PPI Reclaiming Discussion part 4

wutus

Thanks Di
If they take it all there wont be any balance to send me however did not know if its worth calling them and if anyone been successful in getting at least half paid directly back
I am well and hope you are too
thanks

di3004

wutus wrote: »

Thanks Di
If they take it all there wont be any balance to send me however did not know if its worth calling them and if anyone been successful in getting at least half paid directly back
I am well and hope you are too
thanks

Hi hun;)

So by the time the arrears are paid, your saying there will not be anything remaining then?
If not then give them a call anyway, have you come to a payment arrangement on the arrears?

I'm sure others on here do have this experience of the same thing happening to them, maybe they will also post up soon as well, but there is no harm in asking them.
Good luck X

wutus

Hi again
Yes I am in an arrangement with them, will this affect my chances of getting a lsome directly back then ( baring in mind its partly because of the extortionate ppi I was paying in the first place) back then do you think ??
I will try and call them anyhow
thanks again
thanks again

tiggrae

garyUK wrote: »

Thanks robbedofmymoney
loan 1 - 281.85 per month
loan 2 - 304.83 per month

interest approx 7% on both loans.



I don't understand this. Surely no matter what, I paid £2000 in ppi, and 410 was returned as rebates when I settled. Surely, this means I should get the difference 1590 returned (without even going in to all the interest)?

I mean loan 1 was for 8,000 plus the 1050 ppi, so total loan was 9050. I don't think it makes any difference when it was settled, the money i paid for ppi will be returned, minus the rebate, plus interest?

sorry I don't think I worded my response correctly, do the monthly premiums you actually paid work out to being the total amount of the PPI minus the rebate for each loan, because that is the way they'll calculate it - it's not always simple when a 2nd loan pays off the first, but you'de have to let me know how much you were paying each month for each loan and how long was each loans term

tiggrae

wutus wrote: »

Hi All
Today I received an offer from Barcaycard after about 8 weeks and no FOS which is a result however because I am in arrears with them they say they want to just take it off the outstanding balance, does anyone know if they may consider paying me half direct and half of the balance as my financial situation is yet again in dire straits and afterall I wouldnt owe them so much if it were not for them adding on ppi in the first place,
Any advice would be gratefully received before I accept their offer please and thanks!!!
wutus ( second ppi result, I am getting there)

I have asked the same question of the FOS and the response I got back was 'each case was looked at individually on their merits but as a general rule is that if someone is in arrears the FOS agrees that lenders can use any mis sold PPI repayment to off set against arrears

di3004

wutus wrote: »

Hi again
Yes I am in an arrangement with them, will this affect my chances of getting a lsome directly back then ( baring in mind its partly because of the extortionate ppi I was paying in the first place) back then do you think ??
I will try and call them anyhow
thanks again
thanks again

I would tell them as you have an arrangement plan you are hoping to stick to this for the time being, or until the timescale they give, for example 6 months etc.
Your right there PPI have been a big part in it as well.
Tell them that.;)

garyUK_2

tiggrae wrote: »

sorry I don't think I worded my response correctly, do the monthly premiums you actually paid work out to being the total amount of the PPI minus the rebate for each loan, because that is the way they'll calculate it - it's not always simple when a 2nd loan pays off the first, but you'de have to let me know how much you were paying each month for each loan and how long was each loans term

loan 1 - 23 months * 281.85 per month = total paid 6482.55 (total loan was 9050, ppi was 1050, 145 ppi rebate)
loan 2 - 18 months * 304.83 per month = total paid 5486.94 (total loan was 8450, ppi was 950, 265 ppi rebate)

"do the monthly premiums you actually paid work out to being the total amount of the PPI minus the rebate for each loan" - I presume the answer to that is that both loans I paid more over the term of the loan, than the value of the ppi, before the loans were settled.

tiggrae

garyUK wrote: »

loan 1 - 23 months * 281.85 per month = total paid 6482.55 (total loan was 9050, ppi was 1050, 145 ppi rebate)
loan 2 - 18 months * 304.83 per month = total paid 5486.94 (total loan was 8450, ppi was 950, 265 ppi rebate)

"do the monthly premiums you actually paid work out to being the total amount of the PPI minus the rebate for each loan" - I presume the answer to that is that both loans I paid more over the term of the loan, than the value of the ppi, before the loans were settled.

Ok with what you've given me I work out on the first loan that the PPi is approximately 10.79% of the monthly premium, which is £30.37 x 23 = £698.47 + the £145 rebate = £843.47

on the 2nd loan the ppi is 10.11% of the monthly premium = £30.82 x 18 = £554.73 + the £265 rebate is £819.73

garyUK_2

tiggrae wrote: »

Ok with what you've given me I work out on the first loan that the PPi is approximately 10.79% of the monthly premium, which is £30.37 x 23 = £698.47 + the £145 rebate = £843.47

on the 2nd loan the ppi is 10.11% of the monthly premium = £30.82 x 18 = £554.73 + the £265 rebate is £819.73

Hmmm, I don't have these documents. They would probably have been between 36 and 48 months.

garyUK_2

Hi Tiggrea,
Many thanks for sparing the time to help!
So are you saying I should expect something like £698.47 + £554.73 = £1253.20 plus all the interest?
I'm still a little confused by this because (quoting my previous post)

"Surely no matter what, I paid £2000 in ppi, and 410 was returned as rebates when I settled. Surely, this means I should get the difference 1590 returned (without even going in to all the interest)?"