PPI Reclaiming discussion Part III

marshallka

One of my loans

The total you paid including PPI to 21.01.01 10143.08
The total you would have paid without the PPI 9598.02
The difference a) - b) 545.06
Plus interest @ 8% 386.80
Settlement amount 931.86

Turbo, do you see how the settlements matter...this was rule of 78 .....


This was checked by the FOS adjudicator as I argued it and then realised that Tiggraes method does not work as you would need to know what the settlement would have been without the PPI and with the PPI and also when they state rebate of PPI it often does not include the refund of the interest in the settlement.

Turboman

marshallka wrote: »

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...

Hi Marshallka

I've not bothered much with Settlement Figures- are you saying this discussion is about the paying off the loan completely and the associated settlement figures?

-most of my involvement has been on PPI refunds and revised loan balances with the loan progressing as if PPI had not been included. Also, I have been working on tracking the original PPI carried forward into consolidated loans (which the firms conveniently ignore when they refund the consolidated loan PPI after FOS action) --all of which does not require a settlement figure as such.

Unless its different terminology you are using to me and your "settlement figure" is the PPI refund ??????

Turboman

Bloody Hell-slow down Marshallka

While I'm typing--I'm 6 posts adrift

I use the Amortisation spreadsheets a lot for fixed interest loans to calculate PPI refunds & associated balance write-off

di3004

This has been posted here before many times as well, its about the FOS and PPI, how they deal with compensations etc.;)

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html

This is interesting too, and posted before, interesting for the posters who are learning about how this works:
http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/rules-codes.html

marshallka

Turboman wrote: »

Hi Marshallka

I've not bothered much with Settlement Figures- are you saying this discussion is about the paying off the loan completely and the associated settlement figures?

-most of my involvement has been on PPI refunds and revised loan balances with the loan progressing as if PPI had not been included. Also, I have been working on tracking the original PPI carried forward into consolidated loans (which the firms conveniently ignore when they refund the consolidated loan PPI after FOS action) --all of which does not require a settlement figure as such.

Unless its different terminology you are using to me and your "settlement figure" is the PPI refund ??????

I appreciate what you are saying here turbo but I have posted my calculations that were checked by the FOS. Are you saying that it does not matter if a loan is done and dusted and what you paid to them when you settled the loan??? I am on about SETTLED loans here.

It does matter as what you pay at settling the loan includes rebates of the PPI (if you had any) and also it includes a rebate if rule of 78 was used.

Di and me have had this argument so many times. How can you claim back the full amount of the PPI when you have actually not paid this out and at the settlement your settlement figure actually included refunds of interest on the loan and PPI.

I am not following what you are trying to do here turbo...

marshallka

Turboman wrote: »

Bloody Hell-slow down Marshallka

While I'm typing--I'm 6 posts adrift

I use the Amortisation spreadsheets a lot for fixed interest loans to calculate PPI refunds & associated balance write-off

I have not heard of this and I know how the FOS calculate refunds and they do as I posted before.

di3004

marshallka wrote: »

I appreciate what you are saying here turbo but I have posted my calculations that were checked by the FOS. Are you saying that it does not matter if a loan is done and dusted and what you paid to them when you settled the loan??? I am on about SETTLED loans here.

It does matter as what you pay at settling the loan includes rebates of the PPI (if you had any) and also it includes a rebate if rule of 78 was used.

Di and me have had this argument so many times. How can you claim back the full amount of the PPI when you have actually not paid this out and at the settlement your settlement figure actually included refunds of interest on the loan and PPI.

I am not following what you are trying to do here turbo...

I take it, its when these are still active, not settled ????

With mine, as with my cases so far they are already settled, not ongoing, that was where I got confused .....

marshallka

Turbo, are you on about loans still active and the refunds...

This was how Tiggrae told us to work them

Total Cost of PPI and Interest £2661.92 - repayments against the PPI to 21/01/00 £221.85 - rebate received £1617.69 = £822.38
£822.38 + repayments 221.85 = £1044.23 plus whatever statutory interest is due on these figures from the date of settlement and repayments made

This is what i actually got.


The total you paid including PPI to 21.01.00 10143.08
The total you would have paid without the PPI 9598.02
The difference a) - b) 545.06
Plus interest @ 8% 386.80
Settlement amount 931.86

Big difference but when I spoke to the adjudicator he explained the method they use and I agree. I never took into account the actual settlement figure I paid and what interest (which was interest on the PPI as well) was refunded at settlement.

tylerlewis

Im so confused my heads spinning

di3004

tylerlewis wrote: »

Im so confused my heads spinning

oh dear......:o , and I have not a clue when it comes to calculating them....., it will soon be sorted.;)