PPI Reclaiming Discussion part 4

di3004

Turbo

When you have a minute, please can you check over "Chicqa's" post as above with calculations, much appreciated X;) :A

dazzer26

cheers for the earlier article post di very interesting read looks like the loan sharks are getting their dues at long last.

di3004

dazzer26 wrote: »

cheers for the earlier article post di very interesting read looks like the loan sharks are getting their dues at long last.

Hiya Daz, how are you hunni ?:A

Yes your right hun.

This caught my eye instantly on another thread of where I am a member, and it is useful here as well......as we all need to be aware of this. X;)

dazzer26

hiya di not too bad thanks now mondays out of the way!!!

di3004

dazzer26 wrote: »

hiya di not too bad thanks now mondays out of the way!!!

That's good.:D

Sundays are tiring and Mondays must be the worst day of the week, after its done with it goes by pretty quick.:T X

showergirl

Natalie6999 wrote: »

On the letter from Fos it states that you will be put back into the same position that you would have been if you had not taken out the PPI plus 8% interest per year.

Thanks Natalie:A

That's a great relief.

Hope your ok and your leg isn't bothering you too much

Will let you know if I hear anything

di3004

Found more news on the media online:::::::::::

http://www.dailymail.co.uk/money/article-1151730/Banks-facing-fines-snubbing-PPI-complaints.html?ITO=1490

dazzer26

another good snippet thanks di .

Turboman

Turboman wrote: »

Dreamer

We could do with knowing the amount of the PPi Loan
Is it in the 6850 or extra?

What are your premiums?--I calculate a premium of £166.91 for a 6850 loan.

Working backwards, I calculate that if you paid £134.60 in premiums-the 8% is correct at £6-ish BUT those level of premiums would equate to a £395 loan ie only 5.7% of the cash loan which seems low.

In any case-if they are saying it has been mis-sold-as well as an offer of the premiums paid + 8%--you ALSO want confirmation of the loan balance is reduced to what it would have been without the PPI and the resulting reduction in the overall monthly premium.

Post up the Loan/Premium details and will advise further.

Turbo

Turboman,
The loan is for £6850.00 and the PPI is £395.79 both at 7.9% over 48 months.Total payable is £8436.00. In there letter of the 20 th they say they have arranged for the ppi to be removed from the loan and that a new agreement will be sent out to me for signing and that the new agreement will have monthly payments of £166.15.this represents the monthly payments i would have made had the ppi not been included. In my phone call to A&L they said that my ppi was only for life cover .
many thanks for your posting Turboman

Well-A&L seem to be very good in these figures Dreamer.
Its a fixed % so I can easily reconcile their figures.
As I said, I thought a £395 PPI for a £6850 loan was a very low PPI rate--but you confiem that is correct-excellent.

Yes-the PPI would have been 9.62-ish so 14 months is £135-ish + 8% = £6-ish

The resulting loan without PPI would be back to £166-ish

SO-(IMHO)--everything is totally as it should be

Turbo

Turboman

chicqa wrote: »

Hi All,
If anyone could help with a letter I received last week from HFC regarding my PPI claim.
Now, I must explain that the loan I originally took out with them was paid off early (re-written) against the account I claimed against..
I am concerned this has now been transferred to the new loan account and also as I know I have completely different information regarding the original loan. Can anyone tell me if I can claim the rebate back from early settlement as they were never given to me they may have been applied to the new account?
The offer made to me was approx £1,000 with some rather confusing figures at the bottom of the letter- I will give example:-

• Total Cash for price of Life £****+
• Total Cash for price of ASU £****+
• Total Interest Applied for life of Life £****+
• Total Interest Applied for life of ASU £****+
• Cash Rebate for Life £**** -
• Cash Rebate for ASU £**** -
• Interest Rebate for Life £**** -
• Interest Rebate for ASU £**** -
• 8% Credit Interest £****+

Now by my calculations based on the paperwork they gave me at the time of taking the loan I am actually owed approx £2500 (PPI) but then I was also charged approx £5,000 in interest charges? Am I able to claim this back also?
Need to know how to go back to them as I had drafted a letter:

Thank you for your letter dated February 2009.
In the letter you have offered a 'full refund of Insurance policy plus interest charged', may point your attention to your reference regarding my early settlement. In this paragraph you state that an early settlement figure was calculated which included rebates of insurance premiums. Please send me all correspondence and documents relating to my acceptance of the cash rebates detailed on your letter as I have never received any cash rebates, so these too are owed.
To my calculations, the sum offered is considerably lower to what was actually charged to me when I initially took out the policy. Life & ASU detailed in your letter are incorrect against the information sent to me by HFC previously. It is based on the information provided to me by your company regarding my loan I have calculated that HFC bank owe me the sum of £2,500(PPI ) +£5,000 (interest applied with loan) + 8% statutory interest that a court would award.
The total I therefore require to be paid to resolve this issue is £7500.
I am prepared to accept the amount offered as part settlement in respect to this matter.

I hope that we can amicably come to an agreement on this matter but due to your default of the request made in respect to The Consumer Credit Act 1974, I will rigorously argue against any defense you may bring if this matter proceeds further.
If you agree to refund the outstanding detailed herewith then I will draw this matter to a close.
If you do not respond, or you do not respond positively, within 7 days, I shall be taking my complaint to the Financial Ombudsman.

Please consider this a before action letter.




Any help & Advice would be really helpful as I have to respond within 10days.

Thanks

---

Hi there

Great letter there hun.

They have not given you much time to think about this have they?

Yet they want all the time in the world if the shoe was on the other foot.

I would copy and post this on the ppi reclaiming discussion thread above the page, hopefully Turbo will be along to take a look at this, good luck and to my knowledge "yes" you can claim in regards of the first one, Turbo should be able to work this out for you as well, so with a bit of luck he will post in later, he generally goes onto the reclaiming thread.;)

Hi

We need all the info you possess re the 2 loans + the ****

Turbo