PPI Reclaiming discussion Part III

pixiechick99

Hiya,
Thanks for replying. Well I have my terms and conditions that say a pre-diagnosed condition would mean I wouldn't be able to reclaim. Thing is, I can't remember any more discussion about it. I probably told them about it, but don't have anything in writing about it.
I just feel the PPI is not very useful to me as the Crohn's is usually the only reason I'm unwell!

pixiechick99

Luckily my Crohn's is pretty much under control, I'm never very unwell with it, but I have been in the past so know what I can get like.
I just wanted to make sure I wasn't wasting mine and the bank's time by putting in a claim!!
I only borrowed £4k and because of the PPI, I still owe over that amount, £4400, mad!

di3004

MillieScarlett,

Glad you have it all under control. x
Blimey yes that is an high amount isn't it ?


Was going to post this in my above post, but here is a link where you can check this out further:

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

There is also a template letter you can use to guide you, if there are other reasons in that list in that link, add them as well as the one you have mentioned.
They have 8 weeks to respond in full.

Lloyds Tsb, if not successful first time round, they do tend to give you the opportunity for you to write to them again with further information for them to reconsider this.

Now as soon as you receive the final response, they will tell you this, so if successful that will be great news, if not they will mention that you can go to the Financial Ombudsman service in order for them to investigate, and they also enclose a FOS leaflet.

If you let us know how you get on, we can help you from there, good luck and post all letters by recorded post for your proof and to keep an eye on the 8 weeks they are entitled to.

Fingers crossed to you.;)

Di
x

marshallka

di3004 wrote: »

Endeavour as arranged by Click Finance.

Taken out July 2004 and settled Nov 2005.

Loan £21K
PPI £2835.00 Total loan amount - £23835.00

9.52% per annum, fixed for the first 12 months.

£208.51 a month
EST repayment period - 300 months 9.9APR%

Single Accident/sickness & unemployment


To settle loan at £23646.04

....................................................................................................
This was mis sold as we were then told its all part of the loan, a few reasons really, but am unable to pursue on the mis selling due to the company dissolving this is why we had taken the other option, as we still thought the amount was a lot considering we only had this for what 15 or 16 months, we did not know what the rebate was until we complained about it to Endeavour which they said it was down to the broker they said, and the amount they said they rebated was that of £1533..69, which left the figure of £23646.04 to settle.

Right this one is exactly the same as my co-op ones and I have a breadown of how they do this so here is my calculations for is they were missold here...

The total you paid including the PPI to settlement date 3336.16 (being 16 x 208.51)+ 23646.04 (being your actual settlement figure) = 26982.20


The total you would have paid without the PPI is 183.71 x 16 being repayments = 2939.36 + the settlement figure of £21811.18 What it would have been with the PPI applied using the rule of 78 calculator) = 24750.54

So the difference between a and b is £2231.66

That is what you would be due back if this is missold and use of rule of 78.


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

If you take the whole loan and use the rule of 78 calculator and apply the figures on the agreement of
Loan 23835
Regular repayments 208.51
Time to settlement 16
Statutory rebate 34461.16
Actual settlement due 24755.68

Then take off the insurance rebate received of £1533.69 and it was £23221.94 left to pay and you settled £23646.04 but this included the charges you had to pay for admin etc...

HannaB

Hello all,

I've read the main article and a few posts regarding claiming back PPI and I'm still a little fuzzy on if it will apply to my situation. We bought a PC on an "interest free for 9 months" deal. We didn't pay within the 9 month period and the agreement turned into payments over 48 months at 29.9% APR (:doh: I know, I know). It was bought through V12 finance in 2004 which then changed to Clydesdale which was then bought by Barclays in 2007. The final payment was made in September 2008.

Because we had intended to pay off the loan within the 9 months, it never entered into our head about APR's etc. And the salesman in the shop glanced over this bit completely and just asked us to sign.

I still have most of my paperwork and I can see that they added PPI onto the payments.

Can I make a claim on these types of loans?

Sorry for being dim,

di3004

marshallka wrote: »

Right this one is exactly the same as my co-op ones and I have a breadown of how they do this so here is my calculations for is they were missold here...

The total you paid including the PPI to settlement date 3336.16 (being 16 x 208.51)+ 23646.04 (being your actual settlement figure) = 26982.20


The total you would have paid without the PPI is 183.71 x 16 being repayments = 2939.36 + the settlement figure of £21811.18 What it would have been with the PPI applied using the rule of 78 calculator) = 24750.54

So the difference between a and b is £2231.66

That is what you would be due back if this is missold and use of rule of 78.


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

Thanks for working this one out for me as well Marshallka hun.:T .

Shame I can't do anything about it though, as its left to an unfair rebate complaint now, which I know will be far less than that, and still not received the document.

Strange they ignore this request, I also emailed them with a copy of the letter I sent to request this, and yet they got back to me before but not now that I asked for this document...... (HFC that is).

di3004

HannaB wrote: »

Hello all,

I've read the main article and a few posts regarding claiming back PPI and I'm still a little fuzzy on if it will apply to my situation. We bought a PC on an "interest free for 9 months" deal. We didn't pay within the 9 month period and the agreement turned into payments over 48 months at 29.9% APR (:doh: I know, I know). It was bought through V12 finance in 2004 which then changed to Clydesdale which was then bought by Barclays in 2007. The final payment was made in September 2008.

Because we had intended to pay off the loan within the 9 months, it never entered into our head about APR's etc. And the salesman in the shop glanced over this bit completely and just asked us to sign.

I still have most of my paperwork and I can see that they added PPI onto the payments.

Can I make a claim on these types of loans?

Sorry for being dim,

Hiya hun

And your not dim.:D .

I take it you did not know nothing about the PPI being added to the agreement then hun?

di3004

Back soon folks, gonna eat.:p x

HannaB

di3004 wrote: »

Hiya hun

And your not dim.:D .

I take it you did not know nothing about the PPI being added to the agreement then hun?

No we didn't, at all. This was why I had to check my paperwork to see what we were charged for. We just accepted that we weren't able to pay after the 9 months and the monthly payments started.

marshallka

Here is my example from a calculation from the FOS and Co-op

Loan amount 8100
PPI 2588.84

Repayments 84 x 168.52

PPI part of repayments £40.69 so £127.83 was toward the actual loan

I repaid them 19 months of £168.52 = 3201.88 and then a settlement of £7471.97 = £10673.85 which was the total cost of my loan and PPI.

If you then take the loan as if I never had the PPI i would have made 19 repayments of 127.83 (being the repayments less the PPI element of it) totalling 2428.77 and then settled using the rule of 78 calculator 6772.13 so in total this would have been £9200.90.

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

If you take one from the other you get £1472.95

I got these figures from the FOS

A) The total you paid including the PPI to 11/08/04 £10673.69
b) The total you would have paid without the PPI £9211.69
c) The difference a) - b) £1462.00
Plus statutory interest 504.67

This is how the FOS work them out and also it works back almost exact in the method above...;)

Work the whole lot out on the rule of 78 calculator and its this

Total credit being PPI and Loan £10688.84
Amount of regular repayments £168.52
Time to settlement 39
Statutory rebate 2019.90
Settlement £8933.90

Then off this figure you take the rebate of the insurance which was 1461.93 and this comes to my exact settlement of 7471.97 so this is definately it...