PPI claim help please!

di3004

Bumping......cheers.:D;)

di3004

Just a thought, Tiggrae, normally posts on the actual PPI discussion thread, maybe it would be a good idea to ask her direct on there, so she does not miss this, here:
http://forums.moneysavingexpert.com/showthread.html?t=1460775&page=473

robbedofmymoney

will try and help.

a couple of questions first.

have they accepted that you were miss-sold the ppi, or are they just making you an offer as a good will gesture,

have they offered to reduce your monthly payments on your loan as if the ppi had not existed in the first place.

i doubt you would get the whole 1500 back, but you should get reduced monthly payments, (but this depends on what the bank have actually offered)

cheers

di3004

Thank you robbedofmymoney, hope you didn't mind me mentioning you, you have been fab at this, thank you so much.:T:T;)

robbedofmymoney

don't mind helping when i have some spare time, just need a bit of clarity as to what the bank is actually offering to get some figures,

it may be they are just trying to get away with offering a refund of the 14 payments and cancel the ppi. leaving the loan uncahnged in terms of value. (a bit naughty of th ebanks, but it seems thats what they are trying on with some people)

di3004

robbedofmymoney wrote: »

don't mind helping when i have some spare time, just need a bit of clarity as to what the bank is actually offering to get some figures,

it may be they are just trying to get away with offering a refund of the 14 payments and cancel the ppi. leaving the loan uncahnged in terms of value. (a bit naughty of th ebanks, but it seems thats what they are trying on with some people)

Thank you so much, your help is much appreciated.:beer:

Yes that's a possibility, and your right they do try it on.

I am waiting for some figures from LLoyds to come through, I will post up on here if I'm unsure of them, and will be glad of your help if required, cheers so much.;)

scifi57

I have been with a company thats done this for me...the bank set up a new loan at a lower interest rate and new balance as they said they where in the wrong for the ppi...but the company now wants me to pay them money for their charges.As i only received a small amount back from the bank as compensation ...the company says they have saved me loads of money by the bank re doing the loan.They want 25%+vat back on any compensation i got sooo they want me to pay them £815. Do i have to pay them this money???

di3004

scifi57 wrote: »

I have been with a company thats done this for me...the bank set up a new loan at a lower interest rate and new balance as they said they where in the wrong for the ppi...but the company now wants me to pay them money for their charges.As i only received a small amount back from the bank as compensation ...the company says they have saved me loads of money by the bank re doing the loan.They want 25%+vat back on any compensation i got sooo they want me to pay them £815. Do i have to pay them this money???

Hi there

Sorry to hear this.

This is why its wise to have a go yourself, due to the fact that these claims companies charge when successful where if you do this yourself you get to keep all what is owed back.

Did you sign anything with this company?

Of course get them checked out as well with the Minstry of Justice, here:
http://www.justice.gov.uk/contactus.htm

Good luck with this, please keep us posted.;)

candycane181106

robbedofmymoney wrote: »

will try and help.

a couple of questions first.

have they accepted that you were miss-sold the ppi, or are they just making you an offer as a good will gesture,

have they offered to reduce your monthly payments on your loan as if the ppi had not existed in the first place.

i doubt you would get the whole 1500 back, but you should get reduced monthly payments, (but this depends on what the bank have actually offered)

cheers

Ok heres what they said in the letter but a shortened version of it.

I have reviewed the records relating to the sale of your loan protection policy and have taken into account your comments noting your circumstances at the time of sale.
I have decided to uphold your complaint and offer to settle your complaint in the following manner which is in line with the standard redress remedy recommended by the FOS. I propose to
A calculate a refund of the PPI monthly payments that you have paid to date and
B calculate simple interest at 8% per annum on each of the PPI monthly payments.

If you would like a clearer indication of the PPI monthly payments you have paid to date then you can obtain this information from the copy of the Consumer Credit Agreement you got when you took out the loan. This document will you your monthly PPI premium amount and will be the figure I will use when calculating your refund. This amount will then be multiplied by the number of monthly payments you have made. The 8% simple interest amount will then be calculated when I receive your signed agreement.

Should you choose to accept this offer, I will instuct the personal loan service centre to pay this refund in to yhe bank account which currently pays your loan. I will also instruct them to reduce your monthly payments,this will then reflect what your loan would have been like if you hadn't had PPI.

Then it just goes on to say if you have missed any payments etc,but I have never missed one.

Hope you can help me robbedofmymoney,
Thank you
Lorraine

robbedofmymoney

hi

its quite clear what they will do.

you will only get a refund of the premiums you have paid plus 8%, your loan repayments will then be reduced to reflect the fact the ppi has been taken off.

so your refund will be 14 x £43.61 = £610.43 plus 8%.

your monthly repayments should then be reduced by £43.61 per month, putting the loan in the position it would have been in if the PPI was not added in the first place. Your current loan agreement should show what the re-payments are without the PPI as a seperate figure. (working with the numbers shown i reckon this will be about £119 per month)

this is what they should do to redress the miss-selling of the ppi

cheers