MSE News: FSA to re-open 185,000 rejected debt insurance claims

marshallka

di3004 wrote: »

On the another piece of info from them, there is a part of what have actually been in to the loan it states:
Total payments received £26565.18.
Does that make any sense to you, think I did do some figures the other day on this will have to find them and see if it makes any sense.

No idea with that one but don't you see now just how bad rule 78 really is. And that is worked on just the loan without the PPI. I think everyone needs to challenge this one. Just wish we could all take them to FOS. My FP loan charged an extra £4K at settlement using that method (and that was just the loan without the PPI) than the new method of settlement.

di3004

marshallka wrote: »

No idea with that one but don't you see now just how bad rule 78 really is. And that is worked on just the loan without the PPI. I think everyone needs to challenge this one. Just wish we could all take them to FOS. My FP loan charged an extra £4K at settlement using that method (and that was just the loan without the PPI) than the new method of settlement.

Yes it is Marshallka, its a right total rip off and that is a lot of money you lost there :mad:, I wish as well the FOS could sort these complaints out, its pathetic that they don't do this for these types of premiums (rule of 78)!

di3004

Just worked out why it was £26,565.18 in total paid into the whole loan itself after settlement.

Monthly loan repayment 184.23 x 14 = £2579.22
PPI monthly repayment 24 x 28 = £339.92
This in total was that of = £2919.14

Add that above total amount to the settlement

£23646.04 + £2919.14 = £26565.18

marshallka

di3004 wrote: »

Yes it is Marshallka, its a right total rip off and that is a lot of money you lost there :mad:, I wish as well the FOS could sort these complaints out, its pathetic that they don't do this for these types of premiums (rule of 78)!

Di, i was not on about the rule 78 in premiums, I was on about in just the loan without the PPI. That is what I meant. FOS does deal with rule 78 used in premiums...

di3004

marshallka wrote: »

Di, i was not on about the rule 78 in premiums, I was on about in just the loan without the PPI. That is what I meant. FOS does deal with rule 78 used in premiums...

Arh yes I know what you mean Marshallka, shame they do not tackle these without the PPI, many have lost Big time this way haven't they?

Let's hope this will be another they can soon take into account as well.

marshallka

di3004 wrote: »

Just worked out why it was £26,565.18 in total paid into the whole loan itself after settlement.

Monthly loan repayment 184.23 x 14 = £2579.22
PPI monthly repayment 24 x 28 = £339.92
This in total was that of = £2919.14

Add that above total amount to the settlement

£23646.04 + £2919.14 = £26565.18

Ye it did but if you win missell it should only cost you (I say only with a sigh here cause of rule 78 which they were allowed to use in the loan settlement without the PPI)

21756.60 plus your repayments being 14 x 184.23 = 2579.22 so in total

£24335.82 for borrowing £21000 over the 14 months.

This is assuming the loan with NO PPI.

marshallka

Di try it by putting JUST the LOAN figures in and not the PPI assuming you borrowed £21000 over 300 months and then repaid them £184.23 (in the repayments box) and then put 14 in time to settlement box.
http://brian-stewart.orpheusweb.co.uk/credit/javascript/equalr78-prr.htm

It was not just the PPI that ripped you off it was rule 78

di3004

marshallka wrote: »

Ye it did but if you win missell it should only cost you (I say only with a sigh here cause of rule 78 which they were allowed to use in the loan settlement without the PPI)

21756.60 plus your repayments being 14 x 184.23 = 2579.22 so in total

£24335.82 for borrowing £21000 over the 14 months.

This is assuming the loan with NO PPI.

Damn I keep adding the damn ppi lol:o

di3004

marshallka wrote: »

Di try it by putting JUST the LOAN figures in and not the PPI assuming you borrowed £21000 over 300 months and then repaid them £184.23 (in the repayments box) and then put 14 in time to settlement box.
http://brian-stewart.orpheusweb.co.uk/credit/javascript/equalr78-prr.htm

It was not just the PPI that ripped you off it was rule 78

£2579.22 is what it calculates to??
that is for the loan only.

marshallka

di3004 wrote: »

£2579.22 is what it calculates to??
that is for the loan only.

You put in the first box your loan amount £21000, you then put in your regular monthly payment which was £184.23 (just for the loan and not the PPI) and missing out the "Amount of initial repayment", you then put how long the loan was over in the box saying number of regular payments which was 300 and then time of settlement which was 14. You then click calculate and it gives you what your settlement figure would have been which was £21756.60

You whole loan would have cost you in total being 184.23 x 14 = 2579.22 and then add the 21756.60 which is what you SHOULD have paid at settlement without the PPI if you never had PPI at all so that is £24335.82.

All this is working the loan as if you never had any PPI on it but it still cost a lot.