PPI Reclaiming Discussion part 4

marshallka

midgeybhoy wrote: »

LOAN AGREEMENT
loan amount £11656 loan for loan protection £4533.87 total loan £16190.65
mothly repayments£244.34 £95.03 £339.37
total amout payable£20524.56 £7982.52 £28507.08
19.4 % APR ON 84 MONTHS

Hi, firstly your loan does not equate to the figures above. If you APR was 19.4 on a loan of £16190.65 over 7 years yours repayments would have been £353.71 so I cannot really understand that one....????

If I go by your figures your total PPI would have been 95.03 x 84 = £7982.52. You repaid it for 28 months so you would get back £2660.84 + 8% statutory interest needs adding. Then the remaining 5321.68 needs taking from the balance of the loan and a new loan drawn up to reflect this. Your new loan should be of the same terms and conditions and also the same APR and number of months left from your original loan.

HI, just read your statement above and in your first one you said you had repaid for 2 years and 4 months and now above you say 17 months. I have worked the figures above on your first post saying that 28 months had been repaid.

midgeybhoy

marshallka wrote: »

Hi, firstly your loan does not equate to the figures above. If you APR was 19.4 on a loan of £16190.65 over 7 years yours repayments would have been £353.71 so I cannot really understand that one....????

If I go by your figures your total PPI would have been 95.03 x 84 = £7982.52. You repaid it for 28 months so you would get back £2660.84 + 8% statutory interest needs adding. Then the remaining 5321.68 needs taking from the balance of the loan and a new loan drawn up to reflect this. Your new loan should be of the same terms and conditions and also the same APR and number of months left from your original loan.

HI, just read your statement above and in your first one you said you had repaid for 2 years and 4 months and now above you say 17 months. I have worked the figures above on your first post saying that 28 months had been repaid.

cheers thanks alot uve been a great help:T

di3004

Hubby received an email from the FOS today in regards of his Credit Card 2001 to 2004 (PPI) which was resolved about Nov - DEC 2009, hubby had been chasing Lloyds up on this as no refund received as yet.

However, the FOS made contact with then, then the ombudsman got back to hubby with an email here:

Dear Mr

I have received a call from Lloyds today advising that they are currently waiting for your redress calculations to be completed. I requested that they supply me with an exact timescale as soon as possible as they could not give me this at present, they did however say that it would be a couple of weeks.

I will keep you updated on this matter. Please do not hesitate to contact me with any queries or for updates.

Kind Regards
H
Casework Support Administrator - PPI Support / Financial Ombudsman Services /
Tel: 020 / Fax: 020 / South Quay Plaza, 183 Marsh Wall, London, E14 9SR

amersall

di3004 wrote: »

Hubby received an email from the FOS today in regards of his Credit Card 2001 to 2004 (PPI) which was resolved about Nov - DEC 2009, hubby had been chasing Lloyds up on this as no refund received as yet.

However, the FOS made contact with then, then the ombudsman got back to hubby with an email here:

Dear Mr

I have received a call from Lloyds today advising that they are currently waiting for your redress calculations to be completed. I requested that they supply me with an exact timescale as soon as possible as they could not give me this at present, they did however say that it would be a couple of weeks.

I will keep you updated on this matter. Please do not hesitate to contact me with any queries or for updates.

Kind Regards
H
Casework Support Administrator - PPI Support / Financial Ombudsman Services /
Tel: 020 / Fax: 020 / South Quay Plaza, 183 Marsh Wall, London, E14 9SR

well done di, fingers crossed for it being 2 weeks!!! xxx

moggy2009

good evening everyone after my victory with picture financial i have decided to put a claim in for credit card charges .After speaking to one of the companies they said i have 25 statements i need and she said it would cost me £100 ,i pointed out that it was only supposed to cost£10 she said put that in your letter.could you put me straight please i might be daft but im not bloody stupid:D

PERTURBED_3

Hi I am new to this forum and will read all articles tomorrow morning and hope I find someone with the same problem. In brief, was made redundant in Oct. Put in a claim early November only to be told I had 2 premiums running! One was 'hidden' within my mortgage after being cancelled by HII. Manager at local Branch denied it but 2 days later an unsuspecting and honest 'floor advisor' showed me the computer screen which showed over £50 is added to my mortgage every month for insurance premiums. This is in addition to the £20.46 per month I pay through Halifax via direct debit. Halifax now accepts that just over £19 had 'accidentally' been included in my mortgage but can only account for the balance by saying it is fees! Funny how the £50 is the sum total of 2 previous insurance policies plus the current one. I know I am an !!! for not checking everything on a regular basis especially after they doubled up on mortgage payments for many months 10 years ago due to not cancelling previous orders. Are there any more unsuspecting customers out there that are being ripped off like they are trying to do to me? Could this problem be as big as Martin's investigation into bank charges I wonder?

laalaa41

Egg PPI Update

The refund is in the Egg account which leaves a third due of what I once owed. Nice to see it more manageable.

L

Thebiguglyone

marshallka wrote: »

Hi, when she paid the loan up early she would have received a rebate against the interest on the PPI also and this is difficult to see in their settlement breakdown. You have to work out what she would have paid at settlement without the PPI being added and with just the element of the repayment that went towards the loan and not the PPI to find this out. Also did you ask for the 8% statutory interest when you first complained?

I note this is a goodwill gesture and if you are not happy with the amount then you could always ask FOS to intervene and not accept it.

Hi Marshallka, I think you have misunderstood what I was trying to get at...

The loan wasn't repaid early, the PPI was cancelled last November. The loan has until march/april next year to run.

The Bank gave a PPI refund of approx £180 for the remainder of the loan period. (18 months at £10/month).

Yes, we did ask for the statutory 8% interest with the first letter.

Thanks for replying.

marshallka

wmd1974 wrote: »

Hi Marshallka, I think you have misunderstood what I was trying to get at...

The loan wasn't repaid early, the PPI was cancelled last November. The loan has until march/april next year to run.

The Bank gave a PPI refund of approx £180 for the remainder of the loan period. (18 months at £10/month).

Yes, we did ask for the statutory 8% interest with the first letter.

Thanks for replying.

Hi, sorry for not reading it correctly:o.


I see what you mean in that the loan has only reduced by £10 a month and they are not refunding the whole amount she WILL be charged over the whole loan period.

As this is goodwill then you can write back and ask that they put her back into the position as if she never had the PPI and also 8% statutory interest on top otherwise you will take it to FOS. It may be that they will pay the whole amount back and she wins without the need for FOS or it could go as far as FOS but either way it will be a bit extra but could be a long wait.

Good luck

di3004

amersall wrote: »

well done di, fingers crossed for it being 2 weeks!!! xxx

Thanks amersall, although they had from something from the 9th DEC 09 to pay out lol........:D:j:j:beer:XX