PPI Reclaiming Discussion part 4

cappo

marko1888 wrote: »

Can anyone recommend a good company to go with to claim PPIfrom credit card companies, or is there a way to do it myself.

Thanks in anticipation

Hi marko do it yourself it's very easy it's not going to make any difference if you go to a cmc, actually you could do it quicker yourself we'll all help you on here with any advice take a look at the guide for starters,steve




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

cappo

di3004 wrote: »

Hi and welcome

We do not normally suggest using claims companies to be honest as its less work to have a go yourself with just a matter of completing a reclaim questionnaire which is the complaint, send it to whoever set up and sold you the account, (complaints of head office), keep a copy for yourself.

The FSA have given the main of the banks extra time, so they business will confirm this to you if this is required, good luck and please let us know how you get on, cheers.

The reclaim questionnaire is as below on step 3 and this way you get to keep all what is owed to you.;)
http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance#step3

watcha Di how's it going girl?

di3004

cappo wrote: »

watcha Di how's it going girl?

Hi Steve
How are you?
Okay there thank you, you know what I'm like here and there lol.:D;) xx

milly456

amersall wrote: »

Hi there, and well done on your win!!.
You need what you posted previous and the ppi total and monthly amount.

Sorry about that

The loan was 5000, interest charged 2472. PPI was included in the cost of the loan for 1541 with interest charged totalling 762. Total amount payable was 9776 repayable over 120 months. Monthly payment for PPI was 19.20 and the APR was 8.9. Loan started June 2006.

Thanks

Milly

amersall

Grizzly54 wrote: »

Thanks. When I took out the loan, I was employed - so don't see how I can claim mis-selling. But look at what they charged! Does that come into this at all?

No it does not matter!! if you were wrongly sold this insurance then you were mis sold.
Look here for reasons for mis sell and just see how many apply to you.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

amersall

milly456 wrote: »

Sorry about that

The loan was 5000, interest charged 2472. PPI was included in the cost of the loan for 1541 with interest charged totalling 762. Total amount payable was 9776 repayable over 120 months. Monthly payment for PPI was 19.20 and the APR was 8.9. Loan started June 2006.

Thanks

Milly

Hi there, the ppi you have paid to date is correct,the interest doesnt seem right,the interest over 120 months on the ppi adds up to £381.00 for the 60 months you paid this for, did you get the 8%?. could you post the exact breakdown of these figures,as it is not making sense.

Derwent

milly456 wrote: »

Sorry about that

The loan was 5000, interest charged 2472. PPI was included in the cost of the loan for 1541 with interest charged totalling 762. Total amount payable was 9776 repayable over 120 months. Monthly payment for PPI was 19.20 and the APR was 8.9. Loan started June 2006.

Thanks

Milly

You should have a refund of premiums of £1,171.20 and interest of £257.79 to give a total refund of £1,428.99 based on an offer date of 1st August.

Plus your remaining loan repayments should go down by £19.20 per month from now on.

amersall

Milly456 ,just to let you know,i am not a maths genius,but i know the refund does not tally,someone who can work this exact will come along and put me right, no doubt lol.

When you have this loan redone,make sure the balance goes down by the whole ppi amount and your payment reduces by the ppi monthly amount.

amersall

Derwent wrote: »

You should have a refund of premiums of £1,171.20 and interest of £257.79 to give a total refund of £1,428.99 based on an offer date of 1st August.

Plus your remaining loan repayments should go down by £19.20 per month from now on.

Thanks for this, just one question,if the interest over the term,bearing in mind this is a fixed amount,and this loan is half way through,that figure of 257.79 is not 60 months of interest.
Also,the op has not mentioned the 8% either.

milly456

amersall wrote: »

Hi there, the ppi you have paid to date is correct,the interest doesnt seem right,the interest over 120 months on the ppi adds up to £381.00 for the 60 months you paid this for, did you get the 8%?. could you post the exact breakdown of these figures,as it is not making sense.

Sorry, probably my fault. I will type in exactly as the offer says

"The capitial for the loan was 5000, with the interest charged totalling 2472.40. The PPI policy was included in the cost of the loan for 1541.90, with interest charged totalling 762.10. The total amount payable for the loan was 9776.40, repayable over a term of 120 months. The monthly payment for the loan was 62.27 for the capital element, 19.20 for the PPI, with a total monthly payment of 81.47. The APR wa 8.9."

and the offer is

"You have paid 1171.20 in PPI premiums and interest, which we will refund. We will also refund 8% simple interest totalling 257.18. Total amount offered is 1428.38.

After removing the PPI will will adjust your balance to 3673.93 (from 4806.73) , as if you had never taken the PPI. Your direct debit will be amended to 62.27"

Ta

Milly