PPI Reclaiming Discussion part 4

Turboman

tired_mum wrote: »

Hi I have been offered a settlement from HSBC is there anyone who can help me work out what i should be due ?
Many thanks

Hi Turbo 
Thanks for looking at this for me the bank manager who called said she has never done one of these before so i need to be absolutly sure of what i am doing
LOAN AMOUNT £18050.00
TOTAL CHARGE FOR CREDIT £6938.42
TOTAL AMOUNT PAYABLE £24988.42
MONTHLY PAYMENT£260.30
 
PPI
AMOUNT OF PREMIUM £5819.80
TOTAL CHARGE FOR CREDIT £2233.36
TOTAL AMOUNT PAYABLE £8043.36
MONTHLY PAYMENT£83.79
 
Both the above are 8.9%APR fixed 
first repayment was 30/11/2004 and has been paid on time ever since the loan is for 95 payments in total we have made 52 so far we have not counted this months one which will go out on mon.
 

Right TiredMum

Each lender works slightly differentin how they calculate the interest (simple/compound/daily/monthly etc---and I have deduced that your effective true rate (AIR) is in fact 8.53% and that with the monthly payments and Total Sum Payable that the term is in fact 96 months.

Feeding this into my spreadsheet calculators --after 52 payments we have the following figures:

Loan of £18,050
Balance of loan remaining=£9,803

PPI Loan of £5,819
Balance of loan remaining=£3,169
Total payments made 52 @ 83.79 = £4,357


SO--I would expect:

a)-the new loan arrangement would be the balance of the £18,050 loan (£9,803) payable over 44 months (96-52) at £260.30

b)-the balance of the PPI loan of £3,169 is written off

c)-you receive a cheque for the PPI pymts and 8% interest on those.--Pymts=£4,357, 8% of each pymt from paid date to now = £720---TOTAL = £5,077

Turbo

Turboman

These calculations are very tiring--so as Hull City just won

I'm going to celebrate with

The Ballad of Lucy Jordan--lol

http://www.youtube.com/watch?v=8Ws6qeLIKFU

doingmybest_3

Turboman wrote: »

These calculations are very tiring--so as Hull City just won

I'm going to celebrate with

The Ballad of Lucy Jordan--lol

http://www.youtube.com/watch?v=8Ws6qeLIKFU

Don't blame you mate. I know it's been said before but you help a lot of people on this site, you certainly helped me and it's much appreciated.:T

dinerodinero

Turboman wrote: »

Thanks Di

Emma
Hello Turbo, first of all thank you very much for having a look at my case

The point you are missing is that you haven't quoted the Total Charge for Credit on your first loan figures-only the sum total of the Loan+PPI

Looking at the agreement this is the information that I have got:
My first loan:
Cash loan: £12,310.00
Loan insurance: £3,137.83
Annual Interest Rate: 8.44%
Original amount of credit: £15,447.83
Agreement opening date: 14/11/2007 for 86 months
Total amount for the cash loan: £16,406.88
Total amount for the insurance loan: £4,182.36
Total amount for the total Loan: £20,589.24
Total charge for credit on Cash Loan: £4,096.88
Total charge for credit on Insurance loan: £1,044.53
Total charge for credit for the Total loan: £5,141.41 ( Interest on Total loan )

In actual fact, I calculate that on a 86 month cash loan of 12,310 the premium was £191-ish so the total sum you would have paid back just for cash loan would be £16,448 ie £4,138 interest
Sorry, I do not understand properly, do you mean that they need to pay me more than £912.68? If yes, may you let me know why and if you think it will be good for me to ask Halifax for a second view.

Working back through your figures-I don't have all the info re the dates when the PPI loan was terminated but I calculate a balance on the old loan of £10,660 (at 16/2/09) -a difference of £444 on the new loan--there shouldn't be any penalty--if you are unclear-ask them for the balances & statements of the old loan
At the moment I have this loan, I received the letter readressing the PPI on the middle of February, so imagine the loan was terminated there.

BTW-Assuming £11,098 is correct--£3,156 would be correct for the total interest over 74 months at 8.4%

This is the information that I have got and to be honest I am not very clear because I found it a bit difficult with all the interest charges


Emma

Turboman

dinerodinero wrote: »

Turboman wrote: »

Thanks Di

Emma
Hello Turbo, first of all thank you very much for having a look at my case

The point you are missing is that you haven't quoted the Total Charge for Credit on your first loan figures-only the sum total of the Loan+PPI

Looking at the agreement this is the information that I have got:
My first loan:
Cash loan: £12,310.00
Loan insurance: £3,137.83
Annual Interest Rate: 8.44%
Original amount of credit: £15,447.83
Agreement opening date: 14/11/2007 for 86 months
Total amount for the cash loan: £16,406.88
Total amount for the insurance loan: £4,182.36
Total amount for the total Loan: £20,589.24
Total charge for credit on Cash Loan: £4,096.88 (my rough calc was £4,138--)
Total charge for credit on Insurance loan: £1,044.53
Total charge for credit for the Total loan: £5,141.41 ( Interest on Total loan )

In actual fact, I calculate that on a 86 month cash loan of 12,310 the premium was £191-ish so the total sum you would have paid back just for cash loan would be £16,448 (16,406.88)ie £4,138 (4096)interest
Sorry, I do not understand properly, do you mean that they need to pay me more than £912.68? If yes, may you let me know why and if you think it will be good for me to ask Halifax for a second view.--No-I'm just emphasing that on the original loan you was paying interest which you hadn't taken account of in your initial post of comparing the 2 loans)

Working back through your figures-I don't have all the info re the dates when the PPI loan was terminated but I calculate a balance on the old loan of £10,660 (at 16/2/09) -a difference of £444 on the new loan--there shouldn't be any penalty--if you are unclear-ask them for the balances & statements of the old loan
At the moment I have this loan, I received the letter readressing the PPI on the middle of February, so imagine the loan was terminated there.

BTW-Assuming £11,098 is correct--£3,156 would be correct for the total interest over 74 months at 8.4%

This is the information that I have got and to be honest I am not very clear because I found it a bit difficult with all the interest charges You only need to get to the bottom of the bit about why the new loan starts off at the figure quoted by them


Emma

CornishMaid

Hello, I'm a complete newbie and hope I'm managing to post in the right place I've been avidly studying this site for a couple of weeks since my hubbie & I finally stopped burying our heads in the sand and decided to confront our massive debts (£37000 unsecured debt + mortgage & secured loans)

I have a couple of questions about reclaiming PPI and was hoping someone could answer if possible. Please forgive me if i ramble unnecessarily

Since we decided to tackle our problems we have been reading this site avidly. From this we realised that when we took out one of our secured loans (taken out 2004) we were told that we would not benefit from a reduced interest rate unless we took out PPI as well. This week, on realising we may have been missold I phoned to immediately cancel the PPI expecting some resistance - when I said that the reason for cancelling was that we had been told we had to have the policy I was told "Oh, you were missold it then." I was then told that it was my husband's name only on the policy and it could only be discussed with him. As far as we were concerned we were both covered - in addition we have no paperwork relating specifically to the PPI - it is only mentioned on the initial loan paperwork which is in both our names.(I do keep all paperwork meticulously so I definitely haven't lost it!)

Q1 - Does this give us a valid reason for a claim - I have sent the letter in anyway but would be grateful to know from people who have been there whether Halifax are likely to pay out?


We also have another problem with the same bank (Halifax) who told us when we transferred our mortage with them to a Tracker mortgage (2001) that we could only do so if we took out their Total Mortgage Payment Protection plan. (My husband previously had life assurance with the Halifax at a much cheaper rate but we were explicitly told that only the TMPP would "provide the cover needed"). Funnily enough it was the same member of staff that dealt with both of these transactions - we have many other products with the Halifax (for our sins) and have never ever taken out PPI on any of them. In addition my husband decided to do his own testing and went into our local branch yesterday to ask if this level of cover was compulsory. The adviser would not answer him outright and only said that "it was a very good thing to have."

Q2 - Do we have grounds to claim back in this case - again I have sent the letter in but would be interested to hear from others who may have been in this situation.

Anyway I'm so glad to have found this website - it's a little ray of sunshine in a very dark time - currently attempting to negotiate with creditors but not going so well so far

tired_mum

Turboman
what can i say your a star thank you so much for explaining in simple terms for us I will check your figures with the letter when it comes .
Thank you all once again I will update as and when i recieve the final letter and or payment

showergirl

Hi everyone,

I have rang the FOS and they tell me Tesco PF have not replied to their letter so a reminder was sent out yesterday.

Hope you are all ok

maxdp

bathgatebuyer wrote: »

Despite Egg giving me my PPI cover back a month or so back, I got a letter from them saying I had the right to refer to the FOS as they 'couldn't settle my complaint'.

Crap day otherwise - panic attack, hospital and just decided that the stress of buying and selling a house is really not for me. Will lose a reservation fee for the new place (£500 - just less than what Egg refunded me :rolleyes: ), but I've been reminded by family and friends that money is not worth losing your health for.

I am so calm about everything else in life, but money almost always brings out a breakdown in me. I literally can't cope with any uncertainty about cash. I really thought I was over all of this a few years ago - I don't think it ever leaves you.

Hi BGB
So sorry you having bad time at the moment. Quite agree that money is not worth losing your health for. I know that is easier to say than to do. Really hope that you can get your mind back in a good place. Take care BGB:A

sahra

di3004 wrote: »

Hi there

Blimey is that all they sent you?
Or have I mis read your post?

If you require the agreement they should supply this to you as a separate request for a charge of £1 postal order or cheque payment and supply this within 12 days of request.

If this was taken out over the last 6 years, they should still have kept this on file/microfiche.

Any problem here I would contact the Information commissioners office (ICO), here who may be able to help you in this situation.;)
https://www.ico.gov.uk/Global/contact_us.aspx

Good luck. X

Hi, I requested a copy of my agreement back in August last year so have that to hand. They sent me 1 sheet of paper and that was only for charges made for late payments. Not bothering to claim those back as it's only about £40, but I would have thought they'd have sent dates, etc of phone calls we'd made to them. I wanted these first before sending off my 1st letter to claim back our PPI.