PPI Reclaiming Discussion part 4

Turboman

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.

[html]

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

[/html]
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

I'm at a loss to understand this--BUT

the 2 cheques for the PPI Premiums & 8 % of 4681 & 595 look right

SO-feeding figures into my SSheets-(can't be exact cos of the variable interest & paymts) I deduce after the Premiums & 8% that there is approx £12,750 to be written off the old PPI loan.

BUT-they have effectively reduced it by that anyway by their method (whatever it is I don't follow it though) (545+12,924+3,962)=17,431
17,431 - 4,681 = £12,750 anyway--so it looks ok (I think)

On a 55,000 loan of 20 years at 8.4% I would expect ypur balance to be around £51,000-ish anyway(hard to be exact cos of interest rate changes)

Best I can do I'm afraid!

RiaAnn

I have been offered refunds on 2 LTSB loans plus interest, however despite asking numerous times they will not tell us how they are calculating. Money has been deposited in our bank account but have no idea if the refund is reasonable.

Insurance Premium £977.44 paid on 26th July 2000
Insurance Refund on refinance £265.50 on 20th March 2001.
Balance of premiums £711.94
Loan APR: 7.8%, original term 60 months.

Insurance Premium Paid £1954.83 on 20th March 2001
Insurance Refund on Refinance £1245.00 12th March 2002
Balance of Premiums £709.83
Loan APR: 7.8%, original term 60 months.

This has been going on for over a year now as they kept saying the refund on refinancing of the first loan was £781.94, which apparently it should have been. Finally admitted there was a computer error which meant this was not paid at the time. I can't figure out the interest and to be honest I don't think LTSB can either. Can anyone please help me figure out what a reasonable sum for the interest would be given the figures in bold above were what was actually paid/refunded at the time???

di3004

RiaAnn wrote: »

I have been offered refunds on 2 LTSB loans plus interest, however despite asking numerous times they will not tell us how they are calculating. Money has been deposited in our bank account but have no idea if the refund is reasonable.

Insurance Premium £977.44 paid on 26th July 2000
Insurance Refund on refinance £265.50 on 20th March 2001.
Balance of premiums £711.94
Loan APR: 7.8%, original term 60 months.

Insurance Premium Paid £1954.83 on 20th March 2001
Insurance Refund on Refinance £1245.00 12th March 2002
Balance of Premiums £709.83
Loan APR: 7.8%, original term 60 months.

This has been going on for over a year now as they kept saying the refund on refinancing of the first loan was £781.94, which apparently it should have been. Finally admitted there was a computer error which meant this was not paid at the time. I can't figure out the interest and to be honest I don't think LTSB can either. Can anyone please help me figure out what a reasonable sum for the interest would be given the figures in bold above were what was actually paid/refunded at the time???

Hi there
Great news on the refund, well done :T :beer: .

Now Turbo may be here at some point today, hopefully he will look into this for you when he has a little time later, although he may require just a little more info "may".

Di
X

edited lol, think Turbo is here now, he may be working on someone elses right now but I am sure he will see this as he plods on with the posts.

doingmybest_3

Turboman wrote: »

I'm at a loss to understand this--BUT

the 2 cheques for the PPI Premiums & 8 % of 4681 & 595 look right

SO-feeding figures into my SSheets-(can't be exact cos of the variable interest & paymts) I deduce after the Premiums & 8% that there is approx £12,750 to be written off the old PPI loan.

BUT-they have effectively reduced it by that anyway by their method (whatever it is I don't follow it though) (545+12,924+3,962)=17,431
17,431 - 4,681 = £12,750 anyway--so it looks ok (I think)

On a 55,000 loan of 20 years at 8.4% I would expect ypur balance to be around £51,000-ish anyway(hard to be exact cos of interest rate changes)

Best I can do I'm afraid!

Thank you Turboman. I think that it's right too. I spoke with the adjudicator who told me that the figures sound right to him too. Much appreciated.

maxdp

Hi Turboman

I have three loans with PPI which have been FOS and been upheld but lender and I have different views on settlement. I wonder if I may post them up for you to look at they were all re financed.

dixiedriver

Hi there.....Can I ask how long you had to wait before Barclays contacted you with an offer or final response? I originally wrote to them in mid November 2008.

Thanks

doingmybest_3

dixiedriver wrote: »

Hi there.....Can I ask how long you had to wait before Barclays contacted you with an offer or final response? I originally wrote to them in mid November 2008.

Thanks

They originally responded to my initial template letter quite quickly. I had to send a second leter which again they replied quickly too and that was their final response. The longest delay was about a year waiting for the FOS to allocate to an adjudicator. To be honest once the adjudicator upheld the complaint, I received the cheques within 4 to 5 weeks. You need to get back on to them as I believe they are meant to get back to you within 8 weeks with their final response.

hamish222

Hi
I wonder if anyone can advise me. My husband had numerous loans and credit cards. Which he is now paying through a DMP for last couple of years. Is he still able to claim back insurance (to pay towards debt). He was told that he needed to take out insurance as loan was not secured and basically just believed them. I have had a look at one of loan agreements which was for 13000 with loan insurance of nearly 3000 on top. He then tried to join debt and took out a bigger loan to pay the one above as well as other debts. This new loan was for approx 20,000 and had loan insurance of nearly 4500 on it. So basically had nearly 7500 insurance on the two loans. It appears that they sold him insurance on one loan and then short time later he took out the other loan to try and pay back first and sold him insurance on top of that again. Not sure of exact dates but think first was taken out in 2000 and secound at start 2002. Bank involved was RBS. He has his plan set up by cccs.

Thanks

Turboman

Turboman wrote: »

I'm at a loss to understand this--BUT

the 2 cheques for the PPI Premiums & 8 % of 4681 & 595 look right

SO-feeding figures into my SSheets-(can't be exact cos of the variable interest & paymts) I deduce after the Premiums & 8% that there is approx £12,750 to be written off the old PPI loan.

BUT-they have effectively reduced it by that anyway by their method (whatever it is I don't follow it though) (545+12,924+3,962)=17,431
17,431 - 4,681 = £12,750 anyway--so it looks ok (I think)

On a 55,000 loan of 20 years at 8.4% I would expect ypur balance to be around £51,000-ish anyway(hard to be exact cos of interest rate changes)

Best I can do I'm afraid!

Aha-DYB--I follow a bit more

All lenders have their own peculiar way of illustrating their refunds--it appears Barclays is like this:

PPI Loan=£13,649.50

Total paid mthly = £4,681.46 OF WHICH £545.40 was PRINCIPAL (towards the loan) AND £3,962 was interest (its £174 different ???-maybe some upfront charge??))

SO-they credit you with 545.40 and the balance of (13,469.50-545.40) = 12,924.10

Credit you with the interest so far of 3,962.24

AND then add 4,681.46 cos its already been credited by cheque.

Turboman

RiaAnn wrote: »

I have been offered refunds on 2 LTSB loans plus interest, however despite asking numerous times they will not tell us how they are calculating. Money has been deposited in our bank account but have no idea if the refund is reasonable.

Insurance Premium £977.44 paid on 26th July 2000
Insurance Refund on refinance £265.50 on 20th March 2001.
Balance of premiums £711.94
Loan APR: 7.8%, original term 60 months.

Insurance Premium Paid £1954.83 on 20th March 2001
Insurance Refund on Refinance £1245.00 12th March 2002
Balance of Premiums £709.83
Loan APR: 7.8%, original term 60 months.

This has been going on for over a year now as they kept saying the refund on refinancing of the first loan was £781.94, which apparently it should have been. Finally admitted there was a computer error which meant this was not paid at the time. I can't figure out the interest and to be honest I don't think LTSB can either. Can anyone please help me figure out what a reasonable sum for the interest would be given the figures in bold above were what was actually paid/refunded at the time???

Are these PPI mis-selling or just refinancing (ie cancellations)?

Are these the total Loans-if so-we need the split

AND the monthly premiums?

What was the carried forward figure on your 2nd loan (at top of first statement?