MSE News: Banks put PPI claims on hold in defiance of regulator

Turboman

Tigrae

Just bumping post 597--lol

TheBigDog

amersall wrote: »

Like your avatar :cool: did not realise it was you!! i look for the lion :rotfl:
The secured loans with high frontloaded ppi are a "nice little earner" for these companies.As they charge their fee on the whole of the ppi and not on the actual cash the customer gets back. So ppi of £23000 won, that is 25% of this plus 17.5% vat =42.5%, so the customer gets ppi paid to date back of £7235 back to them.

(these are my figures and ppi just to show what happens, I DID not use a company thank god. all it cost me was 2 stamps,1 letter to fp and 1 letter to fos.)

the full ppi of £23000 comes off the loan balance. So the company want 42.5% of the £23000 that is £9775, so if i had used a company i would still owe the company £2520 !!!!! There was someone on the ppi board a while back who did not know this is what happens and now is lumbered with a bill for thousands. This is not a nice way to earn money. I have got friends ppi back for them and all for a letter and a stamp, these charges cannot be justified in my book.And i wont be convinced otherwise.

Hi Amersall,

The VAT payable is on the 25% fee, and not the redress. So in that example, the fee would be 25% + VAT, which would make it £6756.25.
However, not all CMC's charge for the whole redress. I charge on the return I get for the client, and not the whole premium if you see what I mean - in my eyes, it just makes it more strauightforward.
The only time I've ever fee'd higher than this is when a huge PPI premium has turned up and the loan has been running for a short length of time and I think the clients only going to get say £500 in cash but the premium is say £9,000. Now - I'm not having a £500 row with the lender, I'm having a £9000 one, and it's going to be tricky and I'm not happy to do it for £75. Again, the client was fully explained this and was happy to proceed and we agreed a fixed fee before starting out on the claim.

Regards,

TBD.

TheBigDog

amersall wrote: »

We are not "cmc bashers". This is not a personal attack on you at all, good for you for being a decent one btw.
I do not tar everyone with the same brush, there are good and bad in every vocation.

Most definately - I agree with you 100%, and the cowboys should be rooted out. Unfortunately, I cant see the MoJ doing it because they are, by and large, useless. Anyway, they're too busy ensuring their 'Code of Conduct' is being adhered to (yeah - right!) or they're busy watching Carl Wright and his cronies take people for £30million and not paying it back!

Regards,

TBD.

tiggrae

Turboman wrote: »

Hi Tigrae

Presumably you have a manual that interprets the claims according to the FOS Guidelines & later the new Policy Document

With about 9 different variations of Settled Loans with mid loan PPi refund & various Settlement Methods & last minute PPI Refunds also --neccessitating a rolling changing Apportionment Factor %(ie PPI Amnt/Total Loan & PPI Loan) which only works for the simplest of cases)

This can only be done with proper mathematical spreadshhets--do you have either a Manual Or Complex Spreadsheets?

I only know you though Marshy of course a year ago-but presume you are a CMC ???

And I know for certain that a few pinch my & Bill's work from our other 2 sites--cos we are open--Marshy now joining our Sums Club btw

Turbo

Hi Turbo,

We only have a simple spreadsheet, anything more complicated is worked out and checked manually - just don't have the resources to have spreadsheet models built for more complex claims

Turboman

tiggrae wrote: »

Hi Turbo,

We only have a simple spreadsheet, anything more complicated is worked out and checked manually - just don't have the resources to have spreadsheet models built for more complex claims

I need a job -- lol

tiggrae

Turboman wrote: »

I need a job -- lol

think with the way things I going we'll all be looking for one - had to laugh though the other day - recruitment agency rang up and asked whether I wanted to Project Manage a PPI Complaints System being developed by a Credit card company - said I'd rather stick pins in my eyes !!!

marshallka

amersall wrote: »

Like your avatar :cool: did not realise it was you!! i look for the lion :rotfl:
.

Changing it back again after tomorrow!!!

Turboman

marshallka wrote: »

Changing it back again after tomorrow!!!

Should bloody think so:kisses3:

robbedofmymoney

Turboman wrote: »

Hi Tigrae

Presumably you have a manual that interprets the claims according to the FOS Guidelines & later the new Policy Document

With about 9 different variations of Settled Loans with mid loan PPi refund & various Settlement Methods & last minute PPI Refunds also --neccessitating a rolling changing Apportionment Factor %(ie PPI Amnt/Total Loan & PPI Loan) which only works for the simplest of cases)

This can only be done with proper mathematical spreadshhets--do you have either a Manual Or Complex Spreadsheets?

I only know you though Marshy of course a year ago-but presume you are a CMC ???

And I know for certain that a few pinch my & Bill's work from our other 2 sites--cos we are open--Marshy now joining our Sums Club btw

Turbo

if you have the figures/dates, it's easy, trust me i'm a muppett:rotfl::rotfl::rotfl::rotfl:

debt55

amersall wrote: »

Like your avatar :cool: did not realise it was you!! i look for the lion :rotfl:
The secured loans with high frontloaded ppi are a "nice little earner" for these companies.As they charge their fee on the whole of the ppi and not on the actual cash the customer gets back. So ppi of £23000 won, that is 25% of this plus 17.5% vat =42.5%, so the customer gets ppi paid to date back of £7235 back to them.

(these are my figures and ppi just to show what happens, I DID not use a company thank god. all it cost me was 2 stamps,1 letter to fp and 1 letter to fos.)

the full ppi of £23000 comes off the loan balance. So the company want 42.5% of the £23000 that is £9775, so if i had used a company i would still owe the company £2520 !!!!! There was someone on the ppi board a while back who did not know this is what happens and now is lumbered with a bill for thousands. This is not a nice way to earn money. I have got friends ppi back for them and all for a letter and a stamp, these charges cannot be justified in my book.And i wont be convinced otherwise.

sorry but you may have the figs wrong here

like any service/product you pay VAT on its charged on the actual amount at said percentage... not on top

so for your example

its not 25% + 17.5% = 42.5%

but 25% (+17.5% of that) which = approx 29%