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PPI Reclaiming Discussion part 4

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Comments

  • Jman316
    Jman316 Posts: 110 Forumite
    Ok so a little search on this forum shows that 8% is standard!!!
    but apparently there is something called distress that HFC should also take into account!? the amount of £200
  • tiggrae
    tiggrae Posts: 1,771 Forumite
    Jman316 wrote: »
    I should have asked where they got the 8% from... grrr!!!!
    Hi the 8% is from the County Courts Act 1984 (becasue you've been unlawfully deprived of money, this is what a court would award !) and should be calculated on a 'daily rate basis' ie for each premium paid you take the amount x that by the .0002222 (to get 8%) then times it by the number of days since you paid the premium - if you go onto the bank charges reclaim forum there is a calcuatator on there (ie you just feed in the premium amount and the date paid and it works it all out for you) - I've had a number of companies 'trying it on' in terms of the 8% but if you work it out yourself you'll know how much they should be paying back
  • Jman316
    Jman316 Posts: 110 Forumite
    tiggrae wrote: »
    Hi the 8% is from the County Courts Act 1984 (becasue you've been unlawfully deprived of money, this is what a court would award !) and should be calculated on a 'daily rate basis' ie for each premium paid you take the amount x that by the .0002222 (to get 8%) then times it by the number of days since you paid the premium - if you go onto the bank charges reclaim forum there is a calcuatator on there (ie you just feed in the premium amount and the date paid and it works it all out for you) - I've had a number of companies 'trying it on' in terms of the 8% but if you work it out yourself you'll know how much they should be paying back

    Brilliant, could you post a link to this calculator?
    also what about inconveniancing me..so paying me £200?
  • Jman316
    Jman316 Posts: 110 Forumite
    tiggrae wrote: »
    Hi the 8% is from the County Courts Act 1984 (becasue you've been unlawfully deprived of money, this is what a court would award !) and should be calculated on a 'daily rate basis' ie for each premium paid you take the amount x that by the .0002222 (to get 8%) then times it by the number of days since you paid the premium - if you go onto the bank charges reclaim forum there is a calcuatator on there (ie you just feed in the premium amount and the date paid and it works it all out for you) - I've had a number of companies 'trying it on' in terms of the 8% but if you work it out yourself you'll know how much they should be paying back

    The premium amount is the total amount of ppi after the interest rate applied?
  • tiggrae
    tiggrae Posts: 1,771 Forumite
    Jman316 wrote: »
    The premium amount is the total amount of ppi after the interest rate applied?
    yes that's right - if you've got your figures for the loan / ppi etc and the loan term I'll try and work the monthly premium amount for you.

    for the bank charges calculator just tab up this page on this forum and you'll see a lost of FREE TOOLS on the right hand side - the link to the calculator is there
  • tiggrae
    tiggrae Posts: 1,771 Forumite
    Jman316 wrote: »
    Brilliant, could you post a link to this calculator?
    also what about inconveniancing me..so paying me £200?

    has this claim gone through the FOS - the £200 I think is for distress - ie they should have upheld your claim to begin with - you shouldn't have had to go to the FOS - it's basically a fine being levied on all firms who should have known they should have upheld your case
  • Jman316
    Jman316 Posts: 110 Forumite
    tiggrae wrote: »
    yes that's right - if you've got your figures for the loan / ppi etc and the loan term I'll try and work the monthly premium amount for you.

    for the bank charges calculator just tab up this page on this forum and you'll see a lost of FREE TOOLS on the right hand side - the link to the calculator is there

    This is how it currently stands!!!

    ppi 1 £988.20 + £1644.60
    loan 1 #=£6057

    ppi2 £1394
    loan 2= £8247
  • tiggrae
    tiggrae Posts: 1,771 Forumite
    Jman316 wrote: »
    This is how it currently stands!!!

    ppi 1 £988.20 + £1644.60
    loan 1 #=£6057

    ppi2 £1394
    loan 2= £8247
    so the ppi on the first loan was £2632.8

    what about the original loan term on each? I need that to work out the montlhly premium
  • Jman316
    Jman316 Posts: 110 Forumite
    i
    tiggrae wrote: »
    so the ppi on the first loan was £2632.8

    what about the original loan term on each? I need that to work out the montlhly premium

    Yes the ppi for loan was as you state,sorry don't have a calc to hand.

    Ppi 2632.8 time period 60 months
    Ppi 1394.40 time period 48 months.

    I do have to add that ppi£2632.8 finished early because I consolidated and bought a new loan

    Hth
  • tiggrae
    tiggrae Posts: 1,771 Forumite
    Jman316 wrote: »
    i

    Yes the ppi for loan was as you state,sorry don't have a calc to hand.

    Ppi 2632.8 time period 60 months
    Ppi 1394.40 time period 48 months.

    I do have to add that ppi£2632.8 finished early because I consolidated and bought a new loan

    Hth
    no problem - the 1st loan premiums were 42.88 - so just put in that amount and the dates into to bank charges calculated - from the start of the loan until you consolidated - then the 2nd loan is £29.05 - same again - that will work you out the 8% owed
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