First PPI claim help and advice please

skintmumofone

smiffy01uk wrote: »

Response from Loans.co.uk today as expected.

"I have reviewed your file and listened to the call between you and the associate on xx/xx/xxxx.
It is clear from the call that you were happy to have ppi on your loan even when you were given the option to take the loan without the ppi. Until you settled the loan you had been protected in accordance with the terms and conditions of the policy. Neverless, without any admission of liability and as a gesture of goodwill, we are prepared to offer a refund of the cost of the premium (£2449) minus any rebate received for the insurance when you settled the loan.

To ensure we make the correct level of payment to settle your complaint, we require additional time to contact the lender to validate the amounts payable to you and/or account."

They also state this is their final response on the matter.

Question is what should my reply be? They have not taken into account the payments made or the 8% interest

Am i entitled to the payments already made roughly 2 years of £38.89.

If somebody could draft a reply it would be appreciated as im not very letter friendly .

Such a good feeling, Thanks MSE :beer:

I have received exactly the same letter as you did - what have you done have you taken it to the FOS?

smiffy01uk

Yes i have gone to the FOS as they have had MY money for some time so i want the 8% interest and all payments made on this mis-sold ppi refunded.
Dont want to let them get away with it.
The payments I made before settling the loan come to over £900.
Good luck
Smiffy

smiffy01uk

UPDATE

Just had another letter from Loans.co.uk with the refund figures.
They have offered me £2560.79
This represents a full refund of the PPI premium (2449) plus the interest paid on the premium to date (422.34) minus the rebate I received when the policy was cancelled (310.55).
What i need to know is am a being short changed because i paid 24 installments towards the ppi of £38.89 (£933).
So in my mind this settlement figure should be at least £900 more.
Am I correct in thinking this before I go and accept for less than I am rightfully owed.

smiffy01uk

smiffy01uk wrote: »

UPDATE

Just had another letter from Loans.co.uk with the refund figures.
They have offered me £2560.79
This represents a full refund of the PPI premium (2449) plus the interest paid on the premium to date (422.34) minus the rebate I received when the policy was cancelled (310.55).
What i need to know is am a being short changed because i paid 24 installments towards the ppi of £38.89 (£933).
So in my mind this settlement figure should be at least £900 more.
Am I correct in thinking this before I go and accept for less than I am rightfully owed.

Bump ^^^^^^^

di3004

smiffy01uk wrote: »

UPDATE

Just had another letter from Loans.co.uk with the refund figures.
They have offered me £2560.79
This represents a full refund of the PPI premium (2449) plus the interest paid on the premium to date (422.34) minus the rebate I received when the policy was cancelled (310.55).
What i need to know is am a being short changed because i paid 24 installments towards the ppi of £38.89 (£933).
So in my mind this settlement figure should be at least £900 more.
Am I correct in thinking this before I go and accept for less than I am rightfully owed.

Hi smiffy

I know what you mean here, did they send you a "Full written breakdown of calculations", always best to make sure your not out of pocket, so hopefully someone who are good at working these out will post up for you soon, good luck.;)

marshallka

smiffy01uk wrote: »

Bump ^^^^^^^

Did you pay the loan off when you cancelled the PPI or did they redo the loan without the PPI? Also have they mentioned the 8% statutory interest? You need to know from them if this would be putting you back into the position as if you never had the PPI at all.

smiffy01uk

Hi,
The loan was paid in full.
There is no mention of 8% interest, all the letter says is:

Further to our recent correspondence regarding your Payment Protection policy, I am writing to advise you that our settlement offer for your complaint totals £2560.79
This represents a full refund of your PPI premium (£2449) plus the interest paid on the premium to date (£422.34) minus the rebate you received when the policy was cancelled (£310.55)

To me it seems as though they are trying to ignore the payments i made towards the loan for PPI (24x£38.89 total £933.36) and also the 8% interest that would/will be awarded with the FOS.

Just to clarify,
As the loan was paid in full then I assume I should get back the full amount of PPI plus all payments made towards the PPI element of the loan, plus the interest that I paid on this amount and 8% on top for the pleasure of lending them my money .

£2449+£933.36=£3382.36
£3382.36-£310.55 (rebate)= £3071.81
+interest paid+8%

Does my assumption seem right?

marshallka

smiffy01uk wrote: »

Hi,
The loan was paid in full.
There is no mention of 8% interest, all the letter says is:

Further to our recent correspondence regarding your Payment Protection policy, I am writing to advise you that our settlement offer for your complaint totals £2560.79
This represents a full refund of your PPI premium (£2449) plus the interest paid on the premium to date (£422.34) minus the rebate you received when the policy was cancelled (£310.55)

To me it seems as though they are trying to ignore the payments i made towards the loan for PPI (24x£38.89 total £933.36) and also the 8% interest that would/will be awarded with the FOS.

Just to clarify,
As the loan was paid in full then I assume I should get back the full amount of PPI plus all payments made towards the PPI element of the loan, plus the interest that I paid on this amount and 8% on top for the pleasure of lending them my money .

£2449+£933.36=£3382.36
£3382.36-£310.55 (rebate)= £3071.81
+interest paid+8%

Does my assumption seem right?

When you paid the loan off in full you would have had a refund also of the INTEREST due on the PPI. You need a full breakdown of the settlement figure as at settlement you always get a refund of the premium (which is what they have said above) but you also get a refund of the interest due (which is never very clear) in the settlement figure.

Also if it were me I would ask for the full amount (which you have yet to find out if it is) and also the 8% statutory interest which would cover for being deprived of the money in the first place.

smiffy01uk

The saga continues with a new twist.
Had a letter today from FOS stating that they understand from the business that I have accepted its offer in full and final settlement of my complaint.
Well thats news to me, still have the acceptance form here.
Phoned the FOS to let them know and they didnt seem too impressed.

marshallka

smiffy01uk wrote: »

The saga continues with a new twist.
Had a letter today from FOS stating that they understand from the business that I have accepted its offer in full and final settlement of my complaint.
Well thats news to me, still have the acceptance form here.
Phoned the FOS to let them know and they didnt seem too impressed.

Sounds fishy. Let us know the outcome.