Advice Needed Please (PPI)

amersall

Hi there, i think someone has posted on here regarding a spread sheet, i am sure when they come on you will get this info.Did you find out about the rebate? as marshalka or robbedof would work this out in a flash with that info, then you will know what you are getting back instead of thinking you are getting x amount, only to find out it is considerably less with the rebate taken off.

amersall

wurzelwidge wrote: »

Hi everyone,

The other day I was in a position to clear a loan that was taken out over the phone from Natwest. When I paid the remaining amount I was informed that I had been paying PPI. I was totally unaware of this until I cleared the loan. So I asked for information relating to the loan.

Today I received a letter that reads as follows;

We write further to your letter regarding the request for information on your existing loan account.

Our policy on disclosures to customers of information contained in our records is that we will comply fully with our legal obligations. These legal obligations arise under the CCA and the data protection act.

I regret as the loan has ended we have no obligation to provide any further details for your request.

Now I'm guessing that this is a shut up and go away standard letter and they are trying to stonewall me. I did not write to them, it was asked for over the phone. and from what I was told by a helpful lady when I cleared the balance that the amount is just shy of £1000.

My questions are where do I go from here, and how can they with hold information relating to me requested by me?

Thank you in anticipation to your replies.

Wurzel

This is hog wash a standard fob off, first of all if you have a breakdown of the loan settlement it should tell you on the paper work how much the ppi was, if you have not got this then i suggest you ring natwest and ask for this (and they have to give you this).Put a letter in to natwest saying that you were mis sold ppi and you want the ppi refunded with interest and 8%. This beggers belief with this bank, you put your claim in and let us know what happens, you have just settled this loan no way they have "no obligation to provide any further details"
total crap!!! good luck with this and keep us posted x

Capricorn01

Is Marshalka around?
It has been confirmed by the Bank that I had no rebate and they are offering me that at the moment, is that wrong not to have paid me it?
I have been deprived of that money, so what is my next step?
The rebate is for £835.00.
Here are the details again.

Amount of Loan: £8,000.00
Add: £4,463.80 interest (APR 20 8%)
Total Sum Payable: £12,463.80

Total sum payable to be paid by 60 monthly instalments of £207.73
on the 04 day of each month commencing on the 04 day of April 2003

Optional Credit
Protection Insurance Cash Price (including VAT)
Life (J) £836.54 Decreasing term Life Assurance - Joint
ASU (Y) £1,294.27 Accident, Sickness and Unemployment
Total Cash Price £2,130.81 Amount of insurance loan
Add £1,188.99 Interest (APR 20 8%)
Total Sum Payable £3,319.80

Total Sum Payable to be paid by 60 monthly instalments of £55.33
on the 04 day of each month commencing on the 04 day of April 2003

This loan was paid in full on 9th September 2004, full amount paid back = £7,841.91.
Would it be at all possible for somebody to provide a spreadsheet, so I can show what I am owed in full, now I know for sure that I have a rebate to come back plus the PPI plus the interest and 8% stat interest, if this makes sense.

Thank you so much

marshallka

Capricorn01 wrote: »

Is Marshalka around?
It has been confirmed by the Bank that I had no rebate and they are offering me that at the moment, is that wrong not to have paid me it?
I have been deprived of that money, so what is my next step?
The rebate is for £835.00.
Here are the details again.

Amount of Loan: £8,000.00
Add: £4,463.80 interest (APR 20 8%)
Total Sum Payable: £12,463.80

Total sum payable to be paid by 60 monthly instalments of £207.73
on the 04 day of each month commencing on the 04 day of April 2003

Optional Credit
Protection Insurance Cash Price (including VAT)
Life (J) £836.54 Decreasing term Life Assurance - Joint
ASU (Y) £1,294.27 Accident, Sickness and Unemployment
Total Cash Price £2,130.81 Amount of insurance loan
Add £1,188.99 Interest (APR 20 8%)
Total Sum Payable £3,319.80

Total Sum Payable to be paid by 60 monthly instalments of £55.33
on the 04 day of each month commencing on the 04 day of April 2003

This loan was paid in full on 9th September 2004, full amount paid back = £7,841.91.
Would it be at all possible for somebody to provide a spreadsheet, so I can show what I am owed in full, now I know for sure that I have a rebate to come back plus the PPI plus the interest and 8% stat interest, if this makes sense.

Thank you so much

Will take a look this evening as a little busy right now but hold on and will be back.:)

Capricorn01

Thankyou Marshalka

marshallka

Capricorn01 wrote: »

Is Marshalka around?
It has been confirmed by the Bank that I had no rebate and they are offering me that at the moment, is that wrong not to have paid me it?
I have been deprived of that money, so what is my next step?
The rebate is for £835.00.
Here are the details again.

Amount of Loan: £8,000.00
Add: £4,463.80 interest (APR 20 8%)
Total Sum Payable: £12,463.80

Total sum payable to be paid by 60 monthly instalments of £207.73
on the 04 day of each month commencing on the 04 day of April 2003

Optional Credit
Protection Insurance Cash Price (including VAT)
Life (J) £836.54 Decreasing term Life Assurance - Joint
ASU (Y) £1,294.27 Accident, Sickness and Unemployment
Total Cash Price £2,130.81 Amount of insurance loan
Add £1,188.99 Interest (APR 20 8%)
Total Sum Payable £3,319.80

Total Sum Payable to be paid by 60 monthly instalments of £55.33
on the 04 day of each month commencing on the 04 day of April 2003

This loan was paid in full on 9th September 2004, full amount paid back = £7,841.91.
Would it be at all possible for somebody to provide a spreadsheet, so I can show what I am owed in full, now I know for sure that I have a rebate to come back plus the PPI plus the interest and 8% stat interest, if this makes sense.

Thank you so much

I have tried to work it out using rule 78 calculator as your loan was pre the new regs and it looks like you would be entitled to

18 x 55.33 = 995.94

PLUS it looks like you were charged at least another £1200 odd at settlement of the PPI (but it does look like there was a £500 rebate when you do both the loan settlement and the PPI settlement) so I would say that the offer of "just" the £835 is plain wrong.

I have just worked the loan out without the PPI and it WOULD have settled at about £6631.41 so whatever you paid over and above at settlement would have been because of PPI which again proves their offer of £835 (which does not even cover your repayments made) is wrong.

I make your redress about near on £2200.

Will ask robbedofmymoney to also confirm this but it does seem correct that they are ripping you off.

Not too sure about this life insurance that is added which says INCLUDING VAT??? Never seen any say with VAT TBH???

robbedofmymoney

hi,

looking at the figures it would appear the offer they have made is only for the ppi that was not fully rebated upon early settlement.

you should be entitled to this, plus the premiums you have paid,
then 8% simple on top of this if you were miss-sold.

if it were my complaint i would be looking to get back at least the following

55.33 x 18 = £995.94 (premiums paid including interest)

the difference in rebate on early settlement £835

8% simple on £995.94 = £521 (approx)
8% simple on £835 = £389 (approx)

so in total i would expect to get back £2,740 (there would also be a small amoun tof interest that would need to be refunded that woul dhave been charged to the premium over the 18 months) i work this out to be approx £252, and 8% on this would be £117 (approx)

when you settled the loan it looks like they rebated you approx £656 which seems about right as most companies settle on a 30% rebate after 18 months of an active loan.

i would write to them and ask for clarification on the offer, if they are only offering you the difference in rebate of th eppi ask them to reconsider or your will be going to the FOS. Lloyds only offered me the difference in premium rebate at first, of £500 but when i went back and said not acceptable they did it properly and i got £1800.

i hope this helps

marshallka

robbedofmymoney wrote: »

hi,

looking at the figures it would appear the offer they have made is only for the ppi that was not fully rebated upon early settlement.

you should be entitled to this, plus the premiums you have paid,
then 8% simple on top of this.

if it were my complaint i would be looking to get back the following

55.33 x 18 = £995.94 (premiums paid including interest)

the difference in rebate on early settlement £835

8% simple on £995.94 = £521 (approx)
8% simple on £835 = £389 (approx)

so in total i would expect to get back £2,740

when you settled the loan it looks like they rebated you approx £656 which seems about right as most companies settle on a 30% rebate after 18 months of an active loan.

i would write to them and ask for clarification on the offer, if they are only offering you the difference in rebate ask them to reconsider or your will be going to the FOS.

i hope this helps

Hi robbedofmymoney, I made it £2200 without the 8% statutory interest. I looked at the loan of £8000 and then 18 repayments made on it of £207.73 and then settled using rule 78 which as it was 2004 would have been used. This would mean a settlement of approx £6631.41.

As the poster made 18 payments towards the PPI of 55.33 x 18 = 995.94 and then they OVER settled the loan by another (7841.91 - 6631.41 = ) £1210.50 because of PPI being added so in total would be £2206.44 and this would be without the statutory interest.

Can you see where I am coming from here????

marshallka

Thanks for the edit robbedofmymoney. We are nearing each other now and yours totals £2082.94 PLUS 8% statutory interest and mine is £2206.44 PLUS statutory interest so somewhere in between maybe and also alot more than the above offer of £835.00!!!!

Capricorn01

Thank you both so much, its a good deal more than they were offering, so shall send them my own figures now and the correct ones. Massive help to me, thank you.:j