PPI Reclaiming Discussion part 4

amersall

marshallka wrote: »

Thanks amersall. Will try and have a look tomorrow.

your welcome, you know your stuff when it comes to numbers, thought you would be ideal for this working out

marshallka

amersall wrote: »

your welcome, you know your stuff when it comes to numbers, thought you would be ideal for this working out

Thanks for the vote of confidence amersall but i cannot work them cause there are not enough figures. I don;t know the settlements and also with them being follow on's these work differently so I can't really help as yet.

andydan

I curently have 2 claims with the FOS awaiting adjudicators .1 against the RBS CC and the other is GM CC .Has anyone any experience, success or otherwise with similar complaints,purely claiming mis selling?
I was also wondering about time scales?
cheers

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:

can anyone help, hopefulshell07 please x

robbedofmymoney

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:

here goes,

only certain calcs can be done as not all info here, but this should give you a guide.

there are some certainties from the information you have given that a calculation can be made from

loan 2002 you will get back you premiums paid (546.80) plus 8% simple from the date payments made to end of Feb (346.00) total back for 2002 loan = £892.80

loan 2003 premiums paid (799.81) plus 8% simple as above (378.00) total back for loan = £1,177.81

loan 2004 premiums paid (3,234.74) plus 8% simple as above (916.50) toal back for loan = £4,251.24

there will also be a small amount to take into account the difference in settlement figures for the loans with or without PPI. this will not be a great amount as you have already had partial rebates on previous settlements for this.

so what you can be reasonably sure of is

loan 2002 892.80
loan 2003 1,177.81
loan 2004 4,251.24

total 6,221.85
less the 2,143 you have been paid for being off = 4078.85

this is how i read your thread, i hope i have read it correctly,

will Lloyds give you a full breakdown before you commit to accepting the offer.

you may have been better of not contesting the 2003 loan if they have paid you out as this is knocking quite a bit off the total.

please do not hold me to these numbers as its only an estimate following the logic and the numbers available

markdsmith_2

di3004 wrote: »

Hi Mark

In your case find out who the insurer was on this, then pursue this through them instead.

Many of us have been caught out this way due to the same reasons as yourself, even the FOS are suggesting for people to go this direction now in also trying to make these responsible.

Even if they come back and say no, the FOS will consider investigating this for you.

So its not exactly the end of the road yet.

If you don't know who the insurer is then write to either the lender or broker and ask them to post you the policy details, the insurer details should be enclosed in them.

Good luck keep at them.;)

Thanks Di. Last week I heard back from the FOS and they have suggested I go to Dial-4-A-Loan who originally sold me the loan. I believe they are now owned by Welcome Finance so I have fired off a letter to them first with a copy of the original documents to see what they have to say.

di3004

markdsmith wrote: »

Thanks Di. Last week I heard back from the FOS and they have suggested I go to Dial-4-A-Loan who originally sold me the loan. I believe they are now owned by Welcome Finance so I have fired off a letter to them first with a copy of the original documents to see what they have to say.

Good luck with this then Mark, please keep us posted, glad the FOS got back with the details for you, fingers crossed.;)

218bhp

andydan wrote: »

I curently have 2 claims with the FOS awaiting adjudicators .1 against the RBS CC and the other is GM CC .Has anyone any experience, success or otherwise with similar complaints,purely claiming mis selling?
I was also wondering about time scales?
cheers

I had one with the GM credit card but it was only £58 and they paid out within 2 weeks of my complaint.

iceybear1

I have sent first letter to Welcome Finance reclaiming PPI. I have a secured loan in arrears.
It was never really secured as there never was any equity in my house, I told them this they never did a valuation, however, the PPI will be a large amount, if they do eventually pay do I have to pay off some of the loan, bearing in mind I have an issue with this anyway?

I also have a claim against Black Horse for an unsecured loan.

Any help would be appreciated. I know whilst Welcome are still operating they are no longer trading as misold PPI!

di3004

iceybear1 wrote: »

I have sent first letter to Welcome Finance reclaiming PPI. I have a secured loan in arrears.
It was never really secured as there never was any equity in my house, I told them this they never did a valuation, however, the PPI will be a large amount, if they do eventually pay do I have to pay off some of the loan, bearing in mind I have an issue with this anyway?

I also have a claim against Black Horse for an unsecured loan.

Any help would be appreciated. I know whilst Welcome are still operating they are no longer trading as misold PPI!

Hi there
Good luck with this.

Was it Welcome who actually set up the loan for you, if so you done the right thing in writing to them, if they used a broker then you would write to them to reclaim.

There have been many on here who have had dealings with WF, so hopefully they will post up with their experience, or if you get the chance check all the below threads, there are a few down there.


Fingers crossed for you.;)