PPI Reclaiming Discussion part 4

di3004

nickybutch wrote: »

HI to you all,
With Robbedofmymoney's help and advice
I have just sent a FRESH COMPLAINTS FORM to the FOS recommending what has been said before as well as my own spreadsheet with the breakdown of my PPI & LOAN.
I have asked the FOS to RE-OPEN my complaint which has been CLOSED since February 2010 due to the fact that I had a refund starting date of 30 JULY 2010 as first contact.
They have 3 options of payment, I am asking for the amount which EGG should have paid me in the first place which is over £1516 the difference between the amount EGG quoted that I got as a FULL refund and the FULL PPI Premium & Interest @8% totalling £1637.28 or pay me the WHOLE PPI Premium & INTEREST @ 8% £4101.81 or the WHOLE LOAN,PPI & INTEREST @ 8% £13518.67. O r I could just ask for these amounts
Difference between the Total Loan amount and the IVA claim £181.68 PLUS the REFUND difference that was quoted £261.96 & INTEREST of £504.01 totalling £947.65.
I am in an IVA with this loan and I have permission from my IP to persue this complaint and keep the money I am entitled to. Egg has made very LARGE mistakes and they must pay for them. It has been happening since October 2009.
Under the NEW FSA rules regarding PPI disputes, We SHOULD be entitled to reimbersment of the PPI going to the position of NOT having it in the first place. EGG did NOT take off the REFUND when this LOAN was SOLD to APEX CREDIT MANAGEMENT in MAY 2010. I have 2 COMPLETELY different amounts £10,235.29 & £10620.03. It SHOULD be £8215.31, BUT it is NOT.

I will let you know what the outcome will be as soon as I can.

Nickybutch

Good luck with this.;)

robbedofmymoney

nickybutch wrote: »

HI to you all,
With Robbedofmymoney's help and advice
I have just sent a FRESH COMPLAINTS FORM to the FOS recommending what has been said before as well as my own spreadsheet with the breakdown of my PPI & LOAN.
I have asked the FOS to RE-OPEN my complaint which has been CLOSED since February 2010 due to the fact that I had a refund starting date of 30 JULY 2010 as first contact.
They have 3 options of payment, I am asking for the amount which EGG should have paid me in the first place which is over £1516 the difference between the amount EGG quoted that I got as a FULL refund and the FULL PPI Premium & Interest @8% totalling £1637.28 or pay me the WHOLE PPI Premium & INTEREST @ 8% £4101.81 or the WHOLE LOAN,PPI & INTEREST @ 8% £13518.67. O r I could just ask for these amounts
Difference between the Total Loan amount and the IVA claim £181.68 PLUS the REFUND difference that was quoted £261.96 & INTEREST of £504.01 totalling £947.65.
I am in an IVA with this loan and I have permission from my IP to persue this complaint and keep the money I am entitled to. Egg has made very LARGE mistakes and they must pay for them. It has been happening since October 2009.
Under the NEW FSA rules regarding PPI disputes, We SHOULD be entitled to reimbersment of the PPI going to the position of NOT having it in the first place. EGG did NOT take off the REFUND when this LOAN was SOLD to APEX CREDIT MANAGEMENT in MAY 2010. I have 2 COMPLETELY different amounts £10,235.29 & £10620.03. It SHOULD be £8215.31, BUT it is NOT.

I will let you know what the outcome will be as soon as I can.

Nickybutch

good luck with your complaint.

personally i would only go for the correction of the original agreement, plus compensation to you for the distress caused. this would be a far easier decision for the FOS to enforce.

giving them more options could confuse matters further.

ultimately its up to you though.

let us know how you get on, and if you need any further help or advice please ask.

Tuono

An interesting report from the BBC on this mornings news :T

I'm only a newbie, so could someone stick the link up? :beer:

amersall

Lydia-m wrote: »

Can anyone help me, i want to scream!

Took out a loan with Lloyds in 2007.
I was told i had to have PPI to take the loan, which is paid monthly and increases amount by over £3000. I've sent the initial letter, including the questionnaire, and a requested for the payments to stop immediately.
Bank have responded with typical letter (8weeks before a response), and given me a number to cancel insurance in the meantime.
Now this is what i don't understand; when i called to cancel they have told me:

1) If i choose to stop my PPI monthly payments it may affect my claim for reimbursement.
2) To cancel the PPI i have to cancel the whole loan and take out a new one
3) That even if i did that, i still am unable to cancel 100% of the PPI and would continue paying a contribution (which works out at around 30%)

So even now, i am unable to reduce my loan payments to the 'cash loan' amount, and i have to continue paying this insurance even with a 'new' loan, how is this possible?

I'm am baffled with banking rules and regulations (if you can call them that), can anyone please help?

Thank you

Lydia

Hi there, first of all if you cancel this it will NOT affect your claim.It is right that you have to do a new loan with apr a higher and new loan term.Dont cancel this insurance, put a claim in for mis sell with your reasons, depending on the outcome of this, then decide what to do. I would put a complaint in to fos for the mis information they have given you, you dont keep paying a % of ppi when you have cancelled this!! and it does not affect your claim.

amersall

http://www.bbc.co.uk/news/business-10926704

amersall

the_poker_player wrote: »

Yes, First payment was in march 2004, cashback received March 2009. x

Hi poker player. Have worked 8% out to marshalkas figure to find out ppi monthly payment.I worked this out to be 132.96 a month, if i am wrong marshalka hopefully x will put me right !

8% on each payment from march 2004 to july 2010 is, according to the bank charges calc. £2,693.36 hope this helps, i have printed the calculations off in case the 8% fp give you is wrong, i can post this to you if you need them.

the_poker_player

Oh Thanks you ever so much thats Great. I have never had a very good business head on my shoulders! Thats excellent. I would be able to pay the company and still have a little left over. xx

amersall

the_poker_player wrote: »

Oh Thanks you ever so much thats Great. I have never had a very good business head on my shoulders! Thats excellent. I would be able to pay the company and still have a little left over. xx

Thats what i was thinking wait for your breakdown of offers from fp and then you can decide what offer you are going to accept.x

amersall

Help marshalka, robbedoff. I have just done 8% for poker player on ppi payments on bank charges calc, and i thought to myself ,i will check mine just to see if fp were right. Anyway long story short. loan ppi sept 05 (start date) £185.03 mis sell won october 09 (cancelled ins july 07 got an enhanced rebate of over £10000 ) still paid ppi , as you do with front loaded, loan payment reduced in august 07 by about £55. Payments for ppi then £135 from nov 09 i paid this untill mis sell. The 8% i received was £1319.62, now on my workings out up to july 07 i was owed £1314.19 for the 8%. Can somebody tell me why, as i hope i havent worked this out wrong for the poker player !

amersall

Just had a light bulb moment!!! even though my loan payment reduced by £55 because i had the rebate of half the ppi total amount then would i in effect not be paying the remaining monthly ppi payment? as i know when you cancel the ppi you dont get the ppi monthly amount taken off your loan as you pay it over the term of the loan.And as a consequence of this i only got the ppi 8% interest up to the date i cancelled it?.If this is the case then it stinks, How can they justify this when my total loan amount including ppi went down by £55 and when i won mis sell my payment only went down by about £55?. my original ppi was £185.03, so after mis sell and rebate so why am i still paying the extra £75? I am going by the loan amount payment up to the mis sell so it has nothing to do with interest rise. I got full redress of ppi payments with interest and i think i should have got full 8% as well up to the date of mis sell and not just up to the date when i cancelled ins???? hope you understand what i am trying to say here lol