PPI Reclaiming discussion Part III

marshallka

For anyone wondering how FOS works the PPI refunds out something here that may help

They look at the loan amount you have

ie mine here

£9000 loan, interest on loan 2580.55 total loan and interest 11580.55

£2068.55 PPI, interest on PPI 593.17 so total PPI and interest £2661.92

Repayments were £237.38 for the loan and PPI and over 60months. (193.01 plus 44.36)


If I just had the loan of £9000 and paid it back for 5 months and only the actual bit for the loan repayments went towards the loan then my balance using this calculator (as my loan settlement was done using the regs of 1983 - rule of 78)

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

Settlement would have been £8597.52



Take the actual settlement of 8956.21 and then what I would have settled without the PPI and you get 8597.52 so the difference is 358.69 and then add on what I paid against the PPI being 5 x 44.37 221.85 and this is £580.54 and they are paying me £545.06

You have to work them back with and without the PPI as the settlements are what matters on the rule of 78 calclaltor.

Its rule of 78 that stinks...

di3004

sacbaby37 wrote: »

Hi Di, thanks again your a star, i will get onto it straight away, sents letters to cap one, citi finance and sky card for statements but not recieved anything yet so will keep you posted. Sez :A oh and do i have to calculate interest on the PPI aswell or will they do that?

Not a problem.;)

Regarding the calculations ask them to provide you with a written hardcopy through the post, you can then if you want to post up on here for checking, just to be sure.;)

If you require any more addresses for your reclaims, just give us a shout, anytime.:D :A

Di
x

marshallka

maxdp wrote: »

Thats is fine was working it out as I has been told but knew if i got it wrong you would put right figures on here:rotfl::rotfl: That is why I said you would verify well done Marshallka:T:T:T

Maxdp, I don't know if I am right but using the method with the calculator that I have put on here mine work out to the penny so both FOS and the banks must use it. I am not 100% but you have to work what regs were used and they are far more complicated than our tiggrae did them. I wish she would come on again so I can ask her about this.

marshallka

An even easier method here using my co-op one

Total you paid including PPI to date of settlement £10143.08 (actual settlement or 8956.21 plus the repayments of (237.38 x 5) 1186.90 = 10143.11)


Total you would have paid without the PPI £9598.02 (8597.52 settlement from the above calculator as if I never had the PPI + (5 x 193 as the rest of the repayment was to pay the PPI) 965 = 9562.52)
The difference £545.06 then they add the statutory interest simple method onto that.

I admit they are a little wrong on this settlement of about £35 but they did not have the statements and nor did I but I had a settlement letter to go by..

maggie110

Marshallka - Thank you very much that is alot more than i thought ! as soon as i get the figures from them i shall post them up so they can be checked !:beer: :T

Maxdp- Thank you very much for trying :beer: :T !


This site is great with out it i would never have thought to try to get my missold PPI back :xmassign: everyone !

sacbaby37

di3004 wrote: »

Not a problem.;)

Regarding the calculations ask them to provide you with a written hardcopy through the post, you can then if you want to post up on here for checking, just to be sure.;)

If you require any more addresses for your reclaims, just give us a shout, anytime.:D :A

Di
x

Hi Di, Thanks again, will get the letters off and hope to let you know how it goes really soon.
Sez

maisieellen

Hi I have tried to reclaim PPI on a credit card from Capital One. It was taken out in October 2004 and I have since read that they were not regulated by the FSA for insurance operations until January 2005. Does this mean that I cant reclaim it? They wrote back saying they had followed correct procedures.It was sold to me over the phone when I activated the card not when I applied for it and I must admit I cant really remember what was said. Can anybody help?

di3004

sacbaby37 wrote: »

Hi Di, Thanks again, will get the letters off and hope to let you know how it goes really soon.
Sez

Good luck, we will keep our fingers crossed hun and are with you all the way, we look forward to hearing the outcome and keep at them.:D .

Di
x

di3004

maisieellen wrote: »

Hi I have tried to reclaim PPI on a credit card from Capital One. It was taken out in October 2004 and I have since read that they were not regulated by the FSA for insurance operations until January 2005. Does this mean that I cant reclaim it? They wrote back saying they had followed correct procedures.It was sold to me over the phone when I activated the card not when I applied for it and I must admit I cant really remember what was said. Can anybody help?

Hi there
Unfortunately this seems the case for some of us here with different firms etc, but you can still check with the financial ombudsman by giving them a call
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

or
Check to see if these can help in anyway (FLA) Financial leasing association:
http://www.fla.org.uk/fla/consumerfinance/Consumerfinanceoverview.riv

Good luck and please keep us posted.;)
Di

marshallka

maggie110 wrote: »

Marshallka - Thank you very much that is alot more than i thought ! as soon as i get the figures from them i shall post them up so they can be checked !:beer: :T

Maxdp- Thank you very much for trying :beer: :T !


This site is great with out it i would never have thought to try to get my missold PPI back :xmassign: everyone !

I haven't worked you any figures out yet . I have shown you mine from the FOs on my co-op one and maxdp has given it a go but please understand I cannot work them out until I know what year the loan was etc and also how much was rebated in the interest rebate etc...and how much you paid at settlement and how many months to settlement