PPI Reclaiming Discussion part 4

dirtdiver

thanks tiggrea northern rock have sent this first response to my complaint and it is a final decision so i think i will pass it to FOS to see if its justified

robbedofmymoney

Quote:
Originally Posted by garyUK
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

tiggreas calculations are as the fos would do and the numbers are correct.
what they will also do is calculate what the laon settlement figures would have been without the ppi in the first place and deduct this from what you paid as a settlement figure and refund you the difference.

form the numbers and figures you have banded about, i have calculated some rough numbers, you can see how they compare with your settlement figures to see if they reflect actual values.

on loan 1, i estimated the loan term to be 36 months, based on 7% interest, the settlement figure would with the ppi woul dhave been approx £3,600. if the same loan did not have the PPI your settlement figure would have been approx £2,430, a difference of £1,170, this would be refunded in addition to the figures Tigrea has given for the forst loan.

on loan 2 following th esame exercise i calculated the term to be 30 months based on 7% interest, the settlement figure for the loan with the PPI would have been approx 3,800, without the PPI the settlement figure would have been approx £3,200, a difference of £600. so £600 would be added to the figure Tiggrea gave you for the second loan.

plus of course your 8% interest.

so loan 1 £1170 (difference in settlement figure) + £698 (PPI payments - rebate) = £1,868.00

loan 2 would be £600 + £554 = £1,154

+ your 8% interest

hope this helps,

cheers

robbedofmymoney

i would ask the bank to give you a settlement figure with a detailed calculation as to how they arrive at this figure before you accept anything.

tiggrae

dirtdiver wrote: »

thanks tiggrea northern rock have sent this first response to my complaint and it is a final decision so i think i will pass it to FOS to see if its justified

a complaint for an unfair contract term is not against the lender, so you may waste about 12- 18 months only for the FOS to come back and say it has to be made against the insurer

shooby1

robbedofmymoney wrote: »

i would ask the bank to give you a settlement figure with a detailed calculation as to how they arrive at this figure before you accept anything.

when i spoke to my bank i asked if when they come back with a figure they would detail it all out how they arrived at that amount, i was told that they don't do that as it would only confuse the customer maybe they know me too well.

robbedofmymoney

i would still insist on a breakdown and explain you will be getting them independently checked.

afterall they have already conned us all at least once

garyUK_2

Many thanks to both robbedofmymoney and tiggrae. Really appreciated!

I've now posted my reply back to the bank, so will let you know in the near future with the value they come back with.

tazladytaz

I took out a loan with Egg in 2004 with an APR of 7.66pa. I always say I don't want PPI so didn't think anything of it until I received my annual statement which showed I was paying PPI.
When I saw this thread I thought I may as well ring them up and see if I get anywhere, if I didn't then I would go the official route of letters etc and anything I got back was a bonus.
Today, less than 10 weeks later, I got a letter to say they will repay all premiums charged and any associated interest. PPI on loan £4931.10 less refund of £349.46 plus interest on PPI £1935.83. Total refund £6517.47
At the bottom of the letter it says I have six months to exercise my right to refer the complaint to the ombudsman, is there any reason why I may want to do that?

marshallka

tazladytaz wrote: »

I took out a loan with Egg in 2004 with an APR of 7.66pa. I always say I don't want PPI so didn't think anything of it until I received my annual statement which showed I was paying PPI.
When I saw this thread I thought I may as well ring them up and see if I get anywhere, if I didn't then I would go the official route of letters etc and anything I got back was a bonus.
Today, less than 10 weeks later, I got a letter to say they will repay all premiums charged and any associated interest. PPI on loan £4931.10 less refund of £349.46 plus interest on PPI £1935.83. Total refund £6517.47
At the bottom of the letter it says I have six months to exercise my right to refer the complaint to the ombudsman, is there any reason why I may want to do that?

Hi, you could ask for the 8% statutory interest too perhaps as i cannot tell that this has been added??? They should put you back into the position as if you never had the PPI but without a breakdown of settlement and details from the loan agreement its slightly impossible to check. It does seems the correct wording though.

tiggrae

tazladytaz wrote: »

I took out a loan with Egg in 2004 with an APR of 7.66pa. I always say I don't want PPI so didn't think anything of it until I received my annual statement which showed I was paying PPI.
When I saw this thread I thought I may as well ring them up and see if I get anywhere, if I didn't then I would go the official route of letters etc and anything I got back was a bonus.
Today, less than 10 weeks later, I got a letter to say they will repay all premiums charged and any associated interest. PPI on loan £4931.10 less refund of £349.46 plus interest on PPI £1935.83. Total refund £6517.47
At the bottom of the letter it says I have six months to exercise my right to refer the complaint to the ombudsman, is there any reason why I may want to do that?

I'd definately ask for statutory interest as marshallka says. They are obliged to put at the bottom that you can go to the ombudsman