PPI Reclaiming Discussion part 4

ImmortalQueen

amersall wrote: »

Tell me if i have got this right,the remaining 17 months at the full payment your friend will make will be the full loan term payment (including the ppi payment) to reflect the balance of the loan from the statement for the loan that they have got at the present date?.
If this is correct then I am at a loss what the bank have done with this to be honest.

What was the monthly loan payment with ppi for the 60 months,and is interest put on monthly or is this included in the monthly payment?

Hiya - thanks for taking the time to reply again!! :A

In answer to the above:

1. You are totally correct - in 17 months time, my friend will have repaid £31K which was the original loan + PPI + interest. We thought it would be £24K = loan + interest.
2. The original monthly payment was £523.75 (£413.70 loan + £110.05 PPI). With the removal of the PPI, the amount debited each month has remained (as agreed) at £523.75 (loan + interest). The interest seems to be added monthly as it keeps going up and down???

Hope this helps. BTW - my friend has contacted FOS to ask for a form to complete and it's been sent in the post

cappo

Dizzywithmoney wrote: »

I sent my claim off to Egg on 12/4/11 (I thought it was later than this), I have had several letters back from them, (11/4/11, 12/4/11, 11/5/11 & 9/6/11), other than the first one all saying that they need more time to look at it. I worked out that I should have heard again by 7/7/11 but nothing! And after reading on here how so many people have had responses from Egg a lot quicker than I had today I decided to ring them. They just told me that everyone was being dealt with in order, when I said that I had heard of people having their responses through even though they sent thier complains off after mine the guy on the phone checked with some other department only to come back to me and say they are dealing with them all in date order and mine is still in the queue. So I dont even know if its being upheld yet!!

Its so frustrating all this waiting. I know we have had a good response from HSBC and possibly Barclays (First Plus) but still no money has arrived as yet and we could really do with some at the moment, husband been on short time at work and when he got up for work this morning some p***t had slashed all 4 of the tyres on his car so just had to go out to buy 4 new ones!!! So frustrated!!

So sorry to hear about your husbands tyres dizzy,it'll all get sorted out,no news is possibly good news,they havent been rejected yet.

amersall

ImmortalQueen wrote: »

Hiya - thanks for taking the time to reply again!! :A

In answer to the above:

1. You are totally correct - in 17 months time, my friend will have repaid £31K which was the original loan + PPI + interest. We thought it would be £24K = loan + interest.
2. The original monthly payment was £523.75 (£413.70 loan + £110.05 PPI). With the removal of the PPI, the amount debited each month has remained (as agreed) at £523.75 (loan + interest). The interest seems to be added monthly as it keeps going up and down???

Hope this helps. BTW - my friend has contacted FOS to ask for a form to complete and it's been sent in the post

Hi there, this may be why the balance does not look right as the interest is put on monthly, maybe (and i dont know for sure with this)
the interest will make a difference each month?, i hope you get this sorted out,and i am just sorry i could not help you more with this,please let me know how you get on.

I will bump your original post as you may get more answers with this.
This thread is moving very fast at the moment !! and your post may have been overlooked.

amersall

ImmortalQueen wrote: »

Hi I'm a newbie and so apologies if this has been discussed before.

Has anyone been refunded PPI and found they're still paying it on a loan taken out? My story below...

Helping a friend since 2009 to claim back PPI on two loans with Lloyds TSB, we were successful in the bank upholding the claims and refunded my friend over £5k. We then understood that after accepting the money into the friend's account "ex gratis" (to quote the bank), that the PPI would be cancelled, and if my friend continued paying the full amount, the loan term would reduce.

Since 2009 my friend has continued paying the original amount each month expecting the term to reduce, however in a recent statement my friend has worked out that:
a). the PPI has not been removed and the loan amount reduced to the original amount.
b). the loan term has not reduced.

My friend has been phoning the bank to challenge this and was told that the bank do not see a problem. We challenged the bank again with another letter and they've just replied to the effect that the Bank paid the money to my friend's account so that he could pay back the bank the PPI.

Surely this is not correct - the bank mis-sold the PPI, they refund the PPI and remove the PPI off the loan. Not give my friend a sum of money for him then to pay the bank back the PPI.

We're both at the end of our tethers and would gladly welcome any advice/ thoughts from MSE posters.

Bumped this,can anyone help??? Marshallka? you may be able to help with this.
To be read in conjuction with subsequent posts regarding this.

amersall

1. You are totally correct - in 17 months time, my friend will have repaid £31K which was the original loan + PPI + interest. We thought it would be £24K = loan + interest.

This means that the balance now on this loan is 8.903.75?.

ImmortalQueen

amersall wrote: »

This means that the balance now on this loan is 8.903.75?.

Yes that was the amount left on the loan. However, it has now gone down to 8,308 as myfriend has just made the July payment and has 16 months now left to run

Dirks_Engine_Room

Evening all,

If anybody has had a claim with FOS (after being initially being refused by bank) and they have upheld but the bank refused due to JR then e-mail them now!

I e-mailed Big Ste at RBS to review my case and it took a couple of weeks but it sure saved the time with Ombudsman.

RBS have now upheld claim.

Lots of wins by lots of posters recently and it is very encouraging for everyone.

willkane_2

IANC wrote: »

Firstly, Congrats :T

Secondly, could you tell me when you put your complaint in with them?

Thanx.

About a year ago i started the procedure with Halifax. They kept appealing, so they kept delaying.

Wrote them a letter maybe 3 months, template was from MSE, and they got back to me a month later saying they were working on it. Recieved this ltter today with the offer.

patricia50

Just to comment about GE money, Have been helping my daughter make a claim on an Evans card that was GE money, now Santander. We sent them the questioner stating she was sold ppi by a sales assistant who didnt advise or inform her of any conditions of this. She would also have been paid by her employer for a period of sickness and didnt know she could have gone elsewhere to get ppi. They wrote back saying they didnt think it was missold and enclosed a copy of the application form where she had ticked the ppi box saying she was aware of the ppi and had signed for it. They said this was their final response. That is rubbish because just because you have signed for it doesnt mean you have been properly informed. Anyway, to cut a long story short it has been passed on to the FSO and we are now playing the waiting game. So in my opinion GE money do not want to pay up but would be glad to hear from anyone who has had success with them.

Robyn552

Morning Everyone
I have just received my statements from Nationwide Credit Card, firstly I had the card from June 03 to date, however they have only sent my statements from 05/05/05, is this correct or should they have sent them all?
Also the ppi payment stopped 01/03/09, I don't remember cancelling it, do you think this is when they realised there was a problem with the ppi sales? If yes makes you wonder why they didn't bring it to my attention.
Lastly they have only included someone elses statements, which is totally unacceptable with ID theft so rife. Do the banks have any idea what they are doing anymore?
Has anyone had any success claiming the ppi back from Nationwide credit cards?