiger to me. their communications, or lack of, is quite shocking!!:mad:

marshallka

I've accepted their offers now and they are completely correct. This is the calculator that I have used and they are spot on to the penny...

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

I have now emailed the adjudicator who will be soooo glad to be rid of me lol...:beer: :j

kevdodd

di3004 wrote: »

Hi there
I thought I had read up that Black Horse were regulated by GISC prior to Jan 2005, unless I have the wrong firm, maybe someone else could confirm this.

Have you tried checking the regulation part of it with the Financial ombudsman service? here:
http://www.financial-ombudsman.org.uk/contact/index.html

They will or should be able to confirm this to you.;)

So this was in 2003 then ?

Phone sale or not they should still have documents to provide you hun, request for a copy of the agreement, they may charge a £1 or this may be free, but ring first just to make sure if there is a charge or not, do it by cheque, you will know this is taken out of your account then, and they have approx 12 days to post this to you.
After ringing write a letter to request this, its far better in writing as its your proof and always post by recorded delivery for your proof.

You could have the option of requesting a SAR which is a Subject Access Request, there is a charge of £10 cheque or postal order payment for this and they have 40 days to post you ALL the information they have on you.

Its generally more difficult if the 6 years have passed by of obtaining your documents, do hun go for either of the above.

If you require a SAR template let us know one of us will post it up here for you, not unless you have already done this of course, good luck.;)

I have been through the FOS who wont help as they were not regulated by them. has anyone taken them to court yet cos i think thats going to be the only option open to me.

marshallka

When you have an older loan its worked out using rule 78 in the settlement. If you are being redressed by the bank and being put back into the position as if you never had the PPI it works like this.

Take my 2002 Loan

Loan amount was £8100
PPI was £2588.84
Total £10688.84
Put these figures into the calculator
http://brian-stewart.orpheusweb.co.uk/credit/javascript/equalr78-prr.htm

I made 19 repayments of 168.52 outo of the orginal 84 repayments due

Put his in this calculator gives a settlement figure of £8933.90 which was exactly what is on my statements but I did not actually pay this amount as it was split between £7471.97 (my actual settlement) and 1461.93 which was a rebate against the insurance.

Now put in just the £8100 without the PPI and the repayments were split between £40.69 being PPI and 127.83 being against the loan so you put in 127.83 as the repayment amount and also 19 repayments as before.
The settlement comes out at £6772.13

The difference between the two is £699.84 and then add what we made in repayments back to that £773.11(being 19 x 40.68) and that totals £1472.95 and that is what they are repaying to me and then adding the statutory interest on to that.

Tiggrae's method does not work out what you would have paid without the PPI. I mearly works the PPI out and nothing about the actual loan when rule 78 is used in the rebate.

KELLYJSKY

Okay I sent of my standard letter to Barclaycard last week to say I was mis sold PPI as I wasn't told at the time I could buy it somewhere else and cheaper, I was too young and naive at the time and believed I had to take it out to get the card and this is the letter:

FINAL RESPONSE (Its my first letter from them!)

I write further to your letter dated 20th November 2008. I have reviewed your complaint and detail my findings below.

Our understanding of your complaint

I understand your Barclaycard visa account was registers for the payment protection insurance but you have stated that you believe the policy was mis sold and you have asked for a full refund of premiums paid.

Background to the events leading to your complaint

The payment protection commenced on your account on the 22nd November 2003 and you had a 30 day cooling off period in which to examine the document, decide if it was suitable for you and cancel it if necessary

You had never queried any of the charges applied to the account for the previous years and the insurance was cancelled by you on November 20th 2008

What we have done to resolve your complaint:

We have reviewed your individual case and informed you that the policy was valid and agreed to on the 22nd November 2003. I have ordered a copy of your Barclaycard application form showing that you chose to take out PPI. This document is being dispatched under separate cover and should be with you within the next 4 weeks.

Summary:
A payment protection document was sent to you on November 2003 when your account was registered for this insurance. It was your responsibility to read this document and decide if the policy was suitable for you.
Your policy schedule detailing the benefits and exclusions of the cover was sent to you and you had a right to cancel of which you didn't.
The policy was sent to you detailing the full product information and you have been paying premiums ever since this started in 2003. You have been provided life, accident, sickness and involuntary redundancy unemployment. (I have this with my mortgage too)
In these circumstances I must advise that compensation is not applicable

Our conditions of use state that it is your responsibility to ensure that your spending is reconciled each month against your statement.. PPI was shown on each statement since 2003 and communication should have been made to Barclaycard in order to rectify this.
I am sorry if this is not the outcome you wanted, however I hope my explanation is helpful.For the purpose of the financial ombudsman service you may regard this letter as our final response to your complaint.

You will find more information about the financial ombudsman service int he enclosed leaflet. Please note you have 6 months from the date of this letter to refer to the financial ombudsman service for your investigation

Yours Sincerely

Simon Wilkinson

Barclaycard Customer Services

NOW WHAT???

masmit

nomorevictims wrote: »

Thanks Marshallka

You are absolutely right. Why can't the FOS be more proactive rather than leave the calculations to the businesses. I am not going to accept the calculations until I can see a proper breakdown. I know I've won back ppi insurance from BH which should be a victory but I am rather saddened by the outcome as having campaigned hard for so long (12 months) it feels like it's all been for nothing if it means giving it all back to the business to reduce the cost of my existing loan.

hi, nomore
well done with blackhorse, sorry to hear there still being arsholes.
if i was you i would not only question the figures of ppi. question all charges on your account, technically you were not in arrears.[they owe you]
in my dealings with them so far they are underhanded & believe to be above regulation.