PPI Reclaiming Discussion part 4

Niggly_2

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

They have had this £1803.78 for 2 years as well so you should get interest on this amount as well roughly £300 so total £2100.

N:)

Niggly_2

Originally Posted by ImmortalQueen
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.


I have read through your post and you have said that the bank have paid a good will gesture to your friend. This is different than having the complaint upheld and being put back in a position as if the PPI'S didnt exist. If you have accepted the offer of a goodwill payment as compensation from the bank then they have compensated you and not the policy. So technically what they are telling you is correct as you would have to pay off part of the loan to negate the effect of the PPI policy.

However this totally goes against the advice of FOS when it comes to redress (compensation). So the first thing to do is dig out the letter from the bank and read what it says about compensation. If it says goodwill then we have some work on our hands. If it says claim upheld and we will put you back in a position as if the policy doesnt exist, we have some work on our hands. Either way the situation needs sorting out.Does the letter offer you the chance to go to the FOS?

To calculate redress you need to post up.

The start date of each loan.
The term of each loan.
The interest rate on each loan.
The ppi premium for each loan or the single premium that was added to the start of the loan.
Was one loan rolled into the other?

We can then calculate some figures and compare them to the compensation you have recieved. It may be a case of then writing to the bank giving them one last chance to sort it out before FOS are involved.

N

IANC

Niggly wrote: »

They have had this £1803.78 for 2 years as well so you should get interest on this amount as well roughly £300 so total £2100.

N:)

:money:

That is how I understood it

amersall

Niggly wrote: »

They have had this £1803.78 for 2 years as well so you should get interest on this amount as well roughly £300 so total £2100.

N:)

Cheers Ian, much appreciated x.

amersall

Niggly wrote: »

Originally Posted by ImmortalQueen
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.


I have read through your post and you have said that the bank have paid a good will gesture to your friend. This is different than having the complaint upheld and being put back in a position as if the PPI'S didnt exist. If you have accepted the offer of a goodwill payment as compensation from the bank then they have compensated you and not the policy. So technically what they are telling you is correct as you would have to pay off part of the loan to negate the effect of the PPI policy.

However this totally goes against the advice of FOS when it comes to redress (compensation). So the first thing to do is dig out the letter from the bank and read what it says about compensation. If it says goodwill then we have some work on our hands. If it says claim upheld and we will put you back in a position as if the policy doesnt exist, we have some work on our hands. Either way the situation needs sorting out.Does the letter offer you the chance to go to the FOS?

To calculate redress you need to post up.

The start date of each loan.
The term of each loan.
The interest rate on each loan.
The ppi premium for each loan or the single premium that was added to the start of the loan.
Was one loan rolled into the other?

We can then calculate some figures and compare them to the compensation you have recieved. It may be a case of then writing to the bank giving them one last chance to sort it out before FOS are involved.

N

Hi Ian,thanks again!!!!.
If you go to past posts of this poster,they have posted the redress letter from the bank and any other details you may need, thanks again Lorraine xx

amersall

IANC wrote: »

:money:

That is how I understood it

I concede :rotfl:i was only £300 out though :D

IANC

amersall wrote: »

I concede :rotfl:i was only £300 out though :D

:rotfl::rotfl:

I hope we are correct, as this will mean a much bigger refund for me than the PPI itself I would imagine.

amersall

IANC wrote: »

:rotfl::rotfl:

I hope we are correct, as this will mean a much bigger refund for me than the PPI itself I would imagine.

That is the thing about this site, you learn something new everyday.
Hope you get the win you are expecting :D:D

Niggly_2

amersall wrote: »

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 wrote: »

Hi Ian,thanks again!!!!.
If you go to past posts of this poster,they have posted the redress letter from the bank and any other details you may need, thanks again Lorraine xx

I need the ppi premuium the amoun they actually paid for ppi each month above the loan amount if unknown then the apr would be acceptible.

The good news is that the letter says that they have upheld the claim, in which case they should follow the FOS guidelines on redress. i.e take off the ppi payments and refund with 8% and reduce payments by the amount of ppi for ongoing payments.

So the ppi/interet rate is needed so we can work out the comparable redress figs and untangle this mess.

N

kaladin

amersall wrote: »

Hi there, they should look at this now and they cannot reject this as you finished this in 07 so you are only 4 years into the 6 years,good luck xxx.

Hi There, Do you have the e mail add
ress for the CEO of Blackhorse please? I am in exactly the same position as you x