PPI Reclaiming discussion Part III

Turboman

NickProv wrote: »

Sorry what is the amount advance?
Monthly Premium?
7.4% variable
loan term is over 240 months
Doesnt quote the total interest

PPI LOAN IS 12,245.00
Monthly premium on the PPI where is do I find that out?
APR is the same
Interest isnt quoted

The loan is for 50,000 + 12,245 for PPI total 62,245,
Monthly payments 393.67 for the loan and 96.42 for the PPI totalling £490.09 but the repayments have been totalling £615 per month.
The loan was taken out Oct 05 and so have made 40 months worth of payments.
Not quite sure on the balance at the present time.

Sorry re the information if you can let me know what more you need that would be great.

Thanks Nick

You're doing great Nick

Most of the information re TAP-Total Amount Payable (at outset) is on your original loan agreement--usually in Boxes

Hmmmm--I see the premium has increased a bit--with FP it has probably had a dozen increases--to be precise
I would need the
Date of new paymts/new amount/new %

OR

a table of the Date when the payment increased + Amount (from your bank statements) & I can probably work back the interest.

Got to be out most of the day--back this evening

Turboman

Marshalka

I think we are mainly getting our wires crossed cos in the main, you are talking about Settled Loans in your posts--where I am considering Current Loans that do not want paying off--merely getting the PPI refunded and the PPI balance written off

Unfortunately, off most of today and can't post my explanations cos of "no PDF/speadsheet attachments" on this site--but I WILL BE BACK

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.

If I know the interest rates throughout, I construct spreadsheets for both the
a)Total overall loan
b)The Advance Loan
c)The separate PPI SPI Loan

At any moment in time, I can look up the premiums paid to date + interest + the outstanding balance

Refund is Premiums+Interest (actually monthly payment) + 8% statutary
The balance of the PPI Loan is then cancelled, leaving just the Advances Loan Account in operation.

I will post up a post entitled "The Concept of 2 separate Loan Accounts" later
(as you can't post PDF's or spreadsheets on this site, my existing illustrations I normally use somehow need to be compressed to a JPG image file-but I ain't got a PDF to JPG convertor--I have a PDF to Word though-I'll try that later)

I'll also post up an example in practice which was identical to the FOS/FP refund.

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..

I'm not talking about settled loans-only current ones

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.

This is for Settled loans

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 .....

Aha trminology between us--You are using the word Settlement in mid-loan context-where I use Refund

Yes--above figures are exactly how I would approach it
But I don't think Rule 78 has been brought into play though

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.

I'm NOT on about SETTLED loans as Tylers aren't settled

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

Agreed completely

Right going to go offline now. My head is spinning from this as well. I hope turbo works it all out .... lol

I always thought on a settled loan (and still do:D ) that the amount you settle with matters. Turbo would disagree here... it seems. I have posted from the FOS but if they are wrong then I argued this and have all the emails of my arguing it and the replies perhaps I could make a complaint:eek: (just kidding cause I know and understand how they were worked out now.) The settlement you actual paid does matter in working the refund..;)

Sorry Turbo - we will have to agree to disagree here....;)

Again--you are on about Settled Loans and I'm not-as it is not applcable to Tyler

BFN--a little tune to relax to http://uk.youtube.com/watch?v=irp8CNj9qBI

marshallka

Turboman wrote: »

Hi Tylerlewis

Right, we are now absolutely sure that these loans are ongoing and we are discussing PPI refunds and keeping the resulting loans going--not settling them by paying them off.

There's so many posts giving out fragments on your info that its confusing -

Can you post the actual agreements as .jpg images or host with Photobucket (suitably edited for personal details)

or alternatively , if you are not familiar with above techniques, supply the following all in one post by Quote/Edit of this post (in a different colour ideally):

Loan1

Amount advanced:
Monthly Premium for above:
APR % :
Date Commenced:
Loan Term in months:
Total Interest (if quoted on agreement)

Amount of PPI Loan:
Monthly Premium for above PPI loan:
APR % (if different) :
Total Interest (if quoted on agreement):

TOTAL OF THE ADVANCE AND THE PPI LOAN:
TOTAL MONTHLY PREMIUM PAYABLE:

Number of Payments made:

LOAN 2
Amount advanced:
Monthly Premium for above:
APR % :
Date Commenced:
Loan Term in months:
Total Interest (if quoted on agreement)

Amount of PPI Loan:
Monthly Premium for above PPI loan:
APR % (if different) :
Total Interest (if quoted on agreement):

TOTAL OF THE ADVANCE AND THE PPI LOAN:
TOTAL MONTHLY PREMIUM PAYABLE:

Number of Payments made:


PLUS any clauses/tables on the agreement that you think are information that affects premiums/refunds/cancellations ( these might be useful to have here all in one post)

Turbo, I think if you read back this is why I say you can not work them out cause they HAVE NOT GOT THESE FIGURES. We could have saved all these posts but you need to read back over the posters posts....

The only figures she had are the ones she posted and right early on in the thread last night I asked for all that you are asking for now and she told us she did not have them.

marshallka

Turboman wrote: »

Marshalka

I think we are mainly getting our wires crossed cos in the main, you are talking about Settled Loans in your posts--where I am considering Current Loans that do not want paying off--merely getting the PPI refunded and the PPI balance written off

Unfortunately, off most of today and can't post my explanations cos of "no PDF/speadsheet attachments" on this site--but I WILL BE BACK




If I know the interest rates throughout, I construct spreadsheets for both the
a)Total overall loan
b)The Advance Loan
c)The separate PPI SPI Loan

At any moment in time, I can look up the premiums paid to date + interest + the outstanding balance

Refund is Premiums+Interest (actually monthly payment) + 8% statutary
The balance of the PPI Loan is then cancelled, leaving just the Advances Loan Account in operation.

I will post up a post entitled "The Concept of 2 separate Loan Accounts" later
(as you can't post PDF's or spreadsheets on this site, my existing illustrations I normally use somehow need to be compressed to a JPG image file-but I ain't got a PDF to JPG convertor--I have a PDF to Word though-I'll try that later)

I'll also post up an example in practice which was identical to the FOS/FP refund.



I'm not talking about settled loans-only current ones



This is for Settled loans



Aha trminology between us--You are using the word Settlement in mid-loan context-where I use Refund

Yes--above figures are exactly how I would approach it
But I don't think Rule 78 has been brought into play though



I'm NOT on about SETTLED loans as Tylers aren't settled



Agreed completely



Again--you are on about Settled Loans and I'm not-as it is not applcable to Tyler

BFN--a little tune to relax to http://uk.youtube.com/watch?v=irp8CNj9qBI

I know what spreadsheets you are on about and I had one done for me over at the CAG site but certainly did not work out like the FOS do it.

I think I will leave the calculating whilst you are on cause the whole thread has got TOOO confusing since.

marshallka

Turboman wrote: »

Marshalka

I think we are mainly getting our wires crossed cos in the main, you are talking about Settled Loans in your posts--where I am considering Current Loans that do not want paying off--merely getting the PPI refunded and the PPI balance written off

Unfortunately, off most of today and can't post my explanations cos of "no PDF/speadsheet attachments" on this site--but I WILL BE BACK




If I know the interest rates throughout, I construct spreadsheets for both the
a)Total overall loan
b)The Advance Loan
c)The separate PPI SPI Loan

At any moment in time, I can look up the premiums paid to date + interest + the outstanding balance

Refund is Premiums+Interest (actually monthly payment) + 8% statutary
The balance of the PPI Loan is then cancelled, leaving just the Advances Loan Account in operation.

I will post up a post entitled "The Concept of 2 separate Loan Accounts" later
(as you can't post PDF's or spreadsheets on this site, my existing illustrations I normally use somehow need to be compressed to a JPG image file-but I ain't got a PDF to JPG convertor--I have a PDF to Word though-I'll try that later)

I'll also post up an example in practice which was identical to the FOS/FP refund.



I'm not talking about settled loans-only current ones



This is for Settled loans



Aha trminology between us--You are using the word Settlement in mid-loan context-where I use Refund

Yes--above figures are exactly how I would approach it
But I don't think Rule 78 has been brought into play though



I'm NOT on about SETTLED loans as Tylers aren't settled



Agreed completely



Again--you are on about Settled Loans and I'm not-as it is not applcable to Tyler

BFN--a little tune to relax to http://uk.youtube.com/watch?v=irp8CNj9qBI

RULE OF 78 has been bought into my calculations cause that is how I checked each and every one of them and they were done on a rule of 78 calculator and came up to the PENNY what co-op figures are.

marshallka

Turboman wrote: »

Hi Nick

However, we need you to post up more info:

Amount advanced:
Monthly Premium for above:
APR % :
Date Commenced:
Loan Term in months:
Total Interest (if quoted on agreement)

Amount of PPI Loan:
Monthly Premium for above PPI loan:
APR % (if different) :
Total Interest (if quoted on agreement):

TOTAL OF THE ADVANCE AND THE PPI LOAN:
TOTAL MONTHLY PREMIUM PAYABLE:

Number of Payments made

and as its Firstplus, a list detailing:

Date of payment change/revised payment amount/revised %

And current balance from your latest statement + the date of that balance

and I can then work it out quite easily--(IF I get the info)

OK then Turbo, I will post up one of mine that I have been repaid on and see what you come up with in a little while.;)

marshallka

pinknico wrote: »

Nobody is stressed cos you have arrived, we are very pleased to see you here. I havent had a refund yet ,but if I post some figures can you tell me what I would have been paying monthly if the PPI hadnt been added?

OH I am pinknico.... :eek:

marshallka

Turboman wrote: »

You're doing great Nick

Most of the information re TAP-Total Amount Payable (at outset) is on your original loan agreement--usually in Boxes

Hmmmm--I see the premium has increased a bit--with FP it has probably had a dozen increases--to be precise
I would need the
Date of new paymts/new amount/new %

OR

a table of the Date when the payment increased + Amount (from your bank statements) & I can probably work back the interest.

Got to be out most of the day--back this evening

Why would you need to know date of new payments etc.... mine with firstplus changed every couple of months. Laini on here got hers back re FOS and did not need to know all of this etc.. . I would think you could do a rough calculation with the figures above. It does not need to be EXACT perhaps. People are not asking for it to be to the penny...not everyone has the statements...

M colak and tiggrae never asked for statements and these details and over at CAG they did not either...

I am trying to understand you here....

marshallka

NickProv wrote: »

Sorry what is the amount advance?
Monthly Premium?
7.4% variable
loan term is over 240 months
Doesnt quote the total interest

PPI LOAN IS 12,245.00
Monthly premium on the PPI where is do I find that out?
APR is the same
Interest isnt quoted

The loan is for 50,000 + 12,245 for PPI total 62,245,
Monthly payments 393.67 for the loan and 96.42 for the PPI totalling £490.09 but the repayments have been totalling £615 per month.
The loan was taken out Oct 05 and so have made 40 months worth of payments.
Not quite sure on the balance at the present time.

Sorry re the information if you can let me know what more you need that would be great.

Thanks Nick

Hi Nick, the PPI element of your loan is 19.67% (same as mine was!!). So 19.67% of your repayments are towards the PPI.;)

The total cost of your PPI is 240 month of 93.42 = 23140.80
The total cost of your loan without the PPI is 94480.80
As you have made 40 repayments of the PPI that would be 3856.80
You have made 40 repayments of the loan being 15746.80


All this is assuming no interest increase as you do not have the dates etc at the moment.

You would be looking at back the 40 months you have paid and then the loan redoing without the PPI.

You sould in effect owe them 98018.00 but again this is with the interest staying the same. You would still owe another 200 months of the loan...and the PPI but when you win with the PPI they have to settle this loan and then redo another one. This would be done without the PPI ...

oscar52

WooHOO

My agreement slip from A&L arrived this morning - with a bit of luck, I'll have my cheque next week!