PPI Reclaiming discussion Part III

marshallka

emlee-123 wrote: »

hi thanks for getting back so quickly. I did read the stuff on the link before but there is nothing about whether they can legally recalculate my loan on higher interest rates as oppose to just deducting the £20.00 per month.
I don't want to make a claim only to end up worse off by having to pay more per month than what I am paying. My current payment including PPI is £120.00. A year ago they said if I cancelled my PPI then my payments would go up to £145.00 just for the loan, and interest rates have gone up since then. term of the loan is 4 years.

The PPI that you have is actually a loan to pay the whole of the PPI upfront and then you pay this back in the loan repayments. If you cancel then yes, you have to have another loan redone but the APR should not be any higher. IF you did not understand the full true cost of the PPI then you have a claim for misselling. Just by cancelling it it does not reduce the amounts of the repayments by whatever extra is on them to pay for this. They just give you rebate against the PPI and then redo the other loan to include whatever is left on the PPI. This is why single premiums are so wrong.

marshallka

vintagegarters wrote: »

Hi - please could someone help me (newbie) to calculate how much we should be aiming to recover from a mis-sold PPI ? Thank you :

Cash loan amount : £35,000 (monthly repayment £337.23)
PPI "loan" amount : £8,571.50 incl IPT at 5% (monthly repayment £82.59)
Term : 180 months
Start date : March '06
APR : 8.4%
Interest rate : 8.136%

Really appreciate any help you can offer - having fun with Barclays / First Plus......

Thanks.

How many repayments did you actually make if you have settled this loan and also if you have then what was the rebate against the PPI??

di3004

In todays news:

Legal-eagles hover ready to pick banks bones on PPI.


http://www.independent.co.uk/money/insurance/legal-eagles-hover-ready-to-pick-banks-bones-on-ppi-983606.html

marshallka

dreamer33 wrote: »

Just had a thought, there are a lot of people on here who seem to know what their monthly ppi cost was/is, I am starting to think that my credit agreement in 2004 should have shown this amount, any ideas?

It was since 2005 that you were supposed to have two agreements. Before then the PPI could be put how yours and mine was entered but there is something about the way it was entered onto the agreement that can be wrong i think. Its about adding the PPI as a total charge for credit...

Need to look into this more. Its about a section of the CCA so maybe a long time though...

di3004

dreamer33 wrote: »

It sounds like they may have sent it by mistake, it sounds like a mobile phone company have you ever purchased mobil phones from them over the net? Best to call them monday like you say to clarify.

Yes I think its a mistake, and no hun we have never purchased mobile phones over the net, only direct in the shop (phone4u)...... , will check this out tomorrow though.;)

di3004

dreamer33 wrote: »

Did your agreement show the total cost of the loan over the number of years?

Mine just had total charge for credit ie loan amount added to ppi.


Been looking on the court website ref fees just incase I need to go there:

http://www.hmcourts-service.gov.uk/courtfinder/forms/ex50.pdf

Some agreements showed the interest of ppi over the term of the loan if I let it run to the full term but not all agreements.

I did not even receive separate agreements after 2005, everything was shown on one agreement only.

di3004

Ten biggest insurance rip offs !


http://money.aol.co.uk/insurance/the-10-biggest-insurance-rip-offs/article/20060912090309990063

di3004

Also in todays news:

Best be aware !!!!

http://www.guardian.co.uk/money/2008/nov/02/bank-charges-claims-mangement-firms

marshallka

Are you still awaiting a reply to your unfair rebate query... I am dying to see what they tell you as to who to make the complaint against.

I did tell the manager that I spoke to that others were having unfair rebates looked at through the lender and he said "ALL" unfair rebates were through the insurer. I think like Anne Jade and Catinthehat they are both going for misselling too. If its just the unfair rebate then from what I can tell it comes under unfair terms in consumer contracts and if this is the case then I think I have a case here with the insurer as I find their term was unfair and was only fair to the insurer and not the consumer.

marshallka

Still no Tiggrae on here. This is the longest that she has spent away !!!. I am dying to hear her view on my complaint with the Ombudsman. I wonder if Tiggrae has got her complaints through.???