PPI Reclaiming Discussion part 4

tiggrae

Jman316 wrote: »

Here are the details of my ppi's

ppi 1 £988.20 + £1664.60
Start date 26th june 01
60 monthly payments: 29 payments made then loan consolidated

ppi 2 £ 1394.40
start date: 04 december 03
48 monthly payments: 46 payments made. I dont know why they think i finished it earlier. i didnt

so heres what they offered
ppi1: £3229.83
ppi2 £ 1831.84

So like i previously asked, finishing a loan early and consolidating one still pays off the rest of the loan and ppi agreed. This is then added to a new loan when taken.

As a side note the bank has offered me £5067 settlement!

Hope this makes sense!!!

consolidated loans are always difficult to work out - I always assume that they look at what was remaining on the 1st loan (inlcuding the PPI) and they add it to loan 2 - so what you need to do to work out the 8% interest is feed 29 monthly payments into the calculator then on the date of the loan consolidation put in the remaining 31 months as one lump sum - that should work you out the interest on loan 1 - then do the same for loan 2 - put in all 48 of the monthly premiums paid until the end of the loan

Jman316

tiggrae wrote: »

consolidated loans are always difficult to work out - I always assume that they look at what was remaining on the 1st loan (inlcuding the PPI) and they add it to loan 2 - so what you need to do to work out the 8% interest is feed 29 monthly payments into the calculator then on the date of the loan consolidation put in the remaining 31 months as one lump sum - that should work you out the interest on loan 1 - then do the same for loan 2 - put in all 48 of the monthly premiums paid until the end of the loan

Right! but they have added an early repayment refund which i am naturally assuming is for finishing the loan early. so my thinking is they refund the ppi for the entire period and not just the period paid!

tiggrae

Jman316 wrote: »

Right! but they have added an early repayment refund which i am naturally assuming is for finishing the loan early. so my thinking is they refund the ppi for the entire period and not just the period paid!

it maybe when you consolidated the loan they gave you a small rebate on the PPI - that's why these are very difficult to work out - do you have any of the documentation from the time you consolidated as that should show you how much was rebated (if anything) against the PPI element of the loan

Jman316

tiggrae wrote: »

it maybe when you consolidated the loan they gave you a small rebate on the PPI - that's why these are very difficult to work out - do you have any of the documentation from the time you consolidated as that should show you how much was rebated (if anything) against the PPI element of the loan

yes i do!!!

according to the documents they provided:

48 month ppi: 46 paid = rebate £58.32
60 month ppi: 29 paid = rebate £835.31

They have added these figures to the amount i have paid. This naturally leads me to believe they have accounted for the full period of the ppi's and not just the time period paid.

hth

tiggrae

Jman316 wrote: »

yes i do!!!

according to the documents they provided:

48 month ppi: 46 paid = rebate £58.32
60 month ppi: 29 paid = rebate £835.31

They have added these figures to the amount i have paid. This naturally leads me to believe they have accounted for the full period of the ppi's and not just the time period paid.

hth

which is correct - I suspect although it 's called a rebate they actually added the £835.31 onto your 2nd loan - in otherwords you paid for the full amount of the PPI even though for that loan you only had it for 29 months and not the full 60 - they would have calculated it under something called Rule 78

Jman316

tiggrae wrote: »

which is correct - I suspect although it 's called a rebate they actually added the £835.31 onto your 2nd loan - in otherwords you paid for the full amount of the PPI even though for that loan you only had it for 29 months and not the full 60 - they would have calculated it under something called Rule 78

Brilliant. You have cleared it for me!


Now i have to say i couldnt find the 8% setting on the calculator where i have to set it to 8% so i assumed it automatically does it. I put in the ppi values and start dates and it added the interest at 8%.

tiggrae

Jman316 wrote: »

Brilliant. You have cleared it for me!


Now i have to say i couldnt find the 8% setting on the calculator where i have to set it to 8% so i assumed it automatically does it. I put in the ppi values and start dates and it added the interest at 8%.

bit more complicated then that because you have to work out the number of days since the premium was paid - if you look at the right hand side of this forum you'll see what's called FREE TOOLS - the 6th item down is the bank charges calcuator - it's just above FUN TOOLS AND THIS SITE

Jman316

Thiis is the letter i am sending:

Further for your recent correspondence which I received 20th October 2009 I have sent a letter of reply which states some discrepancies in the figures. I have analyzed my own figures and appeared to have a vital mistake during these calculations.
Please receive correct figures for the PPI paid plus taking into account 8% interest.

Charge Value


Date


Interest


Total

£1394.4


04/12/2003


£656.91


£2051.31

£988.2


26/06/2001


£658.54


£1646.74

£1664.6


26/06/2001


£1109.29


£2773.89


Total


£4047.2

£2424.74


£6471.94

Again you can see there is clear difference between figures you have provided and the ones I have calculated. I understand that your estimated totals are to an approximate degree but as you can see the difference in between the two figures is startling.

Furthermore, I also hope to be reimbursed for this inconvenience.
yours faithfully...


What are your thoughts on this letter? Am i right to claim reimburesment for the inconveniance? I read somewhere that i can do this. To the tune of £200.

Also after their initial offer of just £5067, will all of this just put them off?

tiggrae

Jman316 wrote: »

Thiis is the letter i am sending:

Further for your recent correspondence which I received 20th October 2009 I have sent a letter of reply which states some discrepancies in the figures. I have analyzed my own figures and appeared to have a vital mistake during these calculations.
Please receive correct figures for the PPI paid plus taking into account 8% interest.

Charge Value

Date

Interest

Total

£1394.4

04/12/2003

£656.91

£2051.31

£988.2

26/06/2001

£658.54

£1646.74

£1664.6

26/06/2001

£1109.29

£2773.89

Total

£4047.2

£2424.74

£6471.94

Again you can see there is clear difference between figures you have provided and the ones I have calculated. I understand that your estimated totals are to an approximate degree but as you can see the difference in between the two figures is startling.

Furthermore, I also hope to be reimbursed for this inconvenience.
yours faithfully...


What are your thoughts on this letter? Am i right to claim reimburesment for the inconveniance? I read somewhere that i can do this. To the tune of £200.

Also after their initial offer of just £5067, will all of this just put them off?

I don't think you've worked at the 8% correctly - it's worked out on a daily rate basis - ie you have to use the calculator - look at the right had side of this site - above the stamps which say ' CONSUMER REVENGE - free from adds - at something called FREE TOOLS - the bank charges calculator is the 6th item down

tiggrae

tiggrae wrote: »

I don't think you've worked at the 8% correctly - it's worked out on a daily rate basis - ie you have to use the calculator - look at the right had side of this site - above the stamps which say ' CONSUMER REVENGE - free from adds - at something called FREE TOOLS - the bank charges calculator is the 6th item down

the distress and inconvenience is being awarded by the Financial Ombudsman Service where the claim is initially turned down but the FOS upholds it