help..claiming back ppi on secured loan....

emmpee

wow...thanks consumerist..good work..will try and follow up on the overcharge side of it..cheers..

Consumerist

Hi emmpee,

I regret to say that we may be back to square one on your claim.

Because your agreement was entered into before 31 May 2005, the regulations which applied to it are not the Consumer Credit (Early Settlement) Regulations 2004 which I relied on but the Consumer Credit (Rebate on Early Settlement) Regulations 1983 which the later regulations revoked for new loans.

Because the 1983 regulations are no longer used, I don't seem able to track down a copy to refer to. Various sources indicate, however, that early settlement of loans from that time used the infamous Rule of 78's to calculate early-settlement rebates.

So, the upshot is that I will need to re-calculate and get back to you. My feeling is that the rebate may have been correctly calculated at the time but the FOS guidelines on redress for mis-sold PPI re-calculates the loan as if the PPI loan had never been taken out in the first place and so I will try to re-calculate on that basis.

I suspect the outcome will significantly improve the PPI compensation estimated earlier but the rebate on the loan was probably according to the regs at that time . . . but we'll see.

Sorry to have misled you earlier. The numbers I can crunch but picking my way throuh the regulations is a nightmare.

emmpee

hi ..thanks, but you dont really need to do all this stuff
although i appreciate your time and effort
,your earlier explanation was enough to satisfy my initial query ...many thanks and keep up the good work helping others like myself......and dare i say it...(your a credit..groan..lol.)

Consumerist

Hi emmpee,

Ok. I hope you do get something back.

Please keep us posted on progress as it does help others in the same boat to see how you get on. Even if you get nothing, it helps others to see in which circumstances a claim might fail.

Good luck.