PPI Reclaiming Discussion part 4

garyUK_2

Hi,
I was hoping someone might be able to help with some calculations. I've had 2 loans and hoping to know how much I will get if I accept the deal I've been offered.

loan 1 -
started march 2002,
£8k loan
£1050 ppi,
settled on january 2004 with a £145 rebate on the ppi.

loan 2 -
started january 2004
7.5k loan
£950 ppi,
settled on june 2005 with a £265 rebate on the ppi.

---

The offer says they will

1) calculate the difference between the settlement balance i paid on the loan and what the settlement would have been had ppi premium not been added to loan.
2) calculate 8% interest payment on this sum from the day the loan was settled to day of calculation (so today).

they will calculate the amount i have paid to the date of calculation and refund this back to me. this is worked out by calculating how much i paid each month in respect of the ppi alone and then multiplying this figure by how many months the insurance was active for.

they will then add simple interest at 8% per year to each monthly payment from the date i paid each amount, to the date the loan was settled.

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.

---

Can anyone say roughly how much I might get? The offer doesn't state how much because it would change each day because of the interest. I'm just after a rough figure?

I am right in thinking that it will be at least £1590 (plus all the interest ???)
loan 1 1050 - 145 = 905
loan 2 950 - 265 = 685
905 + 685 = 1590

Many thanks if you can help.

PS - I couldn't have done this without this sites help, so many many thanks

stumps690

di3004 wrote: »

Hi there

Well done on your success.:beer:

How strange........

That's just like being penalised and charged back for your refund.
This does not sound right to me, hopefully someone will clarify on this.

However, I would contact and/or write to them and ask for a reason for this.
It does not sound right at all.

Good luck with this, remember you have already been out of pocket, why should you more or less pay some of that money back?

Please keep us posted, cheers.;)

I have 12 days to find out the correct way to go ahead, after that i'll just have to pay it then try and reclaim the extra money later, empires fee's are huge:eek:.

di3004

laalaa41 wrote: »

Ive been waiting for over a year. The Ombudsman found for me against Egg re PPI. They advise that Egg have until the 18th January to respond. Whatever that means. I suspect they will "offer" me something which might not be remotely what I figure Im due so Ill have to start "arguing" again. However, fingers crossed they just do what they're told to do and offer me my money back. Watch this space.

Hi there
hope your well.;)

I assume the FOS mean something like a month as from the date of their letter works out the 18th Jan, you should hear something in regards of your refund, or even the payout.
If you hear nothing chase EGG up on this and ask them at what sort of timescale are you looking at, tell them you want your money now.

Will keep a check on your post, good luck.:beer: And well done.:beer:

di3004

garyUK wrote: »

Hi,
I was hoping someone might be able to help with some calculations. I've had 2 loans and hoping to know how much I will get if I accept the deal I've been offered.

loan 1 -
started march 2002,
£8k loan
£1050 ppi,
settled on january 2004 with a £145 rebate on the ppi.

loan 2 -
started january 2004
7.5k loan
£950 ppi,
settled on june 2005 with a £265 rebate on the ppi.

---

The offer says they will

1) calculate the difference between the settlement balance i paid on the loan and what the settlement would have been had ppi premium not been added to loan.
2) calculate 8% interest payment on this sum from the day the loan was settled to day of calculation (so today).

they will calculate the amount i have paid to the date of calculation and refund this back to me. this is worked out by calculating how much i paid each month in respect of the ppi alone and then multiplying this figure by how many months the insurance was active for.

they will then add simple interest at 8% per year to each monthly payment from the date i paid each amount, to the date the loan was settled.

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.

---

Can anyone say roughly how much I might get? The offer doesn't state how much because it would change each day because of the interest. I'm just after a rough figure?

I am right in thinking that it will be at least £1590 (plus all the interest ???)
loan 1 1050 - 145 = 905
loan 2 950 - 265 = 685
905 + 685 = 1590

Many thanks if you can help.

PS - I couldn't have done this without this sites help, so many many thanks

Hi Gary

I'm sure someone will be along to check these out for you soon, I'm hopeless at working with figures.........sorry.......:o, but good luck with this anyway, hopefully you won't have to wait long for some feedback on this.;)

di3004

stumps690 wrote: »

I have 12 days to find out the correct way to go ahead, after that i'll just have to pay it then try and reclaim the extra money later, empires fee's are huge:eek:.

I don't understand why they are doing this, in my opinion its just wrong.

Could you not ring them to double check on this first.

You could do with other opinions on here as well from others, hopefully someone will be along with some advice on this for you soon, good luck.;)

Kerz67

hi all, looking for a little help. purchased my 1st car in jan 2004 from arnold clark, i signed up to ppi but it was with "MMS", can i still reclaim this? i have been paying £9.98 per month until jan 2009, i never used it and even paid it for a year after i sold the car! if i can claim do i claim from them or arnold clark? thanks in advance

tiggrae

stumps690 wrote: »

Hello everyone,

I could do with a little help,

I made a claim for a PPI refund through empire claims, and won.
I recieved £1292 back from the bank, its now in my account.

They charge 25% + VAT which is fair enough their charges are clearly marked.

I got the invoice from them today and they want £551.45 which is the above figure of £1877.28 ( the original PPI amount )

When I questioned them about the amount they said we bill you for the whole amount claimed ( not paid out by yourself £1292 ).

Their terms and conditions do not mention this anywhere, are they allowed to do this?

Any help would be great,

Thankyou

make a formal complaint to them (in writing) check their website for how to complain - then if you don't get anywhere take your complaint to the Claims Management Regulation unit.

Personally I think this is bang out of order, I do claims management for a living but wouldn't think of trying to reclaim for the full amount of the PPI (ie what had been paid to date) only a percentage of the amount actually received back

robbedofmymoney

Hi,
I was hoping someone might be able to help with some calculations. I've had 2 loans and hoping to know how much I will get if I accept the deal I've been offered.

loan 1 -
started march 2002,
£8k loan
£1050 ppi,
settled on january 2004 with a £145 rebate on the ppi.

loan 2 -
started january 2004
7.5k loan
£950 ppi,
settled on june 2005 with a £265 rebate on the ppi.

---

The offer says they will

1) calculate the difference between the settlement balance i paid on the loan and what the settlement would have been had ppi premium not been added to loan.
2) calculate 8% interest payment on this sum from the day the loan was settled to day of calculation (so today).

they will calculate the amount i have paid to the date of calculation and refund this back to me. this is worked out by calculating how much i paid each month in respect of the ppi alone and then multiplying this figure by how many months the insurance was active for.

they will then add simple interest at 8% per year to each monthly payment from the date i paid each amount, to the date the loan was settled.

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.

---

Can anyone say roughly how much I might get? The offer doesn't state how much because it would change each day because of the interest. I'm just after a rough figure?

I am right in thinking that it will be at least £1590 (plus all the interest ???)
loan 1 1050 - 145 = 905
loan 2 950 - 265 = 685
905 + 685 = 1590

Many thanks if you can help.

PS - I couldn't have done this without this sites help, so many many thanks

i will igve this a go, but need to know what your total monthly payments and interest rates were for the loans,

cheers

Portofino_2

Hi

For any RBS CC claimers, I spoke to them the other day. I asked why they were refunding on loans that date back to 1995 plus but not on CCs. They say that because the loan was a one off discussion etc they will pay but because PPI shows up every month on statements there are time bar issues they believe. Load of tosh in my opinion and the FOS has stated that just because the PPI shows up the customer doesn't necessarily know the PPI is optional. One for your complaint form anyway! I did not realise PPI was optional!

tiggrae

garyUK wrote: »

Hi,
I was hoping someone might be able to help with some calculations. I've had 2 loans and hoping to know how much I will get if I accept the deal I've been offered.

loan 1 -
started march 2002,
£8k loan
£1050 ppi,
settled on january 2004 with a £145 rebate on the ppi.

loan 2 -
started january 2004
7.5k loan
£950 ppi,
settled on june 2005 with a £265 rebate on the ppi.

---

The offer says they will

1) calculate the difference between the settlement balance i paid on the loan and what the settlement would have been had ppi premium not been added to loan.
2) calculate 8% interest payment on this sum from the day the loan was settled to day of calculation (so today).

they will calculate the amount i have paid to the date of calculation and refund this back to me. this is worked out by calculating how much i paid each month in respect of the ppi alone and then multiplying this figure by how many months the insurance was active for.

they will then add simple interest at 8% per year to each monthly payment from the date i paid each amount, to the date the loan was settled.

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.

---

Can anyone say roughly how much I might get? The offer doesn't state how much because it would change each day because of the interest. I'm just after a rough figure?

I am right in thinking that it will be at least £1590 (plus all the interest ???)
loan 1 1050 - 145 = 905
loan 2 950 - 265 = 685
905 + 685 = 1590

Many thanks if you can help.

PS - I couldn't have done this without this sites help, so many many thanks

no I don't think you've calculated it correctly - you need to work out how many monthly premiums you actually paid on both loans to work out how much you actually paid minus the rebates, then you can work out the 8% against each premium paid