PPI Reclaiming discussion Part III

marshallka

Turboman wrote: »

Cheers--I'll analyse them later on this evening--I'm used to working on spreadsheets so I'll see where we are--however--I normally like to see the full statement so far which details the actual monthly interest charged each month and the monthly interest APR (invariably a lot of these loans are not fixed but variable--usually upwards in First Plus case

Turbo

Turbo, left a post above for you...

marshallka

Turboman wrote: »

Yes -- a bit quiet Di--just as well as I've been working nearly full time on the Firstplus & the Mortgage case--I need a break so this is good for me.

I can contribute here--but everybody is not relying on me here - as Marshallka is well versed and I hope to pick up more tips.

When I've found my feet and concentrate on a particular case -- I hope to contribute more here.

(Might just slip over to PCF to make sure my "Music Sanctuaries" are being looked after:D

Its usually quiet on a Friday Turbo, everyone out enjoying themselves and forgetting about their PPI.

Turboman

marshallka wrote: »

Turbo...



You cannot work anything out though without the settlement figures for this loan - you would need to know how much of a rebate was made, if the loan went to full term, how much of the interest was refunded in the settlement and also what method of settlement was used.

Its obvious what the amount would be if the loan ran to full term - its £1103.04 but how can you work them without the above.

I've not caught up yet--lol

Is this not a case where we are debating the PPI refund and revised balance if mis-sold is accepted--rather than "settling the loan" ?

tylerlewis

Turboman wrote: »

Cheers--I'll analyse them later on this evening--I'm used to working on spreadsheets so I'll see where we are--however--I normally like to see the full statement so far which details the actual monthly interest charged each month and the monthly interest APR (invariably a lot of these loans are not fixed but variable--usually upwards in First Plus case

Turbo

Thanks. As far as I knew they was fixed as my monthly payments never changed

marshallka

Turboman wrote: »

I've not caught up yet--lol

Is this not a case where we are debating the PPI refund and revised balance if mis-sold is accepted--rather than "settling the loan" ?

Its a case where there is two loans and they are redressing both but the tyler did not have the details of the settlements. In order to work out any ACTUAL refund you need to know about the rebates so the settlement (if settled) are taken into account...

di3004

I know this has been posted stacks of times, but here is another anyway about calculations, this may give some newbies about how this works, also depending when the loan was taken out as well.;)

http://209.85.129.132/search?q=cache:sqztn0M124IJ:www.fisa.co.uk/downloads/Early%2520Settlement%25202004%25205.pdf+How+do+you+calculate+a+loan+settlement+%3F&hl=en&ct=clnk&cd=1&gl=uk&ie=UTF-8

marshallka

Turbo, how the FOS work these out are

They look at the loan with the PPI and then look at what your settlement was.

They then look at the loan without the PPI and look at what the settlement would have been and then they refund the difference plus the statutory interest.
The settlements matter...and also the regs used in the settlement..

di3004

Turbo

This have just occured to me, wonder if "Ed" still has the figures on how mine was worked out, on the Nemo case, won through the FOS??:rolleyes:

I think I passed the figures onto him before this was paid out or maybe just after it was, he checked them over or one of his pals on one of the sites might have, I cannot remember, but they worked out what it should have been anyway. Come to think about it Turbo, it may have been you lol.;) X

marshallka

Here from my FOS complaint

Calculate the amount the customer paid in total in respect of their overall loan including any fees and penalties, as well as interest and repayments and reflecting any premium rebates allowed on cancellation of the PPI policy


Calculate the amount the customer would have paid in total had the original loan been taken wihtout the additional borrowings to fund the PPI, but assuming it was settled on the same date (including any fees and penalties, as well as interest and repayments).

Pay the customer the difference between the two plus interest at 8% per annum from the date the loan was redeemed.

di3004

Turbo it will be great to see you here more regularly.;)

And we appreciate your help.:A

There are moments here too, when suddenly your posting, by the time you have posted a page have gone by.....:eek: , then everyone is waiting for a response lol