PPI Reclaiming Discussion part 4

amersall

tiggrae wrote: »

does your original loan agreement separate out the monthly premium payment into the loan amount and ppi (including interest) - if it does then just work out how much of ppi you've paid over the term of the loan. Also, did you request 8% statutory interest to be paid back along with the ppi amounts (8% statutory interest is the amount a court would award as you've been unlawfully deprived of money)

you put it loads better than me lol

amersall

xxkaren32 wrote: »

Yes it does, so in reality, i should take that amount (montly) and times it by the number of payments I have made to date? And as for the 8% they have not mentioned that.

As for the arrears..should that be restructurd in the new agreement or taken out of the refund?

more often than not arrears are taken back out of your win and you get the rest

tiggrae

xxkaren32 wrote: »

Yes it does, so in reality, i should take that amount (montly) and times it by the number of payments I have made to date? And as for the 8% they have not mentioned that.

As for the arrears..should that be restructurd in the new agreement or taken out of the refund?

Hi there karen,

You have to ask for the 8% - if you know how much you paid each month for the PPI element (make sure it includes the interest they have applied) then take that figure and go onto the bank charges calculator on the bank charges forum on here - feed in the montly amount and the date paid and the calculator will work out the 8% interest due on each premium paid - as for the arrears - what I think they will do is knock off any amount outstanding from what they owe you - if there is anything left over they will send you a cheque for it

tiggrae

QUOTE=amersall;25193935]you put it loads better than me lol[/QUOTE]
thanks for that !! :beer:

DanDaniel

Thanks for the quick replies. I kind of guess doing it myself is the better route, so here goes !!
Welcome charged me £3272.51 for the ppi that i didnt want. A couple of months later they refunded £2371.22 but looking at my statement the month after that there appears '£2371.22 principle credit adj' and put back on the money to my account. So i presume they didnt refund it after all. They said i had to continue paying the same amount per month but reduced my interest from 24.60% to 22.20%. so do i put a claim in for £3272.51 to be knocked off my account or because they have worked out the overall interest of £45718.71 should i claim back the £3272.51 plus the interest they have added for 180months. very complicated and im very confused Thanks Dan

tiggrae

DanDaniel wrote: »

Thanks for the quick replies. I kind of guess doing it myself is the better route, so here goes !!
Welcome charged me £3272.51 for the ppi that i didnt want. A couple of months later they refunded £2371.22 but looking at my statement the month after that there appears '£2371.22 principle credit adj' and put back on the money to my account. So i presume they didnt refund it after all. They said i had to continue paying the same amount per month but reduced my interest from 24.60% to 22.20%. so do i put a claim in for £3272.51 to be knocked off my account or because they have worked out the overall interest of £45718.71 should i claim back the £3272.51 plus the interest they have added for 180months. very complicated and im very confused Thanks Dan

how much are you paying a month for the loan / ppi - do you have your original loan agreement - does it split the monthly premium into different amounts for the loan element & ppi element - when did you take the loan out ?

marshallka

DanDaniel wrote: »

Thanks for the quick replies. I kind of guess doing it myself is the better route, so here goes !!
Welcome charged me £3272.51 for the ppi that i didnt want. A couple of months later they refunded £2371.22 but looking at my statement the month after that there appears '£2371.22 principle credit adj' and put back on the money to my account. So i presume they didnt refund it after all. They said i had to continue paying the same amount per month but reduced my interest from 24.60% to 22.20%. so do i put a claim in for £3272.51 to be knocked off my account or because they have worked out the overall interest of £45718.71 should i claim back the £3272.51 plus the interest they have added for 180months. very complicated and im very confused Thanks Dan

Dan, you do not need to put in ANY figures to make a complaint. You just complain and take it from there. There is a big Welcome thread somewhere, I will post the link in a min.

marshallka

Its here Dan.
http://forums.moneysavingexpert.com/showthread.html?t=1706085



Also take a look at the reclaiming guide here. If you do decide to do this yourself then there is a template letter on it for making your complaint. I would always say its best to do your own letter with your own reasons for misselling. You send it recorded delivery and then give the company 8 weeks for a full and final response and take it from there.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

DanDaniel

thanks all

i took the loan out for £15000 14 months ago
with ppi it took the total loan up to 18507.51
i pay £355.00 a month for 180 months in total
the interest rate is 22.20% on my statement and 24.60% on agreement ?
it does not break down the interest just says interest charge £45,483.71

thanks for your time Dan

marshallka

DanDaniel wrote: »

thanks all

i took the loan out for £15000 14 months ago
with ppi it took the total loan up to 18507.51
i pay £355.00 a month for 180 months in total
the interest rate is 22.20% on my statement and 24.60% on agreement ?
it does not break down the interest just says interest charge £45,483.71

thanks for your time Dan

Then you should have no problem taking this to the FOS if they do not uphold your complaint.

PPI element is 18.95% (is this right tiggrae) and then you take 18.95% of the repayments and that is how much is against the PPI being £67.27