PPI Reclaiming Discussion part 4

sharon666

hopefulshell07 wrote: »

Hi thank you for the replies and I am posting the figures underneath so that some very kind soul could give a rough estimate of how much I might get back:)

Loan 1) Taken out 22/02/02 Refinanced 03/11/03
Loan £5000.00 PPI £1174.84 Total £6174.84 Per month PPI £ 27.34

Loan 2) Taken out 03/11/03 Refinanced 20/10/204
Loan £15000.00 PPI £3318.2 Total £18318.20 Per month PPI £72.71

Loan 3) Taken out 20/10/04 Refinanced 22/08/2008
Loan £16000.00 PPI £4064.27 Total £20.64.27 Per Month PPI £70.32

Loan 4) Taken out 22/08/2008 Current Loan
Loan £19000.00 PPI £5173.64 Total £24173.64 Per Month PPI £106.29

The formula from LTSB is:
For the 2 loans 2002 & 2004 they will:
Calculate the difference between the settlement balance and what the balance would have been without the PPI, then add 8% interest from the day the loan was settled to the date I sign.
Then:
Calculate the amount paid up to the date of cancellation and refund this back ( How much I paid in PPI per month then multiplying this by how many months the loan was active for)
Then:
Add 8% simple interest onto each payment from the date each month was paid to the settlement date.
Then:
Add 8% simple interest per annum onto this total amount, the calculated simple interest will then be refunded into my bank account.
I had partial rebates of:
2002 loan £475.71
2004 Loan £693.47
Of course these will be taken into account.
Then for :
Loan 2003 - After writing to them again they have decided that I was mis sold on this one too so the formula for this one is the same as above except for the PPI Payments as I was out of work came to: £2143.06 so of course this will be taken off of any rebate to come.

And they wonder why I can't work it out lol

As they have mis sold me on all of my loans am I right in thinking that all of the loans should be recalculated to be the amounts without any PPI which includes the settlement figures? Also my interest rates were 14.9% 11.9% twice and 8.9% they say this will be taken into account when working out the figures.
I do thank anyone brave enough to tackle this for me from the bottom of my heart
:kisses: :kisses: :kisses:[can i thank you for posting up, i too have three loans like you, all with ppi, also oh has been out of work, and had to make a claim, on one of the loans, mine is with the fos, almost 15 months now, the lloyds are saying because they paid out for 4 months it was a good thing but these single policys are not good paid over 21,000 with interest for them, over 8 years, so this gives me hope, did the fos tell the bank to put you back into the position you would of been in had you not had the ppi, hope you dont mind me asking please see my posts, sharon666, sorry cant help you with your question, i hope someone can.

sukisal

Hi there everyone,

I am about to send a first letter to Barclays to claim back PPI, I have the forms still, could you please tell me if I need to send the documents I have with my letter, or copies of them, or just the letter and they will look it all up themselves?

Thank you very much.

di3004

sukisal wrote: »

Hi there everyone,

I am about to send a first letter to Barclays to claim back PPI, I have the forms still, could you please tell me if I need to send the documents I have with my letter, or copies of them, or just the letter and they will look it all up themselves?

Thank you very much.

Hi and welcome.

Good luck with this.
If you do send them anything only do so in copies and not the originals, however its not essential to send them anything if you don't want to.
The choice is yours.:)

Fingers crossed for you, please keep us posted.

Di

lunty

Hello, my partner and I took out a loan with welcome finance, and what started out as a £300 loan escalated into us owing them about £20.000. A most unwelcome welcome finance experience.
The last time we upped our loan, we were totally missold a ppi, and thanks to this website I downloaded the template letter and sent it to welcome in Nov 09. We received a letter yesterday saying that we were misold the ppi and they are offering us £883, which is absolutely fantastic, but the ppi was £2069. I have looked at other peoples posts and they have got the full amount back. We settled our account with welcome early and paid them nearly £10.000. Is this why they have not offered us the full amount and do I accept this offer?
any advice would be really appreciated:rotfl:

di3004

lunty wrote: »

Hello, my partner and I took out a loan with welcome finance, and what started out as a £300 loan escalated into us owing them about £20.000. A most unwelcome welcome finance experience.
The last time we upped our loan, we were totally missold a ppi, and thanks to this website I downloaded the template letter and sent it to welcome in Nov 09. We received a letter yesterday saying that we were misold the ppi and they are offering us £883, which is absolutely fantastic, but the ppi was £2069. I have looked at other peoples posts and they have got the full amount back. We settled our account with welcome early and paid them nearly £10.000. Is this why they have not offered us the full amount and do I accept this offer?
any advice would be really appreciated:rotfl:

Hi and welcome.

And well done :beer:

Now it is entirely up to you, was this the final decision?
If not and your not happy with the offer you can request they reconsider taking another look and refund the whole amount paid, the interest and also the 8% interest of what a court would award for being deprived of your money.

The choice is yours though, if you were not happy and they did not at least higher the amount you do have the FOS, but please bear in mind this can take a long time due to the large volumes of complaints they are dealing with.

Also wait for other opinions as well if you want to.:):beer:

amersall

lunty wrote: »

Hello, my partner and I took out a loan with welcome finance, and what started out as a £300 loan escalated into us owing them about £20.000. A most unwelcome welcome finance experience.
The last time we upped our loan, we were totally missold a ppi, and thanks to this website I downloaded the template letter and sent it to welcome in Nov 09. We received a letter yesterday saying that we were misold the ppi and they are offering us £883, which is absolutely fantastic, but the ppi was £2069. I have looked at other peoples posts and they have got the full amount back. We settled our account with welcome early and paid them nearly £10.000. Is this why they have not offered us the full amount and do I accept this offer?
any advice would be really appreciated:rotfl:

hi there, i would certainly go back to them with this. you paid 2069 and they are only offering you 883. the loan is also finished so even with a rebate of ppi on that you (in my opinion ) should get more than they are offering. tell them you want the whole of the ppi back, less any rebate on that or you will go to fos. good luck with this and dont give up

amersall

hopefulshell07 wrote: »

Hi thank you for the replies and I am posting the figures underneath so that some very kind soul could give a rough estimate of how much I might get back:)

Loan 1) Taken out 22/02/02 Refinanced 03/11/03
Loan £5000.00 PPI £1174.84 Total £6174.84 Per month PPI £ 27.34

Loan 2) Taken out 03/11/03 Refinanced 20/10/204
Loan £15000.00 PPI £3318.2 Total £18318.20 Per month PPI £72.71

Loan 3) Taken out 20/10/04 Refinanced 22/08/2008
Loan £16000.00 PPI £4064.27 Total £20.64.27 Per Month PPI £70.32

Loan 4) Taken out 22/08/2008 Current Loan
Loan £19000.00 PPI £5173.64 Total £24173.64 Per Month PPI £106.29

The formula from LTSB is:
For the 2 loans 2002 & 2004 they will:
Calculate the difference between the settlement balance and what the balance would have been without the PPI, then add 8% interest from the day the loan was settled to the date I sign.
Then:
Calculate the amount paid up to the date of cancellation and refund this back ( How much I paid in PPI per month then multiplying this by how many months the loan was active for)
Then:
Add 8% simple interest onto each payment from the date each month was paid to the settlement date.
Then:
Add 8% simple interest per annum onto this total amount, the calculated simple interest will then be refunded into my bank account.
I had partial rebates of:
2002 loan £475.71
2004 Loan £693.47
Of course these will be taken into account.
Then for :
Loan 2003 - After writing to them again they have decided that I was mis sold on this one too so the formula for this one is the same as above except for the PPI Payments as I was out of work came to: £2143.06 so of course this will be taken off of any rebate to come.

And they wonder why I can't work it out lol

As they have mis sold me on all of my loans am I right in thinking that all of the loans should be recalculated to be the amounts without any PPI which includes the settlement figures? Also my interest rates were 14.9% 11.9% twice and 8.9% they say this will be taken into account when working out the figures.
I do thank anyone brave enough to tackle this for me from the bottom of my heart
:kisses: :kisses: :kisses:

:j:j well done on your win :money: our resident carol vorderman aka marshalka :A is good with these kind of calcs, just hang on in there:eek:

hopefulshell07

sharon666 wrote: »

hopefulshell07 wrote: »

Hi thank you for the replies and I am posting the figures underneath so that some very kind soul could give a rough estimate of how much I might get back:)

Loan 1) Taken out 22/02/02 Refinanced 03/11/03
Loan £5000.00 PPI £1174.84 Total £6174.84 Per month PPI £ 27.34

Loan 2) Taken out 03/11/03 Refinanced 20/10/204
Loan £15000.00 PPI £3318.2 Total £18318.20 Per month PPI £72.71

Loan 3) Taken out 20/10/04 Refinanced 22/08/2008
Loan £16000.00 PPI £4064.27 Total £20.64.27 Per Month PPI £70.32

Loan 4) Taken out 22/08/2008 Current Loan
Loan £19000.00 PPI £5173.64 Total £24173.64 Per Month PPI £106.29

The formula from LTSB is:
For the 2 loans 2002 & 2004 they will:
Calculate the difference between the settlement balance and what the balance would have been without the PPI, then add 8% interest from the day the loan was settled to the date I sign.
Then:
Calculate the amount paid up to the date of cancellation and refund this back ( How much I paid in PPI per month then multiplying this by how many months the loan was active for)
Then:
Add 8% simple interest onto each payment from the date each month was paid to the settlement date.
Then:
Add 8% simple interest per annum onto this total amount, the calculated simple interest will then be refunded into my bank account.
I had partial rebates of:
2002 loan £475.71
2004 Loan £693.47
Of course these will be taken into account.
Then for :
Loan 2003 - After writing to them again they have decided that I was mis sold on this one too so the formula for this one is the same as above except for the PPI Payments as I was out of work came to: £2143.06 so of course this will be taken off of any rebate to come.

And they wonder why I can't work it out lol

As they have mis sold me on all of my loans am I right in thinking that all of the loans should be recalculated to be the amounts without any PPI which includes the settlement figures? Also my interest rates were 14.9% 11.9% twice and 8.9% they say this will be taken into account when working out the figures.
I do thank anyone brave enough to tackle this for me from the bottom of my heart
:kisses: :kisses: :kisses:[can i thank you for posting up, i too have three loans like you, all with ppi, also oh has been out of work, and had to make a claim, on one of the loans, mine is with the fos, almost 15 months now, the lloyds are saying because they paid out for 4 months it was a good thing but these single policys are not good paid over 21,000 with interest for them, over 8 years, so this gives me hope, did the fos tell the bank to put you back into the position you would of been in had you not had the ppi, hope you dont mind me asking please see my posts, sharon666, sorry cant help you with your question, i hope someone can.

I haven't spoken to the FOS as yet but am thinking I might as it is all so complicated and only on one of my loans do the bank mention putting me back in the position I would have been without the PPI. Sorry I can't be of any more help.
I did get knocked back on the loan I claimed on at first but I wrote back saying I disagreed with their decision and the reasons why, and I got a letter saying that they uphelp my complaint!
I did point out that they had said I had been mis sold on all of my other loans including the current one so how could they say that that one loan wasn't mis sold. It wasn't really about money on that one as I had claimed, it was the principle of it, I was mis sold and wanted them to admit that fact.

lunty

amersall wrote: »

hi there, i would certainly go back to them with this. you paid 2069 and they are only offering you 883. the loan is also finished so even with a rebate of ppi on that you (in my opinion ) should get more than they are offering. tell them you want the whole of the ppi back, less any rebate on that or you will go to fos. good luck with this and dont give up

thanks for the advice, it's very tempting to accept but I think I will take your advice, If I refuse to accept their offer can they withdraw it now, or because they say I have a case do they still have to make an offer. Thanks again

lunty

di3004 wrote: »

Hi and welcome.

And well done :beer:

Now it is entirely up to you, was this the final decision?
If not and your not happy with the offer you can request they reconsider taking another look and refund the whole amount paid, the interest and also the 8% interest of what a court would award for being deprived of your money.

The choice is yours though, if you were not happy and they did not at least higher the amount you do have the FOS, but please bear in mind this can take a long time due to the large volumes of complaints they are dealing with.

Also wait for other opinions as well if you want to.:):beer:

thanks for your reply, the offer of £883 was only their first offer, but I was just worried if I rejected their offer could they withdraw it, I don't mind waiting for the money, however tempting it is to accept it. Do you know if the offer is lower because I finished the loan of early as a penalty.:)