PPI Reclaiming Discussion part 4

di3004

maxdp wrote: »

Just an amusing little tale. Have had some loans with one lender 3 in total which have been refinanced. Upheld earlier in the year. Hmm you think that should be paid soon 6 months at the outside.

Is it paid Noooooooooooooooooooooo:mad:

Anyway am considering various options here e.g. Complain to FOS to take it further. Court or other ways which I am just thinking about. So wrote off and gave all account Nos of the Loans as the 40 days were up they sent me information back about a credit card. Please!!!! I may have a baby face (not) but I am not that naive. Had to send another letter giving them 2 weeks and mentioned the ICO. Also was able to tell them where all the paperwork was last seen. Had name of the person from the loan company who was dealing with the FOS.

So am waiting with bated breath for next instalment in this very amusing contretemp.

Anyway on another note
My A and L has gone to an adjudicator now after 1 year:T

Have had some good news Council have now rotovated my allotment and am now able to get to work on it at long last. Time for some double digging and weeding tomorrow. Am having a digging party so got loads of friends up to help.:cool:

Max its a very long time to wait.........:eek: but good your keeping at them:D :T :T :T , and wonderful news at last that the A&L case has finally been moved on :T :T :beer: , brilliant :j :j XXX

Oh yeah a digging party sounds like fun lmao :rotfl: :rotfl: again your going about this the right way :T :T lmao X

Well it seems you have a few options on where to take these

maxdp

di3004 wrote: »

Max its a very long time to wait.........:eek: but good your keeping at them:D :T :T :T , and wonderful news at last that the A&L case has finally been moved on :T :T :beer: , brilliant :j :j XXX

Oh yeah a digging party sounds like fun lmao :rotfl: :rotfl: again your going about this the right way :T :T lmao X

Well it seems you have a few options on where to take these

Hi Di
Quite agree would prefer to sort it myself but like with other things if they play silly billies you have to play them at their own game. Which is sad really.

Anyway Hey Ho. Yes have lots of really good friends coming over tomorrow to help me which is fabulous.:D

Will catch up for "talk" tomorrow night

Knight8

Hi All
I am looking for guidence to help sort a problem.
We bought a suite from Land of Leather in Feb 5/08 and our intension was to pay it off at the end of the 12 Months Special Period. However we missed it and ended up with a debit payment of £174.02 on the Feb 6/09
I phoned on Feb 16 and said I wanted to repay it all now but they said as it was over the eary payment period the cost had jumped from £2247.00 to £4251.01
They also said that if I just kept on repaying as per the Contract the Total cost to me would be £6264.72. I just saw red and put the whole thing onto my Credit card. Total cost including the Credit card cost of 4% came to a Total of £4569.06 made up of £814.41 PPI Charge
I know I signed this but I do not need PPI as Myself and Wife are in good jobs we both get 6Months Sick-pay and 6Months half-pay. As I said we were going to pay it off within the period.
The Finance company is Creation Consumer Ltd. and is based in Northern Ireland. Do I now use this to sort it out or go back to L of L.
Is there anything that I can do to sort this out constructive advice is gratefully accepted.
This is my first visit to the site so I am hopefull.

THIS IS THE RESPONSE I RECEIVED TO MY LETTER
Originally Posted by Knight8
:mad:
I sent a letter explaining my reasons for a repayment but they replied with this.
Our early settlement figures are calculated using a Mathematical equasion called the Actural Method in accordance with the Consumer Credit (early settlement) regulations 2004
The Settlement figure I paid of £4393.33 on the 30th Jan 09 already included a rebate of £1697.37 of the total balance owening therefore no further refund can be issued.

I have a few points to take up on this.
The date of the 30th Jan 09 was 16 days before I paid the money so if their dates are to be believed I had paid off the debt inside the payment period.
Also the £1697.37 was what I would have paid had I let the full period go to completion.
How can they say this is a rebate.
Can they claim the PPI is theirs even if I paid off the balance early.

What to do next.
Cheers

Turboman

annmacdonald wrote: »

We took out a loan with First Plus in 2003:

Loan amount - £50,000
ppi amount - £12,245
length of loan - 180 months
is it a settled or unsettled loan - settled in 2005
monthly amount payable - £616.31 (including ppi payment)
interest rate - 0.716% per month
apr - 8.9%
Loan start date - 01/08/2003

When we settled in 2005 we had to repay £55,000.

I've sent one of the template letters to First Plus. How much do you think I can claim?

When you got the Settlement letter--were there any other detailed figures on how the £55,000 was derived

Rebates?
Insurance refunds?

Turboman

the_names_james wrote: »

Hey guys and gals. I'm gonna be editing the template letter to try and reclaim the PPI A&L told me was compulsory for the loan i took in Oct 07. The amount I borrowed was £5550.14 (12.94% apr) with interest on that @ £1108.42 over 3 years. The PPI they [mis]sold me was put on top of the principal loan, £1054.75 to be precise, and they charged interest @ £210.65 on that.

I currently pay them £220.11 per month, but £35.15 of that is for the PPI. If they decide to repay me, is it likely they will adjust my monthly repayments accordingly?

Thanks in advance for any advice, it is greatfully received

Right James


Feeding above into my spreadsheet calculators --after 16 payments (28/2/2009)we have the following figures:

Loan of £5,550
Balance of loan remaining=£3,333

PPI Loan of £1,054
Balance of loan remaining=£632
Total payments made 16 @ 35.15 = 562.40


SO--I would expect:

a)-the new loan arrangement would be the balance of the £5,550 loan (£3,333) payable over 20 months (36-16) at £185 pm

b)-the balance of the PPI loan of £632 is written off

c)-you receive a cheque for the PPI pymts and 8% interest on those.--Pymts=£562.40, 8% of each pymt from paid date to now = £30.51---TOTAL = £592.91

Turbo

di3004

Knight8 wrote: »

Hi All
I am looking for guidence to help sort a problem.
We bought a suite from Land of Leather in Feb 5/08 and our intension was to pay it off at the end of the 12 Months Special Period. However we missed it and ended up with a debit payment of £174.02 on the Feb 6/09
I phoned on Feb 16 and said I wanted to repay it all now but they said as it was over the eary payment period the cost had jumped from £2247.00 to £4251.01
They also said that if I just kept on repaying as per the Contract the Total cost to me would be £6264.72. I just saw red and put the whole thing onto my Credit card. Total cost including the Credit card cost of 4% came to a Total of £4569.06 made up of £814.41 PPI Charge
I know I signed this but I do not need PPI as Myself and Wife are in good jobs we both get 6Months Sick-pay and 6Months half-pay. As I said we were going to pay it off within the period.
The Finance company is Creation Consumer Ltd. and is based in Northern Ireland. Do I now use this to sort it out or go back to L of L.
Is there anything that I can do to sort this out constructive advice is gratefully accepted.
This is my first visit to the site so I am hopefull.

THIS IS THE RESPONSE I RECEIVED TO MY LETTER
Originally Posted by Knight8
:mad:
I sent a letter explaining my reasons for a repayment but they replied with this.
Our early settlement figures are calculated using a Mathematical equasion called the Actural Method in accordance with the Consumer Credit (early settlement) regulations 2004
The Settlement figure I paid of £4393.33 on the 30th Jan 09 already included a rebate of £1697.37 of the total balance owening therefore no further refund can be issued.

I have a few points to take up on this.
The date of the 30th Jan 09 was 16 days before I paid the money so if their dates are to be believed I had paid off the debt inside the payment period.
Also the £1697.37 was what I would have paid had I let the full period go to completion.
How can they say this is a rebate.
Can they claim the PPI is theirs even if I paid off the balance early.

What to do next.
Cheers

Hi there

I would write to the ones who wrote to you and ask for a full breakdown of calculations, tell them you want them posted.

And it seems you have a case here, now in this matter not knowing who to write to in my opinion I would write to two of the parties or if you want to contact the Financial ombudsman service, explain your matter to them, they may even offer to do this on your behalf by firstly investigating who to write to, they have staff within their departments to check on this.
Contact here:
http://www.financial-ombudsman.org.uk/contact/index.html

Good luck, and please let us know how you get on with this and in case you do require any help in this matter.;)
The FOS may even send this off for you.

Di

annmacdonald

Turboman wrote: »

When you got the Settlement letter--were there any other detailed figures on how the £55,000 was derived

Rebates?
Insurance refunds?

The settlement letter said:

Total amount payable under the Agreement £96,332.71
Less our rebate on early settlement -£35,498.07
Plus administration charge £ 150.00
Total amount payable by you to settle £60,984.64

georg1e_2

Can anyone help?????????????????/

I have tried to claim back my PPI from a car loan of 12k i had with black horse finance some years ago, sent template letter one and received a reply with a copy of my agreement clearly stating i had not taken ppi.But I know i have been paying it. when i looked through the documentation i found a letter i received from them giving me a early settlement figure and on it, it had two figures a higher figure less the ppi leaving x amount, i found my bank satement and i paid the figure less the ppi.
Soooooo is this evidence enough that i did pay ppi on the loan and am able to claim the rest back?? im very confused.

i have sent the 2nd template letter and photocopies of my letter and bank statement showing what i paid back to black horse demanding they re-look at my claim.

will they be able to get out of paying me?:mad:

maxdp

georg1e wrote: »

Can anyone help?????????????????/

I have tried to claim back my PPI from a car loan of 12k i had with black horse finance some years ago, sent template letter one and received a reply with a copy of my agreement clearly stating i had not taken ppi.But I know i have been paying it. when i looked through the documentation i found a letter i received from them giving me a early settlement figure and on it, it had two figures a higher figure less the ppi leaving x amount, i found my bank satement and i paid the figure less the ppi.
Soooooo is this evidence enough that i did pay ppi on the loan and am able to claim the rest back?? im very confused.

i have sent the 2nd template letter and photocopies of my letter and bank statement showing what i paid back to black horse demanding they re-look at my claim.

will they be able to get out of paying me?:mad:

Hi Georg1e

Am sure you have enough evidence there. Maybe try just giving them a ring and discussing it with them you may find with the information that you have they may just pay you back without and more ado. Sometimes the personal touch works well. If not and you know that you have been miss sold then tell them that you will take them to the FOS if they do not give you the answer that you are looking for.

Good Luck to you;)

King_Juan

Turboman wrote: »

Just a bit more clarification

Thanks Turboman, will get back to you tomorrow when I have all the info to hand. The first PPI rebate was a value calculated in a way that was disproportionate to the remaining term.

The ppi refund I have recently received was basically an adjustment to the original rebate as if the rebate was worked out proportionately to the remaining term. The lender was A&L and this was one of their failings pointed out by the FSA but I was generally mi-sold the ppi so feel entitled to a full refund.

Anyway, will post up the extra info tomorrow.

Thanks again.