PPI Reclaiming Discussion part 4

IANC

LynK wrote: »

I have not got a clue how to work out what, IF I AM LUCKY ENOUGH TO GET ANYTHING! I would be entitled to. The only one I can find the actual agreement for is an M&S loan. The details are as follows.

Section 2 Loan Details
Loan Amount £5000.00
Interest £1294.60


Total Amount Payable £6292.60
Instalements are to be monthly for a period of 60 mths. Payment to commence 3 mths from the date of signature.
Monthly Instalments £104.91
APR equiv to 9.2%

Section 3 Insurance Details
Insurance Amount £1049.98
Interest £271.82
Total Amount Payable £1321.80
APR 9.2%
Total Amount Payable Loan ans Insurance £7616.40
Monthly Instalments (Loan and Insurance) £126.94 x 60 months.

Now Maths was never my strong point but does this mean that I actually paid interest on the insurance as well as the loan and if so am I entitled to get this back as well? Can any of u maths whizz kids work this out for me?? Thankyou kindly.

Is the loan still running?

LynK_3

IANC wrote: »

Is the loan still running?

No, finished in 2009.

IANC

LynK wrote: »

No, finished in 2009.

My understanding is that if your complaint is upheld, you will receive the ppi lump sum back, the interest on the ppi back and then 8% simple interest on the lot from the day of inception until now.

So, if that is correct, which I'm sure someone can confirm I think you will receive £2,097.53.

It will depend on what month you took it out for accurate figures as that is from 2004-2011.

cappo

di3004 wrote: »

Sorry to have been leaving you to answer to all the posts folks.
But your all doing a grand job.:T

I will be posting now and then, its been a sort of tough day today with my brother being rushed in, as he is severely autistic as well and unable to speak for himself that does not help either, but I will be back and forth and posting when I can.

I hope he's alright Di,nothing serious i hope

cappo

IANC wrote: »

My understanding is that if your complaint is upheld, you will receive the ppi lump sum back, the interest on the ppi back and then 8% simple interest on the lot from the day of inception until now.

So, if that is correct, which I'm sure someone can confirm I think you will receive £2,097.53.

It will depend on what month you took it out for accurate figures as that is from 2004-2011.

Sounds good ian,and yes interest would have been added to the ppi as well, thats why these upfront premium policies were banned as they were a rip off

LynK_3

IANC wrote: »

My understanding is that if your complaint is upheld, you will receive the ppi lump sum back, the interest on the ppi back and then 8% simple interest on the lot from the day of inception until now.

So, if that is correct, which I'm sure someone can confirm I think you will receive £2,097.53.

It will depend on what month you took it out for accurate figures as that is from 2004-2011.

OMG really, that much?? I hav signed the form on 20th April so would've started paying it in July.

Hope your brother is ok Di. I too am having a horrible week, had to get my wee dog put down on Monday she was almost 17. Heartbroken.

IANC

LynK wrote: »

OMG really, that much?? I hav signed the form on 20th April so would've started paying it in July.

Hope your brother is ok Di. I too am having a horrible week, had to get my wee dog put down on Monday she was almost 17. Heartbroken.

That is convenient then as it is exactly the period that I used.

AndyD75_2

Hi,
Sorry if this has been discussed previously.
I have recently written to MBNA to request details of PPI pmnts that I have paid to them, and a copy of my CCA.
I received both this morning, the total amount of PPI I have paid out between account opening in March 2000 and closing in May 2010 is £1563.
The copy of the CCA shows that I ticked the box for the PPI (I don't recall doing this, and generally do not, but can't be sure) - the wording on the CCA is :
'You can safeguard your payments against the effects of life's unpredictable events with our Payment Protection Cover. Premiums are calculated each month at just 68p per £100 of your statement balance, protecting your payments should you become unable to work due to accident, sickness, or unemployment. Life cover is also included, paying off your balance up to £15,000. you should be eligible for cover if you are aged 18 to 64, employed and not aware of any impending unemployment. If you'd like to take advantage of this valuable, low cost peace of mind, just tick the yes box.'

To my mind, this does not fully illustrate the potential costs, and is
also mis-leading in indicating that the cover is both valuable and low cost.

I have no recollection whatsoever of how I applied for the cc and whether or not there was ever any telephone contact before or after signing the cca.

Ideally, I would like to put in a claim, but get that I might just have to accept that I stupidly paid for something that I had no real need for, but had actually agreed to.

Any thoughts would be greatly appreciated.

Thanks

Andy

amersall

IANC wrote: »

My understanding is that if your complaint is upheld, you will receive the ppi lump sum back, the interest on the ppi back and then 8% simple interest on the lot from the day of inception until now.

So, if that is correct, which I'm sure someone can confirm I think you will receive £2,097.53.

It will depend on what month you took it out for accurate figures as that is from 2004-2011.

Hi Ian, i get
ppi = £1049.98 + interest on ppi £271.82 = £1,321.80
+8% interest from 20th july 04 to 20th july 09 =£481.98
total to reclaim is £1,803.78.

Now maths is not my strong point!!! but i know the op will get back the ppi total with the interest as on the agreement,all i have done is worked the 8% out from the months stated above.
I worked the monthly ppi amount by deducting the loan monthly payment from the total loan and ppi monthly payment as the agreement,so ppi monthly payment was £22.03 for 60 months.

The 8% is on a sliding scale, it is paid on the monthly ppi amount each month,so as the loan term decreases so does the 8%,in that you have been deprived of the 8% for less time.

I still could be wrong :D:D:D:D
But that is my working out

IANC

amersall wrote: »

Hi Ian, i get
ppi = £1049.98 + interest on ppi £271.82 = £1,321.80
+8% interest from 20th july 04 to 20th july 09 =£481.98
total to reclaim is £1,803.78.

Now maths is not my strong point!!! but i know the op will get back the ppi total with the interest as on the agreement,all i have done is worked the 8% out from the months stated above.
I worked the monthly ppi amount by deducting the loan monthly payment from the total loan and ppi monthly payment as the agreement,so ppi monthly payment was £22.03 for 60 months.

The 8% is on a sliding scale, it is paid on the monthly ppi amount each month,so as the loan term decreases so does the 8%,in that you have been deprived of the 8% for less time.

I still could be wrong :D:D:D:D
But that is my working out

I thought the 8% interest was paid until today's date.

Ie so you are not disadvantaged.

And you are correct with the monthly premium, but that would require a spreadsheet to calculate properly.

Ie.

Month 1 - 22.03 compounded by 8% (annually) 84 months
Month 2. 22.03 compounded by 8% (annually) for 83 months

And so on.