PPI Reclaiming Discussion part 4

Turboman

maxdp wrote: »

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.

No prob--are they still current?--cos they are easy

Except-if lots of interest & payment increases (ideally give me the start & end payments & % ges + (say) one at half way which should be near enough for rough figures

(the Amortization SS in Excel will do constant % tables by the way)--then just a case of adding up the payments made, banging em in a 8% calculator (or add a formula if you are "techie"), & looking up the balance which should be written off the overall loan. Loads more on Internet--see http://www.pine-grove.com/SolveIT/ The Loan Plus is free--the more clever one is on 23 day trial

The free one even does Rule of 78 by the way as well as normal

EDIT--trying to understand DualCalc at the moment as it does Aettlements over both sets of regs (but its hard to use) The OFT did sponsor it, but the programmer has unfortunately passed away so they don't support it now. Its written by the same man who wrote this http://brian-stewart.orpheusweb.co.uk/credit/javascript/equalr78-prr.htm
which marshallka linked for calculating rule of 78 settlement figures (cancellations-not mis selling refunds)

doingmybest_3

Turboman wrote: »

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.

Thank you Turbo, you are indeed the man. Much appreciated.

maxdp

Hi TURBOMAN

Definitely not a techie. Loans are settled. Will look out figures. Not variable but fixed rate so am sure you will find simple. Many thanks.

Toffee_Penny

Had a letter today from Halifax card for OH - just like the loans will put him in a position as if he never had ppi!! :T :j :beer:

Payments will be made within the next month, roll on March

I am more annoyed it cost me £10 yesterday to get a postal order to SAR them but I will at least have the info in case they try to rob us for a few pennies!

pinknico

Well done AGAIN Toffee Penny, it just gets better and better!

Pixie983

di3004 wrote: »

Hi there,

It seems that the FOS are dealing with even higher volumes of complaints in this category more than ever.

If your struggling financially, just let them know, I know this is the issue with most these days but confirm this to them anyway just in case they may be able to consider to move it on quicker for you.

If you read through this thread you will see that many has complaints regarding FP, I am sure someone with experience of this company will be able to advise you on your best options here on cancelling, as every company and PPI cover varies in regards to cancelling, so hopefully someone will be able to post up soon to give their opinion.

Good luck and I hope you receive some good news soon from the FOS.;)

Hi

Just to let you all know I got a call from an adjudicator at the FOS last Friday to say he was now dealing with my complaint & apologised it had taken so long!! It was a bonus for me considering the week before they had told me it might be several more months before it went to an adjudicator! I hadn't even got round to ringing FP about cancelling the PPI so all is good! He said it should take around 6 weeks and hopefully we will have a resolution! Here's to some good news coming my way and boy do I need it after the last few weeks! Good Luck to everyone claiming!

helnag

Pixie983 wrote: »

Hi

Just to let you all know I got a call from an adjudicator at the FOS last Friday to say he was now dealing with my complaint & apologised it had taken so long!! It was a bonus for me considering the week before they had told me it might be several more months before it went to an adjudicator! I hadn't even got round to ringing FP about cancelling the PPI so all is good! He said it should take around 6 weeks and hopefully we will have a resolution! Here's to some good news coming my way and boy do I need it after the last few weeks! Good Luck to everyone claiming!

Good for you Pixie983,

Just wondered how long your complaint had been with the FOS and if this had been fast tracked for you??

Good Luck, look forward to hearing good news in the next few weeks!!!!

amersall

helnag wrote: »

Good for you Pixie983,

Just wondered how long your complaint had been with the FOS and if this had been fast tracked for you??

Good Luck, look forward to hearing good news in the next few weeks!!!!

yes well done i like to hear how people are getting on with first plus:beer:

di3004

hamish222 wrote: »

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

Hi there

Yes you can still reclaim on this, it makes no difference while on DMP, although they will more than likely suggest the amount comes off the loan.

There are many here that have been in the same situation in regards of DMP and reclaiming, and also been successful, hopefully they will post up and give you their opinion on this, good luck and give us a yell if you want an help throughout this.;)

di3004

Pixie983 wrote: »

Hi

Just to let you all know I got a call from an adjudicator at the FOS last Friday to say he was now dealing with my complaint & apologised it had taken so long!! It was a bonus for me considering the week before they had told me it might be several more months before it went to an adjudicator! I hadn't even got round to ringing FP about cancelling the PPI so all is good! He said it should take around 6 weeks and hopefully we will have a resolution! Here's to some good news coming my way and boy do I need it after the last few weeks! Good Luck to everyone claiming!

Hi hun

Wow, this is great news and a surprise for you considering they said it may be longer before having this moved on,:T , good luck with this and we look forward to hearing the outcome of this.;)