PPI Reclaiming Discussion part 4

smitchy73

Can anyone check my calculations pretty please. Already reported the success for my RBS loans, but one of the loans is still live and in arrears, but they have told me i'll have the choice on what to do when getting paid out. They won't pay it off with my redress, they've told me they'll issue my cheque for the full redress, and then give me the option to refinance the outstanding amount for whatever period is available. OR. I can phone up get a settlement figure to pay off the debt which they say will be about 60% of whats outstanding.I'm giving them the benefit of the doubt at the moment. Thing is I keep trying to get what the final figure outstanding will be, they've given me a figure and I have a figure that's a whole lot different, just looking for a seperate pair of eyes and some more brain cells to shed some light. Many thanks in advance.

Initial details
Loan 9000
PPI 2238
Interest (PPI +loan) 5850
Total to pay 17088
Interest rate was 17.66%

This was in arrears pretty much when it started, they found me and I started paying it back first on a DMP then they changed DCA's and never told the DMP and as that was the only thing I was paying they closed the DMP then the new DCA got in contact and started just to pay them directly. Over the few years I paid back £7660.28(to 1/10/11).

They have told me that I would get back ppi refund from this loan of 7655.53 and the loan amount outstanding was 10527.50 but would be reduced by 3310 taking it to 7217.50.
However,
from the figures I could work out the ppi and interest on the intial loan was 4214.60, if this should be taken off the initial loan total of 17088 I would be left with a figure of 12873.40, then taking what i've paid so far would leave a balance of 5213.12 instead of 7217.50, just not sure which one is correct.

I've not had payment so far or any restructuring details but just want to be prepared for an argument if and when it comes to.

dilus

Hi smitchy, It's a bit too complicated for me to get my head around but just looking with different eyes could the difference between your balance figure of £5213.12 and theirs £7217.50 be due to charges for being in arrears with it ???? Just a thought

smitchy73

dilus wrote: »

Hi smitchy, It's a bit too complicated for me to get my head around but just looking with different eyes could the difference between your balance figure of £5213.12 and theirs £7217.50 be due to charges for being in arrears with it ???? Just a thought

It could be but they haven't said anything about that, basically everything was put on hold whilst paying it off, just the total loan amount, plus ppi and all interest, that's what I worked my figures from, they couldn't give me the agreement either but could give me all the figures for it.
I just had the figures as being
ppi 2238.00
ppi int 1976.60
Total 4214.60

so to me this is what should be taken off the original total figure of 17088.
Hope this makes sense.:cool:

cappo

http://www.guardian.co.uk/money/2011/nov/21/missold-ppi-claims-banks-557m

beamerguy

cappo wrote: »

http://www.guardian.co.uk/money/2011/nov/21/missold-ppi-claims-banks-557m

Interesting article. If the FOS are upholding 90% of claims then to reduce their workload, they should levy a charge on the banks equal to the same amount upheld.

This would stop the banks using the FOS as a "get out" for either not paying money or delaying tactics.

cappo

beamerguy wrote: »

Interesting article. If the FOS are upholding 90% of claims then to reduce their workload, they should levy a charge on the banks equal to the same amount upheld.

This would stop the banks using the FOS as a "get out" for either not paying money or delaying tactics.

I agree mate as you say it would stop the banks using the fos which is what they are doing unfortunately, where are the fsa in all this, what has happened to the fsa fining the banks for not paying out or delays in same.

amersall

nome007 wrote: »

Hi, I posted a few days ago but not heard back.
I am claiming for mis sold ppi's through HSBC. I called them and they said I had 4 loans with PPI's against them. I have written a letter to request it back. I no longer have any loans with them or the paperwork so I am hoping they still will. I do remember years ago when I took out the loan I was told once that if I died my loan would have to be paid by my parents if I didn't have PPI. That is wrong isn it? for an unsecured personal loan. Hopefully I will get something back, but I just don't know how much.. eek

No one else is responsible for your debts if you die,unless they are joint debts,this is a load of old tosh.

RichieScouse86

Thanks for the kind words guys...like many of you out there who have already started these claims, just playing a game of waiting now!

mike789166

Hi, I am new to this forum and I hope you may be able to give me some advice. We took out a secured Barclayloan for 25000 pounds in April 2006 and I was talked into paying 9000 pounds for a PPI. After 5 years this would be refunded if no claims had been made. It was refunded back in April. The 9000 was added to the original loan and so we have paid and will continue to pay interest on this amount. Unfortunately I needed the repaid sum to pay off another creditor who was going to raise the interest rate on my credit card. Do I have any claim at all? They really had to work hard at selling me this insurance at the time.

beamerguy

mike789166 wrote: »

Hi, I am new to this forum and I hope you may be able to give me some advice. We took out a secured Barclayloan for 25000 pounds in April 2006 and I was talked into paying 9000 pounds for a PPI. After 5 years this would be refunded if no claims had been made. It was refunded back in April. The 9000 was added to the original loan and so we have paid and will continue to pay interest on this amount. Unfortunately I needed the repaid sum to pay off another creditor who was going to raise the interest rate on my credit card. Do I have any claim at all? They really had to work hard at selling me this insurance at the time.

If the £9000 was repaid to you, that cancels out the £9000

They cannot charge you interest on something you no longer have can they ? So, you want the interest they are charging repaid back to April and an adjustment made to your current total., excluding interest of the £9000

This seems like another Barclays scam where they are hoping the customer misses this or does not understand