help

chazza25

hi im new here.
in process of claiming ppi from black horse.
first agreement they sayin not getting anythin as loan taken out on 6th july 06 then cleared loan off at end of july so not entitled to anythin?? as no payment made?

second agreement taken end of july settled early in the nov. can anyone tell me how much ppi i would get? would it be just three months payments (at £53.53 a month) plus the 8%?
black horse has sent a letter stating i have a claim and they will calculate how much plus 8% to the day i sign the letter.

any help would be great.:)

di3004

chazza25 wrote: »

hi im new here.
in process of claiming ppi from black horse.
first agreement they sayin not getting anythin as loan taken out on 6th july 06 then cleared loan off at end of july so not entitled to anythin?? as no payment made?

second agreement taken end of july settled early in the nov. can anyone tell me how much ppi i would get? would it be just three months payments (at £53.53 a month) plus the 8%?
black horse has sent a letter stating i have a claim and they will calculate how much plus 8% to the day i sign the letter.

any help would be great.:)

Hi and welcome.

Have you already started the procedures of reclaiming?

It makes no difference if the loan is settled or still active.
So whatever you paid of PPI you should receive back, plus interest etc, and often 8% interest of what a court would award for being deprived of your money.

Hopefully Robbedofmymoney will be along to check this out for you, but he will possibly require more details to work on.

However, if they have upheld your complaint and stated they have calculated inline with the FOS (Financial ombudsman service), check Maxdp's thread below on how the FOS calculates refunds on loan and credit card ppi......
https://forums.moneysavingexpert.com/discussion/1596473

I don't understand where they have stated your not entitled to anything. If you paid any ppi on that account, and were mis sold it for any reason, then you do have the right to have whatever you have paid, no matter if a month or a few months of it paid, you should get back.

For more on reclaiming with the guidelines....
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Hope this helps and I'm sure someone will be here to check the calcs out for you at some point today.
Good luck.:);)

robbedofmymoney

chazza25 wrote: »

hi im new here.
in process of claiming ppi from black horse.
first agreement they sayin not getting anythin as loan taken out on 6th july 06 then cleared loan off at end of july so not entitled to anythin?? as no payment made?

second agreement taken end of july settled early in the nov. can anyone tell me how much ppi i would get? would it be just three months payments (at £53.53 a month) plus the 8%?
black horse has sent a letter stating i have a claim and they will calculate how much plus 8% to the day i sign the letter.

any help would be great.:)

well done on your win:j:j:j:j

on the second one you need to supply a little more information.

as the loan was settled early you will get at least the 3 payments back plus 8% simple.

also within the first year you will have been penalised by paying off the ppi and loan early.

do you know what the original premium was and how much rebate they gave you.

cheers

di3004

Cheers Robbed......:T:beer:

chazza25

robbedofmymoney wrote: »

well done on your win:j:j:j:j

on the second one you need to supply a little more information.

as the loan was settled early you will get at least the 3 payments back plus 8% simple.

also within the first year you will have been penalised by paying off the ppi and loan early.

do you know what the original premium was and how much rebate they gave you.

cheers

hi thanks for getting back to me

loan £8000 cost of policy £2173.66 premium £250.57 a month which £53.53 was paid to ppi.

so loan total was 10173.66 taken out in july 06
£8516.05 was settled early in november 06.


on the first agreement the say loan settled before first payment therefore no ppi paid??

thanks again for the help:D

robbedofmymoney

chazza25 wrote: »

hi thanks for getting back to me

loan £8000 cost of policy £2173.66 premium £250.57 a month which £53.53 was paid to ppi.

so loan total was 10173.66 taken out in july 06
£8516.05 was settled early in november 06.


on the first agreement the say loan settled before first payment therefore no ppi paid??

thanks again for the help:D

from these numbers it's clear there was some kind of rebate of ppi upon early settlement.

the settlement without the ppi should have been approx £7,900 after the 3 payments were made. (i have based this on 10.9% apr)

so your refund should be approx the following

3 x 53.53 = £160.59

then you should get back the difference in settlement amounts

£8,516.05 - £7,900 = £616.05

you should then get 8% simple interest on these amounts

£160.59 @ 8% simple = £50.31
£616.05 @ 8% simple = £188.92

so total refund should be 160.59 + 616.05 + 50.31 + 188.92 = £1,015.17

well done on your reclaim.:j:j

amersall

chazza25 wrote: »

hi thanks for getting back to me

loan £8000 cost of policy £2173.66 premium £250.57 a month which £53.53 was paid to ppi.

so loan total was 10173.66 taken out in july 06
£8516.05 was settled early in november 06.


on the first agreement the say loan settled before first payment therefore no ppi paid??

thanks again for the help:D

Hi there, do you have the settlement figure on the first loan? i wonder as you did not make the first payment on this, was there any extra to pay to pay this off, or did you just give the loan amount borrowed back?.As they may have taken some money back for the ppi.I think this is worth finding out.

chazza25

robbedofmymoney wrote: »

from these numbers it's clear there was some kind of rebate of ppi upon early settlement.

the settlement without the ppi should have been approx £7,900 after the 3 payments were made. (i have based this on 10.9% apr)

so your refund should be approx the following

3 x 53.53 = £160.59

then you should get back the difference in settlement amounts

£8,516.05 - £7,900 = £616.05

you should then get 8% simple interest on these amounts

£160.59 @ 8% simple = £50.31
£616.05 @ 8% simple = £188.92

so total refund should be 160.59 + 616.05 + 50.31 + 188.92 = £1,015.17

well done on your reclaim.:j:j

hiya

thanks for working it out.

will let you know how much i get when i get payment

thanks again :D

chazza25

amersall wrote: »

Hi there, do you have the settlement figure on the first loan? i wonder as you did not make the first payment on this, was there any extra to pay to pay this off, or did you just give the loan amount borrowed back?.As they may have taken some money back for the ppi.I think this is worth finding out.

the first loan was taken out start of july then paid off with the second loan at end of july.

loan amount 4399.06 paid back 3218.38 thats all the info i have on this one at the moment.

thanks again:D

chazza25

chazza25 wrote: »

hiya

thanks for working it out.

will let you know how much i get when i get payment

thanks again :D

hi again

thats me got letter today on how much i getting. can someone confirm this is correct.

loan £8000 cost of policy 2173.66 taken out july 2006

sum paid towards cost of policy £41.46 (they saying i only made 1 monthly instalment)

loan settled early nov 2006 8516.05 (rebate given at this point £1940.58)

sum paid towards cost of policy within early settlement figure £244.98

sub total £286.44
8% £91.07

total due £377.51


any help would be fantastic as not sure to accept this or not.

thanks:D