PPI Reclaiming Discussion part 4

gemsln

Hi, thanks for response. They did not say it was final. they said that if I have any further information for them to consider then to send it to them. I have drafted a letter from the template. Wasn't sure whether to add about the form that I have never seen before - on closer inspection the final point to confirm is written as in the person (me) completing the form, surely this fraudulent?

barloo69

Portofino wrote: »

Can anyone pls help me with working out my numbers?

Details as follows:

Amount of credit - £7000
Interest on Cash Advance - 1955.24
PPI - 1775.90
Interest on PPI - 495.46
Total payable - 11,226

The loan was originally for 84 mths but I paid it off early after @ 9mths.

I just want to make sure I know what to ask for and am hopeless with numbers.

Many thanks!

Right. So the total cost of loan was £8955.24 and total cost of PPI was £2271.36. Therefore your PPI monthly payment was 25.36 % of your monthly loan repayment.

£8955.25 divided by 84 months = £133.64 pm.
Therefore 25.36% of this = £33.89 was in fact for PPI.

£33.89 x 84 monthly payments = £2846.76 plus 8% interest = £3074.50 to refund all PPI premiums and to put you back in a position had you not had PPI in the first place.

Think this is right, I sure one of the calculators (maxdp) out there will correct any of my maths if I am. .....ta. :beer:

busbyh

Hi Barloo

Can you help on this one

Loan amount £35000

PPI £8732 - over 300 months (paid back after 30 months)

interest rate 0.584pm - 7.2%pa

monthly payment approx £350


I have made some calculations, but not really sure

Thanks
busbyh
x

no rebate on ppi as I cancelled it before it was paid off

Settlement letter-OCT 08

Pay by 15/11/08 without paying early settlemnt interest £41780.46

Current Balance £41346.76
Early settlement interest 1860.38
Accrued interest 433.70
Redemption fee 175.00
Less insurance rebate 0.00
Settlement Balance 43815.84

The actual setlemet figure we paid was £41772.55, this was them deducting the early settlement interest.

Grateful for anybody's help out there

xx

jaffajader

Hi there!

Wondered if you could help ... i took out an unsecured loan in June 08 of £7000 to pay off credit cards from uni etc, paying back £200/month for 60 months. it was only in June this year when i got my statement through that i realised i hadn't paid off the £2400 i thought i was paying per year, due to the addition of PPI of £1800!!!

Now i'm not really up with my finance etc but i'm pretty sure i'd have said "hang on" if BoS had mentioned this to me at the time. But the thing is, i can't actually remember - i was so chuffed to be getting rid of my credit cards!

So i've sent a letter to BoS saying i was mis-sold it etc, and they've written back today saying they don't think that i was mis-sold it and they will be contacting me in due course for more information.

Is this good or bad? what do you think my next step should be?

Thanks in advance for anyone who takes time to reply

di3004

jaffajader wrote: »

Hi there!

Wondered if you could help ... i took out an unsecured loan in June 08 of £7000 to pay off credit cards from uni etc, paying back £200/month for 60 months. it was only in June this year when i got my statement through that i realised i hadn't paid off the £2400 i thought i was paying per year, due to the addition of PPI of £1800!!!

Now i'm not really up with my finance etc but i'm pretty sure i'd have said "hang on" if BoS had mentioned this to me at the time. But the thing is, i can't actually remember - i was so chuffed to be getting rid of my credit cards!

So i've sent a letter to BoS saying i was mis-sold it etc, and they've written back today saying they don't think that i was mis-sold it and they will be contacting me in due course for more information.

Is this good or bad? what do you think my next step should be?

Thanks in advance for anyone who takes time to reply

Hi there.;)

I would personally write back (keep it in writing) in case they try to fob you off, such as on the phone etc.
Tell them you still believe you were mis sold, due to your reasons given in your first letter, tell them if they do not resolve your complaint you will take it to the financial ombudsman service, good luck.;)

Turboman

Portofino wrote: »

Can anyone pls help me with working out my numbers?

Details as follows:

Amount of credit - £7000
Interest on Cash Advance - 1955.24
PPI - 1775.90
Interest on PPI - 495.46
Total payable - 11,226

The loan was originally for 84 mths but I paid it off early after @ 9mths.

I just want to make sure I know what to ask for and am hopeless with numbers.

Many thanks!

Give me:

1)--Date of first payment
2)--No of payments made before settlement by you
3)--APR % at outset
4)--Monthly payment (Loan/PPI/TOTAL) at outset
5)--Outstanding balance & Amount you paid to settle the loan+ EXACT words from your settlement letter (re the sums part)

Re Barloo 6353 post -- you can't claim back PPI payments that you have YET to actually make
-also its 11226 div by 84 not 8955 div by 84

--what I expect is
a)--PPI paid so far
b)--8 % on above
c)--Compensation around £100-£200 hopefully
d)--And no loss re the settleling early for the PPI part

Turbo

busbyh

Hi Turboman

Can you help me on this one


Loan amount £35000

PPI £8732 - over 300 months (paid back after 30 months)

interest rate 0.584pm - 7.2%APR

monthly payment approx £350


I have made some calculations, but not really sure

Thanks
busbyh
x

no rebate on ppi as I cancelled it before it was paid off

Lilly_May_2

Hello...can anyone help me with this one. I am trying to reclaim my PPI back from Barclay, last letter they said No, they didn't think they has missold me the policy, but I could send for a copy of my agreement if I so wished.....so I did....on the 5th May 2009 I recorded it of course and have hear nothing back, only a letter form the debt collector saying he was about to take me to court for non payment :rolleyes: any suggestions, is it worth taking Barclays to court or the ombudsman, and cutting out the Bank and debt collector....how many times am I suppose to write to this Bank, that can't even answer recorded letters:mad: thanks if you can help.Lilly

Blondie4_2

Hi, Di3004 and thank you for your response. I may not have worded my post clearly. I had topped up a loan just over two years ago for consolidation purposes. My bank told me that I had to have P.P.I. to get the loan. I desperately needed it at the time, so didn't query this. I am therefore well past the cooling period, with just under three years left to pay on the loan. I will obviously pay off the remainder of the loan over this time, but am about to write to the bank saying that I believe I was mis-sold this P.P.I., (in an indirect way, my bank have indicated this was the case at a recent visit). What I needed to know was can I start with the claim before trying to cancel the P.P.I. on the loan or should I tell the bank I wish to cancel the P.P.I. and then progress with the claim? Your advice is much appreciated.

Portofino_2

Originally Posted by Portofino
Can anyone pls help me with working out my numbers?

Details as follows:

Amount of credit - £7000
Interest on Cash Advance - 1955.24
PPI - 1775.90
Interest on PPI - 495.46
Total payable - 11,226

The loan was originally for 84 mths but I paid it off early after @ 9mths.

I just want to make sure I know what to ask for and am hopeless with numbers.

Many thanks!
Give me:

1)--Date of first payment
2)--No of payments made before settlement by you
3)--APR % at outset
4)--Monthly payment (Loan/PPI/TOTAL) at outset
5)--Outstanding balance & Amount you paid to settle the loan+ EXACT words from your settlement letter (re the sums part)

1. Feb 2005
2. 9
3. 7.1 %
4. £133.65
5. I paid back £7336.17 but don't have the exact words from the letter I'm afraid

Thanks!!!