PPI Reclaiming Discussion part 4

amersall

naominaz wrote: »

paid £17.53 over 60 month for ppi! also tried calling today about when i first enquired about cancelling my ppi which they told me i had to take another loan he told me it was a year before when i first sent off my complait letter he said it was never sent back would i like another form to take the loan out again! so in a way they are trying to mis sell me another loan!

thanks for your advice

hi there, you were mis sold, write back and tell them you will not be accepting the good will gesture and you want the ppi taken off your loan, all payments made to date for ppi refunded to you with statutory 8% interest and the loan recalculated over the same term and apr as it would have been without the ppi, and if you do not recieve a acceptance of mis sell you will take this to fos,dont cancel your insurance yet as you will have to take a new loan and the apr could be higher, wait until you get a reply before you decide , good luck with this and keep us posted

cocker100

cocker100 wrote: »

Hi all,

I'm after some more advice regarding compound interest.

Quick update on case:

Submitted claim for mis-selling of PPI on former Morgan Stanley credit card (now defunct) in February to Barclaycard. To my surprise, they responded with an offer of settlement in early April for approx £1,500. However, this only included the past 6 years worth of statements.

Wrote back asking for refund back to start of account and have now received a revised offer of approx £3,000. they rekon that this sum includes both compound interest and additional statutory 8% interest.

The problem is that their compound interest calculations differ greatly to mine. I used one of the many compound interest calculators online to compile my set of figures, but they say that it is wrong and have provided me with what they believe are the correct figures. They state that their calculations are in line with how the FOS expect them to calculate them.

Here is an example:

PPI payment 21st April 2004 of £17.71 @ APR of 20.9% =
Compound interest of £4.62

However I work it out as compound interest of £43.41!!!! (A few weeks out now as figure calculated earlier in month))

As you can see, a massive difference and all their figures are tiny in comparison to mine. What I want to know is have I calculated correctly or are they trying to fleece me?

I dont want to short change myself by accepting their offer and missing out on the true value of the claim as it would be more than double their current offer if i'm right and refer to FOS. But if I am wrong, I would have to wait for FOS to adjudicate for nothing, when I could have settled now.

Any advice would be great!!!

Cheers, Cocker:)

Quick update on this one:

It seems that my compound interest calculations are correct, though this has been debated by some.

I've sent an offer of settlement to Barclaycard which is half way between their current offer and my own calculations. If they refuse, then I'm taking them to court.

I'll post any new developments.

Cocker:)

LouiseB88_2

Hi, I am new to the mse forums and not sure if I am writing this in the correct place. Appologies if in totally wrong place.

I reciently tried to claim back my ppi from Land of leather and received a letter from their administrator's with a form attached for me to fill in. The form look's as if it is for someone claiming back payment for a sofa they did not receive not for ppi claims. I'm not sure what to do. Should I just forget it as they have gone into administration or is there something else I can do. Any advice would be appreciated.

Many thanks
Louise

di3004

cocker100 wrote: »

Quick update on this one:

It seems that my compound interest calculations are correct, though this has been debated by some.

I've sent an offer of settlement to Barclaycard which is half way between their current offer and my own calculations. If they refuse, then I'm taking them to court.

I'll post any new developments.

Cocker:)

Well done!:beer:

di3004

LouiseB88 wrote: »

Hi, I am new to the mse forums and not sure if I am writing this in the correct place. Appologies if in totally wrong place.

I reciently tried to claim back my ppi from Land of leather and received a letter from their administrator's with a form attached for me to fill in. The form look's as if it is for someone claiming back payment for a sofa they did not receive not for ppi claims. I'm not sure what to do. Should I just forget it as they have gone into administration or is there something else I can do. Any advice would be appreciated.

Many thanks
Louise

Hi Louise and Welcome

If they have gone into administration then you may be able to make a claim through the Financial compensation scheme (FSCS), they may be listed with these, and if so they then arrange to send you a claim form.
Give them a ring to check on this here:
http://www.fscs.org.uk/contact-us/

Hope this helps, good luck and please keep us posted, so we can try other avenues otherwise.

BigCraigJohn

Little question for those with Lloyds loan history and who have recieved SARs or have there original paperwork.
How far back were they doing "Acknowledgement of purchase" sheets?. Just a sheet with 2 ticks to say you have recieved documents.
Going through I see they are present for 2 of my loans and not the other 2. They have upheld where they are present and not where they are not. Just wondered if it may be something to chuck at them.
I have 1 from oct 2003 with 1 present and yet missing from march of the same year.

di3004

BigCraigJohn wrote: »

Little question for those with Lloyds loan history and who have recieved SARs or have there original paperwork.
How far back were they doing "Acknowledgement of purchase" sheets?. Just a sheet with 2 ticks to say you have recieved documents.
Going through I see they are present for 2 of my loans and not the other 2. They have upheld where they are present and not where they are not. Just wondered if it may be something to chuck at them.
I have 1 from oct 2003 with 1 present and yet missing from march of the same year.

Hi

Hmmm, some very good points here raised BigCraigJohn.
I will dig my info back out tomorrow to double check on this.

But yes, maybe it is something you can throw at them.

You are clever :T:T;)

BigCraigJohn

Ive been called a lot of things in life but clevers not 1 of them:D

Dont think they had any relevance in the 2 they upheld because as I say these were present but i'd be curious to know why they wernt present for the other 2.

di3004

BigCraigJohn wrote: »

Ive been called a lot of things in life but clevers not 1 of them:D

Dont think they had any relevance in the 2 they upheld because as I say these were present but i'd be curious to know why they wernt present for the other 2.

LOL, well there's always a first time :rotfl: and I'm sure it won't be the last.:D;):T:T

I am curious now as well, and will be going through all mine again tomorrow.
Thanks for bringing this up though, it will also be a help to others as well, so they can be aware of this in case it happens to them.

amersall

cocker100 wrote: »

Quick update on this one:

It seems that my compound interest calculations are correct, though this has been debated by some.

I've sent an offer of settlement to Barclaycard which is half way between their current offer and my own calculations. If they refuse, then I'm taking them to court.

I'll post any new developments.

Cocker:)

fingers crossed, good luck