BH - Success PPI

uefa08

Can anyone assist please.


Took out secured loan for £8350 in Jan 2003, Single premium PPI included at £2084 over 84 months.

Monthly repayments £180 of which £36.00 was part of PPI monthly added interest agreement over 84 months.

However, repaid loan in December 2003.

Got rebate of £1073 but settlement to repay was £9465.

BH has agreed to calculate how much we would have paid towards the agreement had we not taken out PPI policy and refund the difference between this and the amount we paid. The refund will cover both amount paid within monthly instalments including interest paid on the cost of the policy and within early settlement figure. Statuatory interest at 8% simple on each payment made towards the cost of the policy calculated from the date they received payment to the date they pay redress.

Can anyone advise how all this is worked out and also why BH ask to accept the offer in full and final settlement without giving any figures. I phoned and asked for figures but they will not give them until mandate signed. Please can anyone enlighten me on the above, How calculation is made and what would be original loan amount if no PPI included etc.

di3004

uefa08 wrote: »

Can anyone assist please.


Took out secured loan for £8350 in Jan 2003, Single premium PPI included at £2084 over 84 months.

Monthly repayments £180 of which £36.00 was part of PPI monthly added interest agreement over 84 months.

However, repaid loan in December 2003.

Got rebate of £1073 but settlement to repay was £9465.

BH has agreed to calculate how much we would have paid towards the agreement had we not taken out PPI policy and refund the difference between this and the amount we paid. The refund will cover both amount paid within monthly instalments including interest paid on the cost of the policy and within early settlement figure. Statuatory interest at 8% simple on each payment made towards the cost of the policy calculated from the date they received payment to the date they pay redress.

Can anyone advise how all this is worked out and also why BH ask to accept the offer in full and final settlement without giving any figures. I phoned and asked for figures but they will not give them until mandate signed. Please can anyone enlighten me on the above, How calculation is made and what would be original loan amount if no PPI included etc.

Hi and welcome.

Hopefully Robbedofmymoney will be along at some point to take a look at this for you soon, if not tonight, maybe tomorrow.;)

Good luck with this.

uefa08

Thanks for your post

di3004

uefa08 wrote: »

Thanks for your post

Your very welcome.;)

uefa08

uefa08 wrote: »

Can anyone assist please.


Took out secured loan for £8350 in Jan 2003 11.9% Single premium PPI added to loan at £2084 over 84 months 11.9%.

Monthly repayments £180 of which £36.00 was part of PPI monthly added interest agreement over 84 months.

However, made 11 payments then repaid loan in December 2003.

Got rebate of £1073 off loan and PPI, but settlement to repay was £9465.

BH has agreed to calculate how much we would have paid towards the agreement had we not taken out PPI policy and refund the difference between this and the amount we paid. The refund will cover both amount paid within monthly instalments including interest paid on the cost of the policy and within early settlement figure. Statuatory interest at 8% simple on each payment made towards the cost of the policy calculated from the date they received payment to the date they pay redress.

Can anyone advise how all this is worked out and also why BH ask to accept the offer in full and final settlement without giving any figures. I phoned and asked for figures but they will not give them until mandate signed. Please can anyone enlighten me on the above, How calculation is made and what would be original loan amount if no PPI included etc.

di3004

Hi there

Hopefully Robbedofmymoney will be along today sometime and check this out for you, working out calcs is not my thing, and I could be wrong.

All I do know is, when the finance was settled, if they gave a rebate, this would have been used to reduce the balance, so whatever remaining of the PPI, you should be entitled to that, plus interest etc.;)

Good luck.

uefa08

di3004 wrote: »

Hi there

Hopefully Robbedofmymoney will be along today sometime and check this out for you, working out calcs is not my thing, and I could be wrong.

All I do know is, when the finance was settled, if they gave a rebate, this would have been used to reduce the balance, so whatever remaining of the PPI, you should be entitled to that, plus interest etc.;)

Good luck.

Thanks Di for your assistance;)

di3004

uefa08 wrote: »

Thanks Di for your assistance;)

Its my pleasure.;)

uefa08

Can you assist with calculations for BH success as I find it all very confusing. Hope you can help. Thanks.

robbedofmymoney

uefa08 wrote: »

uefa08 wrote: »

Can anyone assist please.


Took out secured loan for £8350 in Jan 2003 11.9% Single premium PPI added to loan at £2084 over 84 months 11.9%.

Monthly repayments £180 of which £36.00 was part of PPI monthly added interest agreement over 84 months.

However, made 11 payments then repaid loan in December 2003.

Got rebate of £1073 off loan and PPI, but settlement to repay was £9465.

BH has agreed to calculate how much we would have paid towards the agreement had we not taken out PPI policy and refund the difference between this and the amount we paid. The refund will cover both amount paid within monthly instalments including interest paid on the cost of the policy and within early settlement figure. Statuatory interest at 8% simple on each payment made towards the cost of the policy calculated from the date they received payment to the date they pay redress.

Can anyone advise how all this is worked out and also why BH ask to accept the offer in full and final settlement without giving any figures. I phoned and asked for figures but they will not give them until mandate signed. Please can anyone enlighten me on the above, How calculation is made and what would be original loan amount if no PPI included etc.

if i am readin ghtis right you settled your loan at £9465 and then they paid you a pro-rata rebate of £1073 for the ppi, this is how lloyds do it so would assume BH would do the same as part of same group.

based on the above scenario

the settlement figure without the ppi would have been approx £7573

so what we do is take this from your settlement figure paid

9465 - 7573 = £1892 difference.

we then deduct the ppi rebate of £1073

1892 - 1073 = £819

you made 11 payments of £36 totalling £396

so the money you would expect back is as follows

£819 from time of settlement of loan + 8% simple of apprx £431 = £1250

plus the payments you made of £396 + 8% simple of approx £221 = £617

so should be about £1867 to come back.

there will be a time delay between when they do the calc and then give you the payment, if its way off this mark you can complain again then,

cheers
:beer:

uefa08

Hi robbedoffmymoney.

I am sorry to confuse you but the rebate was £1073 which was made up of loan rebate and ppi not all for ppi.