PPI Reclaiming Discussion part 4

Charlie_Manchester

I was looking at Experian/Equifax etc and my credit report. They now report if somebody has made a PPI claim!!

Can somebody please explain when I am applying for credit why a lender would want to know if I made a claim against what has proven to be dodgy mis-selling of policies? As I have made two such claims and this is on my credit report will lenders somehow view me as a troublemaker? Why are the credit agencies report PPI claims on a persons credit file?

Niggly_2

Charlie_Manchester wrote: »

I was looking at Experian/Equifax etc and my credit report. They now report if somebody has made a PPI claim!!

Can somebody please explain when I am applying for credit why a lender would want to know if I made a claim against what has proven to be dodgy mis-selling of policies? As I have made two such claims and this is on my credit report will lenders somehow view me as a troublemaker? Why are the credit agencies report PPI claims on a persons credit file?

It may be a good thing. If you have struggled with debt because of the high amounts of PPI being charged and this has caused arrears or defaults then potential creditors can see a justifiable reason for the low credit score.

Lenders may not even look at the report itself, usually a computer and rating programme asses your credit and see whether you pass the in house assessment.

It may be interesting to get the credit agency spin on it and how it effects the credit rating.

N

Niggly_2

di3004 wrote: »

This should have been August then.
Makes us think now if they have been given even more permission to have more time!:eek:

Ring the FSA, see what they say, if they say August, then contact the bank and tell them you've just spoken to the FSA and it was confirmed.;)

April 20th was cut off date so you will be September. Mine was FP and I sent it 01/06 and they say August 17th for responce (not payment)

n

Xanadu20

IANC wrote: »

No, they cannot extend the deadline.

They must reach a decision on or before the 31st August.

If they fail, the FSA will issue massive fines.

My theory therefore is that they will just uphold every complaint that they would normally look into and beef up the calculations departments so that they can send out upheld letters.

Looking at the amount of time it is taking to complete calculations i would have thought they would have to start upholding complaints in the next week or so, time scales of people being told there case is upheld, to actually getting a figure can take a couple of weeks, I am assuming to comply with FSA the banks would only have to tell people:

If the case is upheld (or not) and the redress offered? or would the money have to actually be back in our possession ?

Maybe someone who has done abit more reading can comment?


Rich

IANC

di3004 wrote: »

This should have been August then.
Makes us think now if they have been given even more permission to have more time!:eek:

Ring the FSA, see what they say, if they say August, then contact the bank and tell them you've just spoken to the FSA and it was confirmed.;)

Niggly wrote: »

April 20th was cut off date so you will be September. Mine was FP and I sent it 01/06 and they say August 17th for responce (not payment)

n

As Niggly says, it will be into September. My complaint was sent on the 12th May and by sheer coincidence, 16 weeks is exactly 31st August.

The only complaints that are guaranteed to be dealt with within 16 weeks and before 31st August are the ones received on or after 5th May IIRC.

The deadline is basically 16 weeks thereafter and then complaints submitted after a certain period must be dealt with within 12 weeks.

The deadline then reduces back to 8 weeks with complaints submitted towards the end of this year.

Xanadu20 wrote: »

Looking at the amount of time it is taking to complete calculations i would have thought they would have to start upholding complaints in the next week or so, time scales of people being told there case is upheld, to actually getting a figure can take a couple of weeks, I am assuming to comply with FSA the banks would only have to tell people:

If the case is upheld (or not) and the redress offered? or would the money have to actually be back in our possession ?

Maybe someone who has done abit more reading can comment?


Rich

Just confirmation that the complaint is upheld or not and the figures is all they need to confirm by the deadline. They then have upto 8 weeks to pay you. It used to be 4 weeks, but I seem to remember reading somewhere that in extreme circumstances, this can be extended as long as they notify you.

IANC

beverleykim wrote: »

Hi

My complaint went in on 20th May 2011.

Then the deadline should be the 9th September and not 14th September.

Lou.T_2

Niggly wrote: »

Here is my stab at the calculations

Loan 1
Actual overpayments payments to ppi (£1722 .50/£9722.50 x 100 = 17.7% x £216.31 = £38.29 x 24) =
£918 .96

8% interest on the 24 payments of £38.29 = £80.64

PPI premium £1722.50 less any rebate (£6500/£9722.50 x 100 = 67% x £1722.50 £1154 = £568.50

So £1568.10 (£918.96 + £80.64 + £568.50) is amount owing at Nov 04 from loan 1.
On top of which you get interest at 8% simple
£1568.10 x 8% 6 years 9 months ( 81 months ) = £846.77

Total loan 1 is £1568.10 + £846.77 = £2414.87 less 20 % tax on 8% interest is £185.48 (846.77 + £80.64 x 20%) = £2229.39

Loan 2
PPI premium monthly payments £2719.51/£14361.51 x 100 = 18.94% x £212.43 = £40.23
Overpaid monthly premiums = £40.23 x 81 months = £3258.63
8% on overpayments = £1043.37
There could be a small amount of rebate interest as well

Total Loan 2 is £3258.63 + £1043.37 = £4302 less 20% tax on 8% interest is £208.67 = £4093.33

Loan 1 £2229.39 + loan 2 £4093.33 = Total repayment of £6322.72

N

Thank you very very much Niggly -

I had calculated loan 2 at about that but for loan 1 i had added back the difference between what the settlement figure was (6500) and what it would have been had I not had PPi added and still made the same monthly payments - which at a difference of about 1900 - this is where my confusion arises !

is redress meant to put you back to where you would have been should you have never paid PPI? if so then would this difference in the whole loan settlement figure apply including the ppi rebate? Sorry if this is a bit muddled... and again thanks to you and all the others on this forum, it has kept me sane (ish) through the agony of waiting for an answer!

Well done to all who have got back what is rightfully theirs! :T
and best of luck to the rest of us who wait patiently...!

IANC

Quick question for Niggly to see if I have done a calculation correctly.

Credit Card PPI

£10/month

Since 1998 (call it 156 months for ease of numbers) as the card is still running.

APR on card 29%

How much would you expect the refund to be with the 8% interest added on.

klflosser

I sent my acceptance to NatWest for PPI refund on a credit card on 10th June. Their letter said they "endeavour to do the refund within 28 working days." Even allowing a week for receipt of the letter 28 working days was today and no sign of a refund.

I rand them and they spoke to the relevant department that actions the refunds and they said they have such a backlog of cc refunds that it will be at least another 2 weeks, possibly more.

I have visions of a little man with a quill pen, surrounded by mountains of paperwork, sitting at a solitary desk with pen and paper trying to work out the refunds. In these days of computers and information technology does it really take that long to process?

cappo

klflosser wrote: »

I sent my acceptance to NatWest for PPI refund on a credit card on 10th June. Their letter said they "endeavour to do the refund within 28 working days." Even allowing a week for receipt of the letter 28 working days was today and no sign of a refund.

I rand them and they spoke to the relevant department that actions the refunds and they said they have such a backlog of cc refunds that it will be at least another 2 weeks, possibly more.

I have visions of a little man with a quill pen, surrounded by mountains of paperwork, sitting at a solitary desk with pen and paper trying to work out the refunds. In these days of computers and information technology does it really take that long to process?

No! but they like to keep people waiting