Barclays, Lombard Direct + Tesco PPI

saverjustice

I would say that almost all PPI should be refunded because the sales procedures were non compliant.

marcusarelius

hi i hope so - but doesnt really answer the question about whether you get the front loaded ppi amount and/or the 8 monthly ppi payments i made?

amersall

marcusarelius wrote: »

hi i hope so - but doesnt really answer the question about whether you get the front loaded ppi amount and/or the 8 monthly ppi payments i made?

Hi there,Niggly not online yet, the simplest way that i can explain this is,eg,ppi £6000 you settled loan after 8 payments,you will have had a rebate of the ppi say £500,so you get the remaining £5500 as you gave FP the £5500 when you settled the loan.
that gives you £5500 then the 8 payments you made with interest.

You should get back at least £4000 on yours as Niggly said.

marcusarelius

Thanks Amersall for taking the time to respond to my query,

so you are saying it should be the £4898 (lump sum added to loan) minus the rebate and then on TOP of that it should include the 8 payments with interest? Nigglys explanation seemed to suggest that i should subtract these payments?

Nigglys post: "So £4898- rebate £1224 = £3674 less contributions of 45.34 x 8 = 362.72= £3000 that you have paid off with the settlement"

Not questioning his maths just cant work out why you would subtract them?

amersall

marcusarelius wrote: »

Thanks Amersall for taking the time to respond to my query,

so you are saying it should be the £4898 (lump sum added to loan) minus the rebate and then on TOP of that it should include the 8 payments with interest? Nigglys explanation seemed to suggest that i should subtract these payments?

Nigglys post: "So £4898- rebate £1224 = £3674 less contributions of 45.34 x 8 = 362.72= £3000 that you have paid off with the settlement"

Not questioning his maths just cant work out why you would subtract them?

Sorry,Niggly is right,this would have been taken off at the settlement date when they gave you your settlement figure,this will have been less the payments you made.
Niggly can explain better than me,he doesnt seem to be about.

But you should expect nearly £4000 back for that one.

marcusarelius

Hi Amersall,

that makes sense thanks again - just couldnt work out where the PPI payments i had made were being accounted for! Weird thing is on the settlement letter it doesnt mention any rebates just a payment amount to settle. Well hopefully it will get approved in the next few weeks as they have had the complaint for 13 weeks now.