PPI forum - non PPI discussion thread

di3004

Simplyshush wrote: »

Thanks to Moneysavingexpert I have recently claimed back PPI which I have had on a bank loan. My claim has been successful and they have now made an offer. I am so unsure about the offer and wondered if anyone can advise?

My loan has just completed, running for 60 months, I borrowed £6500.00 with 13.9APR. At the start of the loan a sum of £1600 was added to the amount I requested (£6500.00)this was for the loan protection. The total amount paid into my bank account was £8100.00 and then a deduction of £1600 was made from my account and noted as Loan protectiion. The amount of monthly repayments (relating to the insurance)are £36.50 x 60 which equates to £2188.00.The loan agreement states that the amount of the premium is £1600.00 plus charge for credit,£588.00 and total amount payable under the agreement is £2188.00. The total cost of borrowing £6500.00 over 60 months is £11079.00. The bank are offering £2188.00 plus 8%, £430. Although I'm grateful to have £2188 + interest returned I'm just a tad confused as to why the £1600 is not subject to a refund and just the monthly payments x 60. Would be grateful for advice?

Hi there
first of all well done to you.:beer:

This can be a little confusing...however I'm sure maybe Marshallka will explain this one to you in detail for you on how they work out the calculations.;)

marshallka

Simplyshush wrote: »

Thanks to Moneysavingexpert I have recently claimed back PPI which I have had on a bank loan. My claim has been successful and they have now made an offer. I am so unsure about the offer and wondered if anyone can advise?

My loan has just completed, running for 60 months, I borrowed £6500.00 with 13.9APR. At the start of the loan a sum of £1600 was added to the amount I requested (£6500.00)this was for the loan protection. The total amount paid into my bank account was £8100.00 and then a deduction of £1600 was made from my account and noted as Loan protectiion. The amount of monthly repayments (relating to the insurance)are £36.50 x 60 which equates to £2188.00.The loan agreement states that the amount of the premium is £1600.00 plus charge for credit,£588.00 and total amount payable under the agreement is £2188.00. The total cost of borrowing £6500.00 over 60 months is £11079.00. The bank are offering £2188.00 plus 8%, £430. Although I'm grateful to have £2188 + interest returned I'm just a tad confused as to why the £1600 is not subject to a refund and just the monthly payments x 60. Would be grateful for advice?

Hi, If your loan went to term then they should refund to you the total PPI premium and interest charged on the premium being the £2188 and 8% statutory interest which they have being the extra £430 on top.

Being a single premium you would actually loan the money to pay the single premium so in fact it is a loan on top of your loan. As this is another loan you then incur interest over the whole term of your orginal loan being the extra £588 (and this totals your total charge for credit - PPI premium £1600 and interest on the PPI £588 = £2188). From what you have posted you have been redressed correctly as they are paying you back as if you never had the PPI at all.;)

donotpassgo_2

sharpdeath wrote: »

Is it a big white vehicle with men dressed in white? Are they carrying a big buckled jacket up your pathway? :rotfl:

Only just managed to free myself from that unflattering jacket I think it was made for an ape the arms are so long they wrap all the way round your back, I dont think theyll catch on:rolleyes:

sharpdeath

donotpassgo wrote: »

Only just managed to free myself from that unflattering jacket I think it was made for an ape the arms are so long they wrap all the way round your back, I dont think theyll catch on:rolleyes:

I like them so much, I have two! They suit me well...... :rolleyes::j

donotpassgo_2

Hi Di,
Praying that this job comes off for you and hubby. My husband is self employed has been for about 20 years we have our own business, ( work for him) things have always been feast or famine more famine than feast a lot of robbing peter to pay paul. Changing jobs/careers is not so easy as you get older and then theres moving especially when kids are at secondary school then parents etc. I do know how you feel we chase jobs all the time hopes raised and dashed then raised again. But somehow and usually by the skin of our teeth we manage. I have every faith that you will get through this and hubby will get this job, I really think the email is good and positive.
Lovexxxx:A

donotpassgo_2

sharpdeath wrote: »

I like them so much, I have two! They suit me well...... :rolleyes::j

Is one for Dillon?:rolleyes:

Got to go now speak tomorrow, you're all barking mad. :D:D

I've tried to do a hotpot without a recipe, think we might use it for dry stone walling:D

sharpdeath

donotpassgo wrote: »

Is one for Dillon?:rolleyes:

Got to go now speak tomorrow, you're all barking mad. :D:D

I've tried to do a hotpot without a recipe, think we might use it for dry stone walling:D

Have PM you a recipe for stew and dumplings. :cool:

di3004

donotpassgo wrote: »

Only just managed to free myself from that unflattering jacket I think it was made for an ape the arms are so long they wrap all the way round your back, I dont think theyll catch on:rolleyes:

lmao this has me in stitches pmsl :rotfl::rotfl::rotfl::D

di3004

donotpassgo wrote: »

Hi Di,
Praying that this job comes off for you and hubby. My husband is self employed has been for about 20 years we have our own business, ( work for him) things have always been feast or famine more famine than feast a lot of robbing peter to pay paul. Changing jobs/careers is not so easy as you get older and then theres moving especially when kids are at secondary school then parents etc. I do know how you feel we chase jobs all the time hopes raised and dashed then raised again. But somehow and usually by the skin of our teeth we manage. I have every faith that you will get through this and hubby will get this job, I really think the email is good and positive.
Lovexxxx:A

Aww thank you hunni.:A

Yes it have been difficult and managed to get through, suppose its the matter of having to.........but we do.;)

Good for you and your hubby.:T:T

My hubby did also apply for other things that he have never actually done before, but there is always someone who applies that have done the job, so obviously they will get more of a priority.

There was another closure yesterday at a plant where hubby did actually get through a stage for the following interview only to be told they did not require anyone anymore, reasons here:
http://packagingnews.co.uk/news/975930/Western-Corrugated-administration/
this have happened to him about 10 times in the last few months.

Lets hope this one now he heard off continues.....fingers crossed.:beer:

busbyh

Well done di on the job front.:T:T

My daughter who is due to be made redundant in March, has been for an interview today, through a redeployment process and has got the job with transfer of same terms and conditions etc. to start on 1st April. Cannot believe how lucky she is. If you remember she was told she was losing her job the same time as she won her PPI claim.

Maybe it will be their year after all:T:T