PPI Reclaiming Discussion part 4

bugsy161

marshallka wrote: »

Blimey, I thought FOS had improved but obviously not. People were reporting on here about 6 months. I know if an adjudicator says you have won your complaint that usually the Ombudsman would agree with them so no worries there and also you have to think of all the extra statutory interest they will have to pay.

Good luck

I dont want to tempt fate and think too much about what I may get back. I suppose that I am a bit of a pessimist and have always had knock backs in the past.
My card has had an uncleared balance at least over the last 15 years with my PPI payments probably averaging about £50 per month during that period so I havent a clue as to what I would be due back if my claim is upheld.
I know that the FOS have set guidelines but I dont know how to work it out although I know the banks have to give you a breakdown, (thats if they dont give me a breakdown first!).
Would they add the card interest back every month and then add it on to the next payment as I never cleared the card???
Every time I try to work it out I come up with totally different figures. Maths was never my strong subject.

robbedofmymoney

bugsy161 wrote: »

I dont want to tempt fate and think too much about what I may get back. I suppose that I am a bit of a pessimist and have always had knock backs in the past.
My card has had an uncleared balance at least over the last 15 years with my PPI payments probably averaging about £50 per month during that period so I havent a clue as to what I would be due back if my claim is upheld.
I know that the FOS have set guidelines but I dont know how to work it out although I know the banks have to give you a breakdown, (thats if they dont give me a breakdown first!).
Would they add the card interest back every month and then add it on to the next payment as I never cleared the card???
Every time I try to work it out I come up with totally different figures. Maths was never my strong subject.

they work it out as follows and should provide you with a statement

they work out the monthly contractual interest applied to each ppi installment on a cumulative basis, this cumulative amount will vary as and when the ppi premium is paid off, or new premiums are added.

the statement they provide should look something like this

cumulative ppi monthly interest
ppi premium interest added
rate
Feb-04 £0.00 £0.00
Mar-04 £0.00 £0.00 1.385 £0.00
Apr-04 £4.53 £4.53 1.385 £0.06
May-04 £6.22 £1.69 1.385 £0.09

then it is all added up at the bottom to give a total.

it has not come out very clear, but there are four columns excluding the month, so you should be able to decifer, first one is cumulative ppi, second is monthly ppi premium, third is monthly interest rate, 4th is interest added to cummulative ppi amount.

these amounts are then offset againt the statement for your currect card account for that particular month and if your account would have then been in credit you will ge the 8% simple on this amount.

i hope this helps to explain how they do it

cheers

bugsy161

robbedofmymoney wrote: »

they work it out as follows and should provide you with a statement

they work out the monthly contractual interest applied to each ppi installment on a cumulative basis, this cumulative amount will vary as and when the ppi premium is paid off, or new premiums are added.

the statement they provide should look something like this

cumulative ppi monthly interest
ppi premium interest added
rate
Feb-04 £0.00 £0.00
Mar-04 £0.00 £0.00 1.385 £0.00
Apr-04 £4.53 £4.53 1.385 £0.06
May-04 £6.22 £1.69 1.385 £0.09

then it is all added up at the bottom to give a total.

it has not come out very clear, but there are four columns excluding the month, so you should be able to decifer, first one is cumulative ppi, second is monthly ppi premium, third is monthly interest rate, 4th is interest added to cummulative ppi amount.

these amounts are then offset againt the statement for your currect card account for that particular month and if your account would have then been in credit you will ge the 8% simple on this amount.

i hope this helps to explain how they do it

cheers

Thank you for that. I think I have got my head around it now.

Am I right in thinking that the refund totals would the totals in columns 2 and 4

robbedofmymoney

bugsy161 wrote: »

Thank you for that. I think I have got my head around it now.

Am I right in thinking that the refund totals would the totals in columns 2 and 4

yes you are correct in your assumtions.

cheers

di3004

Robbedofmymoney, you have a twin on this site.......:rotfl::rotfl::rotfl::D

robbedofmymoney

di3004 wrote: »

Robbedofmymoney, you have a twin on this site.......:rotfl::rotfl::rotfl::D

who???:rotfl:

di3004

robbedofmymoney wrote: »

who???:rotfl:

Can't remember where now, think on the debtfreewannbe thread :rotfl::rotfl::rotfl::rotfl:

di3004

I'd have a right shocker if someone turned up with mine......:eek::o:rotfl::rotfl:

robbedofmymoney

di3004 wrote: »

Can't remember where now, think on the debtfreewannbe thread :rotfl::rotfl::rotfl::rotfl:

i helped someone out with some loan information if that's what you mean. or has someone highjacked my name. cheeky sods :rotfl:

di3004

robbedofmymoney wrote: »

i helped someone out with some loan information if that's what you mean. or has someone highjacked my name. cheeky sods :rotfl:

pmsl........:rotfl::rotfl: put it this way, he is the spit of you :rotfl::rotfl: