PPI Reclaiming Discussion part 4

di3004

the_poker_player wrote: »

Evening Di, the claims company arn't giving me the option, fp is. The claims company received the three offers from fp, they rang me and told me to ring fp because they didn't understand the offers being made!!!! The claims company told me to except option 2 even without the figures:cool:

Hiya, hope your well.
Arh right, sorry me getting it wrong......trust me lol :D

the_poker_player

di3004 wrote: »

Hiya, hope your well.
Arh right, sorry me getting it wrong......trust me lol :D

:):):)..........Understandable mistake, I sometimes type and then wonder what the hell i have said:eek:

di3004

the_poker_player wrote: »

:):):)..........Understandable mistake, I sometimes type and then wonder what the hell i have said:eek:

I think it must be all the walking I done today......decided to go for a long walk - with it being such a nice day, I've walked my legs off :D:);)X

Rockbird_2

amersall wrote: »

Hi there, first of all well done on your win :j:jThe way i look at this is, the loan was £150 and you paid £150 so this will have reduced your balance by this each month less interest, (same if you overpay your loan will reduce by the overpayment less interest )so this should not impact on your ppi as you have been given that back and the interest.So , by my logic your loan is back to the position it would have been in without ppi as the loan part doesnt have any bearing on the ppi part. Hope you understand what i am saying :rotfl: if i am wrong i am sure someone will be along to put me right

Thanks for that, but I'm still not so sure! If my minimum payment that I have to pay includes a PPI amount and I pay the whole minimum payment, then if I had not had the PPI, the amount I paid would take more off the balance.

Just having dug out an old statement from April, I can give and example:

Balance previous statement £6595.25
Payment received £200.00 cr
Payment protection Cover on balance of £6595.25 £52.51
Interest charged £129.50
New balance this sheet £6577.26
Payment due date 12 May 10
Available to spend £122.74
Minimum payment £187.01
New balance this statement £6577.26

There it all is, listed in black and white - so I made a payment of £190 and £52.51 of that will have paid the PPC (PPI). So, instead of reducing the balance of the credit card loan by £190, it was only reduced by £137.49.

This is NOT putting me back in the position I would have been in if PPI had not been included. Admittedly, if the PPI was not on there in the first place, then the minimum payment required would have probably been less and I may have paid less back each month, but that doesn't alter the fact that I paid at least what I was being asked to pay each month and my balance was hardly reducing because of this - plus, of course, I was mis-sold the PPI in the first place.

That's my logic, anyway. Though I did say I didn't have a head for figures - especially at this time of the morning...!

amersall

the_poker_player wrote: »

Hi Everyone, Amersall, Di and Marshalka especially,:o Had a phone call from FP today they have given me the following figures and yet again I am even more confused.:(

1st option........All OVER payments sent back to me as a cheque £9157.16, repayments go up by £3.16 a month.

2nd option..... PPI (difference between 5 yr refund,) £376.20 and interest £8412.98 paid back to me.

3rd option........Balance of account decreases by £9157.16 and monthly payments go down to £741.49, payments at the moment are £825.16.

The claims company that i am using have advised option 2, as I have said before, but i don't know if that would be the right option. Any thoughts please:)

Another quick question aswell if you don't mind. My husband has suggested that the company i am using have suggested option 2 because they would have no claim on the over-payments, would this be right??????????????:o Sorry to be such a pain in the BUM but I really do appreciate your help. xxxx

Hi there, dont believe di you are a pain in the bum:D:D especially as i cant have the kiss of life :rotfl::rotfl::rotfl:

Your hubby may be right with what he says, dont know how you would find this out though.Maybe look at the contract you signed with these and see what it says. In my opinion option 3 is the best as you will save thousands of pounds interest as the ppi would still be on your loan for the remaining term, and you save £100 a month the only prob with that is you will have to find the cash to pay the claim co. Option 1 sounds ok if the claims co have no claim on the overpayments. option 2 would benefit the claims co, only you can make the decision. Good luck xx

amersall

Rockbird wrote: »

Thanks for that, but I'm still not so sure! If my minimum payment that I have to pay includes a PPI amount and I pay the whole minimum payment, then if I had not had the PPI, the amount I paid would take more off the balance.

Just having dug out an old statement from April, I can give and example:

Balance previous statement £6595.25
Payment received £200.00 cr
Payment protection Cover on balance of £6595.25 £52.51
Interest charged £129.50
New balance this sheet £6577.26
Payment due date 12 May 10
Available to spend £122.74
Minimum payment £187.01
New balance this statement £6577.26

There it all is, listed in black and white - so I made a payment of £190 and £52.51 of that will have paid the PPC (PPI). So, instead of reducing the balance of the credit card loan by £190, it was only reduced by £137.49.

This is NOT putting me back in the position I would have been in if PPI had not been included. Admittedly, if the PPI was not on there in the first place, then the minimum payment required would have probably been less and I may have paid less back each month, but that doesn't alter the fact that I paid at least what I was being asked to pay each month and my balance was hardly reducing because of this - plus, of course, I was mis-sold the PPI in the first place.

That's my logic, anyway. Though I did say I didn't have a head for figures - especially at this time of the morning...!

Hi there, i dont have a head for figures any time of the day :rotfl::rotfl:marshalka or robbedof will be able to help you with this.

amersall

marshallka wrote: »

Phew, just finished that one Amersall and you are SPOT on:T:T.

Thanks....:)

That is a compliment coming from someone like you who is ace with these figures thank you x

amersall

chazza25 wrote: »

hi im new here.
in process of claiming ppi from black horse.
first agreement they sayin not getting anythin as loan taken out on 6th july 06 then cleared loan off at end of july so not entitled to anythin?? as no payment made?

second agreement taken end of july settled early in the nov. can anyone tell me how much ppi i would get? would it be just three months payments (at £53.53 a month) plus the 8%?
black horse has sent a letter stating i have a claim and they will calculate how much plus 8% to the day i sign the letter.

any help would be great.:)

On the first loan as you paid this off inthe same month you took this out, i will presume the ppi was taken off and you paid the loan back without interest? the second loan you get back the 3 ppi payments plus the interest on those and if you have been awarded the 8% then you get back that for the three payments.
well done for going for this :T:T

amersall

Hi poker player, regards the 8%, i worked this out for you so i am presuming you are getting the 8%? if you are is that included anywhere in your figures?

cheerios_2

Hi Guys.

Hope someone can advise me of the next step. I recently wrote to all my loan companies for a copy of my agreement, unfortunately, I destroyed all my paperwork when the loan was settled. As I do not have the agreement number, I gave as much details to the companies for them to search on their system. This included:

my full name
address
date of birth
mobile
start date of loan and settled date (Feb 2006 - May 2006)
term and amount (these were taking from credit file)

I have checked old statements and unfortunately payments taken out by Direct Line did not include a ref number.

Direct Line has replied with a standard letter:

" We have conducted a search of our records using the name and address supplied. From the information you have provided, it is not possible to trace the accounts you requested,

Please contact your client to ask them to clarify their details. Where possible supply full name, address and agreement number quoted on the customer's copy of any documents provided to them from the lender"

First of all what client?!... I am not a company and I am the direct customer...second of all, I explained I do not have any paperwork in my letter already and have given them all the details I could think of giving them.

Since the loan was taken out in 2006, it has only be four a bit years, so they should still have my records. What happens if they do not and they have misplaced my details?

Cheerios