PPI Reclaiming Discussion part 4

STW27

That's a fair and justified comment you have made there amersall and really do appreciate your time and effort on helping me with this - I will post ongoing progress for those like me who are just starting......

cheers

amersall

di3004 wrote: »

Hi Steve

Robbedofmymoney is normally the one who deals with calcs in relation to this company, also others as well, but I will send him a message (PM), I understand he is working 12 hours at the moment, but he did leave me a pm to give any calcs for him to check on, and he will get back to you as soon as he can.;)

Cheers di, robbedof will give steve a better idea of what he may get especially the interest as this is variable thanks xx

di3004

amersall wrote: »

Cheers di, robbedof will give steve a better idea of what he may get especially the interest as this is variable thanks xx

You are very clever amersall.:T:T:j;)XX

robbedofmymoney

STW27 wrote: »

Hi Amersall - please see my original post below with all figures, ANY help would be really appreciated - thankyou !!

Originally Posted by STW27
Hello everyone,

First if I am in the wrong forum then sincere apologies

Okay so I want to make a claim and try and get back some money from my missold PPI. I have gone through the article, watched the video and downloaded the templates etc.

Unfortunately I am a little confused as to how much I could possibly claim as the figures stated in my agreement are a little confusing to me hence why I am in this mess I suppose.

Okay so let me list these figures for you all - any help you can give would be greatly appreciated !!

Original amount borrowed = £10,000
Amount of credit for Protected Payments Plan = £1,687.50
Total amount of credit £11,687.50
Monthly repayment £146.24 (this has now increased to £160.22 since its been running since September 2007
Duration of agreement = 180 months (yes I know, 15 years...I don't know what I was thinking)
APR Variable 13.6%

Now here is the rest of the information:-

Cash price of Protected Payments Plan = £1,687.50
Total charge for credit consisting of :-
Interest = £13,385.70
Broker Fee = £1,000
Application Assessment and Completion Costs £250.00
Total = £14,635.70

Annual rate of interest (variable) 10.90%

So, as you can see I have been extremely foolish and I'll be paying for a long time which is my problem but I would like to if possible claim some of this back as it definately wasn't sold fairly (again my problem for not seeking advice prior to taking the loan). I just cant for some reason work out what I could possibly claim back with if successul with the above figures....can anyone help me.....please???

Yours thankfully

Steve

right,

got my head around the figures,

to be accurate do you know when the payments changed to the higher level if so you can then add in the additional figures i'll put at the bottom.

so starting witht he original loan with ppi over 15 years.

your monthly element of ppi withthe 10.9% apr added works out to approx £19.01 per month you are paying for the ppi. Amersell is correct with here calcs without the interest.

so using the same principal 36 months x £19.01 = £684.36

8% simple on this until end of July would be approx £79.80

your monthly repayments will also need ot be be reduced by £19.01 for the remainder of your loan.



now the bit at the higher interest rate and monthly re-payments.

the ppi element would be an extra £1.81 per month. you will need to multiply this by the number of months at the higher repayments and then add to the total above.

the 8% on this works out at approx an extra £1 for 12 hogher payments so not a lot in the grand scheme of things.

i hope this helps but if you need anything else please let me know.

cheers, and good luck with your claim.

p.s. were you aware they are charging you interest on the broker fee.

di3004

robbedofmymoney wrote: »

right,

got my head around the figures,

to be accurate do you know when the payments changed to the higher level if so you can then add in the additional figures i'll put at the bottom.

so starting witht he original loan with ppi over 15 years.

your monthly element of ppi withthe 10.9% apr added works out to approx £19.01 per month you are paying for the ppi. Amersell is correct with here calcs without the interest.

so using the same principal 36 months x £19.01 = £684.36

8% simple on this until end of July would be approx £79.80

your monthly repayments will also need ot be be reduced by £19.01 for the remainder of your loan.



now the bit at the higher interest rate and monthly re-payments.

the ppi element would be an extra £1.81 per month. you will need to multiply this by the number of months at the higher repayments and then add to the total above.

the 8% on this works out at approx an extra £1 for 12 hogher payments so not a lot in the grand scheme of things.

i hope this helps but if you need anything else please let me know.

cheers, and good luck with your claim.

p.s. were you aware they are charging you interest on the broker fee.

Fantastic :T:j, thank you so much for getting back and very quickly as well.:beer:

bugsy161

amersall wrote: »

Cheers di, robbedof will give steve a better idea of what he may get especially the interest as this is variable thanks xx

Hi Amersall,
I am going to take on Lloyds again on behalf of my sister and brother in law who have had loans with them over the last 10 years that have been consolidated with new loans over and over again.
They have always had PPI with the loan as they believed it was not optional.
Do I need to send in a FOS questionnaire for each loan or just the latest one, as they have always consolidated the previous one.

di3004

bugsy161 wrote: »

Hi Amersall,
I am going to take on Lloyds again on behalf of my sister and brother in law who have had loans with them over the last 10 years that have been consolidated with new loans over and over again.
They have always had PPI with the loan as they believed it was not optional.
Do I need to send in a FOS questionnaire for each loan or just the latest one, as they have always consolidated the previous one.

Tidy..........:T:T

Right if all for the same reasons they were mis sold on, there is no harm in keeping to the same form, but to remember to add all the account numbers that apply.
Even from consolidation there will be ppi to come back, so if they reduced the balance on the previous one, they just deduct the amount by working on that and the remainder plus interest all comes back to your sister.;)X

robbedofmymoney

di3004 wrote: »

Fantastic :T:j, thank you so much for getting back and very quickly as well.:beer:

you're welcome,

although if i was Steve i would question why his APR has gone up when interest rates have gone down since Sept 07. unless it was fixed for the first year or something.

di3004

robbedofmymoney wrote: »

you're welcome,

although if i was Steve i would question why his APR has gone up when interest rates have gone down since Sept 07. unless it was fixed for the first year or something.

Cheers :beer:

Yes good point made here.;)

bugsy161

di3004 wrote: »

Tidy..........:T:T

Right if all for the same reasons they were mis sold on, there is no harm in keeping to the same form, but to remember to add all the account numbers that apply.
Even from consolidation there will be ppi to come back, so if they reduced the balance on the previous one, they just deduct the amount by working on that and the remainder plus interest all comes back to your sister.;)X

Thanks Di,
Didnt realise you were on line.
I am going after Lloyds with a vengeance with anyone I can help.
As an update on mine......................the FOS have spoken to Lloyds on Monday and Lloyds said that they had not received all the paperwork. They said it was probably waiting to be logged in the mail room!!!
The FOS emailed them all the paperwork and re-itterated my circumstances to hopefully speed up the process. Lloyds did confirm to them that they had received my email but they have still not confimred receipt directly to me.
They have told the FOS that they will be in touch with me within the 4 weeks that the FOS has stated.
I am still adamant that, once they have arrived at a settlement figure I agree with, they have to refund me by cheque, within a set time period of my stating, or I will send bailiffs to collect it on my behalf.