PPI Reclaiming Discussion part 4

amersall

IANC wrote: »

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.

Think you only get the 8% on ppi paid to date and not (if the loan is finished ) to the date you win a mis sell, as the loan is finished.
As i say maths is not my strong point :D you may be right.
But the 8% i have worked out for people before has been right in the redress thay received,even with a settled loan,that is why i thought it was to the date you last paid ppi.

IANC

amersall wrote: »

Think you only get the 8% on ppi paid to date and not (if the loan is finished ) to the date you win a mis sell, as the loan is finished.
As i say maths is not my strong point :D you may be right.
But the 8% i have worked out for people before has been right in the redress thay received,even with a settled loan,that is why i thought it was to the date you last paid ppi.

I assume you are correct then, but I thought the whole point was that you weren't disadvantaged.

Ie in my case.

One of my loans finished in 2002.

So, technically I have been deprived of that capital for the 9 years since then.

Hmmmnnn, I was sure that I had read something on the successes and failures thread that mentioned this, unless it was a noob like me stating expectations rather than facts.

I was told today by Halifax that it didn't matter how long my claim took as I would be compensated with interest to cover the delay.

Unless this is just some token gesture 'goodwill' payment from the banks to stop the FSA fining them.

di3004

cappo wrote: »

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

Thanks Cappo, Unfortunately he have had a few fits, massive ones, and the last one he did have was about 15 years ago when he was in a assessment unit.
The update is, he is calm, tired probably from the meds because he is normally a live wire, he's not been eating much and his salt levels are low, more tests to proceed for tomorrow x;)

amersall

IANC wrote: »

I assume you are correct then, but I thought the whole point was that you weren't disadvantaged.

Ie in my case.

One of my loans finished in 2002.

So, technically I have been deprived of that capital for the 9 years since then.

Hmmmnnn, I was sure that I had read something on the successes and failures thread that mentioned this, unless it was a noob like me stating expectations rather than facts.

I was told today by Halifax that it didn't matter how long my claim took as I would be compensated with interest to cover the delay.

Unless this is just some token gesture 'goodwill' payment from the banks to stop the FSA fining them.

You could very well be right there is never a numbers person on here when you want them :rotfl:

All i can find is this

Loan and PPI policy ran to term before FOS decision
Overall loan was £7,500 (monthly repayments of £250) – but it would have been £6,000 with monthly repayments of £200 without PPI. Term of Loan and policy 36 months. So borrower had paid £50 more per month than if PPI not been mis-sold.
· Return £50 x 36 months of the loan (£1,800)
· Add interest to each excess payment of £50 at 8% simple, from date that excess was incurred.
· Pay £200 for extra inconvenience.

I take this to read, you get the 8% on ppi you should not have paid?
it is not clear about redress when a loan has finished and you are x number of years down the line with a claim !!!!.


I need things in simple terms :rotfl::rotfl::rotfl::rotfl:
too old for all this

di3004

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.

Aww I'm so sorry to hear your sad news, I would be very heartbroken too, love and hugs for you xxxxxxxx

IANC

amersall wrote: »

You could very well be right there is never a numbers person on here when you want them :rotfl:

All i can find is this

Loan and PPI policy ran to term before FOS decision
Overall loan was £7,500 (monthly repayments of £250) – but it would have been £6,000 with monthly repayments of £200 without PPI. Term of Loan and policy 36 months. So borrower had paid £50 more per month than if PPI not been mis-sold.
· Return £50 x 36 months of the loan (£1,800)
· Add interest to each excess payment of £50 at 8% simple, from date that excess was incurred.
· Pay £200 for extra inconvenience.

I take this to read, you get the 8% on ppi you should not have paid?
it is not clear about redress when a loan has finished and you are x number of years down the line with a claim !!!!.


I need things in simple terms :rotfl::rotfl::rotfl::rotfl:
too old for all this

ahhh

Perhaps the 8% is on the PPI as you have stated and then they pay a goodwill amount of interest/redress for the time that has elapsed since the maturity of the loan.

Although the bit I have put in bold is a tad ambiguous.

Could be 8% from date of payment until date of maturity or until now.

I'll let you know if I am successful as I have 8 loans and 2 credit cards being looked at at the moment.

Not likely to be as much as I had hoped though lol.

amersall

I hope you are right and i am wrong!!!!!!!!! i really do,fingers crossed you are.

chester1976

does anyone know where i would email royal bank of scotland to add additional info to my file.
thanks in advance:)
hope you are okay di, thinking of you

cappo

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.

Sorry to hear about your little dog it's not easy is it.

cappo

AndyD75 wrote: »

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

The question you have to ask is if you consider you have been misold, if you feel you have, put in a claim. not all policies are misold