PPI Reclaiming Discussion part 4

doingmybest_3

I've recieved my statements today from Barclay's after asking them for the calculations that they used to work out the refund. Got the statements but no calcs :rolleyes: the figures do not look correct to me so would appreciate it if someone could have a look and tell me if they are right. I couldn't scan the page in so I had to type it in similar to how it's presented on the page.
I'll give you the part of the statement that is bothering me from the last payment (direct debit):

Original cash loan amount £55000.00
Original PPI Loan amount £13469.50
Original total Loan amount £68469.50
Loan agreement date 16/09/2005 over 20 years.

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Date       Transaction Type                Debit        Credit       Balance
01/02/09 DDR-direct debit                                652.15      64264.62
01/02/09 #PD payment type            652.15                       64264.62
01/02/09 INT-interest                     529.78                      64794.40
04/02/09 DIS-discretionary payment  595.79                      64794.40
04/02/09 RIP-Rebate Ins Premium                      545.40      64249.00
04/02/09 DCP-discretionary rebate                  12924.10     51324.90
05/02/09 IAC-Interest adj                              3962.24     47362.66
06/02/09 RFD-Refund                     4681.86                   52044.52

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Sorry if it looks a mess but struggled to line it all up:eek:
What it looks like to me is that they paid back the PPI and the interest on that PPI to the loan, which what they were supposed to do. But it looks like
the refund which I recieved, (which is the overpayment - £4681.86) has been paid back into the loan amount. That is what doesn't make any sense. The whole idea was that I was put back into a position I would have been in if the PPI had not been taken out and according to their figures I have only paid off £2955.48 after 3 and a half years payments. Am I way of the mark or have they got this right

dreamer33

pinknico wrote: »

Still can't get over MBNA sending you that response Dreamer talk about stalling. If the next letter is the same type of thing go straight to the FOS and get them to write to them. xxx

Yes, think I might do that, I can't believe they did it.

Egg are good communicators by letter not by phone though lol

dreamer33

doingmybest wrote: »

I've recieved my statements today from Barclay's after asking them for the calculations that they used to work out the refund. Got the statements but no calcs :rolleyes: the figures do not look correct to me so would appreciate it if someone could have a look and tell me if they are right. I couldn't scan the page in so I had to type it in similar to how it's presented on the page.
I'll give you the part of the statement that is bothering me from the last payment (direct debit):

Original cash loan amount £55000.00
Original PPI Loan amount £13469.50
Original total Loan amount £68469.50
Loan agreement date 16/09/2005 over 20 years.

Date Transaction Type Debit Credit Balance
01/02/09 DDR-direct debit 652.15 64264.62
01/02/09 #PD payment type 652.15 64264.62
01/02/09 INT-interest 529.78 64794.40
04/02/09 DIS-discretionary payment595.79 64794.40
04/02/09 RIP-Rebate Ins Premium 545.40 64249.00
04/02/09 DCP-discretionary rebate 12924.10 51324.90
05/02/09 IAC-Interest adj 3962.24 47362.66
06/02/09 RFD-Refund 4681.86 52044.52

What it looks like to me is that they paid back the PPI and the interest on that PPI to the loan, which what they were supposed to do. But it looks like
the refund which I recieved, (which is the overpayment - £4681.86) has been paid back into the loan amount. That is what doesn't make any sense. The whole idea was that I was put back into a position I would have been in if the PPI had not been taken out and according to their figures I have only paid off £2955.48 after 3 and a half years payments. Am I way of the mark or have they got this right

Hi there

Turboman is good with calcs hopefully they will be along soon to clarify this for you.

Sorry I can't help with this one;)

pinknico

Why have they added your rebate to the loan amount or have I read that wrong?

As Dreamer says Turboman is the man for numbers.

doingmybest_3

dreamer33 wrote: »

Hi there

Turboman is good with calcs hopefully they will be along soon to clarify this for you.

Sorry I can't help with this one;)

Thanks Dreamer.

I should have added that the APR was 8.4% variable

doingmybest_3

pinknico wrote: »

Why have they added your rebate to the loan amount or have I read that wrong?

As Dreamer says Turboman is the man for numbers.

Thats what I can't understand. They didn't add on the interest to the loan amount. Hopefully Turboman will make it clearer.

dreamer33

Hi JO JO

Sorry if you already have the info but found this that may help you:

Sections 77, 78 and 79 of the Consumer Credit Act 1974 give you the right to request a copy of the executed credit agreement for your account from the creditor. The creditor is either the original creditor (for example, the credit card company) or a company to whom the agreement has been assigned.

Section 77 applies to regulated fixed sum loans (e.g. bank loans),
Section 78 applies to regulated running account credit (e.g. credit cards), and
Section 79 applies to regulated consumer hire agreements (e.g. hire purchase agreements)

In all cases, if you request a copy of your agreement and quote the relevant section of the Consumer Credit Act, the creditor must comply within 12 days. If no money is owing (and no money is to become owing) the creditor does not need to comply. They also need not comply if you have made a similar request in the previous month.

If the creditor fails to comply with the prescribed period (12 days), then they may not take any enforcement action until they do comply. For agreements signed before 2006, if they fail to respond within a further calendar month, then they commit an offence (Note - not a criminal offence).

Enforcement actions include:
- Requesting or demanding payment
- Sending you a default notice
- Giving information relating to the account to any third party, particularly credit reference agencies
- Passing the account to a Debt Collection Agency or assigning it to a Debt Purchaser.

As noted above, the creditor must send a copy of your agreement on request under one of these 3 sections of the Consumer Credit Act.

The Consumer Credit (Cancellation Notices and Copies of Documents) Regulations 1983 define what may be sent in response to a request under ss77-79. they have to send a 'true' copy but this is far short of an exact copy. They may just send a copy of current Terms and Conditions.

Requests for copies of agreements for fixed loans and hire-purchase agreements normally produce a proper copy of the executed agreement.

However, credit card companies usually send a copy of the application form (often without a signature) and a copy of current Terms and Conditions, which fully complies with the 1983 regulations.

You should be aware that compliance with a request under sections 77, 78 or 79 and an agreement being enforceable have nothing to do with each other.

di3004

jojo1964 wrote: »

A thought just struck me, even though the letter was signed for, is the address the same as they have had previously? especially as they were taken over by Barclays.

Hi Jojo

Sorry I have been having some puter prbs again unfortunately for the last few hours on and off, so hopefully it has resolved for now lol.

I see Pinknico have posted and left the message, thanks Pinknico.;)

Give us a yell if you require any further help with anything.

Di

sharibe

Hi everyone...

I have another question which I was wondering if anyone can help me with please:-)???

In my letter I have just had back from Lloyds saying their final decision is NO they will not re-consider they state the following....

"The single premium insurance policy was the only policy of its nautre available through Lloyds TSB to protect personal loans sold by our sellars at the time of your policy was. Lloyds TSB sellers are only authorised and regulated to offer advice and information on products sold by Lloyds TSB General Insurance"

I think this is their garbled response to my statement in my letter at them never explaining to me at anytime that I could seek out my own insurance cover elsewhere for cheaper.

I am now completing my FOS complaint form and want to make reference to the above comment from them, but to be honest I don't really know what to say....Can anyone advise me?? I just can't believe that I couldn't have got cover elsewhere (or am I totally wrong??). And are they saying that they were not 'allowed' to say I could get cover elsewhere?

Sorry for all the questions but I really want to make sure my form is the best I can do!

Confused Sharibe!
xx

maxdp

sharibe wrote: »

Hi everyone...

I have another question which I was wondering if anyone can help me with please:-)???

In my letter I have just had back from Lloyds saying their final decision is NO they will not re-consider they state the following....

"The single premium insurance policy was the only policy of its nautre available through Lloyds TSB to protect personal loans sold by our sellars at the time of your policy was. Lloyds TSB sellers are only authorised and regulated to offer advice and information on products sold by Lloyds TSB General Insurance"

I think this is their garbled response to my statement in my letter at them never explaining to me at anytime that I could seek out my own insurance cover elsewhere for cheaper.

I am now completing my FOS complaint form and want to make reference to the above comment from them, but to be honest I don't really know what to say....Can anyone advise me?? I just can't believe that I couldn't have got cover elsewhere (or am I totally wrong??). And are they saying that they were not 'allowed' to say I could get cover elsewhere?

Sorry for all the questions but I really want to make sure my form is the best I can do!

Confused Sharibe!
xx

Hi There

I would suggest you put it on the form in your own words as you have done so here.

If you get too clever it confuses them and they just look at what you say then you end up having to claim again cause it did not work out.

Write it in your own words and they will ask for further clarification if that is needed.

Good luck:D