PPI Reclaiming Discussion part 4

amersall

kuffs1978 wrote: »

hi amersall,

ok, the loan agreement dated 14th august 2007 reads as follows:

Loan £10,000
interest £3,009.70
interest rate: 10.89%
loan period 60 months.

Yesterday it was confirmed by ge money that the £3,009.70 interest over the 60 month period equated to £50.16 in interest per month. When added to the £166.66 monthly capital repayment (10,000 divided by 60 payments) this should have meant that my sister's repayments should have been £216.82 a month, which is roughly in line with the £216.88 i had been previously informed. This is all my sister should have repaid each month, an according to the ombudsman's statement on the final decision that "x should be placed back in the position she would have been in had the ppi not been sold"

in october 2011 ge money contacted us and informed us that my sister's monthly repayments were fully upto date, therefore indicating that since she had made her first repayment in october 2007, she had therefore made 48 repayments. Now, if working on the premise that she had only been paying the £216.88 she should have without the ppi per month, by the same logic at the very least she had therefore made 48 repayments of £216.88, which amounts to £10,410.24, which is only £2,599.46 short of the £13,009.70 the ombudsman has agreed she repay (as that is all she would have been expected to repay if she hadn't bought the ppi). That was my first indication that the outstanding figure of £3354.20 is wrong. The second indication that it was wrong is that we sat down and over the course of two nights went through every bank statement and the actual statements from ge money themselves, noting every payment that was made to the loan account since the loan was issued in august of that year. I then deducted the cost of every ppi premium paid (£1537.50 divided by 60=£25.63) until it's cancellation in april 2011, and then added all the totals paid for each calendar year together. They totalled £11,334, which if divided by payments of £216.88 means that my sister has made 52.25 repayments, and is therefore only £1,680.82 short of repaying the contractual £13,009.70.
However, because of the ppi being added, additional interest was charged on the account, and instead of an annual £601.92 in interest being charged, the actual interest has been quite shocking. These were:

Before repayment period commenced: £148.23
2007: £292.01
2008: £1082.21
2009: £988.57
2010: £742.23
2011: £403.98
total interest accrued aug 2007-nov 2011: £3,657.23

you will no doubt notice that the annual interest was quite different in the years previous to 2011 when the ppi was cancelled, and i firmly believe that the interest charged on the account is the problem. If she had just been charged the annual £601.92 which the fos have agreed should have been the case, at £216.88 a month, she would have repaid £10,410.24 of the loan, and £2,407.68 in interest by november 2011. But her payment history shows she has repaid £11,334.20 in repayments, whilst being charged (and surely that means she's paid?) £3,657.23 in interest over the same period. With such large amounts having already been repaid, how can norton (and ge money) justify their claim that she still has £3354.20 yet to pay?

bumping for niggly xx.

amersall

Mcsewers wrote: »

I was missold pip by freedom finance.

I want to make a claim against them but I understand they are in administration. Does anyone know who I write to? Has anyone else had a successful claim against them?

Thank you.

What year was this loan taken out?,if it was pre jan 2005,you will have to find out who the insurer was and go that route,if it was post 14th jan 2005 ring the FSCS and see if you are eligible to make a claim.

http://www.fscs.org.uk/contact-us/

amersall

Kuffs1978 wrote: »

amersall wrote: »

Just had a thought; since my sis was paying PPI from October 2007 upto (and including) April 2011, that meant she made 43 payments, not 33. So when the £340 interest on the PPI is divided by 43 it's even less than the £10 I calculated before. Either way, I reckon she has paid far more than she should have in interest and considering the conduct of Norton Finance so far it's obvious they have no scruples but every intention to make this as difficult as possible for us.

bumping for niggly xx.

amersall

iancrotty wrote: »

Hi again didnt know Egg had been taken over by barclaycard so phoned up and they said they cant find details of my Egg card only an old barclaycard used to have. They have told me to write to barclaycard head office to request the details is there anything I should include in the letter or is it just a case of please could you send me the account number for my egg card and also my old barclaycard yours gratefully blah blah blah. I cant send the questionairre out without my account number can I ?.

You need to phone Egg,they should have your info,do you have the card number?,then that is what you use.

amersall

dilus wrote: »

Sent in complaint 22 Dec 11 received acknowledgement today 9 Jan 12 saying I will get a response within 28 days. Here's hoping for the right result

Fingers and everything else crossed x.

jeannie1505

lilykim wrote: »

Sorry if this has been asked before, but don't have time to read the whole thread. Does anyone know how long it is before you get the money once a decision has been made? I am waiting for Barclaycard to pay me.

Thanks

I waited a week and money was paid into bank on the 23rd Dec claim went in on 21st october

SCOLE

Thanks 'cappo' for the link to the form however my loan is ongoing with 'Tesco' with one year left remaining. I have all the paperwork and cant see any wording which relates to PPI or any other insurance terminology. Im not even sure it affects me but would like to know, would a simple call to them be easier and are they going to be straight with me anyway?

cappo

SCOLE wrote: »

Thanks 'cappo' for the link to the form however my loan is ongoing with 'Tesco' with one year left remaining. I have all the paperwork and cant see any wording which relates to PPI or any other insurance terminology. Im not even sure it affects me but would like to know, would a simple call to them be easier and are they going to be straight with me anyway?

Hi scole that is the question the banks i'm afraid will lie if they feel a fob off will get them out of paying a claim but you could ask the question, although the payments should show on your statements.

amersall

SCOLE wrote: »

Thanks 'cappo' for the link to the form however my loan is ongoing with 'Tesco' with one year left remaining. I have all the paperwork and cant see any wording which relates to PPI or any other insurance terminology. Im not even sure it affects me but would like to know, would a simple call to them be easier and are they going to be straight with me anyway?

On the agreement it will show ppi,does the loan and interest tally over the term?if it does,you have no ppi.

Blondie40

Has anyone had any success with little woods reclaiming ppi ?
Sorry I'm new to this forum, but have had successes with other mainstream banks with ppi, am just trying to help others and spread the word x thanks