PPI Reclaiming Discussion part 4

robbedofmymoney

lush1 wrote: »

Hi it doesnt say on my paperwork anywhere that i have been refunded any ppi and i certainly wasnt given a cheque for it when new loans taken. Im not sure how they work out settlement figures tho so dont know if refund in this figure ? As for offer they have made it says they will offer 309.00 premium plus
80.14 interest at 23.2 % total 389.14. Cheers

this figure looks to be correct, they have not added the 8% simple which you would get if you went to the FOS, 8% simple on this would be about another £90 so its really your choice wether or not to accept, if you go to the fos it could take another year or so.



cheers

robbedofmymoney

lush1 wrote: »

hi thanks for offering to have a look for me.....really dont understand it myself.
LOAN1
2000.00 LOAN
562.44 INS
75.00 ARRANGMENT FEE
..........
2637.44 TOTAL FINANCED APR 43.6

18 MONTHLY INSTALLMENTS OF £187.25
!ST PAYMENT MADE ON 21/01/02
I PAID 7 PAYMENTS= 1310.35 THEN REFINANCED
whilst carrying out the calcs it would appear that some kind of rebate for the ppi has been given, otherwise your refinanced figure would have been nearer to the 2k mark.

so with this in mind i will let you know what your would definately get back, then there may be a small amount as an additional rebate but not a huge amount

so for loan 1 its 7 x £39.32 = £275.24 then if you get the 8% simple this would be an additional £181

LOAN2
1988.50 LOAN
1711.50 RE-FINANCED
100.00 ARRANGMENT FEE
...........
3800.00 TOTAL FINANCED APR 42.0%

24 MONTHLY PAYMENTS OF £217.67
1ST PAYMENT MADE ON 30/08/02
( NO PPI ON THIS LOAN UNLESS ITS IN THE REFINACED BIT)
I PAID 8 PAYMENTS = 1741.36 THEN REFINANCED
loan 2 no ppi refund
LOAN3
1569.24 LOAN
3130.76 RE- FINANCED
790.71 PPI
100.00 ARRANGEMENT FEE
..............
5590.71 TOTAL FINANCED 37.2 APR

30 MONTHLY INSTALMENTS OF £268.26
1ST PAYMENT MADE 14/04/03
I PAID 16 PAYMENTS = 4560.42 THEN RE-FINANCED

for loan 3 you should look to get approx 16 x 37.94 = £607.04 8% simple interest on this would be an additional £321 (approx)

LOAN4
2336.98 LOAN
3163.02 RE FINANCED
100.00 ARRANGMENT FEE
.............
5600.00 TOTAL FINANCED APR 27.7%

36 MONTHLY PAYMENTS OF £217.75
1ST PAYMENT MADE 30/08/04
( NO PPI ON THIS ONE)
I PAID 11 PAYMENTS = 2395.25 THEN RE FINANCED

no refund

LOAN 5
1518.51 LOAN
4481.49 RE FINANCED
...........
6000.00
100.00 ARRANGMENT FEE
...........
7750.56 TOTAL PAYABLE 29.2 APR

24 MONTHLY PAYMENT OF £322.94
1ST PAYMENT MADE 01/08/05
I MADE 11 PAYMENTS = 3552.34 THEN RE- FINANCED

no refund

LOAN 6 ( FINAL)
1874.70 LOAN
4125.30 RE FINANCED
309.00 PPI
...........
6309.00
115.00 ARRANGEMENT FEE
.........
7781.52 TOTAL PAYABLE 23.2 APR

24 MONTHLY PAYMENTS OF £324.23
1ST PAYMENT MADE 01/07/06
I MADE 24 PAYMENTS = 7781.52

as per your offer

SO FAR THEY HAVE WROTE AND OFFERED ME £ 309.00 PLUS £80.14 INTEREST WHICH RELATES TO THE FINAL LOAN.
COULD U ADVISE IF THIS IS CORRECT??????
STILL WAITING TO HEAR ON OTHER 2 OF THE LOANS THAT HAD PPI ON THEM BUT IM CONFUSED AS I CANT WORKOUT HOW THE REFINANCED FIGURES WERE CALCLUATED AND WHETHER ANY REFUND HAS BEEN GIVEN OR IF PPI IN INCLUDED IN REFINCED FIGURES.

YOUR HELP WOULD BE MUCH APPRECIATED
THANKS

PS I ONLY HAVE 4 DAYS TO SEND BACK ACCEPTANCE FORM FOR £389.14 !!

please see notes above.
it would appear a rebate has been given otherwise your settlement figures would have been higher, as we do not know the exact amount its difficult to work out what extra you would get.

sorry i can't help any further without the numbers, if i did i would just be specultating and would not want to tell you a massive figure and be wrong.

cheers, and i hope this helps.

lush1

robbedofmymoney wrote: »

please see notes above.
it would appear a rebate has been given otherwise your settlement figures would have been higher, as we do not know the exact amount its difficult to work out what extra you would get.

sorry i can't help any further without the numbers, if i did i would just be specultating and would not want to tell you a massive figure and be wrong.

cheers, and i hope this helps.

Ok that helps thanks for takin the time to look at it. Cheers.

catharsis

I seem to have been fortunate as LloydsTSB have agreed quickly in four instances to have my mis-sold PPI repayed for three loans dating back to 2002 and also on a credit card which is ten years old. I have been told that the credit card calculation will include simple interest and also interest paid on the card for the PPI amounts.

Within the settlement letters I noticed something interesting which could help others.

LTSB say that if the PPI insurance policy has been claimed against then they will subtract the amount paid against their PPI mis-selling settlement amount. This seems to be different to the advice in the site here, Martin's video and received wisdom. I wonder if there is a case even if the PPI policy has been claimed against - LTSB would seem to be willing to consider it?

di3004

catharsis wrote: »

I seem to have been fortunate as LloydsTSB have agreed quickly in four instances to have my mis-sold PPI repayed for three loans dating back to 2002 and also on a credit card which is ten years old. I have been told that the credit card calculation will include simple interest and also interest paid on the card for the PPI amounts.

Within the settlement letters I noticed something interesting which could help others.

LTSB say that if the PPI insurance policy has been claimed against then they will subtract the amount paid against their PPI mis-selling settlement amount. This seems to be different to the advice in the site here, Martin's video and received wisdom. I wonder if there is a case even if the PPI policy has been claimed against - LTSB would seem to be willing to consider it?

Hi there and well done on all your successes.:beer:

I am aware that Lloyds will pay out even if a claim have been made, depending on the reasons, and of course if a claim have already been successfully made for example unemployment, and not successful for example on the sickness side of it, they do consider, and then reduce the amount to come back due to so much already been used.

So yes I do take it they will consider.;)

halphy

Hi I wrote to Central Capital re PPI mis sold who were the broker, they basically said 'Do one' as its over 6 years and we weren't regulated. I called my loan company and got some details from them, I took a £13,000 loan had £3,380 PPi added, I asked what my settlement figure was and she said £14,700 that was just the loan, Ppi was not rebated. I put this on another post and Di said I may have a case of unfair rebate, I had the loan for 2 months and paid 2 x £180.33.

Does anyone know anything about unfair rebate? Thanks

promoter

Hi
Just starting on reclaim process for Barclay's secured loan PPI. I was having a quick look at the FSO site and found a case study in the PPI online resources on a complaint by Mrs C. (sorry not allowed to post link)

One interesting aspect was that Mrs C was a local government worker and therefore had substantial sick leave / unemployment cover already and the product was therefore even more unsuitable for her. I was an NHS nurse at the time I took out my loan & PPI. I'm planning on using this argument in making my claim for misselling. I was wondering if anyone had any experience using this arguement?

Many thanks and keep fighting the good fight!
K

di3004

Halphy check the fos link out as well - there may be something on their leaflet about unfair rebates, in this case its will be the lender who had dealt with this side of it and they may have been regulated when you settled this loan.
http://www.financial-ombudsman.org.uk/publications/factsheets/payment-protection-insurance.pdf

di3004

promoter wrote: »

Hi
Just starting on reclaim process for Barclay's secured loan PPI. I was having a quick look at the FSO site and found a case study in the PPI online resources on a complaint by Mrs C. (sorry not allowed to post link)

One interesting aspect was that Mrs C was a local government worker and therefore had substantial sick leave / unemployment cover already and the product was therefore even more unsuitable for her. I was an NHS nurse at the time I took out my loan & PPI. I'm planning on using this argument in making my claim for misselling. I was wondering if anyone had any experience using this arguement?

Many thanks and keep fighting the good fight!
K

Hi and welcome

I believe many in your situation have made a successful reclaim on their PPI, so you should give it a go.

You can do this by completing the questionnaire the FOS have recently issued for this purpose, you complete save a copy and send to whom is responsible to setting up and selling you the policy.

The link below is the guidelines to reclaiming PPI, with a checklist of mis selling reasons, then further down the page you will come across Stage one of reclaiming - which is that of the questionnaire.

They have 8 weeks in full to respond, also its suggested to post your complaint/reclaim by recorded delivery for your proof of posting.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Good luck, keep at them and please keep us posted, cheers.:)

halphy

di3004 wrote: »

Halphy check the fos link out as well - there may be something on their leaflet about unfair rebates, in this case its will be the lender who had dealt with this side of it and they may have been regulated when you settled this loan.
http://www.financial-ombudsman.org.uk/publications/factsheets/payment-protection-insurance.pdf

Thanks Di, so Endeavour it would be