PPI Reclaiming Discussion part 4

sue149

Turboman wrote: »

sue149 wrote: »

Doesn't balance--can't reconcile --payment and Loan ratios should be the same assuming same interest rate

16,775/68,989 = 24.30%
52,221/68,989 = 75.70%

132/747 = 17.67%
615/747 = 82.33%

Are you sure 132 is current PPI or original PPI in 7/2006
otherwise PPi now is 24.30% of 747 = 181.52

What were the 2 monthly payments at outset? and %?

im really not sure we have always just paid it as a l;ump sum £132 the what we started to pay

sue149

pinknico wrote: »

sue149 wrote: »

If you are not in arrears, any payments made towards the PPI ,plus interest should be paid to you. The remaining PPI should be removed from the loan and your monthly payments reduced.

thanks do u know wether they have a time limit too pay out

sue149

sue149 wrote: »

Turboman wrote: »

im really not sure we have always just paid it as a l;ump sum £132 the what we started to pay

we have never had any statments from f/p all we have ever had was a interest reduction from 9% to 8.2% payments down too £711.94 o not sure of price of ppi as its just one payment

sue149

sue149 wrote: »

sue149 wrote: »

we have never had any statments from f/p all we have ever had was a interest reduction from 9% to 8.2% payments down too £711.94 o not sure of price of ppi as its just one payment

that starts on the 25th march

AverageJoe_4

scoodies wrote: »

Thanks very much for that AJ.

Will it be a problem if I send for the SAR first before sending the 2nd stage letter, or should I send them both together?

Do things separately - you can post things aroung the same time but keep individual issues in ind. letters posted separately and if poss to different people too... just makes it a little harder for them to put their heads together better...

But dont raise carious points on different things in the same letter - it gets muddy and they will confuse you back and only answer to one thing.

TheBigDog

Evening all,

Just thought I might share some interesting happenings. I've talked with a few people on here, and I reclaim PPI for a living, but I don't get as much time as I'd like to help more. I was greeted by the postman this morning carrying a large amount of 'goodwill settlements' from a well known bank - I won't mention the name, but they've just been taken over by the Government and have a dark coloured equine animal in their logo. Anyway, I'm immediately suspicious as to why this particular company suddenly wants to settle a large number of cases. There are very strong rumours that the said company has this week agreed, after a FSA investigation, to settle a very large number of complaints to avoid the biggest fine ever heard of for the sale of ppi. I haven't yet found out the full details of the deal, but, if you've got a claim in with this company, watch your letterbox over the next few days.

Good luck,

TBD.

AverageJoe_4

Large Equine Aminal - I didn't know Ralph Lauren is the in the banking game...

:-/

scarletto_2

Turboman wrote: »

Scarletto

I have added some explanations in red to help you understand the figures below:





Right—now lets ASSUME you succeed in the mis-selling situation—I detail below what the figures would be as at 20/3/2009 on the loan which was paid up on 20/12/2008 after paying all 36 payments of (180.44 at APR 7.9% (AIR 7.63%)—assuming that the interest rate and payments have remained constant throughout.

PPI Loan for SPI of £789.97- Paymts made £886
8% statutory interest on payments from date of each payment = £123.

So I would then expect you to be refunded in a cheque of £1,009 (886+123)



So your letter—above figures are for you to keep your eye on—the letter should include the following (IMO—but others will help with your letter-I just do sums-lol)

…I require that the overall loan is recalculated to restore the position as if PPI had never been included; this would entail a refund of PPI payments made to date + 8% interest for each payment.



Turbo

Thank you so so much:T , this has made things so much clearer for me. It has just clicked that he was paying a lump sum for ppi + interest - i can't believe that :eek: - is that the norm? So is this what a single premium is then?

Thanks again, i'm def getting this letter wrote this weekend now that i'm fully armed with knowledge. Here goes! I'll let you know how i get on.

knitjob

Thank you all for your advice. I will stick with it and see what happens. And I will let you all know how I am getting on. I had sent off another 2 letters at same time as cap one. One to Welcome Finance and one to Barclaycard. Barclays sent a letter almost immediately saying they would hopefully have it sorted by the 9th march, but, I got a letter the other day saying it would hopefully be sorted by the 9th April. Welcome Finance have still to acknowledge me sending them a letter!!!!

deborah46

This may seem a dumb question but i am waiting on settlement from TPF after fos intervention. I was wondering how much i should get back. Will i receive the whole ppi payment (which was added on at the beg of the loan) plus 8% interest for every year, or will i just receive back the actual payments i made, as the loans were settled early and i had a loan rebate with both. Both ppi policys were added on at the start as a loan.
Any help would be grateful