PPI Reclaiming Discussion part 4

woodymeg

Cheshire_cat wrote: »

Hi

I took out a loan through easymoney in 2004 and PPI of £5000 was added to the loan through a company called Cardiff Pinnacle. The loan was repaid in full last year as I remortgaged. I wrote to Cardiff Pinnacle last year to claim back my missold PPI but was told it hadn't been missold and that was the end of the matter so I didn't take it any further. Is it too late now to try to cary the clam on?

Hi i too have insurance with cardiff pinacle, just come off phone from them and if you are claiming you were missold you should go to company who intially sold you the loan and ppi, as she said to me they are just instructed to deal with any claims if we had any. Hope this helps;)

amersall

Jman316 wrote: »

this is brilliant! do you know what the interest will be on the remainder of the 60 months i.e £1360.28 plus 8% interest.?

Also the date after 29 payments would be Nov 2003.

As a side note the bank offered me £5067 as a final agreement! so your total will help me in how much they underpaying me!!

the 5067 the bank offered you, was that because they have rescheduled your loan to not include the ppi? you need a full breakdown of how they have worked this out and what does your new loan agreement say? the fos request that the loan be put back in the position it would have been without the ppi, at the same terms and interest ,you get back ppi payments made to date with 8% interest and remaining ppi is taken off your loan as you have not paid this yet

amersall

Jman316 wrote: »

this is brilliant! do you know what the interest will be on the remainder of the 60 months i.e £1360.28 plus 8% interest.?

Also the date after 29 payments would be Nov 2003.

As a side note the bank offered me £5067 as a final agreement! so your total will help me in how much they underpaying me!!

just looked and the bank are offering you more than what the bank charges calc said-- these calcs with interest come to 4.472.75 so you are up by 595, this may be the other interest on the remaining ppi? but i would ask for a breakdown then you know that it is right

Jman316

amersall wrote: »

the 5067 the bank offered you, was that because they have rescheduled your loan to not include the ppi? you need a full breakdown of how they have worked this out and what does your new loan agreement say? the fos request that the loan be put back in the position it would have been without the ppi, at the same terms and interest ,you get back ppi payments made to date with 8% interest and remaining ppi is taken off your loan as you have not paid this yet

according to their accompanying paperwork the 5067 is WITH the remaining PPI!!

Jman316

amersall wrote: »

just looked and the bank are offering you more than what the bank charges calc said-- these calcs with interest come to 4.472.75 so you are up by 595, this may be the other interest on the remaining ppi? but i would ask for a breakdown then you know that it is right

cool.

Well i have sent them a letter saying its wrong and i have worked the more (and hence correct ) sum lol lets see what they say!!!

amersall

Jman316 wrote: »

according to their accompanying paperwork the 5067 is WITH the remaining PPI!!

i would say that is about right as you are 595 up by the banks 8% calc on here, so that does seem right

Jman316

amersall wrote: »

i would say that is about right as you are 595 up by the banks 8% calc on here, so that does seem right

good. thank you muchly!

amersall

Jman316 wrote: »

good. thank you muchly!

glad i could help 5grands not to be sniffed at enjoy spending!!!

Jman316

amersall wrote: »

glad i could help 5grands not to be sniffed at enjoy spending!!!

Well just bought a house so this money is most apperciated!!!

Thank you again for all your help!

maxdp

janey17 wrote: »

Hi thanks as Di3004 mentioned I would be very grateful for any advice that you can give regarding these calculations? I feel as if we may have paid for the single ppi added on in loan 2 again on to loan 3 ( that didnt have ppi) because when we refinanced the balance transfers would have been incorrect.

have received the paperwork from LTSB on my return from work. They state the following in their letter:

Loan 1 they state they rebated 1923.43 it was in actual fact £1892
'Calculation 1

I will calculate the difference between the settlement balance you have paid on the loan and what the settlement would have been had the PPI premium not been added to your loan. The difference between these figures shows that the settlement figure should have been reduced by £392.71 We will then calculate an 8% interest payment on his sum from the day the loan was settled to the day the calculation is completed.

Calculation 2

I will then calculate the amount you have paid up to the date of cancellation and refund this back to you. This is worked out by calculating how much you paid in respect of the insurance loan and then multiplying this figure by how many months the insurance was active for, which is calculated to be £348.99.

I will then add simple interest at 8% per annum to each monthly payment from the date you paid each amount, to the date you settled the loan.

A further 8% simple interest will be calculated on this total amount from the date of early settlement of the loan to the present date.'

Total offer £1082.11

This first loan was therefore incorrectly refinanced into loan 2

Their calculations for loan 2 are as follows:
'Calculation 1

I will calculate the difference between the settlement balance you have paid on the loan and what the settlement would have been had the PPI premium not been added to your loan. The difference between these figures shows that the settlement figure should have been reduced by £1036.25. We will then calculate an 8% interest payment on his sum from the day the loan was settled to the day the calculation is completed.

Calculation 2

I will then calculate the amount you have paid up to the date of cancellation and refund this back to you. This is worked out by calculating how much you paid in respect of the insurance loan and then multiplying this figure by how many months the insurance was active for, which is calculated to be £1464,72.

I will then add simple interest at 8% per annum to each monthly payment from the date you paid each amount, to the date you settled the loan.

A further 8% simple interest will be calculated on this total amount from the date of early settlement of the loan to the present date.'



Total offer is £3293.66

As I mentioned yesterday I have disputed the figures with LTSB. I even had a call on moblie to ask if I had received these calculations today. The figures today dont seem to offer any consideration for the fact that both loan 2 and 3 have been refinaced incorrectly- I am probably been short changed by quite a bit more than I said yesterday?


Doing some calculations myself with spreadsheets available I get the following:
OK, for Loan 1 LTSB intially quoted me £1982.11 last tues, then on Fri £1082.11 though nothing in writing as yet. I imputed the data and the raw figure before stat interest was

No. of Years5
Actual Costs (So far)Monthly Payment £ 321.11
Monthly PPI Int. £ 25.06 (B )
No. of Months Paid to Date6
PPI Interest Paid to date £ 150.38
Settlement (If applicable)Settlement Figure £ 11,759.96
PPI Kept by Lender £ 827.90
Settlement PPI Rebate £ 1,826.60
Actual Settlement £ 13,586.56
What should be refunded* £ 2,654.50

Then with interest £4295.77

Loan 2 was just about right what LLoyds quoted me £3296.66 with stat interest £5096.33
Please could anyone let me know if these look about right as I want to put these in writing and ask for immediate payment otherwise I will take legal action as its going on too long now and getting so much conflicting info from LTSB.

Hi There.

The refund they are now compensating you for on the first loan would have affected the figures on the second loan when you refinanced it so if they had refunded the whole lot at the time then the amount you would have had to borrow for the second loan would have been smaller. Evertime you refinance and have PPI added it affects the next loan. What the FOS say is that they should take you back to a position as if you have never had PPI. What in fact these companies are doing is that they are not taking into consideration that these are successive loans and not stand alone.

If you are unsure then ask them if they have settled on a successive loan calculation and not a stand alone loan basis.. I understand that the big banks now have software in place that can work this out. Good Luck;)