MY PPI Reply, DO I accept or reject

chikant

this is what Halifax sent me, LSP acceptance form, asking me accept

APPENDIX - EXAMPLE REFUND CALCULATIONS
To help illustrate how our offer will be calculated we have given you three worked examples below. These are only examples and they do not relate to your account - your payment may be more or less:
Example 1
A 4 year loan of £2,500, plus PPI of £519.43, was taken out in July 2003 at an interest rate of 13.1% APR. The loan was fully repaid at the end of its term.
Total PPI premiums paid (inclusive of interest at 13.1%) £665.66 Simple interest at 8% £326.07
Total offer £991.73

Example 2
A 3 year loan of £2,500, plus PPI of £465.89, was taken out in October 2003 at an interest rate of
15.7% APR. The loan was settled early in May 2006. In May 2004, a successful claim against the
PPI policy for £174.39 was made.
Total PPI premiums paid (inclusive of interest at 15.7%) £588.16
Simple interest at 8% £295.59
Previously accepted claim -£174.39
Total offer £709.36

Exampie 3
A 6 year loan of £9,700, inclusive of PPI, was taken out in November 2007 at an interest rate of 8.1% APR. The 2007 loan is still open. This loan had been refinanced from two previous loans taken out in 2004 and 2006. The PPI sales in relation to the 2004 and 2006 loans were also considered (both had interest rates of 14.9%). We decided to make an offer in relation to the 2006 and 2007 loans, but not the 2004 loan:
Total PPI premiums paid (inclusive of interest at 8.1%) 2007 loan £1,455.08
Simple interest at 8% £223.11
Total PPI premiums paid (inclusive of interest at 14.9%) 2006 loan £339.51 Simple interest at 8% £172.37 Excess Balance and Interest (see explanation*) for the 2006 loan £17.92
Total offer £2,207.99
As the 2007 loan and PPI policy were still open we also cancelled the PPI policy and amended the 2007 loan to reduce the monthly payments.
* Excess Balance and Interest is a refund of the extra amount you paid when you refinanced the loan/PPI we are now offering to redress. The inclusion of PPI on your earlier loan meant that the outstanding balance was higher than it would have been without PPI and this increased the size and monthly payments on your next loan. Our offer of the Excess Balance and Interest is a refund of the extra amounts paid by you with associated interest

amersall

Hi there, none of those are your offer,they are showing examples of how redress is paid on different loans.
My son got one of these on saturday.
You have to sign the acceptance and send it back,they will calculate the redress for your loan and send you the refund.

chikant

I know its not my offer, but is that the correct way of calculating it; and why don't they tell me how much i am suppose to get. it just feels like there trying to pull a fast one.

DrSqueeze

chikant wrote: »

why don't they tell me how much i am suppose to get. it just feels like there trying to pull a fast one.

I suspect their calculations teams are swamped by the number of cases they have to handle.

The complaints department, meanwhile, has strict deadlines to reply. If they waited for all the calculations, they'd miss the target dates. So what they're doing is making a decision on the complaint before the figures are available - to speed the process up.

This then gives the calculations people more time to catch up.

Comyface

They're not trying to pull a fast one, the refund is given in line with FOS recommendations. They give a refund of premiums + interest paid + 8% simple interest on top - that is correct.

Comyface

Ooops, same message twice!

chikant

OK thanks a lot guys, really appreciate it.

gaz2180

Sorry for hi-jacking, I received the same letter and want to return it but accidently threw out the pre-paid envelope - does anyone have the address I should be sending the acceptance form too?

I have the address on the letter, just want to make sure the form doesn't go to a different address...

Thanks in advance

chikant

THIS IS ON MY FREEPOST LETTER

Freepost RSAL-KLAA-UKEK
Customer Relations
Po Box 761
Leeds
LS1 9JF