PPI Reclaiming Discussion part 4

marshallka

tiggrae wrote: »

as for that - well there is an aspect of the Consumer Credit Act 2006 which talks about extortionate credit - if you want that looking into I would suggest you consult a solicitor or alternatively make 2 separate complaints against the lender (Welcome?) one for the ppi and the other for the extortionate credit - if you don't get anywhere you could always then take either or both complaints to the Financial Ombudsman Service - but make sure they are two separate complaints for two separate issues !!

I doubt the OFT would actually see 22 to 24% APR as extortionate. I had this debate with trading standards and the FSA and was quoted much higher APR's than what mine was as being extortionate. Its just the length of time we have these loans over that makes them seem high and them adding on the PPI and interest.

A good article here (wait for it to blur out though)
http://docs.google.com/gview?a=v&q=cache:mije4qjb7O0J:www.citizensadvice.org.uk/pdf_drob.pdf+extortionate+credit+bargain&hl=en&gl=uk

helnag

Hi Guys,

My Welcome saga is nearly at an end thanks to everybody on here for their help!

Just wondered if someone could give me a rough idea of how much I can expect to receive for my loan PPI??

My car account is pretty straight forward and I can work that out myself but my loan just completely baffles me!

Not sure what info is needed but I'll post as much here as poss and hopefully someone can help me work it out.

Many Thanks in advance...

Loan Date: 05/10/07

Ongoing over 36 months.

PPI: £1,085.29
Other insurances: £370.00
Loan: £3,000.00
APR: 46.1%
Rate of interest per annum: 44.2%

Monthly payment: £210.61

If any other info is needed please let me know!

Thanks Again...

tiggrae

marshallka wrote: »

I doubt the OFT would actually see 22 to 24% APR as extortionate. I had this debate with trading standards and the FSA and was quoted much higher APR's than what mine was as being extortionate. Its just the length of time we have these loans over that makes them seem high and them adding on the PPI and interest.

A good article here (wait for it to blur out though)
http://docs.google.com/gview?a=v&q=cache:mije4qjb7O0J:www.citizensadvice.org.uk/pdf_drob.pdf+extortionate+credit+bargain&hl=en&gl=uk

hi - you're probably right - as I said I'm no expert in this field - maybe Dan could take out another loan at less then 180 months and then you wouldn't be paying back £45k in interest

marshallka

helnag wrote: »

Hi Guys,

My Welcome saga is nearly at an end thanks to everybody on here for their help!

Just wondered if someone could give me a rough idea of how much I can expect to receive for my loan PPI??

My car account is pretty straight forward and I can work that out myself but my loan just completely baffles me!

Not sure what info is needed but I'll post as much here as poss and hopefully someone can help me work it out.

Many Thanks in advance...

Loan Date: 05/10/07

Ongoing over 36 months.

PPI: £1,085.29
Other insurances: £370.00
Loan: £3,000.00
APR: 46.1%
Rate of interest per annum: 44.2%

Monthly payment: £210.61

If any other info is needed please let me know!

Thanks Again...

PPI element is 26.56 so of the repayments you have made 26.56% goes towards the PPI being 55.94.

If your loan was actually settled then you sould get back 55.94 x 36 = £2013.84 but you have only made 23 months repayments to date so that would be 23 x 55.94 back to you (£1286.62 up to septembers payment) and then the remaining 13 months of PPI would be taken from the balance owing and a new loan drawn up reflecting this.
This is working on just the amount of PPI and not including the other £370 insurance that was added.

tiggrae

helnag wrote: »

Hi Guys,

My Welcome saga is nearly at an end thanks to everybody on here for their help!

Just wondered if someone could give me a rough idea of how much I can expect to receive for my loan PPI??

My car account is pretty straight forward and I can work that out myself but my loan just completely baffles me!

Not sure what info is needed but I'll post as much here as poss and hopefully someone can help me work it out.

Many Thanks in advance...

Loan Date: 05/10/07

Ongoing over 36 months.

PPI: £1,085.29
Other insurances: £370.00
Loan: £3,000.00
APR: 46.1%
Rate of interest per annum: 44.2%

Monthly payment: £210.61

If any other info is needed please let me know!

Thanks Again...

hi the ppi element is about 26.57% of your monthly repayment - or £56.34

you've made 23 repayments - 23 x 56.34 is £1295.82 -

so you've paid £1295.82 - you also need to work out 8% statutory interest - go to the bank charges calculator feed in 56.24 for each monthly payment made and that will work you out the 8% due.

You also need your repayments to be reduced by £56.34 for the remainder of the 13 repayments

tiggrae

tiggrae wrote: »

hi the ppi element is about 26.57% of your monthly repayment - or £56.34

you've made 23 repayments - 23 x 56.34 is £1295.82 -

so you've paid £1295.82 - you also need to work out 8% statutory interest - go to the bank charges calculator feed in 56.24 for each monthly payment made and that will work you out the 8% due.

You also need your repayments to be reduced by £56.34 for the remainder of the 13 repayments

my figures are the same of marshallk's - just a slight rounding difference and I worked on you having paid 23 repayments not 20 but the working out is exactly the same !!

marshallka

tiggrae wrote: »

my figures are the same of marshallk's - just a slight rounding difference and I worked on you having paid 23 repayments not 20 but the working out is exactly the same !!

I realised and did the 23 also.;)

tiggrae

marshallka wrote: »

I realised and did the 23 also.;)

heeee :A :T

di3004

gareth1973 wrote: »

just want to say thanks to Marshallka and Di3004 for the advice on the HFC PPI. I will keep you updated.

Your Welcome Gareth, fingers crossed for you.;)

DanDaniel

Marshalka & tiggrae its Dan again , this is where i complicate things sorry when i phoned up welcome to cancel after a few weeks they said they would give me 2371.22 back off the loan (original ppi cost £3272.51) like i said before the rebate on my statement ADDED 2371.22 to my balance and then they took it off again leaving my balance as it was before. She did say on the phone that they would adjust my interest to account for this. before this rebate thing i was paying £340.16 interest and then £ £339.87 the month after and so on, but after they did this adjustment that made no difference my interest payments went down to £295.10 then the month after £293.98. my interest on the loan agreement was 24.60% but now on my statement appears to be 22.20%. So does this mean that they are repaying me that amount over the period of the loan by reducing my interest ?? im confused ?? i will still ask for the difference between what they supposedly gave me back and what i was charged £3272.51 - £2371.22. They refused to let me pay less than £355 i was paying a month and said that this would just mean the loan would finish sooner. Any ideas ???? x