PPI Reclaiming Discussion part 4

di3004

IRGWS wrote: »

Thanks for your response Di.
Am I correct in thinking you had dealings with LloydsTSB? Did they accept the adjudicators decision?

Hiya and yes my credit card ppi was dealt with by the FOS/adjudicator and the decision was accepted by the bank

My loan ppi which was dealt with afterwarda was resolved directly by Lloyds.

Your very welcome and good luck.;)

di3004

milgo wrote: »

Today I have completed the form to claim back my mis sold PPI loanguard insurance on an RBS loan. The question I have is that should I now call RBS and request that they cancel the PPI part of my loan agreement? Will this have any bearing on the claim that I have submitted today? Thanks

Hiya, don't worry, you can cancel at any time really, some will do this before or as they make a reclaim, or wait until the case is resolved.
Good luck on your reclaiming.;)

IRGWS

Thanks Di, just a heads up for me, when the adjudicator ruled in your favour how long is it before the bank credits your account?

di3004

IRGWS wrote: »

Thanks Di, just a heads up for me, when the adjudicator ruled in your favour how long is it before the bank credits your account?

Hiya

If I remember correctly it was actually not that long, I signed the acceptance from the adjudicator, and within about 6 weeks after I received my cheque.
Hope you won't have to wait too long either, however my hubby did wait a little longer, so this may vary, I think the adjudicator will give you some sort of timescale by letter and its normally about 8 weeks, and if you hear nothing by then is to contact the adjudicator.;)

Dirks_Engine_Room

Recieved e-mail from adjucator yesterday to say that that she is upholding my claim, and has contacted RBS to let them know of the decision. She is now awaiting for RBS for their response. Obviously very pleased with decision and hope RBS accept this decision. Without PPI the loan would have been (with interest included) £7200 over 4 years. With PPI £8750. I worked out I paid back in total £8500 (I stopped paying PPI after 2 of the 4 years). Does anybody know what RBS should pay back. When I cancelled my PPI, loan repayments only dropped from £182 to £169. (So it was front loaded - but will RBS reflect this in offer?)

Any help as always massively appreciated.

di3004

Dirks_Engine_Room wrote: »

Recieved e-mail from adjucator yesterday to say that that she is upholding my claim, and has contacted RBS to let them know of the decision. She is now awaiting for RBS for their response. Obviously very pleased with decision and hope RBS accept this decision. Without PPI the loan would have been (with interest included) £7200 over 4 years. With PPI £8750. I worked out I paid back in total £8500 (I stopped paying PPI after 2 of the 4 years). Does anybody know what RBS should pay back. When I cancelled my PPI, loan repayments only dropped from £182 to £169. (So it was front loaded - but will RBS reflect this in offer?)

Any help as always massively appreciated.

That is great news :T:T, and hope RBS will accept this too, with lots of stuff going on with the banks recently they should know whats good for them.;)

Right I am not the one for calculations but basically they should refund all you have paid in PPI, plus the interest etc, maybe amersall or Robbedofmymoney will be along soon and will check them out for you, but meanwhile check the link below that Maxdp posted some time ago on how the FOS calculates ppi refunds, maybe this will be a help until someone comes along.
https://forums.moneysavingexpert.com/discussion/1596473

Dirks_Engine_Room

Cheers Di,

I've gone through paperwork and think have worked it out, here goes:

Loan with PPI: 8700
Loan without PPI: 7200

26 payments of £182
22 payments of £169

Total repayments approx £8450

When cancelled PPI recieved refund into loan of £250.

So I think I'd paid £1250 in PPI up until then.

Does this seem right?

:doh::doh:

di3004

Dirks_Engine_Room wrote: »

Cheers Di,

I've gone through paperwork and think have worked it out, here goes:

Loan with PPI: 8700
Loan without PPI: 7200

26 payments of £182
22 payments of £169

Total repayments approx £8450

When cancelled PPI recieved refund into loan of £250.

So I think I'd paid £1250 in PPI up until then.

Does this seem right?

:doh::doh:

Hiya

Going how you posted it that looks correct, plus you will receive interest on top of that again.:T;)

amersall

milgo wrote: »

Today I have completed the form to claim back my mis sold PPI loanguard insurance on an RBS loan. The question I have is that should I now call RBS and request that they cancel the PPI part of my loan agreement? Will this have any bearing on the claim that I have submitted today? Thanks

Hi there, please do not cancel the ppi, your loan will be reset without ppi and your term and apr will go up!!!!. Wait for the outcome of your mis sell.

amersall

Dirks_Engine_Room wrote: »

Cheers Di,

I've gone through paperwork and think have worked it out, here goes:

Loan with PPI: 8700
Loan without PPI: 7200

26 payments of £182
22 payments of £169

Total repayments approx £8450

When cancelled PPI recieved refund into loan of £250.

So I think I'd paid £1250 in PPI up until then.

Does this seem right?

:doh::doh:

Well done on your win :T:T:T:T
You will get back the ppi monthly amounts back with interest that you paid for the 2 years less the 250 rebate they gave you, the total ppi amount will be taken off your balance, so that is good news ! as you cancelled your ppi i dont know if your monthly payment will come down or go up. If you post the figures when you get them i am sure someone will come along and work this out for you.I am not too good with working out refunds i only know you get ppi back you have paid to date and the loan reduces by the total ppi amount :rotfl:robbedof is excellent with this and i am sure he will work this out for you.