PPI Reclaiming Discussion part 4

jimmin

Hi hope someone can help, my ex partner and I took out a mortgage handled through a broker and we paid quite a lot in PPI. we have since split and the property has been sold. Because of split up I was left with the problem of the debt as my ex partner went off and left me to clear up the mess. As a result I had to file for bankruptcy which I am now discharged. Question is can I make a claim and do I need his signature (which I can't get) in order to receive any monies due?

dilus

Moneyineptitude wrote: »

This post makes my head hurt!:D

LMAO :rotfl: said it was complicated.
Seriously though it's not

If you know how much PPI you were paying each month (say £60)
times it by 8% = 4.8
divide by 12 = 0.40

Once you have this 0.40 figure put it into the memory of a calculator and times it by 1 then times it by 2 then by 3 and so on up to the end of your term (in the example an 84 month loan or 7 years)
Then add up all the figures 1 to 84

amersall

Moneyineptitude wrote: »

This post makes my head hurt!:D

Mine too :D

dilus

amersall wrote: »

Mine too :D

:rotfl: Must admit it did make mine hurt when I first saw it but after you have done a couple of calculations it hurts less and it taught me how to use Excel

incesticde

dilus wrote: »

Yes you have got it correct, work out what your PPI was each month :cool:
The formula is
The 8% is simple on each payment made £60.00 x 8%/12 x 84 plus £60.00 x 8%/12 x 83 and so on.



Hope this makes sense

Perfectly.. so for a front loaded single premium of £66.27, over 54 months the total interest would be £656.07, yes?

Also, is there any interest payable on the period between the end of the loan and the current date?

Cheers for the help Dilus

:T

incesticde

Moneyineptitude wrote: »

This post makes my head hurt!:D

I can put it in java code if that helps?

:rotfl:

dilus

incesticde wrote: »

Perfectly.. so for a front loaded single premium of £66.27, over 54 months the total interest would be £656.07, yes?

Also, is there any interest payable on the period between the end of the loan and the current date?

Cheers for the help Dilus

:T

You have it bang on incesticide (according to how you round up or down) I got it to £653.40
Don't believe they pay interest after the loan has ended.
If they go beyond the calculation date before payment is made they should add interest per day but it is negligible and not worth worrying about unless they delay payment by months

dilus

incesticde wrote: »

I can put it in java code if that helps?

:rotfl:

I Googled Java Code and now my head hurts :eek:

bethg2009

cappo wrote: »

Hi Beth you might have to fos this one

Thanks
Okies so what letter do I send them then??
Will I still be able to claim even though I have no proof of the original loan, and they (HFC) have come back and said they're unable to trace us??

cappo

bethg2009 wrote: »

Thanks
Okies so what letter do I send them then??
Will I still be able to claim even though I have no proof of the original loan, and they (HFC) have come back and said they're unable to trace us??

hi Beth you just need to send a copy of the fos questionairre you would have filled out for your original complaint and send it in to the fos, if of course you have had a final response i have won many claims without the original paperwork that should'nt be too much of a problem, if you sar them you might show up on there systems but that depends on whether they give you the relevant info, i'll put the link anyway, as i've said to a couple of posters on here i was given the runaround by LTSB myself for 6 months, I fossed it in the end, sometimes you can get no sense out of the lenders.




https://forums.moneysavingexpert.com/discussion/1475553