ppi claim blackhorse completly confused

nicolefrenzy

Hi
We took out a joint loan in 07/01/2005 with blackhorse and i can still remember that we were told we would not get the loan unless we took out the ppi.So being young we went for it.The debt has now been sold to a debt collection agency which we are paying a low payment each month.I have my agreement and would like to make a claim for ppi but i am stuck on figures.Here is a break down on the ppi.

Cash price of ppi £649.21
interest ratio per month 41.9%
monthly repayment £29.10
total charge for credit £427.49
total amount payable £1,076.70
number of payment 37

No idea how to calculate my total figure to right on my claim letter.Any help would be gladly received cause i am just stuck:o

maxdp

nicolefrenzy wrote: »

Hi
We took out a joint loan in 07/01/2005 with blackhorse and i can still remember that we were told we would not get the loan unless we took out the ppi.So being young we went for it.The debt has now been sold to a debt collection agency which we are paying a low payment each month.I have my agreement and would like to make a claim for ppi but i am stuck on figures.Here is a break down on the ppi.

Cash price of ppi £649.21
interest ratio per month 41.9%
monthly repayment £29.10
total charge for credit £427.49
total amount payable £1,076.70
number of payment 37

No idea how to calculate my total figure to right on my claim letter.Any help would be gladly received cause i am just stuck:o

Hi There

They will work it out for you. Just tell them that you want to claim back the mis sold PPI plus interest plus 8%. Also give the reasons you feel you have been mis sold.

Good Luck

di3004

nicolefrenzy wrote: »

Hi
We took out a joint loan in 07/01/2005 with blackhorse and i can still remember that we were told we would not get the loan unless we took out the ppi.So being young we went for it.The debt has now been sold to a debt collection agency which we are paying a low payment each month.I have my agreement and would like to make a claim for ppi but i am stuck on figures.Here is a break down on the ppi.

Cash price of ppi £649.21
interest ratio per month 41.9%
monthly repayment £29.10
total charge for credit £427.49
total amount payable £1,076.70
number of payment 37

No idea how to calculate my total figure to right on my claim letter.Any help would be gladly received cause i am just stuck:o

Hi there first of all good luck on the reclaiming, and it makes no difference if its with a DCA or not, you pursue this to the ones who set up and sold you the loan.;)

I am sure someone will take a look at the figures for you, I am hopeless at workings out, sorry , but for the reclaiming side of it, on this site there is now a questionnaire recently issued by the financial ombudsman service (FOS) you complete and save a copy for yourself and send one to whoever was responsible for setting this up.
This is instead of using a template letter for the first stage anyway.

They have 8 weeks in full to respond.

The FOS questionnaire - link below further down the page as stage one:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

The way I see it, the ppi is worthless to you now and you cannot use it anyway if with DCA, so for whatever other reasons you have as well, go for it, good luck.

What may happen here is that any arrears may be refunded towards the balance but the interest should be refunded directly to you but every company works differently,
Good luck with this, please keep us posted and hopefully someone will be along soon to take a look at the calcs for you.;)

nicolefrenzy

Thank you to both of you for your help.Just one more question then i think i am good to go.The loan was/is a joint loan with my partner do we sign the letter jointly or can either one of us do it.We are still together but not married if that makes any difference.

di3004

nicolefrenzy wrote: »

Thank you to both of you for your help.Just one more question then i think i am good to go.The loan was/is a joint loan with my partner do we sign the letter jointly or can either one of us do it.We are still together but not married if that makes any difference.

Not a problem.:D

On joint accounts both me and hubby used to sign, hope this helps.;), no it makes no difference married/partner etc etc.
Good luck. X

uefa08

How do you post a thread on this site I am having all sorts of difficulty.

di3004

uefa08 wrote: »

How do you post a thread on this site I am having all sorts of difficulty.

Hi there

You can post on the above ppi discussion thread if you want to, or if you want your own separate thread, obviously stay on the ppi reclaiming, then on the top left above these forums you will see "new thread".
http://forums.moneysavingexpert.com/forumdisplay.php?f=169

Hope this helps, just as long as you stay in the reclaiming of ppi threads.;)