How FOS Calculate Refunds

amersall

Greebo74 wrote: »

I'm not great on the phone; is it worth sending a letter? How would I word it?

With reference to loan number 1234 .
I am being compensated for the PPI that was mis sold to me by PF, could you please advise how I get the total PPI amount taken off the loan, as after the compensation, the whole PPI amount is still on the loan to term end with interest.

See what they come back with, they should tell you if and how, you can get this PPI taken off the loan.

You would find out sooner if you phone them, it won't take long to say what I put above, they won't bite you have a right to ask this question.
Go on.... phone them.

If they say that you had the PPI back as cash back, tell them that, yes you did, but this did not remove the PPI from the loan you still have to pay now for a product that you no longer have to term end with interest.

Greebo74

amersall wrote: »

With reference to loan number 1234 .
I am being compensated for the PPI that was mis sold to me by PF, could you please advise how I get the total PPI amount taken off the loan, as after the compensation, the whole PPI amount is still on the loan to term end with interest.

See what they come back with, they should tell you if and how, you can get this PPI taken off the loan.

You would find out sooner if you phone them, it won't take long to say what I put above, they won't bite you have a right to ask this question.
Go on.... phone them.

If they say that you had the PPI back as cash back, tell them that, yes you did, but this did not remove the PPI from the loan you still have to pay now for a product that you no longer have to term end with interest.

Thanks so much! Will give them a call and put on my best confident voice :rotfl:

amersall

Greebo74 wrote: »

Thanks so much! Will give them a call and put on my best confident voice :rotfl:

Go get em :cool: let me know what they say

Greebo74

amersall wrote: »

Go get em :cool: let me know what they say

Called today; they said a decision had been made and a letter had been sent out last Friday!

However they would not tell me what the decision was

I did ask about taking the PPI off the loan and they said instructions regarding that would be in the letter if the claim had been upheld, so keeping everything crossed we get good news!

czabby

claimed back ppi for girlfriend and they have offered an amount..just need a couple of things cleared up before accepting

when the calculation states less early settlement is that because another loan was taken out whick is seen as paying off in part the original policy premium

in turn is that why the later loans have zero amounts under original premium ppi but all figures are under residual

for example....original ppi..£1351
less early settlement (date stated is 3 weeks after the next loan taken out) £904
the above loan was originally £6952 60mnths @ 165 and lasted 22/02/05 to 18/01/06.....this was then replaced by loan taken out 13/01/06 of £6200 60 x £147....and so on

hope this makes sense and thanks in advance..

moneyangel22

amersall wrote: »

With reference to loan number 1234 .
I am being compensated for the PPI that was mis sold to me by PF, could you please advise how I get the total PPI amount taken off the loan, as after the compensation, the whole PPI amount is still on the loan to term end with interest.

See what they come back with, they should tell you if and how, you can get this PPI taken off the loan.

You would find out sooner if you phone them, it won't take long to say what I put above, they won't bite you have a right to ask this question.
Go on.... phone them.

If they say that you had the PPI back as cash back, tell them that, yes you did, but this did not remove the PPI from the loan you still have to pay now for a product that you no longer have to term end with interest.

Hi,

this has sparked a thought in my tiny mind about my ppi refund...

i had 4 loans, each one consolidating the previous one with a bit more added. i had ppi on each of these except the one that is currently still running. as this one was to consolidate an earlier loan with ppi added that means i still have ppi in the total right?
lloyds refunded the ppi i claimed on my earlier loans and said something about adjusting the current loan but never did. i am still making the same repayments. does that mean i still have ppi in my current loan?

thanks.

moneyangel22

amersall wrote: »

With reference to loan number 1234 .
I am being compensated for the PPI that was mis sold to me by PF, could you please advise how I get the total PPI amount taken off the loan, as after the compensation, the whole PPI amount is still on the loan to term end with interest.

See what they come back with, they should tell you if and how, you can get this PPI taken off the loan.

You would find out sooner if you phone them, it won't take long to say what I put above, they won't bite you have a right to ask this question.
Go on.... phone them.

If they say that you had the PPI back as cash back, tell them that, yes you did, but this did not remove the PPI from the loan you still have to pay now for a product that you no longer have to term end with interest.

Sounds like something I had with lloyds.

I had 4 loans,each consolidating the previous one. The current one didnt have ppi on but the amount included ppi on the previous loan. They refunded the ppi i have paid and said they would restructure my current loan repayments but they never did!

Do they make a habit of doing that or am i just unlucky? I only just realised my loan repayments havent changed and they said they would. Or did they get it wrong in the first place??

Unfound

moneyangel22 wrote: »

Sounds like something I had with lloyds.

I had 4 loans,each consolidating the previous one. The current one didnt have ppi on but the amount included ppi on the previous loan. They refunded the ppi i have paid and said they would restructure my current loan repayments but they never did!

Do they make a habit of doing that or am i just unlucky? I only just realised my loan repayments havent changed and they said they would. Or did they get it wrong in the first place??

i am also wondering this? i had a loan with nationwide in sep 2005 for £5,500 over 48 months, total payable £6,959.04 PPI monthly repayment £14.54.

this was repaid july 2008 with another loan through them, which i no longer have paperwork for, so can't remember how much for, however i'm sure it had PPI on it, as i claimed once during 2009 when i was out of work for a short time.

and again consolidated in october 2010 - £6,349.40 (£3349.40 to pay off existing loan). monthly repayments £156.37 over 60 months (£9,382.20 payable, no PPI tho =( boo)

now i put in a claim, and had this back from Nationwide for the original loan-

Difference (overpayment) - £156.55 + 8% (£49.05
Total of £508.90 (35 payments at £14.54) + 8% (£217.54)
so total of £882.99

A few things tho, i am wondering if because of the PPI on the original loan, surely i wouldn't have needed as much on the new loan when consolidating?? And also i rang them up and they've told me there was no PPI on the other loan....yet i know i claimed on it, so surely it must have been?!?!

I can't figure out if this is worth taking to the ombudsman?

Help!
thanks!

amersall

A few things tho, i am wondering if because of the PPI on the original loan, surely i wouldn't have needed as much on the new loan when consolidating?? And also i rang them up and they've told me there was no PPI on the other loan....yet i know i claimed on it, so surely it must have been?!?!

When you settled the first loan, they would have given you a rebate of the PPI the remaining PPI went onto the next loan as an additional amount and would not count towards the PPI on the second loan...and so on.
If you know that you had PPI on the first loan, they should have found the remaining PPI from this loan that was put onto the next loan.
Get back in touch and ask for proof that there was no PPI on there as you made a claim on this.

Tuesday6

Hi, please could someone advise on how to calculate the 8% interest on my PPI refund?

I paid loan off early so only made 13 monthly payments.

Details:
Monthly PPI payment £35.83
Paid for 13 months: 17-Aug-00 to 17-Aug-01 inclusive.

Is this enough info or do I need to use to the Loan amount :think:

Will be extremely greatful if anyone could let me know how to calculate it. :j

Many thanks in advance