PPI Reclaiming discussion Part III

marshallka

di3004 wrote: »

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).

Di see my calculations above using the exact same method and this was worked by the FOS and also Co-op bank and they are almost exact all but £10...;) .

marshallka

HannaB wrote: »

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.

Hiya, if you knew nothing of the PPI and did not request it then you can make a complaint as missold to you.

Just take a look at the link here and see what you can add and delete from the template letter. Its always best to do your own from this. There are lots of reason on there for the misselling so pick out the ones that are applicable to yours.

You then write to the firm that actually made the sale of the PPI to you if this is different from the lender and don't forget to send this recorded delivery so you always a proof and dates etc.

After that you have to give them 8 weeks for a full and final response. In this time it is usual to get a response of "sorry we sold this to you fairly" but you then respond to this and reiterate your complaint again. The next time they write they either give you a final response which you would need in order to take this complaint to the FOS or offer to settle.

http://www.moneysavingexpert.com/rec...urance#reclaim


Good luck

marshallka

millyscarlett wrote: »

Hi there,
I'm just looking for a bit of advice. I have a Lloyds loan that I took out last April after I separated with my husband - the bank kind of told me I should have it to pay of my share of the overdraft, then they 'kindly' added on £3k I would need!!
Anyway I took out the PPI, but I'm now wondering if I can attempt to reclaim this on the grounds that I have Crohn's disease, had it for 9 years, so if I was to fall ill (this is usually the only reason I miss work) I wouldn't be able to claim as it's an illness I already have. I've dug out the paperwork from when I took out the loan, the total PPI over the loan term is £2161.
Is this a long shot, or worth a try? That is my only worry, that my Crohn's would flare up and leave me off work, but the PPI wouldn't cover this.
Many thanks.

If you were not told that pre existing conditions were excluded and your terms and conditions say this then you may have been missold and you can make a complaint.

HannaB

marshallka wrote: »

You then write to the firm that actually made the sale of the PPI to you .

So will this be V12, or Clydesdale/Barclays? Sorry this is normal how far I get, lol!

marshallka

HannaB wrote: »

So will this be V12, or Clydesdale/Barclays? Sorry this is normal how far I get, lol!

Who actually did sell the PPI and I don't mean the lender if its different..??
I know you have stated here but have these companies closed down and changed to Barclays now...???

It was bought through V12 finance in 2004 which then changed to Clydesdale which was then bought by Barclays in 2007

HannaB

marshallka wrote: »

Who actually did sell the PPI and I don't mean the lender if its different..??
I know you have stated here but have these companies closed down and changed to Barclays now...???

It was bought through V12 finance in 2004 which then changed to Clydesdale which was then bought by Barclays in 2007

Told you I was dim:D

I'll drag the paperwork out. I think I've got a new New Years Resolution.

Just reading through the website again and I think the templates have been updated since I last read then. It turns out we might be able to claim from another "Interest Free for 9 months" loan from when we bought our TV from Evesham (remember them???:D). This one is with Clode Retail and we paid the whole lot of with one single lump sum. I'll have to see which side of the 9 month deadline this fell though.

Turns out I'm having quite a productive evening. :T

marshallka

HannaB wrote: »

Told you I was dim:D

I'll drag the paperwork out. I think I've got a new New Years Resolution.

Just reading through the website again and I think the templates have been updated since I last read then. It turns out we might be able to claim from another "Interest Free for 9 months" loan from when we bought our TV from Evesham (remember them???:D). This one is with Clode Retail and we paid the whole lot of with one single lump sum. I'll have to see which side of the 9 month deadline this fell though.

Turns out I'm having quite a productive evening. :T

Do you now know who to make the claim against then??

If you need anything else just shout away...;)

HannaB

marshallka wrote: »

Do you now know who to make the claim against then??

If you need anything else just shout away...;)

I'll try Barclays first, it's the most up to date piece of correspondence I have. I just tweak the template to say it was bought through V12/Clydesdale.

Thanks again

maxdp

Credit-Crunched wrote: »

As a general rule, loans over 25k prior to the CCA removeing the 25k ceiling were calcualted using in house early settlment penalties (erps).

These erps were not covered by the cca so could be anything, large companies well discussed ;-) on here would have somthing like this.

Year settled in

= 6 months int
3-4 = 5 months
4-5 = 4 months and so on.

Rule of 78 generally applied to regulated loans, i.e below 25k.

Also the PPI calcualtions take into account compounded interest, your calcualations can give you a ball park figure, hwoever more accurate ones can be requested from the lender directly. THey are not obliged to give you this informaiton, however under the treating customers failry guidlines, any reasonable request by a customer to explaina complex situation should be accepated.

Hope this helps

Hi

That was how MBNA worked out the PPI plus interest on my credit card and that was compound interest/

Do you remember me posting it on here Marshallka.

marshallka

maxdp wrote: »

Hi

That was how MBNA worked out the PPI plus interest on my credit card and that was compound interest/

Do you remember me posting it on here Marshallka.

To demonstrate the difference between simple and compound interest, take an example of a £1,000 loan for 2 years with an interest rate of 10% per year. If you were to repay this loan at the end of the two in one payment, you would owe £1,200 if you calculated the interest using simple interest. This is calculated:

An example of compound interest v simple interest

Year One: £1,000 x 1 year x 10% =£100
Year Two: £1,000 x 1 year x 10% =£100
Total Interest paid:£200
Principle Repaid:£1,000
Total Payment at the End of Year Two:£1,200

If the interest compounded annually, you would owe £1,121:


Year One: £1,000 x 1 year x 10% =£100
Year Two: £1,000 x 1 year x 10% =£110
Total Interest paid:£210
Principle Repaid:£1,000
Total Payment at the End of Year Two:£1,210

Notice how with compound interest, in the second year you pay interest on your interest but with simple interest you only pay interest on your principle.

(clever aren't I (NOT!!) I got it from here):p

http://www.personal-loans-broker.co.uk/simple_compound_interest.html