PPI Reclaiming Discussion part 4

mollymoo96

Hi Can anyone tell me if they have made a claim with first national if you have were do you send the complaint to ?

thanks

amersall

Dazzarazza wrote: »

Thanks Di, my first loan was consolidated with the second loan, so in reality i guess I will have paid all the ppi by covering it with the second loan, i see what you mean about unsettled accounts.. i am just trying to figure out how much of the PPi I'll have paid so far

Hi there, the first loan when reloaned with the second one would have given you a rebate of ppi, you will get ppi paid to date with interest on this to the settlement date with interest less the rebate. As you will in effect not have paid all ppi back.The second loan will give you ppi paid to date (if still running) with interest and your monthly payment will reduce by ppi amount. as di says if the second loan is paid off then you get all ppi back to you with interest. You dont get ppi back that you have not yet paid, hope this makes sense. x
If you post up ppi monthly amounts and start date (in the case of first loan settlement date) and the rebate you got for loan one, i am sure someone will help work this out for you.

polkadot

Good morning:)
Di if we've taken a payment holiday-does this put our loan in arrears?

Our loan has suddenly dropped from £9463.01 to £5344.35 and is showing that our next repayment due is £254.01 instead of the £329.40 that we've been paying up until now.
the original amount loaned for PPI was £3265.79 and the difference between what the loan was and is now, is £4118.66

I was under the impression that we would be reimbursed into the current account? And we were counting on it to kill two credit cards so we could reduce the amount we are paying monthly into unsecured debt.

We've not heard anything from Lloyds yet and Im not sure what to do next?

robbedofmymoney

polkadot wrote: »

Good morning:)
Di if we've taken a payment holiday-does this put our loan in arrears?

Our loan has suddenly dropped from £9463.01 to £5344.35 and is showing that our next repayment due is £254.01 instead of the £329.40 that we've been paying up until now.
the original amount loaned for PPI was £3265.79 and the difference between what the loan was and is now, is £4118.66

I was under the impression that we would be reimbursed into the current account? And we were counting on it to kill two credit cards so we could reduce the amount we are paying monthly into unsecured debt.

We've not heard anything from Lloyds yet and Im not sure what to do next?

hi,

on the offer letter that lloyds have sent you they shoul dhave explained how the refund will be made, did they state this,

out of interest how much was th original loan and over what term.
it may be that this is only part of the process of putting the loan into the position as if the ppi had not been applied in the first place (they would have to do this if the loan is still active) and a seperate payment will then be made to you.

a payment holiday is not the same as going into arrears as this is an option which is available to you within your signed loan agreement.

i would start by clearly reading what their offer letter stated, then give them a call to clarify,

amersall

polkadot wrote: »

Good morning:)
Di if we've taken a payment holiday-does this put our loan in arrears?

Our loan has suddenly dropped from £9463.01 to £5344.35 and is showing that our next repayment due is £254.01 instead of the £329.40 that we've been paying up until now.
the original amount loaned for PPI was £3265.79 and the difference between what the loan was and is now, is £4118.66

I was under the impression that we would be reimbursed into the current account? And we were counting on it to kill two credit cards so we could reduce the amount we are paying monthly into unsecured debt.

We've not heard anything from Lloyds yet and Im not sure what to do next?

Hi there and congrats, the payment holiday will have put you "behind" by the months you took, but i wouldnt think that these will be classed as arrears.It looks as if your loan has been restated without ppi. Did you get any refund back to you? as i think you should have the interest given back to you, your best bet is to give them a ring and ask about this.

amersall

robbedofmymoney wrote: »

hi,

on the offer letter that lloyds have sent you they shoul dhave explained how the refund will be made, did they state this,

out of interest how much was th original loan and over what term.
it may be that this is only part of the process of putting the loan into the position as if the ppi had not been applied in the first place (they would have to do this if the loan is still active) and a seperate payment will then be made to you.

a payment holiday is not the same as going into arrears as this is an option which is available to you within your signed loan agreement.

i would start by clearly reading what their offer letter stated, then give them a call to clarify,

Thanks for that x your another one that types faster than me :rotfl:
and that doesnt take a lot of doing:D

di3004

mollymoo96 wrote: »

Hi Can anyone tell me if they have made a claim with first national if you have were do you send the complaint to ?

thanks

Hi Mollymoon96.;)

If the policy was also set up by First National then its them you pursue, but if it wasn't these, and these were just the ones paying out for the claim made you still go back to the broker to pursue.;)

di3004

Hi Polkadot.....
sorry just go here.....:D, just as amersall says.;)X

polkadot

robbedofmymoney wrote: »

hi,

on the offer letter that lloyds have sent you they shoul dhave explained how the refund will be made, did they state this,

The letter states:

I propose to:
a)calculate a refund of the PPI monthly payments that you have paid to date and
b)calculate simple interest at 8% per annum on each of the PPI payments.

If you would like a clearer indication of your PPI monthly payments you have made to date, you may find this information in the copy of the agreement you received at the start of your loan.This document will tell you the PPI monthly premium amount (£75.41) and will be the figure I use to calculate your refund.This amount will be mutiplied by the number of monthly payments you have made. (Loan start date:16/04/2008-2 payment holidays taken)
The 8% simple interest amount will then be calculated when I receive your signed acceptance. This will only be processed at this point to ensure the figure is calculated correctly. The calculated simple interest of 8% will be refunded to your bank account.

I will then instruct the personal loan service centre to pay this refund into your bank account which currently pays your loan. I will also instruct the personal loan service centre to amend your existing loan to reduce the monthly repayment of your loan. This new monthly repayment sum will reflect what your loan repayment would have been had you not purchased the PPI policy.

out of interest how much was th original loan and over what term.

Answer from Key financial information:

Loan Amount=£11 000.00 Loan for Loan protection insurance=£3265.79 Total loan=£14265.79 Number of repayments=60

amersall wrote: »

Hi there and congrats, the payment holiday will have put you "behind" by the months you took, but i wouldnt think that these will be classed as arrears.It looks as if your loan has been restated without ppi. Did you get any refund back to you? as i think you should have the interest given back to you, your best bet is to give them a ring and ask about this.

No refund as yet. Does this mean we wont be getting the £2300 odd that another poster (think it was Robbedofmymoney) calculated previously? That puts a dent in our snowball plan:(DH called on Monday and was told there was a letter in the post explaining the breakdown and that we would then expect payment 21 days after the letter.

mollymoo96

Hi Di thanks for that I cannot remember much about this account only I had it I have found the accout number on my old statments. I have been looking for an address for them but not found one so I could get a sars any I dears on an address