PPI Reclaiming Discussion part 4

newbeginning_2

:j :beer: :T THANK YOU :j :beer: :T

I posted on here a while ago about PPI sold on a Halifax Loan but only sent my letter to them last week.

I wasn't expecting to hear anything back from them this quickly but I got a letter from them this morning saying they agree with me and they'll refund me :j.

Because if the DMP I'm on the refunds going towards the arrears, which I was expecting anyway, but I can't get my head round the figures - if I post the figures on here can someone have a little look and check it sounds right?

di3004

newbeginning wrote: »

:j :beer: :T THANK YOU :j :beer: :T

I posted on here a while ago about PPI sold on a Halifax Loan but only sent my letter to them last week.

I wasn't expecting to hear anything back from them this quickly but I got a letter from them this morning saying they agree with me and they'll refund me :j.

Because if the DMP I'm on the refunds going towards the arrears, which I was expecting anyway, but I can't get my head round the figures - if I post the figures on here can someone have a little look and check it sounds right?

Absolutely fantastic :T:j, Congratulations!:beer:

Yes do post them up,someone will check them for you I'm sure.:o

Remember as well, the interest side of it should be refunded directly to you.;)

newbeginning_2

di3004 wrote: »

Yes do post them up,someone will check them for you I'm sure.:o

Remember as well, the interest side of it should be refunded directly to you.;)

Okay, so on the loan paperwork it says ...

Amount of credit (the insurance loan) £1058.91
Interest on the insurance loan £202.05

Annual interest on loan is 8.45%

On the letter I've received this morning it says ...

Refund of premiums paid to date £375.54
Refund of interest at 8.45% paid to date £71.66
Interest at 8% £43.71
Total compensation £490.91

The total arrears on your loan, excluding arrears on PPI payments are £****.**. We have therefore used the total compensation above to reduce the arrears on your account.

The remaining element of the PPI and interest has been removed from your loan account which has had the effect of reducing the outstanding balance of your loan.

Sounds okay to me but I'm not the best with the finances!!!

Can't believe they replied to me within a week!

di3004

newbeginning wrote: »

Okay, so on the loan paperwork it says ...

Amount of credit (the insurance loan) £1058.91
Interest on the insurance loan £202.05

Annual interest on loan is 8.45%

On the letter I've received this morning it says ...

Refund of premiums paid to date £375.54
Refund of interest at 8.45% paid to date £71.66
Interest at 8% £43.71
Total compensation £490.91

The total arrears on your loan, excluding arrears on PPI payments are £****.**. We have therefore used the total compensation above to reduce the arrears on your account.

The remaining element of the PPI and interest has been removed from your loan account which has had the effect of reducing the outstanding balance of your loan.

Sounds okay to me but I'm not the best with the finances!!!

Can't believe they replied to me within a week!

Good one, well I am hopeless to be honest at working with figures and will possibly work it out wrong, but I'm sure someone will be happy to check this for you and be along at some point today.:);)

newbeginning_2

Thanks di, and thanks for the help x

di3004

newbeginning wrote: »

Thanks di, and thanks for the help x

Your very welcome. X:A

robbedofmymoney

newbeginning wrote: »

Okay, so on the loan paperwork it says ...

Amount of credit (the insurance loan) £1058.91
Interest on the insurance loan £202.05

Annual interest on loan is 8.45%

On the letter I've received this morning it says ...

Refund of premiums paid to date £375.54
Refund of interest at 8.45% paid to date £71.66
Interest at 8% £43.71
Total compensation £490.91

The total arrears on your loan, excluding arrears on PPI payments are £****.**. We have therefore used the total compensation above to reduce the arrears on your account.

The remaining element of the PPI and interest has been removed from your loan account which has had the effect of reducing the outstanding balance of your loan.

Sounds okay to me but I'm not the best with the finances!!!

Can't believe they replied to me within a week!

well done on getting you rmoney back.

the figures look to be about correct assuming you are about 1/3 of way through your loan repayments

newbeginning_2

robbedofmymoney wrote: »

well done on getting you rmoney back.

the figures look to be about correct assuming you are about 1/3 of way through your loan repayments

Sounds about right, yeah. Thank you x

jjmwanyali

hi.

I have protected loan with barclays. i went to the bank to cancel the ppi I failed. 1st they asked me to write a letter to the company to cancel the ppi even though on the terms and condition it states that i can go to branch and cancel.

when i wrote letter through the branch they replied to say i need to go to my branch to cancel it. so this was another trip to the branch again.

My loan is left with 33month it was for 60mnth. So told me they have to reshedule the loan. According to there calculation i was to get £680. So my new monthly payment was reduced from £284 to £259 but the remaining period was increased to 36 month. So i was to pay £259 for 36month instead of 33 month. If you calculate it means they have just refunded me around £48.

284 multply by 33 =9372
259 muliply by 36 =9324

i thought it was suppose to be 259 multiply by 33 =8547
the difference of 825 being my refund

They told me that due to resheduling my interest has increased from 13% to 17% meaning the terms have changed. i did not know all that when i took the loan they did not tell me that if i cancel payment protection your loan interest will increase.

Can help me please am confused

Thank you

john.

robbedofmymoney

jjmwanyali wrote: »

hi.

I have protected loan with barclays. i went to the bank to cancel the ppi I failed. 1st they asked me to write a letter to the company to cancel the ppi even though on the terms and condition it states that i can go to branch and cancel.

when i wrote letter through the branch they replied to say i need to go to my branch to cancel it. so this was another trip to the branch again.

My loan is left with 33month it was for 60mnth. So told me they have to reshedule the loan. According to there calculation i was to get £680. So my new monthly payment was reduced from £284 to £259 but the remaining period was increased to 36 month. So i was to pay £259 for 36month instead of 33 month. If you calculate it means they have just refunded me around £48.

284 multply by 33 =9372
259 muliply by 36 =9324

i thought it was suppose to be 259 multiply by 33 =8547
the difference of 825 being my refund

They told me that due to resheduling my interest has increased from 13% to 17% meaning the terms have changed. i did not know all that when i took the loan they did not tell me that if i cancel payment protection your loan interest will increase.

Can help me please am confused

Thank you

john.

assuming you have cancelled your ppi recently they are in the wrong to increase your interest rate.

FSA guidlines make it quite clear that your interest rate should remain the same if you cancel your ppi element.

you should make a complaint to your lender along these lines and request they rectify your re-structured loan back to the original 14% otherwise you will refer your complaint to the FOS.