PPI Reclaiming Discussion part 4

Turboman

Lessard wrote: »

Thanks for taking the time to check it for me.

Phew—this is the info you sent me--

I had two loans with the company and they have broken their offer down as follows:

Loan 1

£60.70 as a refund representing payments made in respect of PPI from November 2004 to March 2005. Plus £20.23 interest, which they say was calculated at 8%.

Total = £80.93

Loan 2

£487.44 as a refund representing payments made in respect of PPI from April 2005 to March 2007. Plus interest of £115.36, which they say was calculated at 8%.

Total = £602.80

Total payable to me = £683.73
================================================== =========
I've added the info you need below for each loan.

a)-Date of Loan

Started 26.09.2004 (first repayment was made in November 2004)

b)-Date Loan paid off early (or number of payments made)

Paid loan off on 13.03.2005. I wanted to borrow some more money and did so from the same company. They insisted that I borrow more than I wanted. This would then be used to pay off the first loan, and give me additional funds.

I paid them in November, December, January, February and March.
_______________________________________________
c)-Original Loan Advance amount (excl PPI SPI loan)

Loan was for £4000. Interest was £536.96. Amount to be paid back = £4536.96.

I received £4000.

d)-PPI Single Premium insurance loan amount

£582.72
_______________________________________________
e)-APR % at start of loan

6.5%


f)-Mthly Premium at start of loan for-Original Loan Advance amount (excl PPI SPI loan)

48 monthly premiums of £94.52

g)-Mthly Premium at start of loan for-PPI Single Premium Insurance loan amount
OR

£12.14 for the PPI

h)Total Mthly premium at start of loan if you haven't got f) & g)

Total = £106.66
_______________________________________________
i)-Total mthly premium you were paying at end of loan (+APR % if you have it) --

Paid £106.66 for each of the 5 months and the interest rate was 6.5%.
_______________________________________________
j)-from your SETTLEMENT letter--the settlement amount
k)-from your SETTLEMENT letter--the rebate quoted -if any
l)-from your SETTLEMENT letter--the PPI refund quoted-if any

I didn't have a settlement letter. As above, wanted additional funds and they said I must borrow enough to pay off the first loan if I wanted additional funds. I have noticed that from the info in the SAR I was given a penalty of £38.82 when I paid the first loan off. See below for the details of the 2nd loan.

a)-Date of Loan

13.03.2005

b)-Date Loan paid off early (or number of payments made)

Paid off on 17.03.2007 they said. My cheque to them paying it off was cashed on 1 March 2007 according to my bank statement.
_______________________________________________
c)-Original Loan Advance amount (excl PPI SPI loan)
Loan was for £7300.00. Interest was £1232.00.

Amount to be paid back = £8532.00

I received £3534.23 once the first loan had been paid off.

d)-PPI Single Premium insurance loan amount

£1218.60
_______________________________________________
e)-APR % at start of loan

6.5%

f)-Mthly Premium at start of loan for-Original Loan Advance amount (excl PPI SPI loan)

60 monthly premiums of £142.20.

g)-Mthly Premium at start of loan for-PPI Single Premium Insurance loan amount
OR

£20.31 for the PPI

h)Total Mthly premium at start of loan if you haven't got f) & g)

Total = £162.51
_______________________________________________
i)-Total mthly premium you were paying at end of loan (+APR % if you have it) --

Paid £162.51 each month and the interest rate was 6.5%.
_______________________________________________
j)-from your SETTLEMENT letter--the settlement amount
k)-from your SETTLEMENT letter--the rebate quoted -if any
l)-from your SETTLEMENT letter--the PPI refund quoted-if any

I don't remember receiving a settlement letter. I called the company up over the phone and was given the settlement amount. From my bank statement at the time I can see I paid them £4979.55 to pay off the 2nd loan.

============================================

Thanks for taking the time to look at this for me. Please let me know if you need anything else, or if I've missed anything.

So looking at Loan 1 first

After settling the loan 1 with loan 2-you were given a cash advance of £3534 from the new borrowing of £7300 SO you paid £3766 to settle the loan 1.

At end of period 5, on a loan of £4000 you would still owe £3635-ish so that seems about right as whatever regs were used (we don’t have the detail on how they calculated it)-you would still pay a “supplement” for settling early—It appears that the PPI element has been written off also-so that’s OK

Your offer of PPI Premiums + 8% of £80.93 is correct

Moving onto Loan 2

Assuming 24 payments made—you paid £4979 to settle

I can’t reconcile this—can you get a detailed calculation (ie a settlement letter)
If no PPI-I would expect a settlement of approx £4718—SO they have calculated a settlement on the whole loans of £8519 and then given you a rebate AND a PARTIAL PPI REFUND—we need the info—I suspect that they are not restoring back to the position as if the PPI had not been applied

Your offer of PPI Premiums + 8% of £602.80 is correct.

Hope that helps

Turbo

maxdp

goochie wrote: »

Hi there

I wonder if anyone can help, my OH mentioned the other day that he/we have PPI insurance on our credit cards (Lloyds, was Platinum card now Amex and Mastercard Duo). He has no recollection of ever being asked if he wanted this and we have no paperwork (OH has been with Lloyds for 20+ years)

I have read Martin's guide, but not sure a) if we have a case for reclaiming and b) where to start.

Do I write to Lloyds and ask them to send me a copy of the agreement and a breakdown of PPI charges on this account - I couldn't see a template letter for this.

Sorry if this has been asked 000's of times, but any advice would be appreciated.

Thanks

Hi Goochie

Firstly if you do not want this PPI then cancel it but obviously make sure it is of no use to you.

Secondly have you ever claimed on any of these.

If you then want to go ahead go to the red tab claim 1000's have a look through there decide whether you feel you have been miss sold from the information therein. Then perhaps just write to them and in your own words state why you feel it has been miss sold and ask them for your money back . You could also ask them for a copy of the original agreement. You may be able to sort this out at a local level.

If not then send the template letter give them 8 weeks to reply and say you will take them to the FOS.

Keep copies of all correspondence and send post recorded delivery. If you need further advice then please post here.

Good Luck:D

[Deleted User]

maxdp wrote: »

Hi Goochie

Firstly if you do not want this PPI then cancel it but obviously make sure it is of no use to you.

Secondly have you ever claimed on any of these.

If you then want to go ahead go to the red tab claim 1000's have a look through there decide whether you feel you have been miss sold from the information therein. Then perhaps just write to them and in your own words state why you feel it has been miss sold and ask them for your money back . You could also ask them for a copy of the original agreement. You may be able to sort this out at a local level.

If not then send the template letter give them 8 weeks to reply and say you will take them to the FOS.

Keep copies of all correspondence and send post recorded delivery. If you need further advice then please post here.

Good Luck:D

Thanks Maxdp

No we don't want/need this insurance, which is why I was surprised when OH mentioned it, so I will get him to cancel it. We have never claimed on it either.

Thanks for your help, I wasn't sure if there was an initial letter template somewhere that I was missing, we will just write to them a) cancelling the insurance and b) ask them for a copy of any signed agreement we have with them.

Thanks again.

pinknico

showergirl wrote: »

Pinknico,

Have just read your post saying you won with Sainsbury Loan.
Could you tell me was this dealt with by the RBS.

Thanks

Hello showergirl, this was dealt with by Bank of Scotland (also Halifax sent the interest check)
Royal Bank of scotland is who I wrote to as that who sainsburys used in 2002.
Hope this helps

Turboman

doingmybest wrote: »

Hi there, I received my letter from Barclays today telling me that they are refunding my PPI plus the interest on the PPI back onto the loan. They have also given me two checks one for the part monthly repayments that was paid towards the policy and also another check for the 8%interest on the monthly payments for the premium. They say that the care team will be contacting me to tell me what the revised monthly payments will be so that will be interesting. There is no acknowledgement of the misselling nor more interestingly, an appology.
There are no calculations though so I don't know how they worked it all out or if there figures are correct. Am I entillted to those?
Cheers peeps.

I'm struggling as well ---can you post the amounts of the cheques

Honeyshy

Hi all, Can anybody help me with this one...... in August 2004 I took out a loan for £5000 for a business venture, by October I realised that I had in fact been scammed and lost the money - I had gone to my bank when I realised the scam, I told them everything, and was instructed by the bank that I would have to have a consolidation loan of £9,600, they took my switch card off me and ceremoniously cut it in front of me. I did as I was told and signed for the loan for £9,600. However, this whole incident financially finished me off and in March 2005 I declared Bankruptcy. Would I still be able to claim if I have been mis-sold any insurance which made the payments too high for me to pay? It was the stress of the loan that forced me into Bankruptcy.

This thread is for discussing the PPI Reclaiming article.

This is Part 4 of the discussion, as the last one was so long.
Read parts one, two and three.

To discuss or ask a question about this article: click post reply

To read about non FOS claims read this thread

Report and read success stories in this thread

Please remember:

We're often quite laid back about discussion threads as this is a community after all.

I'm afraid in the case of the PPI Reclaiming thread we're really going to have to ask you to keep the discussion on topic though, so that people can find the relevant information quickly and easily.

If you do start making like-minded friends on here and would like to carry on chatting about what you did at the weekend/what you ate for dinner etc then that's fine but the best way to do that is to go to our local pub MoneySavers Arms where anything and everything is chatted about, start a thread there and then pop a link in here and suggest you all head over to there to chat.

[/quote]

Lessard

Turboman wrote: »

If no PPI-I would expect a settlement of approx £4718—SO they have calculated a settlement on the whole loans of £8519 and then given you a rebate AND a PARTIAL PPI REFUND—we need the info—I suspect that they are not restoring back to the position as if the PPI had not been applied

Thanks.

If they didn't restore back to the position as if the PPI had not been applied, then can you give me any idea as to how much I'd lose out on if I accept their offer?

I could do with the money right now, so if we're talking about a couple of hundred pounds then I might just accept the near £700 offer.

Do you think the info you need to know for sure would be in the info I received as part of the SAR?

Turboman

Lessard wrote: »

Thanks.

If they didn't restore back to the position as if the PPI had not been applied, then can you give me any idea as to how much I'd lose out on if I accept their offer?

I could do with the money right now, so if we're talking about a couple of hundred pounds then I might just accept the near £700 offer.

Do you think the info you need to know for sure would be in the info I received as part of the SAR?

Yes--its in the region of the difference between (4979-4718) = 260-ish (but I can't guarantee it without sight of all info)

Yes--if you need it now-accept it, but see if info is in SAR anyway

di3004

showergirl wrote: »

Hi Di,

I'm fine, been busy at work.
The FOS wrote to Tesco asking for my file, so suppose I will have to wait to see what happens now. I will give them a ring at the end of the month to see if they have had anything back.
Will keep you informed.
I am pleased you are getting somewhere with your claim I hope it is good news for you:A

Hi hun

Hope your well and thank you.

May know something by the end if this week - fingers crossed, will let you know.;) Hope all goes well with yours as well hun, keep everything crossed here for you.:A XX

doingmybest_3

Turboman wrote: »

I'm struggling as well ---can you post the amounts of the cheques

Thanks for having a look.
£595.79 and £4681.86