Co-op bank ppi

pompeyfaith

Marshallka,

Right I follow now sorry to be a pain, do you now when rule of 78 was abolished and did they then go over to Actuarial ?

Regards

PF

marshallka

pompeyfaith wrote: »

Marshallka,

Right I follow now sorry to be a pain, do you now when rule of 78 was abolished and did they then go over to Actuarial ?

Regards

PF

Hi pompeyfaith, it was abolished at end of May 2005 for new borrowers. Most loans prior to this had it applied. Existing ones taken before end of May 2005 who have loans for terms of 10 years or less, and want to settle early, would not benefit until 2007. Those with loans for longer than 10 years will not be covered until 2010.;)

And PF - you are not a pain at all. I want to help.

pompeyfaith

Marshallka,

So does that mean any loans I settled after may 2005 would not use rule of 78 ?

Just that I have 3 that were after this date.

Regards

PF

marshallka

pompeyfaith wrote: »

Marshallka,

So does that mean any loans I settled after may 2005 would not use rule of 78 ?

Just that I have 3 that were after this date.

Regards

PF

It means that if you signed for the loan before 31st May 2005 then they would be allowed to use rule of 78 in the settlement BUT if you signed an agreement after then they would not be allowed. If you settled any loan that was taken out BEFORE 31st May, 2005 and settled it after 2007 (don't know the exact date in 2007 but will try to find it - think it would be April???) then they should not use it if the loan was contracted for less than 10 years. If the loan was for more than 10 years and taken out before 31st May 2005 then they would still be allowed to use it until this year. Most nowadays don't use it though.

The new regs of 2004 were much fairer to the consumer and they only charged a maximum of two months interest (think!!) for settling loans early. Really and truely with Co-op we were very lucky that they DID rebate more than the usual rule 78 as they were legally allowed to do. RULE 78 stinks.

pompeyfaith

Marshallka,

Thank you so much for that important piece of info as that means all my loans are rule of 78 except for the last 3 as they where from 1st September 2005 onwards.

You are a gem

Regards

PF

marshallka

pompeyfaith wrote: »

Marshallka,

Thank you so much for that important piece of info as that means all my loans are rule of 78 except for the last 3 as they where from 1st September 2005 onwards.

You are a gem

Regards

PF

I hope and pray you do understand it all better PF and that you can relax a little now for your health.Please post back if you need anything else and would be glad to try to help if I can. Take care.

xx

di3004

pompeyfaith wrote: »

Marshallka,

Thank you so much for that important piece of info as that means all my loans are rule of 78 except for the last 3 as they where from 1st September 2005 onwards.

You are a gem

Regards

PF

Good luck PF with this.;)

Yes Marshallka is a STAR.:T:T:beer:

pompeyfaith

Di3004,

Thank You, yes I have gained a lot of very useful info in a very short space of time.

Hopefully I can now get this claim rolling again to fruitation.

Regards

PF

di3004

pompeyfaith wrote: »

Di3004,

Thank You, yes I have gained a lot of very useful info in a very short space of time.

Hopefully I can now get this claim rolling again to fruitation.

Regards

PF

Brilliant PF........:T:T.

Your doing great here, well done.:beer:

Look forward to hearing your outcome as well, remember as well to look after yourself.;)

Di
X

pompeyfaith

Di3004,

Thank You, Now im in the process of claiming DLA due to the stroke I had so im going to pop over to that forum and see what I can learn.

Anyway thinking of all those poor Haitians I will count myself as one lucky fella and bless them all.

Regards

PF