PPI Reclaiming discussion Part III

Borders_2

marshallka wrote: »

I would ask them to actually clarify the redress offer better for you and ask them what happens to the rest of the PPI INLCUDING the interest due when they redo the loan. You have no need to sign anything yet or refuse anything without understanding what you are signing. We have all been there haven't we...;)

I get it...........thank you!! :A

marshallka

Borders wrote: »

I get it...........thank you!! :A

Let us know what they say Borders...;)

Calculator

marshallka wrote: »

Glad you read it. I posted it some weeks back but every time someone asks about getting their money back and whether they can have the lot as a cheque it seems some are saying they can ask for it paid however they like. I think this can be misleading sometimes and then people take these complaints to the the FOS and I noted last year that the FOS adjudicators were actually agreeing this too. How can you be paid something back in CASH that you have not paid out in cash.?

If you still owe some of the single premium then this can then be taken from the balance of the loan and the loan redone taking this into account.

I don't know how it would work with the FSCS but perhaps asking them is best.. good luck but that is what is written on which....;)

Hi Marshallka

I am really Turboman from the other sites-(Di knows me very well) but originally registered here as Calculator a long while ago and I'm told it can't be changed--I'll register again as Turboman when I've figured out these Alias things in Outlook Express.

Anyway, my speciality is Maths & Spreadsheets.

I have being doing a lot of work on PPI on spreadsheets for people in other sites(the complex personal ones behind "closed doors") and using the analogy of illustrating the overall PPI "statements" people receive as 2 separate spreadsheets-the Advance Account and the PPI Loan Account,

In this way, it is easy to focus on that part of the PPI which must be written off in addition to the miserly PPI refund that people invarably get refunded.

Additionally, it is easier to track the audit trail of PPI carried forward in consolidated loans as a further advance, but which also be considered as well as the new PPI for the consolidated loan.

I would like to actively participate here on MSE and I am very interested to read any discussions on "figures"--I gather in post 9011 that you have written a summary as such--could you please direct me to that post and any others of similar detail on calculating PPI Mis-selling refunds and PPI Cancellation figures.

Also, does all the main PPI activity happen in this thread, or in individual threads with the appropiate bank?

Thanks in advance

Turbo

pinknico

Happy Birthday Daniel!
Save me some cake!!
:beer:

dreamer33

Read them marshallka, pm'd you

dreamer33

pinknico wrote: »

Happy Birthday Daniel!
Save me some cake!!
:beer:

Hi pinknico

How are you today, I'm so glad you are getting somewhere now with your claims:T

marshallka

Calculator wrote: »

Hi Marshallka

I am really Turboman from the other sites-(Di knows me very well) but originally registered here as Calculator a long while ago and I'm told it can't be changed--I'll register again as Turboman when I've figured out these Alias things in Outlook Express.

Anyway, my speciality is Maths & Spreadsheets.

I have being doing a lot of work on PPI on spreadsheets in other sites(the complex ones behind "closed doors") and using the analogy of illustrating the overall PPI "statements" people receive as 2 separate spreadsheets-the Advance Account and the PPI Loan Account,

In this way, it is easy to focus on that part of the PPI which must be written off in addition to the miserly PPI refund that people invarably get refunded.

Additionally, it is easier to track the audit trail of PPI carried forward in consolidated loans as a further advance, but which also be considered as well as the new PPI for the consolidated loan.

I would like to actively participate here on MSE and I am very interested to read any discussions on "figures"--I gather in post 9011 that you have written a summary as such--could you please direct me to that post and any others of similar detail on calculating PPI Mis-selling refunds and PPI Cancellation figures.

Also, does all the main PPI activity happen in this thread, or in individual threads with the appropiate bank?

Thanks in advance

Turbo

Hi Turboman, this is a long thread on the same subject and not individual banks etc. As regards the PPI refunds and calculations I was using a method guided by someone that claimed for a living but when I looked further into this and upon receiving my own calculations from the FOS I then knew that this method of calculating a refund does not work. It all depends on the acutal method used to settle the loan (regs of 1983 or 2004) and what element of interest against the PPI is included in the settlement too.

I will try and find some posts on here and re post them for you..

Welcome to MSE

pinknico

Have received my letter from FOS regarding Egg basically saying it will be sent to an adjudicator next year, ok so it doesnt say next year but I am sure it wont be much sooner!!
The questions they have asked to see if aia entitled for it to be passed on quicker are:
Am I experiencing financial difficulty because of circumstances connected to my complaint?
Am I suffering from a serious iii health which makes it important to me to have my complaint resolved quickly?
Legal action is being threatened.

pinknico

dreamer33 wrote: »

Hi pinknico

How are you today, I'm so glad you are getting somewhere now with your claims:T

Thanks dreamer. xxx

marshallka

Calculator

This is the method that Tiggrae used on here

If the loan is say £17000
PPI £4163
Repayments 281.25 x 160 months

To find the PPI element of the loan you then take the Loan and PPI and add them together being £21163 and then take the 4163 PPI and divide it by the 21163 which gives you a PPI element of 19.67%

You then take 19.67 of the repayments and this is what part of your repayments pays the PPI being 19.67 x 281.25 = 55.32

You then take the total loan including the interest which is 281.25 x 160 = 45000 and take 19.67% of that which is the PPI plus the interest on the PPI being £8851.15. This is the total amount of the PPI if the loan went to the full 160 months.

When you settle however although the settlement figure is broken down it does not break down the element of interest between interest on the actual PPI and interest on the loan. Also if the use of rule of 78 is used then this again throws the redress out using Tiggraes methods.

You would really need to know what the settlement would have been without the PPI and then with the PPI and then take one from the other to get the correct redress.;)