PPI Reclaiming Discussion part 4

shooby1

hi everyone hope you are all well

i was hoping that you may be able to help me as regards my payout from rbs, we had a loan originally oct 2005 with ppi and then rescheduled the loan in oct 2006 with ppi as well they said they used rule of 78 when paying off the first to reschedule for the 2nd how will this affect us ? and do any of you know how we would calculate this so we dont get shortchanged when the figure is presented to us.

thanks

di3004

shooby1 wrote: »

hi everyone hope you are all well

i was hoping that you may be able to help me as regards my payout from rbs, we had a loan originally oct 2005 with ppi and then rescheduled the loan in oct 2006 with ppi as well they said they used rule of 78 when paying off the first to reschedule for the 2nd how will this affect us ? and do any of you know how we would calculate this so we dont get shortchanged when the figure is presented to us.

thanks

Hi Shooby
Hope your well.;)

I'm sure Tiggrae will be able to explain on how this would be calculated when also taking out another loan to pay off the other etc.
Good luck with these though.:D;) XX

shooby1

di3004 wrote: »

Hi Shooby
Hope your well.;)

I'm sure Tiggrae will be able to explain on how this would be calculated when also taking out another loan to pay off the other etc.
Good luck with these though.:D;) XX

thank you it seems all so confusing

tiggrae

garyUK wrote: »

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

it's Ok see above, I worked it out without them

Portofino_2

Hi

Just received a rejection from Santander re a store card. Application was filled out in store and my name is signed against the PPI box. However I was told this would make the application successful and was not informed it was optional. Santander are saying it is their policy to advise it's optional, that I could have cancelled etc. They say I can complain to FLA. Any thoughts?

Thanks.

tiggrae

garyUK wrote: »

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)?"

It's always very hard to work out a ppi when a loan has been redeemed early (and you've 2 !!), if those are the figures they come back with then you then have to question what's happened to the difference between the original ppi loan amounts, what you paid in premiums and were rebated - it does get very confusing, if they do come back with those figures then I think you'll have a case for claiming an unfair rebate on early redemption - hopefully you'll be lucky and they'll work it out correctly

dirtdiver

tiggrae may i pick your brain please northern rock single premium ppi £16,412.40 on a £25,000 loan paid £136.77 ppi a mth settled early ppi rebate was £7301.55
sent them template letter they have replyed and are refunding me
£6,525.34 premium and interest
£1,794.89 8% calculated from the date i made each payment

they say the refund of premiums and interest is not equal to the 25 payments i made as they apportion more of the premium in the early part of the policy
do you know if this is correct or are they trying to hold back a little if they can
if this is the normal policy then thats fine but when people post on here they say ppi premiums in full
appreciate any light you can throw on this

tiggrae

shooby1 wrote: »

hi everyone hope you are all well

i was hoping that you may be able to help me as regards my payout from rbs, we had a loan originally oct 2005 with ppi and then rescheduled the loan in oct 2006 with ppi as well they said they used rule of 78 when paying off the first to reschedule for the 2nd how will this affect us ? and do any of you know how we would calculate this so we dont get shortchanged when the figure is presented to us.

thanks

Please see my posts to garyUK as your situation is similar

basically rule 78 calculations are otherwise known as a licene to print money and have been banned now. If they were used to calculate your rebate then it can be classed as an unfair contract term - yours should be simpler to work out as it's a single loan rebated early, in the case of gary's his is significantly complicated by the fact loan 2 was used to pay off 1 and he also rebated early on the 2nd loan

tiggrae

dirtdiver wrote: »

tiggrae may i pick your brain please northern rock single premium ppi £16,412.40 on a £25,000 loan paid £136.77 ppi a mth settled early ppi rebate was £7301.55
sent them template letter they have replyed and are refunding me
£6,525.34 premium and interest
£1,794.89 8% calculated from the date i made each payment

they say the refund of premiums and interest is not equal to the 25 payments i made as they apportion more of the premium in the early part of the policy
do you know if this is correct or are they trying to hold back a little if they can
if this is the normal policy then thats fine but when people post on here they say ppi premiums in full
appreciate any light you can throw on this

what they are saying is that the risk is early in the insurance and therefore, you receive back a disproportionare rebate figure. This will have been written into your contract terms - basically it's unfair - go back to them and tell them that the Financial Services Authority believes these types of calculations to be unfair - if you have trouble then get back to me as I specialise in reclaiming against unfair contract terms

di3004

Portofino wrote: »

Hi

Just received a rejection from Santander re a store card. Application was filled out in store and my name is signed against the PPI box. However I was told this would make the application successful and was not informed it was optional. Santander are saying it is their policy to advise it's optional, that I could have cancelled etc. They say I can complain to FLA. Any thoughts?

Thanks.

Hi hun

sorry about this.

I would still contact the FLA to ask if they can help, then if they don't, contact the FOS and ask if they can consider taking a look for you, but otherwise, go through the insurer instead as another option.
You write to the insurer the way you did with Santander, if your turned down again its likely the FOS will be able to investigate against the insurer as they were or to what I am aware of are protected by the FSA.

Keep at them, go through the FLA avenue first, personally I would ring them first, or of course ring the FOS first if you want to and see what they suggest and take it from there, if all fails then as stated above, move on to the insurer, many of us have had to do this.;)
http://www.fla.org.uk/contact-us
http://www.financial-ombudsman.org.uk/contact/index.html

Please let us know how you get on, fingers crossed X