PPI Reclaiming Discussion part 4

Mr_BARGAIN_2

hi just need a bit of advice i have been self employed {working 4 a company } for 26 years 20 of those years i have had loans from the NWB taking out PPI and i still have the paperwork from about 1997 with PPI added on to the loan whats the chances of getting all the ppi back ty and happy bonfire night

di3004

Mr_BARGAIN wrote: »

hi just need a bit of advice i have been self employed {working 4 a company } for 26 years 20 of those years i have had loans from the NWB taking out PPI and i still have the paperwork from about 1997 with PPI added on to the loan whats the chances of getting all the ppi back ty and happy bonfire night

Hello there.

Wow that is good you still kept hold of your paperwork, well done.:T
This should save you from requesting any info from them where they do tend to charge for this, so good one.

I would check the policy as some cover for self employment but some do not, then let us know if you can.

However, there are lots of reasons for mis selling which may also occur to you, check here for more info:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Happy Bonfire night to you as well, hope you've enjoyed it. X

cot1198

Hi all. Still no word from the FOS about my complaint about Ocean nearly 13 months now and still not got an adjudicator and four and a half months from their last letter. Not happy and fed up of waiting.

Anyway could someone please do me a calculation on what I should expect back should the FOS rule in my favour.

Loan:£36,000
PPI:£9,032.51
Broker fee:£408.57
Total loan:£45,537.67
Monthly interest rate:0.7470%
APR:9.5%
Estimated monthly repayments:240
Monthly repayment:£408.57
Date loan taken out:01/07/06
made 13 payments of £408.57 then paid the loan off 01/08/07
Settlement figure:47,537.67

Many thanks in advance.

di3004

cot1198 wrote: »

Hi all. Still no word from the FOS about my complaint about Ocean nearly 13 months now and still not got an adjudicator and four and a half months from their last letter. Not happy and fed up of waiting.

Anyway could someone please do me a calculation on what I should expect back should the FOS rule in my favour.

Loan:£36,000
PPI:£9,032.51
Broker fee:£408.57
Total loan:£45,537.67
Monthly interest rate:0.7470%
APR:9.5%
Estimated monthly repayments:240
Monthly repayment:£408.57
Date loan taken out:01/07/06
made 13 payments of £408.57 then paid the loan off 01/08/07
Settlement figure:47,537.67

Many thanks in advance.

Hi hun
Hope your well.

Blimey your still waiting?:eek:
So sorry to hear this.

I expect you keep in regular contact with the FOS then for updates.

Hopefully someone will be along soon to take a look at the figures for you, I am hopeless at that sort of thing....:o.
Wishing you luck though and hope its moved on very soon with some good news at the end of it.;)

tiggrae

Mr_BARGAIN wrote: »

hi just need a bit of advice i have been self employed {working 4 a company } for 26 years 20 of those years i have had loans from the NWB taking out PPI and i still have the paperwork from about 1997 with PPI added on to the loan whats the chances of getting all the ppi back ty and happy bonfire night

Hi as Di says alot of ppi's do cover you if you're self employed - they don't if you're not paying NI - did you ask for the ppi or were they just added on? If I were you I'd claim for those loans after 2000 then when NWB turn down your claim (they normally do !!) you can go to the Financial Ombudsman Service for the later loans but mention the earliers ones as well (the FOS will look at claims after they were established in 2000 and if the organisation in question came under their jurisidication at the time of sale (as NWB did) but have the discretion to look at earlier ones as well if they believe them to be related (ie consolidated loans)).

tiggrae

cot1198 wrote: »

Hi all. Still no word from the FOS about my complaint about Ocean nearly 13 months now and still not got an adjudicator and four and a half months from their last letter. Not happy and fed up of waiting.

Anyway could someone please do me a calculation on what I should expect back should the FOS rule in my favour.

Loan:£36,000
PPI:£9,032.51
Broker fee:£408.57
Total loan:£45,537.67
Monthly interest rate:0.7470%
APR:9.5%
Estimated monthly repayments:240
Monthly repayment:£408.57
Date loan taken out:01/07/06
made 13 payments of £408.57 then paid the loan off 01/08/07
Settlement figure:47,537.67

Many thanks in advance.

if you only received a low rebate on early redemption I'd put a claim in against the insurance underwriter - do you have the paperwork for when you paid off your loan in 2007?

marshallka

cot1198 wrote: »

Hi all. Still no word from the FOS about my complaint about Ocean nearly 13 months now and still not got an adjudicator and four and a half months from their last letter. Not happy and fed up of waiting.

Anyway could someone please do me a calculation on what I should expect back should the FOS rule in my favour.

Loan:£36,000
PPI:£9,032.51
Broker fee:£408.57
Total loan:£45,537.67
Monthly interest rate:0.7470%
APR:9.5%
Estimated monthly repayments:240
Monthly repayment:£408.57
Date loan taken out:01/07/06
made 13 payments of £408.57 then paid the loan off 01/08/07
Settlement figure:47,537.67

Many thanks in advance.

Hi cot1198, the PPI element of the repayment was about £81.92. If you made 13 repayments that would be 13 x 81.92 = £1064.96 and 8% statutory interest should be on top of each repayment from the date it was paid to todays date. They would then look at what your loan would have looked like without PPI being a loan of £36000 and repayments would have been £326.65 and then you made 13 repayments and settled. They would look what the settlement would have been without PPI and see what you actually settled and then take one from the other. This would then have 8% interest on it from the settlement date to todays date. I am sorry I cannot work out the exact amount for you.

cot1198

Hi Di
Yes very well thanks, hope you are too.

I have phoned a few time but always get the same answer "still waiting to go to an adjudicator" and "there is no time frame when this will happen"

I do know that Ocean are reviewing the case after being asked to by the FOS but that was two months ago and I don't know if all work on the case at the FOS comes to a stop while they do this, again they have said there is no time frame for this review, so it could be another six weeks or another six months, I just don't know. I think thats what's getting to me.

di3004

cot1198 wrote: »

Hi Di
Yes very well thanks, hope you are too.

I have phone a few time but always get the same answer "still waiting to go to an adjudicator" and "there is no time frame when this will happen"

I do know that Ocean are reviewing the case after being asked to by the FOS but that was two months ago and I don't know if all work on the case at the FOS comes to a stop while they do this, again they have said there is no time frame for this review, so it could be another six weeks or another six months, I just don't know. I think thats what's getting to me.

Hi hun
Not doing too bad thank you.

I am not sure what happens here then, but hope they get this sorted out very soon for you. Fingers crossed.;)

cot1198

marshallka wrote: »

Hi cot1198, the PPI element of the repayment was about £81.92. If you made 13 repayments that would be 13 x 81.92 = £1064.96 and 8% statutory interest should be on top of each repayment from the date it was paid to todays date. They would then look at what your loan would have looked like without PPI being a loan of £36000 and repayments would have been £326.65 and then you made 13 repayments and settled. They would look what the settlement would have been without PPI and see what you actually settled and then take one from the other. This would then have 8% interest on it from the settlement date to todays date. I am sorry I cannot work out the exact amount for you.

Thanks for that marshallka

It gives me some idea of how it should be anyway