PPI Reclaiming Discussion part 4

Mich973

IANC wrote: »

No worries Citibird.

Contractual interest is basically the interest that is charged on the original contract. Eg on a Credit Card it is whatever rate of interest that the credit card company charge you.

In my case, the APR rate on my credit card is around 29%, so I want my PPI payments to include this level of interest to ensure that I am not out of pocket.

It is different with loans though.



Of course, I just hope it happens after all of the claims are satisfied.

I don't suppose you have any idea how to calculate contractual interest ?? I've been trying to work out roughly how much I might be getting back. One of my loans had a PPI charge of £1309.15 and the interest rate on the loan was 11.8%.

Mich.

Derwent

Mich973 wrote: »

I don't suppose you have any idea how to calculate contractual interest ?? I've been trying to work out roughly how much I might be getting back. One of my loans had a PPI charge of £1309.15 and the interest rate on the loan was 11.8%.

Mich.

Do you know the date(s) that you paid out the PPI ?

IANC

Mich973 wrote: »

I don't suppose you have any idea how to calculate contractual interest ?? I've been trying to work out roughly how much I might be getting back. One of my loans had a PPI charge of £1309.15 and the interest rate on the loan was 11.8%.

Mich.

Do you have the original agreement?

Normally, a lump sum PPI is added to the loan and then a monthly charge is made for it.

ie they take the £1309 PPI (loan) and add the interest to it. for arguments sake, let's say it then came to £2,000 for ease of numbers.

Basically, the monthly figure should factor in the interest that will be charged on the PPI already.

So if the loan had a 5 year term (60 months), the monthly PPI premium would be £2,000 divided by 60 = £33.33 per month

In order to calculate the redress on a loan, you multiply the monthly PPI that you have paid by the term of the loan in months. (This factors in the interest that you have paid)

Then you add 8% simple interest.

cousin_david

amersall wrote: »

When were these loans taken out and are you sure it is the FSA who have said he was not mis sold and not the FOS?.

Sorry, the FSA supplied most of the statements but it was the ombudsman who has stated that he was mis-sold but that he should accept Lloyds' offer of one year's PPi |(£500) and £200 compensation.

We have no record of the original loan of approx £2000. but he now owes over £10,000 due to interest. The second loan of £800 was taken out in may 2003 and the PPI was £2500. As my parents asked for the statements one day within the six year cut off they have received statements and agreements of this loan and PPI.

We believe he was in full time employment when he took out the first loan but when he lost his job Lloyds said the PPI did not cover him. He was definately in part time employment when he was sold the second loan and second PPi.

mandy1cat

Offer received 15th July and acceptance sent straight back with a letter requesting payment be made asap as boiler kaput and needing urgent replacement . Have followed up with an email and was told will get back to me shortly. Things have now gone from bad to worse as washing machine packed up over weekend :mad:. Does anybody have a contact at Natwest/RBS who has a heart and can help us???????????????????????

amersall

IANC wrote: »

I keep wondering whether any of these large institutions will go bust on the back on the PPI reclaims.

A lot will have had massively reduced profits over the last 5 years, they will no doubt have blown what they received in daft CEO bonuses and now on the back of the worst recession in centuries, they are paying out Billions.

I just hope if they do before they repay all the PPI, the FSCS continue where they left of (but this will mean a loss for claimants due to FSCS limits)

I read recently that the FSA have increased the upper ceiling for PPI redress per institution from £100k to £150k, so I'm hoping this was done in anticipation of my HBOS claim :rotfl:

I very much doubt it!!! they still have profits from previous years to fall back on,this is just a blip!.

IANC

amersall wrote: »

I very much doubt it!!! they still have profits from previous years to fall back on,this is just a blip!.

Not all do.

The major banks have, but companies that offered loans/finance for cars, sofas etc etc are struggling.

They tended to be the smaller ones that offered finance for people that were rejected by the likes of Black Horse and therefore charged massive APR's.

Massive APR's that they are now paying back plus 8% interest.

Emma2588

Well Done to everyone that has had good news. :j

I have got a good feeling about this week. Lloyds customers (including me) are going to get upheld letters this week.

I'm having a positive attitude now, because i have started to drive myself mad with it all. :mad::mad::mad::mad::mad:

I dont know how people do it with 4/5 claims, just the 1 claim has stressed me out.

Anyway good luck to everyone still waiting.

The_Marksman

Emma2588 wrote: »

Well Done to everyone that has had good news. :j

I have got a good feeling about this week. Lloyds customers (including me) are going to get upheld letters this week.

I'm having a positive attitude now, because i have started to drive myself mad with it all. :mad::mad::mad::mad::mad:

I dont know how people do it with 4/5 claims, just the 1 claim has stressed me out.

Anyway good luck to everyone still waiting.

haha :rotfl::rotfl:

Best of luck Emma2588

amersall

irnbru74 wrote: »

Hi,
Looking for a bit of advice, got a rejection letter for PPI, worth around £3500. My husband applied over phone and is adamant that he was advised to take PPI cover to secure loan application (was a large sum of money which we needed at time) and he took the bronze option which was life insurance (cheapest option)
We were already well covered, so we think we were mis-sold PPI.




But they have rejected on the following -

1. Your loan application was accepted at .....2006... You were contacted and advised of this the same day. After you had been advised the loan had been approved our advisor discussed our optional insurance products with you. In view of this it does not follow that you were advised the purchase of PPI was a condition of the loan being agreed.
2. Our advisors follow strict sales scripts during each call. I have reviewed the sales script which was in place at the time your loan was arranged and confirm you were advised the PPI was optional.
3. The credit agreement contained two boxes to sign; the first was to accept the terms of the principle loan and the seond was to accept PPI. By signing the seperate insurance box you confirmed you opted to purchase PPI.

His recollection is different to that of the above, he has always rejected PPI when offered with any other loan etc and remembers that he felt pressured to take PPI, which is why he chose cheapest option!.
Is there anyway in which we can challenge this, can we send a SAR, to see if they have a transcript of conversation?
Is there anyway we can challenge what is being said about sales script and how it was conveyed?
We obviously can't contest 3rd part and are not. However we are contesting the way it was sold!
Are we kidding ourselves on that we can contest this?
Thanks

Hi there, you dont SAR for the recording,they have not upheld your claim on the grounds they have stated, they have to prove this phone call,write back and ask for the recording of the phone call as you believe the ppi was not accepted,if you have other agreements for cc or loans with any bank that show no ppi,then send copies of these,to prove even further that ppi is never taken.