PPI Reclaiming Discussion part 4

amersall

JK41 wrote: »

Only joined up the other day so still getting overawed by the site.
I have Payment Protection Plan on my Barclaycard.
Phoned them up yesterday to check that it was PPI and the women confirmed it so.
I cancelled the policy then.
She asked me what my plans were next.
I informed her i would be requesting the money back as i didnt think it was applicable to me.
She suggested i must have ticked the box on the form originally, but as this was taken out in Jan 1992 i told her and she agreed neither of us would be able to prove that unless there was still a hard copy.
I told her i was 7/8 months out of Uni, not not working att the time and subsequently i have been self employed virtually ever since.
She was fine and said she would put the complaint and application in for a refund.
Is this enough?
Should i also send a letter in?
I was planning to just cancel the PPP then check on here properly to find out what to do and the letter templates etc.
Can i trust them to deal with it properly?
The woman told me it might be 3 months till i hear from then.

Hi there, i would follow this up with a letter (explain that it is a follow on from the phone call) for mis sell,just to be on the safe side,put the reasons for mis sell that you gave on the phone,dont forget to send this recorded delivery.

You should get a response from your mis sell phone call within 14 days,this will just be to say they have recieved it.

IANC

evesamcam wrote: »

Ok letter reads:

I am writing to you today in relation to your complaint about your PPI policy. Thank you for your patience as I know it may have been some time since you first contacted us.

As our final response, we would like to offer you £6544.46 our complaint to a conclusion. To complete this process, we will also need to set up a new loan for you that does not have PPI. Accepting this offer will ensure that you are put back to the same position you would be in if you had not taken out PPI in relation to your unsecured loan.

This amount is made up of a refund of all the PPI premiums paid, plus the interest charged on these premiums at the rate of your unsecured loan, plus simple interest at 8%. You will also receive a refund of the last 3 months interest that accrued on your old loan. This will off-set any extra interest applied in the first 2 months of your new loan - we will call this the deferred period. The payment will also take into account any other factors that are relevant to your circumstances. Eg: if you have incurred other costs directly as a consequence of your PPI policy, then they have been included in our proposed payment to you.

Our proposed payment has been calculated as follows:

Refund of premiums: £3,514.69
Refund of interest @ 9.3% £1,672.63
Interest at 8% - up until 19/8/11 £1,210.37
Last 3 months interest £ 146.77

Total £6,544.46

Our usual process would involve us setting up a new loan for you, without PPI, and making the payment described above, however you have requested that the refund is used to reduce the balance of your new loan and you will therefore not receive a cash payment.

We will therefore arrange a new loan without PPI for you by taking the outstanding balance in your current loan account and reducing this by the amount of PPI remaining on the loan balance and further reducing the balance by the total refund detailed above, and thsi will be set upo with a balance of £4,671.00.

Unless you contact us to reject our offer, we will close your complaint, and consider it resolved. Once you return the new loan documentation that we will send to you shortly, we will then make the payment outlined in this letter.


HELP !!!!

I really do not understand this letter - have called my Loan provider and they have advised that I need to speak to the Redress team (will call me back within 48 hours !!!).

Our original loan was £18,000 - taken out in October 2005. (7 years).

With PPI and interest - total loan amount £31,166.52.

With PPI and interest our monthly payments are £371.03.

Loan finishes in December 2012 ... appx 16 months of payments left.

£371.03 x 16 mths = £5,936.48 left outstanding on loan.

Can anyone help explain if I will get any money back or what exactly they are talking about in the letter.

I appreciate any feedback.

Many Thanks.

That is confusing, and fundamentally incorrect in my opinion.

If they don't pay you the redress, the loan should be repaid and you should be due a balancing payment.

I would contact them again and tell them that you want the redress payment and that they can set you a new loan up as you don't agree with them.

Or tell them that they can keep £4,671 to clear your loan and you want the difference, ie £6,544.46 - £4,671 = £1,873.46 to be paid to you.

amersall

evesamcam wrote: »

Ok letter reads:

I am writing to you today in relation to your complaint about your PPI policy. Thank you for your patience as I know it may have been some time since you first contacted us.

As our final response, we would like to offer you £6544.46 our complaint to a conclusion. To complete this process, we will also need to set up a new loan for you that does not have PPI. Accepting this offer will ensure that you are put back to the same position you would be in if you had not taken out PPI in relation to your unsecured loan.

This amount is made up of a refund of all the PPI premiums paid, plus the interest charged on these premiums at the rate of your unsecured loan, plus simple interest at 8%. You will also receive a refund of the last 3 months interest that accrued on your old loan. This will off-set any extra interest applied in the first 2 months of your new loan - we will call this the deferred period. The payment will also take into account any other factors that are relevant to your circumstances. Eg: if you have incurred other costs directly as a consequence of your PPI policy, then they have been included in our proposed payment to you.

Our proposed payment has been calculated as follows:

Refund of premiums: £3,514.69
Refund of interest @ 9.3% £1,672.63
Interest at 8% - up until 19/8/11 £1,210.37
Last 3 months interest £ 146.77

Total £6,544.46

Our usual process would involve us setting up a new loan for you, without PPI, and making the payment described above, however you have requested that the refund is used to reduce the balance of your new loan and you will therefore not receive a cash payment.

We will therefore arrange a new loan without PPI for you by taking the outstanding balance in your current loan account and reducing this by the amount of PPI remaining on the loan balance and further reducing the balance by the total refund detailed above, and thsi will be set upo with a balance of £4,671.00.

Unless you contact us to reject our offer, we will close your complaint, and consider it resolved. Once you return the new loan documentation that we will send to you shortly, we will then make the payment outlined in this letter.


HELP !!!!

I really do not understand this letter - have called my Loan provider and they have advised that I need to speak to the Redress team (will call me back within 48 hours !!!).

Our original loan was £18,000 - taken out in October 2005. (7 years).

With PPI and interest - total loan amount £31,166.52.

With PPI and interest our monthly payments are £371.03.

Loan finishes in December 2012 ... appx 16 months of payments left.

£371.03 x 16 mths = £5,936.48 left outstanding on loan.

Can anyone help explain if I will get any money back or what exactly they are talking about in the letter.

I appreciate any feedback.

Many Thanks.

:j:jHi there, well done on your win :j:j

Niggly will be along i am sure to help with the calculations,looks to me like the win will come off the loan and your loan at that stage will have a balance of £4671.

JK41

amersall wrote: »

Hi there, i would follow this up with a letter (explain that it is a follow on from the phone call) for mis sell,just to be on the safe side,put the reasons for mis sell that you gave on the phone,dont forget to send this recorded delivery.

You should get a response from your mis sell phone call within 14 days,this will just be to say they have recieved it.

Thanks very much.
Just a letter from me to follow up or is there a template to copy from here?

IANC

amersall wrote: »

:j:jHi there, well done on your win :j:j

Niggly will be along i am sure to help with the calculations,looks to me like the win will come off the loan and your loan at that stage will have a balance of £4671.

But the current loan with future PPI payments has less than £6k remaining if paid until maturity Amersall.

How can they keep over £6,400 and say that £4,671 is still owed ???

£4,671 is basically the £6k or so that is left on the current loan - the PPI payments that would have been paid (but now removed).



Doesn't make sense too me.

amersall

JK41 wrote: »

Thanks very much.
Just a letter from me to follow up or is there a template to copy from here?

Barclays usually send the form for you to fill in,so i would wait and see if they do,if they dont then the template is here.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

Niggly_2

IANC wrote: »

That is confusing, and fundamentally incorrect in my opinion.

If they don't pay you the redress, the loan should be repaid and you should be due a balancing payment.

I would contact them again and tell them that you want the redress payment and that they can set you a new loan up as you don't agree with them.

Or tell them that they can keep £4,671 to clear your loan and you want the difference, ie £6,544.46 - £4,671 = £1,873.46 to be paid to you.

Couldnt agree more I assume that the loan was £18000 and there was an amount added on for PPI as well. It would be good to know the PPI premium added on then we could work out a rough settlement fig.

Some one has got their maths wrong. I am willing to bet IanC is correct in his assumption

N

Niggly_2

Niggly wrote: »

Couldnt agree more I assume that the loan was £18000 and there was an amount added on for PPI as well. It would be good to know the PPI premium added on then we could work out a rough settlement fig.

Some one has got their maths wrong. I am willing to bet IanC is correct in his assumption

N

Cracked it:T:T:T:T

Just had another thought. The ppi premium has to be taken off the loan from outset leaving the original amount. Working on 9.3% interest rate your right there would only be the capital left to pay. The reduced repayments are £292.35 per month x 16 = £4672

oh look I have just discovered their error. They havent taken off the PPI COMPENSATION idiots.


Solved

N

oggie1

hI all
I am just going to send a DSAR for a loan I had with A & L do I have to send this to Santander.If yes could someone give me the address please,Am still strugling with my LLOYDS
DSAR it should have all been with me by the 21st June.Still trying to get info on my credit cards they told me I had but only gave me the last 4 numbers . Have emailed customer care etc rubbish replies.

evesamcam

Hi everyone,

Thank you all for taking the time to work out the very confusing letter for me !!!

N - I get what you have written ... makes so much sense that the new payments now total up to £4,672.00. (just wish they had written this in the letter in Plain English !!!)

But does this mean that I will get a cash refund or not of £6,544.46 ?

Many Thanks