PPI Reclaiming Discussion part 4

garyUK_2

garyUK wrote: »

Hi Tiggrea,
So are you saying I should expect something like £698.47 + £554.73 = £1253.20 plus all the interest?

"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)?"

tiggrae wrote: »

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

robbedofmymoney wrote: »

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

hi Tiggrea & robbedofmymoney,
Thought I'd give an update. I received a letter today with the following amounts (using same formula as what fos would use).
loan 1 - 1490
loan 2 - 730

I'm just really happy it's over 1,500, although hoped for something above 2,000, although I then started to hope it was nearer robbedofmymoneys estimate, but in all, very happy, many thanks :j

ps - do you think the figures looked like it was all worked out correctly?

di3004

pepe2008 wrote: »

Thanks di3004. Have told her to send Martins Reclaim PPI letter No2 and claim the difference between the amount refunded direct to the Loan when passed to the DCA and the Original Premium and add 8%pa interest and have it paid directly to herself as it would be a refund against cash actually paid out.
Also asked that she clarify the Assignment of the Debt. Thanks again:T

Your welcome.
And good luck to your friend and please keep us posted, cheers.:beer:

loobylou36

I took out a car loan in September 2007 and was informed by the salesperson that I had to take out ppi. The ppi was with Fiat Auto Financial services.

I have download the template letter to reclaim my charges but I am unsure as to whom to send the letter to, would it be the car showroom who misold me the policy or Fiat Auto Financial servies?

di3004

loobylou36 wrote: »

I took out a car loan in September 2007 and was informed by the salesperson that I had to take out ppi. The ppi was with Fiat Auto Financial services.

I have download the template letter to reclaim my charges but I am unsure as to whom to send the letter to, would it be the car showroom who misold me the policy or Fiat Auto Financial servies?

Hi there......:D

You know what I would do in your case, (if you want to of course) is write to both, make them aware you have also wrote to the other in case they try fobbing you off, but its up to you.;)

loobylou36

di3004 wrote: »

Hi there......:D

You know what I would do in your case, (if you want to of course) is write to both, make them aware you have also wrote to the other in case they try fobbing you off, but its up to you.;)

Thanks for the advice I will do that, so both bases covered just in case!

di3004

loobylou36 wrote: »

Thanks for the advice I will do that, so both bases covered just in case!

Yes you got it......:T
Good luck.;)

lucieloo

sorry di i was in wrong thread. so do you think i should request it or just wait and see?

di3004

lucieloo wrote: »

sorry di i was in wrong thread. so do you think i should request it or just wait and see?

Lol that's okay hun, not a problem.:D;)

There is no harm at all for asking, give it a go.

Left some info on the other thread for you as well.

di3004

Lucieloo here;):

I don't want you wasting your money, but with one of mine about a year ago I requested a Subject Access Request (SAR) from my bank of Lloyds and they even sent me info going back into the late 90's which have actually helped to support my complaints.

Not sure if HSBC would be the same.
However, if they are unable to supply your info they should return your payment with an explanation.

To request for an agreement only, its a £1 postal order or cheque payment and you should receive this by 12 days of requesting for this, don't know what your chances are though.

And of course as you are aware an SAR costs £10 postal order or cheque payment and they have 40 days with this one

lucieloo

thanks di just read it. i am lucky really as my online statements go back to 2000 and i found the account number there on the very last statement!! after reading that i didnt have ppi on last two loans i suddenly remember saying to the salesperson i didnt want it again as ny husband had a serious accident and we couldnt claim as i was the only one covered.lol i must have grown a pair by then lol anyway i think ill just wait and see but thanks for your help.