PPI Reclaiming Discussion part 4

amersall

Breezybree wrote: »

Hi there

I sent off the first letter to my bank (Halifax) a few weeks ago and received a reply today but I’m rubbish when it comes to figures (that’s why I had PPI in the first place) and need help with working out if it is a fair deal.

My loan is -£2000
I made my first payment of £67.49 on 12th Dec 2007
Last payment to date of £67.49 on 12th March 2009

Making a total of 16 payments equaling £1079.84

So the without PPI should the balance be -£920.16 ?
(Or do you still have to pay something for it)

However the balance on my online bank account says -£1,763.98 ??

My letter that I have received though says;

This has been calculated as follows:

Refund of premium paid to date = £87.49
Refund of interest at 16.4% paid to date = £73.56
Interest at 8% = £9.13
Refund of last 3 months interest = £70.95
Total = £241.13

In addition we need to arrange a new loan without PPI for you and this will be set up with a balance of £1500.00 We have calculated the balance on your new loan by taking the outstanding balance on your current loan account and reduced this by the amount of your original PPI premium, less the additional premiums that are being refunded.

Is this fair or unfair?
What are my next steps?

Do I accept that and report this as a success
Or demand more?

Kind regards
Breezybree

hi there what were your ppi payments alone? as this is what you get back plus interest also how many years was this over?

amersall

Breezybree wrote: »

Hi there

I sent off the first letter to my bank (Halifax) a few weeks ago and received a reply today but I’m rubbish when it comes to figures (that’s why I had PPI in the first place) and need help with working out if it is a fair deal.

My loan is -£2000
I made my first payment of £67.49 on 12th Dec 2007
Last payment to date of £67.49 on 12th March 2009

Making a total of 16 payments equaling £1079.84

So the without PPI should the balance be -£920.16 ?
(Or do you still have to pay something for it)

However the balance on my online bank account says -£1,763.98 ??

My letter that I have received though says;

This has been calculated as follows:

Refund of premium paid to date = £87.49
Refund of interest at 16.4% paid to date = £73.56
Interest at 8% = £9.13
Refund of last 3 months interest = £70.95
Total = £241.13

In addition we need to arrange a new loan without PPI for you and this will be set up with a balance of £1500.00 We have calculated the balance on your new loan by taking the outstanding balance on your current loan account and reduced this by the amount of your original PPI premium, less the additional premiums that are being refunded.

Is this fair or unfair?
What are my next steps?

Do I accept that and report this as a success
Or demand more?

Kind regards
Breezybree

turbo is the MAIN MAN :Aand a whiz with figures, at the moment di says he is unavailable but he will know these figures better than most if you can just be patient, he will put you right

Breezybree

amersall wrote: »

hi there what were your ppi payments alone? as this is what you get back plus interest also how many years was this over?

Hi there,

Not sure I’m looking at my agreement and it says;

Amount of credit (the cash loan) £2000
Amount of Credit (the insurance loan) £350.54
Total amount of credit (the total loan) £2350.54
Duration of the agreement 50 Months
Total amount you pay for the cash loan £2756.64
Total amount you pay for the insurance loan £482.88
Total amount you pay for the total loan £3239.52
APR £16.4%

amersall

Breezybree wrote: »

Hi there,

Not sure I’m looking at my agreement and it says;

Amount of credit (the cash loan) £2000
Amount of Credit (the insurance loan) £350.54
Total amount of credit (the total loan) £2350.54
Duration of the agreement 50 Months
Total amount you pay for the cash loan £2756.64
Total amount you pay for the insurance loan £482.88
Total amount you pay for the total loan £3239.52
APR £16.4%

hi there i think that sounds about right you do not get the payments back you have paid to your loan only the ppi payments. the remaining ppi thats left over the loan term comes off your loan as you have not paid them yet, it seems to me they have given you plus interest the ppi payments you have made to date, and redone the loan over the remaining months, that is the way i am looking at this, i could be wrong and i am sure someone will put me right.your monthly payment was 67.49 that was an amount for ppi plus the loan payment , you will get some more help i am sure,

di3004

Breezybree wrote: »

Hi there,

Not sure I’m looking at my agreement and it says;

Amount of credit (the cash loan) £2000
Amount of Credit (the insurance loan) £350.54
Total amount of credit (the total loan) £2350.54
Duration of the agreement 50 Months
Total amount you pay for the cash loan £2756.64
Total amount you pay for the insurance loan £482.88
Total amount you pay for the total loan £3239.52
APR £16.4%

Hi hun

Sorry I did not realise you left a post here already, so please ignore my post on your other thread about posting it on here.

Hopefully Turbo will be back soon to take a look.;)

Here is a "sticky" link here posted by Maxdp and Calculating refunds, hope this helps:
http://forums.moneysavingexpert.com/showthread.html?t=1596473

Good luck.

Di
X

jessie15

Hi, I have put in a claim with my bank regarding the miss selling of the PPi. I have recieved a lengthy letter from them today saying that they have reviewed the claim, basically saying that I signed the agreement and application forms, they say that I was sent the loan protector certificate (which I can not ever remember seeing) They have checked the member of staffs RECOLLECTIONS who says that they would have followed the banks process blah blah blah.... That the poilicy was sold on a "non advice basis" The upshot of it all is that they are turning down my claim BUT as a gensture of goodwill offer me £750 without any admission of liability!!!

Now what do you think? The full insurance premium was £1263 so £750 aint bad, but just wanted to know your thoughts. Many thanks for taking the time to read this. x

Also I still owe on the loan account would they simply pay the £750 towards that account or as it was an front loaded premium would they have to repay direct to me?

Sorry for repeating myself but wasnt sure which was the best place to put it so did both.

di3004

jessie15 wrote: »

Hi, I have put in a claim with my bank regarding the miss selling of the PPi. I have recieved a lengthy letter from them today saying that they have reviewed the claim, basically saying that I signed the agreement and application forms, they say that I was sent the loan protector certificate (which I can not ever remember seeing) They have checked the member of staffs RECOLLECTIONS who says that they would have followed the banks process blah blah blah.... That the poilicy was sold on a "non advice basis" The upshot of it all is that they are turning down my claim BUT as a gensture of goodwill offer me £750 without any admission of liability!!!

Now what do you think? The full insurance premium was £1263 so £750 aint bad, but just wanted to know your thoughts. Many thanks for taking the time to read this. x

Also I still owe on the loan account would they simply pay the £750 towards that account or as it was an front loaded premium would they have to repay direct to me?

Hi there hun

Its a great start so well done there.:T :T

But I know many would day push for all of it, this seems to the usual in regards of your response and you being offered the standard offer.

But the more views and opinions here the better.

If this was final and your not completely satisfied, you should have the opportunity to take this to the FOS anyway, but it may take quite a while due to the amount of these complaints.

See what others say as well hun but well done anyway.:beer:

If your not in any arrears or missed any payments, you should have the choice of having this paid directly to you. X

Di
X

di3004

In regards of my above post £750 ppi refunds, there is also a story in the media here:

http://www.thisismoney.co.uk/news/article.html?in_article_id=480293&in_page_id=2

EllBee

di3004 wrote: »

Hiya hunni, how are you?:A
Apart from feeling frustrated of course.......and blimey they are taking time with this one......:eek: .
As its been a few weeks since the call, contact them yourself hun and if struggling financially make them aware that you need this resolved as soon as possible, and tell them its getting you down which does not help health at all.
It may help and they may have some news for you, but it would be nice to know, I can understand that.

I was frustrated enough waiting for mine which had taken approx 14 months, but it seems like these complaints are taking longer again to deal with, obviously due to the amount of these complaints the FOS are dealing with also.
It could be the fact that loans.co.uk are held back because of so many complaints, but if the FOS kept you informed maybe a little more regular at least that would be something.

When we did not hear for a while, we made a point of getting in touch now and again, where they did have news for us but they did not always get round to keeping us updated.

Hope you and your lovely family are well hun.:A
Good luck and hope you hear some very good news very soon.

Di
X

Hi Di,

Received a letter today from the FOS. 'Thank you for your correspondence received safely on 31 March 2009'. Thats it!!!!! Arggghh!!! I followed this up with an email to the casework support team, as oppose to the adjudicator who is just not answering emails or returning calls, so I will now await contact from them. And wait, and wait, and wait......................... Its this lack of contact now that's really getting to me. :eek:

Anyway, apart from that the family are fine. Hannah (the baby) finally went home on Wednesday. She's 9 weeks old today and weighs a massive 4 lbs 5 oz!!!! She's gorgeous. At least somethings going well!!! :A

Hope you're okay and thanks for your support and encouraging messages!!

pinknico

Di where are you? LOL!