PPI Reclaiming Discussion part 4

marshallka

dirtdiver wrote: »

ok here goes ill try to make it simple took out a loan in 03/05 for £25000 over ten years heres the numbers

INSURANCE LOAN CASH LOAN TOTAL LOANS
ppi £16,412.40 £25000 6.5% £50,245.20

ppi per mth £136.77 loan per mth £281.94 total £418.71

paid loan up after 25 instalments

outstanding after 25 instalments of £418.71

£39,807.45
less ppi rebate £7301.55
less interest rebate £7897.72

amount to pay £24,608.18

so i paid it off

11 nov 09 i send template letter to them claiming miss selling

recieved reply and a refund of

£6,525.34 + £1,794.89 interest of 8%


but there calculation of my refund is under rule 78 of the cca 1974

i have searched and found out that rule 78 is unfair in calculating early repayment but lookin at my settlement figure letter at the bottom in small print says it is calculating my settlement figure in accordance with consumer credit regulations 1983 which replaced cca 1974
so i rang them and asked them to check to see which way my refund has been calculated but im pretty sure if they use ccr1983 calc it will work out better for me fingers cross ill keep you posted

From what I can calculate the loan was over 120 months.... if this is the case and you settled at month 25 then your settlement using rule 78 would have been nearer to £34,345. As you settled £10K less then I would say that they did NOT use rule 78 when you settled early anyway.;)

dirtdiver

i think you right in settling this im concerned about the refund they are giving me now because they are quoting rule 78 in my refund letter ive just had them on the phone this morning and have asked them to confirm which method they are using for my refund i will keep you all posted

marshallka

dirtdiver wrote: »

i think you right in settling this im concerned about the refund they are giving me now because they are quoting rule 78 in my refund letter ive just had them on the phone this morning and have asked them to confirm which method they are using for my refund i will keep you all posted

If they did not use rule 78 at settlement then I cannot see why they would use to refund your PPI. Its may work out better for you if they say that your PPI was paid more at the beginning of the loan. I have never seen a firm redress using rule 78 TBH unless they used it at settlement and then again, it really should not make a difference. The only time it makes a difference is if you were actually charged more interest on the PPI (cause of rule 78) when you setttled and from my calculations (although they could be wrong but I used it on my redress's and it worked out) they definatley did not.

Let us know what they say.;)

dirtdiver

your right i cant see how they could use early settlement regs 1983 for paying off then rule 78 for my refund but im not just accepting it if they have not there fair enough but if im owed 1 penny more i want it back £16,412.40 is a hell of a lot in ppi. I paid back in 2 yrs £35,075.93 i just want it to be fair for once and they dont have a great track record the guy i spoke to yesterday addmitted it was a front loaded policy had i known that at the start i would never of had it

triticale

As an update, got a letter from BoS on Wednesday regarding my AA Loan ppi.

PPI paid to date - £2,645.30
Interest on PPI to date - £1,204.06
8% interest - £564.57
Total to be repaid - £4,413.93 !!! Which is pretty much what I calculated, give or take a few quid.

They say I'll get the cheque in next 28 days. They've also confirmed that my loan balance and monthly payment will be reduced (to the amount I calculated - £90 less per month!). :beer:

So all is good in triticale-land, the only bit of the letter I don't really understand is the following - anyone explain it for me?

"Your loan balance was in a credit position (advances) before the redress process was undertaken and these advances have been taken into account within our calculation. The credit on your account once the redress has been completed is £1.00 (lol) and this may be refunded to you when the transactions are keyed and the redress payment is made. Should this credit be refunded to you, you will receive the redress as recorded above along with the credit refund. Should the credit not be refunded to you, your loan will remain in advances. If the credit on your account is not refunded to you as part of the process and you would like the credit on your account to be paid to you, please contact 08457 etc."

Is it just a copy and paste jobby, where the wording would have been slightly different had my account been in arrears (ie. explaining that arrears would be taken before refund etc)? I'm not worried about it, just curious.

Very happy with this, be even happier when the cheque clears and I can clear my credit card and overdraft!!! :j

So far -
1st letter sent 5th Nov
Holding letter rec'd 16th Nov
Confirmation of agreement to repay rec'd 11th Dec
Breakdown of payment rec'd 13th Jan
Cheque expected 8th Feb(?)

Thanks again MSE'ers :T

marshallka

triticale wrote: »

As an update, got a letter from BoS on Wednesday regarding my AA Loan ppi.

PPI paid to date - £2,645.30
Interest on PPI to date - £1,204.06
8% interest - £564.57
Total to be repaid - £4,413.93 !!! Which is pretty much what I calculated, give or take a few quid.

They say I'll get the cheque in next 28 days. They've also confirmed that my loan balance and monthly payment will be reduced (to the amount I calculated - £90 less per month!). :beer:

So all is good in triticale-land, the only bit of the letter I don't really understand is the following - anyone explain it for me?

"Your loan balance was in a credit position (advances) before the redress process was undertaken and these advances have been taken into account within our calculation. The credit on your account once the redress has been completed is £1.00 (lol) and this may be refunded to you when the transactions are keyed and the redress payment is made. Should this credit be refunded to you, you will receive the redress as recorded above along with the credit refund. Should the credit not be refunded to you, your loan will remain in advances. If the credit on your account is not refunded to you as part of the process and you would like the credit on your account to be paid to you, please contact 08457 etc."

Is it just a copy and paste jobby, where the wording would have been slightly different had my account been in arrears (ie. explaining that arrears would be taken before refund etc)? I'm not worried about it, just curious.

Very happy with this, be even happier when the cheque clears and I can clear my credit card and overdraft!!! :j

So far -
1st letter sent 5th Nov
Holding letter rec'd 16th Nov
Confirmation of agreement to repay rec'd 11th Dec
Breakdown of payment rec'd 13th Jan
Cheque expected 8th Feb(?)

Thanks again MSE'ers :T

Well done to you. I bet you are glad its all done and dusted. From what I can tell about the wording they are taking the redress from your remaining loan??? Cannot be sure though????.:T

di3004

triticale wrote: »

As an update, got a letter from BoS on Wednesday regarding my AA Loan ppi.

PPI paid to date - £2,645.30
Interest on PPI to date - £1,204.06
8% interest - £564.57
Total to be repaid - £4,413.93 !!! Which is pretty much what I calculated, give or take a few quid.

They say I'll get the cheque in next 28 days. They've also confirmed that my loan balance and monthly payment will be reduced (to the amount I calculated - £90 less per month!). :beer:

So all is good in triticale-land, the only bit of the letter I don't really understand is the following - anyone explain it for me?

"Your loan balance was in a credit position (advances) before the redress process was undertaken and these advances have been taken into account within our calculation. The credit on your account once the redress has been completed is £1.00 (lol) and this may be refunded to you when the transactions are keyed and the redress payment is made. Should this credit be refunded to you, you will receive the redress as recorded above along with the credit refund. Should the credit not be refunded to you, your loan will remain in advances. If the credit on your account is not refunded to you as part of the process and you would like the credit on your account to be paid to you, please contact 08457 etc."

Is it just a copy and paste jobby, where the wording would have been slightly different had my account been in arrears (ie. explaining that arrears would be taken before refund etc)? I'm not worried about it, just curious.

Very happy with this, be even happier when the cheque clears and I can clear my credit card and overdraft!!! :j

So far -
1st letter sent 5th Nov
Holding letter rec'd 16th Nov
Confirmation of agreement to repay rec'd 11th Dec
Breakdown of payment rec'd 13th Jan
Cheque expected 8th Feb(?)

Thanks again MSE'ers :T

Fantastic :T:T:j:j
So pleased for you, Congratulations.:beer:

cate122

Hi all,

i have claimed back my PPI from Egg card which is £1,155. They have written back and said that they are going to take this off my balance. Can they do this or can I challenge it? The acount has gone to default and is with their solicitors called Drydens.

Any advice would be gratefully received.

Thanks

marshallka

cate122 wrote: »

Hi all,

i have claimed back my PPI from Egg card which is £1,155. They have written back and said that they are going to take this off my balance. Can they do this or can I challenge it? The acount has gone to default and is with their solicitors called Drydens.

Any advice would be gratefully received.

Thanks

Hi, If you have arrears on the account then they are allowed to do it this way but if not then you can challenge.

tiggrae

dirtdiver wrote: »

your right i cant see how they could use early settlement regs 1983 for paying off then rule 78 for my refund but im not just accepting it if they have not there fair enough but if im owed 1 penny more i want it back £16,412.40 is a hell of a lot in ppi. I paid back in 2 yrs £35,075.93 i just want it to be fair for once and they dont have a great track record the guy i spoke to yesterday addmitted it was a front loaded policy had i known that at the start i would never of had it

as you are claiming mis selling then you should be refunded everything, so I'm really not sure why the issue of the refund has been brought into it a claim for mis selling of a PPI