PPI Reclaiming Discussion Part 5

[Deleted User]

stillpaying2012 wrote: »

i borrowed £500 from a loan company on 01/02/2011.i have since paid £1,335,00.they still say i owe £486.i have been asking their employees why i am still paying their answers are not satisfactory.please help i feel cheated. do i qualify for ipp?

Unlikely to be anything to do with PPI, I'm afraid.
Is this a PayDay Loan? I'm sure the forums you have dupicated your post to will give better advice than here..,.

amersall

RLG81 wrote: »

Thank you for your advice, the figure they gave is right then I'm guessing so I will accept.
Not bad for 1 letter- just under £5000!

And you do not have to pay a claims co :D:D
Congrats :T

gilldee

hi this is what they have said: because our single premium was cancelled early we have incurred additional cost at the time we closed the account. This is because we would not have received a PRO RATA REFUND because of the way that they had calculated the settlement of the PPI policy. In addition, as we did not receive a PRO RATA REFUND, our borrowing for the subsequent loans would of been higher than we needed it to be. This in turn increased the size and monthly payments and in doing so attracted additional interest.

They have therEfore decided that we should be reimbursed the difference between a PRO RATA REFUND and the amount we actually paid for each single premium policy settled early.also included are the additional amounts we have paid due to our refinanced loans being greater than what we would of required, and the interest applicable to this. As a final response they have offered a refund of this excess amount, plus simple interst at 8% per annum.

We understand that we would not get all ppi of loans payed off early, but the last loan was for alot, and the ppi was too, we believe we should get full ppi refund off that one. We dont understand the PRO ROTA REFUND!!. PLZ HELP X

ukblondie1

Do all mortgage statements quote PPI if being charged this?

Thanks

gilldee

SUMMARY OF REDRESS CALCULATIONS:

FIRST LOAN FOR £1500 @£84.65MTH
Paid Via Repayments @ £108.46
Paid in final payment @ £ 125.15
Less payments due if pro rata basis @-£138.04
Sub toatal potential pii refund from this loan @ £95.57
Less payments carried forward to next loan @-£ 95.57

SECOND LOAN FOR £2000 @£84.33mth
Paid Via Repayments @ £23.32
Paid in final payment @ £128.22
Less payments due if pro rata basis @ - £34.98
Sub total potential ppi refund of this loan @ £116.56
Excess balance & interest paid via instalements @ 6.95
Excess balance & interest included in final payment @ £96.42
Less payments carried forward to next loan @ -£212.98
Sub total potential ppi refund from this loan @ £6.95
SUB TOTAL @ £ 6.95
Statutory interest 8% @£6.22
Less tax at 20% @-£1.24
TOTAL @£11.93


THIRD LOAN FOR £7000 @ £199.44
Paid Via Repayments @ £2,017.60
Paid in final payment @ £1.08
Less payments due if pro rata basis @ - £1,903.80
Sub total potential ppi refund of this loan @ £114.88
Excess balance & interest paid via instalements @ £302.89
Excess balance & interest included in final payment @ £0.22
Less payments carried forward to next loan @ £0.00
Sub total potential ppi refund from this loan @ £417.98
Less successful cliam benifits @ £376.58
SUB TOTAL @ £41.40
Statutory interest 8% @£234.49
Less tax at 20% @ -£46.90
TOTAL @£228.99

NO COMPENSATION WAS OFFERED TO ALL 3 ACCONUNTS

WE WERE TOLD THAT WE HAD PAYED PPI ON ALL 3 ACCOUNTS
AS I STATED EARLIER. DOES THIS HELP? THANKS X

[Deleted User]

gilldee wrote: »

DOES THIS HELP? THANKS X

Not really, I'm afraid.
Post the rest of the Bank's "full and final" and we may be able to help....

icmelerlovers

today i received letter from them turning my claim down
for my credit card and 3 loans ,

original complaint
i was told i needed ppi or it would help obtain loans
i had life cover
sick pay
private health care
pension .



ive got to plan my next step (well i sent pm to some experts on here for advice)

amersall

gilldee wrote: »

hi this is what they have said: because our single premium was cancelled early we have incurred additional cost at the time we closed the account. This is because we would not have received a PRO RATA REFUND because of the way that they had calculated the settlement of the PPI policy. In addition, as we did not receive a PRO RATA REFUND, our borrowing for the subsequent loans would of been higher than we needed it to be. This in turn increased the size and monthly payments and in doing so attracted additional interest.

They have therEfore decided that we should be reimbursed the difference between a PRO RATA REFUND and the amount we actually paid for each single premium policy settled early.also included are the additional amounts we have paid due to our refinanced loans being greater than what we would of required, and the interest applicable to this. As a final response they have offered a refund of this excess amount, plus simple interst at 8% per annum.

We understand that we would not get all ppi of loans payed off early, but the last loan was for alot, and the ppi was too, we believe we should get full ppi refund off that one. We dont understand the PRO ROTA REFUND!!. PLZ HELP X

I am sorry but they are correct, i did not know that you had cancelled this PPI, when you cancel PPI on a loan the loan is reset without the PPI, this resulted in your loan increasing, had you not cancelled the PPI then you would have received all the PPI back.

They have redressed to the date you cancelled and this is correct, i wish i could say they are wrong, but this is what happens.

amersall

Moneyineptitude wrote: »

Not really, I'm afraid.
Post the rest of the Bank's "full and final" and we may be able to help....

The last loan is the right redress, this PPI was cancelled and the loan was reset, the redress has been paid to the date of cancellation.

There should be somewhere on the reclaiming site that you should never cancel PPI on a loan that is running or has passed the 30 day cooling off period, Credit Cards are different as this is a monthly payment and can be cancelled with no penalty, the sad thing is with the loan PPI is that people end up paying more to the loan without the PPI , people think that the loan payment will go down after cancellation, but sadly it does not.

amersall

icmelerlovers wrote: »

today i received letter from them turning my claim down
for my credit card and 3 loans ,

original complaint
i was told i needed ppi or it would help obtain loans
i had life cover
sick pay
private health care
pension .



ive got to plan my next step (well i sent pm to some experts on here for advice)

Answered your PM go get em x