PPI Reclaiming Discussion Part 5

amersall

At present it comes out as a separate direct debit

Check your DD list, the account numbers for the loan and PPI will be there.

amersall

lestergun wrote: »

Hi

Was wondering if someone can help with the calculations for the below claim? The claim has been made and an offer returned but the calculations are not displayed, only the sum/offer.

Amount of loan: 5040
Total charge for credit: 1037.74
APR: 7.9%
Total amount payable: 6077.74

PPI: 1094.60
Charge for credit: 224.43
Total: 1314.43

60 monthly payments from March 2004 of 21.91.

Should there be any inconvenience payment?

Is compound interest compounded monthly, annually or daily? Or something else?

Thanks

Lester

WELL DONE ON YOUR WIN :beer:

What is that they are paying you back, you are not very clear on this?.

You get nothing for the loan amount.
The interest on the PPI is in the monthly payment for PPI that you made.

The 8% is on a decreasing scale each month for the PPI payments you made, so the nearer redress date you get, the lower the 8% amount, this 8% is taxable if you are a taxpayer, so if the bank do not take this off before they give It to you, then you have to contact HMRC.


They are not obliged to give you any compensation above the usual FOS redress.

On the above PPI figures that you have given ( i take it this loan is paid off?) then you get the PPI amount with interest back £1314.43
and the 8% amount.
Go on here
http://www.moneysavingexpert.com/reclaim/bank-charges#step2

Put the date month and year of each PPI payment made, from the first date to the date they gave the redress, this will keep a running total of the 8% and the PPI that you should get back.

icmelerlovers

skintbroke wrote: »

I have just finished on the phone with a chap from Nationwide.
I told him about my sickness pay 12mth full pay plus 6mth 1/2 pay. I told him about enhanced pension rights should I become unfit for work.
He said that the policy would've paid out in any event and if I did become unable to work it had the potential to pay off the loans.
I told him that the loans were 'front loaded' and he said that was the way it was done.
I also told him that at no time of applying for or during the term of the loans did anyone advise me as to the suitability of this insurance cover. He said that at the time of the loans 1999 and 2004 there was no requirement for the building society to do this. I thanked him for his callback and told him I would now take the matter up with FOS. To which he wished me good luck!!!
So my PPI reclaiming experts, where do I go from here, or more to the point, what do I say to the FOS.

Kindest Regards

Skint

It's similar to me what they said and that I wasn't asked if needed , I was only told needed it to get funds , I've just sent them another letter asking to reconsider or going to f o s

amersall

jenny45 wrote: »

Hi can anyone tell me the year abbey credit card changed to MBNA?

have had some success re ppi claim from mbna (will post in success and failures) but they say the are only paying from the date they took over and have passed all papers back to santander.

I rang santander today and they have no records and asked me to put it in writing and attach a copy of letter from mbna.

so wanting to know what date they might have responsibility as card running from 1990 and ppi taken out 2001

thanks

If they have no proof of PPI paid, they will not pay any redress for the dates of these cards, do you have no statements from that time at all?.
Put a copy of the letter in from MBNA and let them have a look at this, see what they come back with.

amersall

theflorida wrote: »

Hi I took a loan out with Tesco 2009 is it too late for me to reclaim ppi ? I dont even know if I was sold it unknowingly, how or where do I look on any documentation? Any help would be great.
Thanks

If the PPI on this loan was put on at the start and you paid this as one total payment for the PPI and the loan, this is front loaded PPI and this is the reason you use for mis sell, it was a loan upon the loan that you paid over the full term with interest, this is the most upheld of all PPI mis sell.

amersall

acute18 wrote: »

hi, i sent my 2 letters of to marbles and santander to claim back my ppi, i have recieved a letter from santander today offering me £652.60 this stated that monthly premiums paid up until april 2008 of £428,40 and the interst at 8% was £224.20 making the total above, they state having considered the claim they have decided to re-imburse me the value.

also stating this is a full and final sttlement should i take this to the omnbudsman this was a £8000 loan but if i do go to the ombundsman if they reject will i lose this claim amount.

i think as there offering this amount they must be accepting liability as was under the impression that as a self employed person i had to take the ppi else i wouldnt get it.

:eek: any help on this would be really apprieciated.

What was the total PPI amount with interest, and monthly payment for this and did the loan run to term end or was it settled early?.

amersall

skintbroke wrote: »

I have just finished on the phone with a chap from Nationwide.
I told him about my sickness pay 12mth full pay plus 6mth 1/2 pay. I told him about enhanced pension rights should I become unfit for work.
He said that the policy would've paid out in any event and if I did become unable to work it had the potential to pay off the loans.
I told him that the loans were 'front loaded' and he said that was the way it was done.
I also told him that at no time of applying for or during the term of the loans did anyone advise me as to the suitability of this insurance cover. He said that at the time of the loans 1999 and 2004 there was no requirement for the building society to do this. I thanked him for his callback and told him I would now take the matter up with FOS. To which he wished me good luck!!!
So my PPI reclaiming experts, where do I go from here, or more to the point, what do I say to the FOS.

Kindest Regards

Skint

Send this to the FOS, front loaded is a mis sell reason on it's own, put copies in of your original complaint (you did use the questionnaire?) and stress the front loaded.

amersall

I told him that the loans were 'front loaded' and he said that was the way it was done.

Yes they were!!! this is why they were deemed to be mis sold now!!.

amersall

rchlbentley wrote: »

I had two loans in the past which were both mis sold ppi on, but they were over 6 yrs old. Went into local branch of HSBC and they sent me a letter with the protection policy numbers for each loan (now both closed). They couldn`t find the details originally but they eventually dug them out.
I phoned the HSBC ppi tel number and lodged complaint and she is going to send some form??
They didn`t ask for account numbers.

My questions are: I know the loan amounts but not the ppi amounts. Will my claim get rejected without the amounts.
What is on the form?? Is it standard tick box style?
As the loans were over 6 yrs old all I have is the account numbers will i still be able to make a successful claim??

Any help or suggestions welcome pls.

It is a questionnaire for you to fill in so they can look at your claim, if you do not know the answer to any question just put do not know, you only need the account numbers and reasons for mis sell, they will find the PPI from the loans.

If you made one monthly payment to each loan that included the PPI and the loan then this was front loaded and is the most upheld of all mis sell claims, it is a loan on the loan paid to term end with interest.

25OR624

Hi All new on here looks a great site
OK I took out a loan with igroup in June 2003, the PPI was a joint with wife @ £7,200 over 5 years. We cash settled the loan in January 2004. 7 months later.
The broker was loans.co.uk, there was no refund of PPI and yet there was no insurable interest on the Lender / Insurance Co. To me this seems a blatant case of daylight robbery:) But my worry is any claim may be rejected for being time barred, (2003) and the lender was not Under CCA regulations.
The lender at the time insisted that if we didn't take out the PPI the loan would be 'in doubt'.
I have only recently dug out all the docs, what does the forum think do you think we can win?