UCC and Welcome Finance PPI

robbedofmymoney

morgjem wrote: »

Hello robbedofmymoney,

The original premium was £5738.40 (single care package covering first 5 yrs)
and £1646.21 (covering last 10 yrs of loan). Totalling £7384.61.
Well these are the figures welcome gave me anyway.

All help much appreciated.

Morgjem

i will need ot make an assumption that the ppi element of the loan is 19.5% of your monthly premium, this is based on the ppi as a percentage of total borrowing.

so monthly premium assumed to be 19.5% of 611 = £119 per month

you paid 8 months at this amount, then reduced your monthly payments, (not sure what part was ppi but will assume still same %)

so these would be approx £19.5, £59.5, £48.75, £60.48, and 3 x £76.05

so total premiums paid = £1216 (approx) 8% on this would be £567

then you would get difference in settlement.

if no rebate it would be 7384 - premiums paid = £6168 (there would eb a sligh adjustment upwards due to interest already paid on premiums of £200 = £6368 then 8 % on this from date of settlement would be approx £2632

so if no rebate given on ppi you should expect approx

1216 + 567 + 6368 + 2632 = £10,700

if they did give you a rebate as they suggest then the differenc on settlement would be approx

6368 - rebate (3245) = 3123, 8% simple on this is 1290

1216 + 567 + 3123 + 1290 = £6196

there will be some changes to this due to how the interest was calculated on settlement as these vary from company to company, but this should give you an idea of what to expect

cheers

morgjem

Thanks so much for your help........well heres hoping!!
Rebate or no rebate still soooo much money.
Makes me so sick thinking how cheated we were.
Just filled in questionnaire so will send off tomorrow recorded delivery. Fingers crossed.

I will keep you updated on progress.

:):):):):):):):):):):):):):):)

morgjem

Okay......so , pretty quickly really welcome have offered the following;

They uphold complaint and are offering the following as a final response;

PPI £5738.40 (they say the other amount of £1646.21 was a mortgage guarantee premium NOT ppi??)

anyway...£5738.40 - ppi rebate given when we settled loan of £3245.49 = £2492.91 + 15.79% interest for life of loan totalling £3597.00 - this is figure we will recieve.

Now I had worked out what our interest was on calculator and came to £5148.57 , when this is added to the original loan
amount of £29000 it totals £34148.57 so should that figure
have been our settlement figure or should I also
minus the payments made up until that point being
£7027.02 so leaving settlement figure
£27121.55??

Basically my point is, do you think we were given a rebate of what they claim we had when we paid off loan? I really dont think we were?
Our actual settlement figure was £36101.36.
Just after some advice as to whether I should accept
this offer or not?

As always any help greatly appreciated.

Tubbss

Hi,

Your balance at the time you requested the settlement figure would have been higher than the £36k settlement. The balance will then have had rebates for unused period of payment protection, part rebates for application fee and mortgage indemnity fee and then early settlement penalties will have been added.

If the settlement was paid via a remortgage or if you paid the settlement direct then either your lender or yourself will have been sent a settlement figure in writing. Have you asked your mortgage company, or indeed Welcome for a copy of this?

morgjem

Hello,

Thanks for replying, yes got onto this today spoke to them this morning and they are sending me a copy of full breakdown of settlement .
So we shall see what that shows up