PPI Reclaiming Discussion part 4

amersall

Annpan79 wrote: »

Hi,

Unfortunately I dont have scanner but i have a copy of the agreement which more or less goes like this;


Amount of advance : 47,000
Optional PPI : 9,367.10
Total Loan : 56,367.10
Monthly interest rate: .869%
APR : 10.9%

No of repayments : 300

Monthly Payment : 529.31

Then there is a paragraph at the bottom for the PPI;

Payment Protection

You have opted for ppi (which is ticked yes)

All the Ts & Cs are at the back etc

My maths is hopeless and wouldnt even know where to begin working out what the total interest paid on the PPI is or even what the monthly premium for ppi alone is i'm afraid!!!

Thanks for your advice, i think i may well be claiming the full amount!

hi there, yes you go for it, if you win you will have saved over 9,000 just on the ppi they take off then you get the ppi payments back you have made to date ( look at the amount your ppi is on its own, times that by the months you have paid, see how much better off you will be,plus 8%interest on top then your monthly payment will go down ,glad your going for it, need any help just yell!!

amersall

barloo69 wrote: »

Ive got to say, its so refreshing to receive some really good and positive advice from the people on this thread. Unlike the constant bickering that is going on on other threads !! (some not very nice people)

yes i second that, there is no need to bicker, everyones advice will be welcome to somebody and we should all work as a team, ( we had some !!!!!ing on here a while ago, think it was jealousy and aimed at one person who really did not deserve it) but it has now stopped, thank god

amersall

Anne.Jade wrote: »

Hi Di

I am well thanks, hope you are good too :-)

As mentioned here's a link to the full note about calculating compensation which I got from the FOS

http://docs.google.com/View?id=dgznc8sp_7c8fdthhj

hi ann that seems about right, but someone who is good with figures will prob come on and let you know whats what, congrats anyway and well done. i love a win with first plus!

mancunianbulldog

Hi all,I wrote with regards to reclaiming PPI on a loan with BoS that I took out in 2001.
The basic info first....The loan was for 12kPPI was 6350 added on to loan at start of agreement....then interest on top of this.Due to circumstances I entered into a debt managment plan and am still doing this with a combination of two loans and two credit cards.
The reply was as follows.......using the templates here I had received a letter from BoS stating that I would be reimbursed the PPI to a state where I would be in if I hadn't got the PPI. However their policy is to offset this IF there are arrears on the account.
Now the loan should of finished last year but due to paying an agreed lower amount that has changed. They are saying the account is in arrears even though I have never missed the smaller payment, and a letter received yesterday basically said that the refund of PPI would be 3111 with interest at 9.9 of 1224. Added to this is the 8% interest of 1726 giving a total of 6063.....They have turned round and said that this amount has been used to pay some of the arrears leaving a balance of 2554 that I still owe them!!!
A stament received a few months ago stated that of the original 25500 loan I had payed 12500 back. I have got off the phone this morning to the BoS and they didnt see my point of the arguement stating that I was reclaiming the PPI and interest that was applied to my account at the start of the loan, which actually worked out to 8852 without the 8% statutory interest. The calculation of the account had the PPI not been added at the start would of been 12000 + 4724 int, total of 16724. In my head I'm thinking I have paid back 12500 to date, so you would think that deducting this figure from the new amount would leave 4224? Nope, not according to them. They have worked out that they owe me 3111 in PPI already paid, as stated above. The total applied to the balance of 8617, which is the new calculated amount outstanding!! Confused? I am.
I tried argueing that I am reclaiming the PPI that was added at the beginning not what I have repaid them so far.....What does this mean, well I receive nothing, but was told I can complain to the FOS, which I intend to do. The result that I see is that I have paid just 6k over the last 8 years and not the 12k that was what I really paid. The annoying thing is that he said it was their policy etc, but I am no better off apart from a reduction in what is left to pay off. Now i have been made redundant and am in Canada looking for work at the moment so I am having to ask my partner bak home to speak to FOS on my behalf.
My questions are:
Do I have a case?
Can I demand they recalculate this and pay me what I was reclaiming?
Are they right?
Will FOS back me or them?
Again apologies for the lack of pound signs but Canadian keyboards don't have them!If you need any information regarding this, please ask away. I am at wits end especially after the first letter stated I was receiving the PPI back. You can imagine how my emotions are going at the moment......
Thanks in anticipation
Andrew

Anne.Jade

amersall wrote: »

hi ann that seems about right, but someone who is good with figures will prob come on and let you know whats what, congrats anyway and well done. i love a win with first plus!

I think they are losing miserably - shame ain't it

amersall

Anne.Jade wrote: »

I think they are losing miserably - shame ain't it

you betcha am loving every minute of it

amersall

mancunianbulldog wrote: »

Hi all,I wrote with regards to reclaiming PPI on a loan with BoS that I took out in 2001.
The basic info first....The loan was for 12kPPI was 6350 added on to loan at start of agreement....then interest on top of this.Due to circumstances I entered into a debt managment plan and am still doing this with a combination of two loans and two credit cards.
The reply was as follows.......using the templates here I had received a letter from BoS stating that I would be reimbursed the PPI to a state where I would be in if I hadn't got the PPI. However their policy is to offset this IF there are arrears on the account.
Now the loan should of finished last year but due to paying an agreed lower amount that has changed. They are saying the account is in arrears even though I have never missed the smaller payment, and a letter received yesterday basically said that the refund of PPI would be 3111 with interest at 9.9 of 1224. Added to this is the 8% interest of 1726 giving a total of 6063.....They have turned round and said that this amount has been used to pay some of the arrears leaving a balance of 2554 that I still owe them!!!
A stament received a few months ago stated that of the original 25500 loan I had payed 12500 back. I have got off the phone this morning to the BoS and they didnt see my point of the arguement stating that I was reclaiming the PPI and interest that was applied to my account at the start of the loan, which actually worked out to 8852 without the 8% statutory interest. The calculation of the account had the PPI not been added at the start would of been 12000 + 4724 int, total of 16724. In my head I'm thinking I have paid back 12500 to date, so you would think that deducting this figure from the new amount would leave 4224? Nope, not according to them. They have worked out that they owe me 3111 in PPI already paid, as stated above. The total applied to the balance of 8617, which is the new calculated amount outstanding!! Confused? I am.
I tried argueing that I am reclaiming the PPI that was added at the beginning not what I have repaid them so far.....What does this mean, well I receive nothing, but was told I can complain to the FOS, which I intend to do. The result that I see is that I have paid just 6k over the last 8 years and not the 12k that was what I really paid. The annoying thing is that he said it was their policy etc, but I am no better off apart from a reduction in what is left to pay off. Now i have been made redundant and am in Canada looking for work at the moment so I am having to ask my partner bak home to speak to FOS on my behalf.
My questions are:
Do I have a case?
Can I demand they recalculate this and pay me what I was reclaiming?
Are they right?
Will FOS back me or them?
Again apologies for the lack of pound signs but Canadian keyboards don't have them!If you need any information regarding this, please ask away. I am at wits end especially after the first letter stated I was receiving the PPI back. You can imagine how my emotions are going at the moment......
Thanks in anticipation
Andrew

hi there, first of all you must be gutted ,and hope someone who is good with maths helps you out,if you are paying a smaller payment, then i would assume that you will have arrears as you still owe the remainder of the payment, they take the original ppi total off your loan then you recieve the ppi payments you made to date plus8%,( if you are in arrears they can take this out of your win as you owe this,) they have to put your loan back to the position you were in without the ppi, personally i think its wrong, am no maths genius but they have not taken all the original ppi payment off in the first instance,if you think its wrong i would go to fos tell them what all the original amounts were and what you have paid and they may be able to help you more

pinknico

Wow busy day on here today! Well done amersall, Max and Di for keeping up and helping everyone.xx

Special hello to Toffee Penny, well done on your claim.xx

pinknico

Bathgatebuyer just in case you are lurking hope you are ok.xx

NAEFAGS

rosemahairy wrote: »

Hi Elaine out of interest when was your black horse loan dated? I'm claiming PPI back from black horse for my Mum, so far i had a letter back basically saying, bugga off you weren't miss sold and we are going to hide behind the fact that at the point of sale (2003) they werent FSA regulated. If they are'nt FSA registered the Ombudsman probably can't help. argh!

I have wrote back saying that the FOS aren't the only option i will take them to court to reclaim the money. I am waiting a reply but if it's a final response of no then i will help her go to court. She has a really good case at the point of sale her employment was only about 12hours and she had recently had clinical depression....2biggies on the miss selling checklist but did they check?? Did they heck so shes been charged money for nothing like all the other victims. Keep us posted.........:rolleyes:

HI
I took the loan out in 2007 so fingers crossed will keep trying
thanks