anyone good with ppi redress calculations?

robbedofmymoney

Kuffs1978 wrote: »

Hiya,

I'll try to be brief and as accurate as I can.


Date loan started Aug 2007
Date loan ended, if ended: Ends October 2012
Any missed payments and charges (if any) Payments fully upto date as of 5th October 2011. Have missed only Nov and Dec 2011 (after decision was passed but Norton haven't told GE yet so payments still at £261.15) She was charged £30 for maybe half a dozen payments when she could only afford £250 in a month. I was angry that she was also charged £30 when (in 2009) she'd made a payment of £350 on the 3rd of Jan, a further £311 on the 30th of Jan, yet charged £30 in March because no payment was recorded in February. This has happened a few times, where she's paid with her debit card but the numpties take a week to process the payment so they make a bundle in charges.
Original loan amount (exc interest) 10,000
PPI premium (exc interest) 1537.50
Any other charges when the loan started (arrangement fees etc) £250.00 Arrangement Fee
Interest rate (if this is variable details and dates of any rate changes) 2007-2009 10.4%, 2009 11.4%, 2010-now 10.89%. Payments began at 246.62, rose to 252.84 in December 2007, and have been £261.15 since beginning of 2009.
Regular monthly payments £261.15
Month/year of any over payments: PPI cancelled in April 2011 but payments of £261.15 maintained.
Iff PPI cancelled (month year) April 2011
Amount of PPI rebate £384.38 when policy was cancelled in April 2011, rebate in November: £1,153 + £340 interest, £133.12 (8% instructed by FOS) and £200 compensation.

Is it me or do the PPI rebates not make sense?

Ultimately, all we want is to be able to clear the bloody loan as soon as possible. GE told us back in January 2011 that once the PPI was removed it would take less time to clear the loan. They also said in October 2011 that the repayments were fully upto date, so whatever the payments should have been without the PPI, there were only 12 of them left to pay. Yet £3354.20 divided by 12 is £279.51 which is more than what we were paying when the PPI was included!! I'm tearing my hair out here which is quite an achievement considering I'm bald!

here goes what i have done and found

i have re-constructed the loan based on the information you have given me.

the redress Norton have given you is correct

in total they have refunded you all of the PPI premium, £1537 (this is including your previous rebate.

the interest returned on the ppi premiums is the interest charged against the premium up until the PPI was cancelled, this is also correct.

the 8% simple interest on the payments you made for PPI is also correct.

i have assumed that the latest rebate has been deducted from the loan amount.

if this is the case you should owe hardly anything at all, as the loan would be nearly settled. (the figures are always a little different due to exact days and dates of interest charges) but i do not believe you still have £2000 to pay, more like about £700 pounds.

your next move if i were you would be to wait until you get the final calculation and balance from GE money, i know with one of my llloyds loans, when they did the calculations and then applied them to the loan account it took nearly a week for all the transactions to take effect before it came to the true figure. then request a full statement breakdown for this particulr loan showing all payments and interest charges on a month by month basis. you should already have this as the banks have been issuing anual statements for a few years now. but if not request them.

this will give you a much clearer picture as to what has happened.
it will also enable you to check all of your parments and overpayments have been correctly applied to the account.

let me know how you get on and when you get their statements i will be happy to go through them with you to check them.

Kuffs1978

Hi everyone,

Just looking for some pearls of wisdom really. Today is the 2nd of February 2012; 105 days since the FOS ruled in our favour. Have we seen a penny of the £1826.44 rebate? We should be so lucky. We spoke to Norton on Monday who informed us that the acceptance letter was with their Resolutions department, yet all was needed to complete the refund was the authorisation of the Directors; a signature, or just a simple "yes". Now please take note of the Director's name; Paul Stringer, as he definitely lives up to his name. The man is a complete c*nt. Even though the FOS ruled in our favour over three months ago, Norton believe they have the right to drag their heels. The FOS appear genuinely useless in enforcing their rulings, so basically this has been a waste of time. My sister already has enough reason to seriously contemplate suicide with the way the !!!!!!! government are targeting the genuinely disabled in their cuts, so I am anticipating that day when she doesn't answer the phone when I call, and I then find her body slumped over in her chair. How on earth can these people get away with such despicable behaviour? Surely it would be as much in their benefit as ours to just issue the cheque, and have closure on the matter once and for all.

dilus

Kuffs1978 wrote: »

Hi everyone,

Just looking for some pearls of wisdom really. Today is the 2nd of February 2012; 105 days since the FOS ruled in our favour. Have we seen a penny of the £1826.44 rebate? We should be so lucky. We spoke to Norton on Monday who informed us that the acceptance letter was with their Resolutions department, yet all was needed to complete the refund was the authorisation of the Directors; a signature, or just a simple "yes". Now please take note of the Director's name; Paul Stringer, as he definitely lives up to his name. The man is a complete c*nt. Even though the FOS ruled in our favour over three months ago, Norton believe they have the right to drag their heels. The FOS appear genuinely useless in enforcing their rulings, so basically this has been a waste of time. My sister already has enough reason to seriously contemplate suicide with the way the !!!!!!! government are targeting the genuinely disabled in their cuts, so I am anticipating that day when she doesn't answer the phone when I call, and I then find her body slumped over in her chair. How on earth can these people get away with such despicable behaviour? Surely it would be as much in their benefit as ours to just issue the cheque, and have closure on the matter once and for all.

This situation is disgraceful Kuffs1978, have you tried using your local MP to get it resolved or is that a sore point Or write to David Cameron directly (probably more of a sore point) and get the press on board if you can. Shame on Norton, absolutely disgraceful

Kuffs1978

Got an email from one of the morons at the FOS today. He reckons there has been "misunderstanding about the requirement that the loan be restructured" before concluding that "The ombudsman's final decision instructed Norton to restructure the loan so that the PPI element was removed". So if we were paying £261.16 when the PPI was included, surely Norton are responsible for informing GE that since we are no longer paying for PPI, the monthly instalment they require should reflect that? It really is no wonder why this country is in the financial mess it's in; even people are the FOS are complete and utter gob!!!!!s. I have absolutely no idea how to move forward from this, apart from hoping that once the rebate has been issued, somebody at GE uses their brain and recognises what a shambles this has all been and does the right thing. Why does nobody at the FOS have any backbone to ensure that the instructions they issue are followed through? This has all been a total waste of time as far as I can see.

Kuffs1978

Just in case nobody else has heard, Norton Finance have gone into administration. The last twelve months have been a complete waste of time. Since the PPI rebate no longer exists, nothing will be paid out, repayments will remain exactly the same, and basically the finance company win. I give up.

dilus

Kuffs1978 wrote: »

Just in case nobody else has heard, Norton Finance have gone into administration. The last twelve months have been a complete waste of time. Since the PPI rebate no longer exists, nothing will be paid out, repayments will remain exactly the same, and basically the finance company win. I give up.

Where have you heard this kuffs1978, I can find no reference to it on line?

Kuffs1978

Received phone call from guy at the FOS who's been dealing with our case post-Ombudsman's decision.

Kuffs1978

He told us that since GE effectively provided the money to Norton for the loan AND the PPI, by giving us the rebate on the PPI Norton would have to compensate GE at a similar level. That doesn't make sense to me. All I know is that for the time being, no rebate will be issued, and we may never see the money, whilst the repayment level remains the same, which is no different than when the PPI premiums were included.

Kuffs1978

I have a sense of deja vu as this is not the first time I've posted something and it's immediately vanished. We were told that since Norton sold the loan and the PPI with money borrowed from GE, they would also need to compensate GE for the PPI rebate which we were due. I don't understand that at all. All I do know is that since Norton have gone into administration, they cannot compensate us or GE, and therefore we have to keep making payments which are more than they'd have been without the PPI, until the end of the loan period, to make up for Norton's screw ups. So basically they win again. We have no rebate, no reduction in monthly payments, and are still obligated to pay more than the loan would have cost if the PPI had not been sold.

dilus

Kuffs1978 wrote: »

I have a sense of deja vu as this is not the first time I've posted something and it's immediately vanished. We were told that since Norton sold the loan and the PPI with money borrowed from GE, they would also need to compensate GE for the PPI rebate which we were due. I don't understand that at all. All I do know is that since Norton have gone into administration, they cannot compensate us or GE, and therefore we have to keep making payments which are more than they'd have been without the PPI, until the end of the loan period, to make up for Norton's screw ups. So basically they win again. We have no rebate, no reduction in monthly payments, and are still obligated to pay more than the loan would have cost if the PPI had not been sold.

I'm speechless, disgraceful :(:(:mad: Get the press involved or Which if you can be ars*d