PPI Reclaiming Discussion Part 5

Bigcatvictim87

Bigcatvictim87 wrote: »

Hi Guys,

I am wondering if somebody could help me i have taken out three loans as follows: -

Loan 1 - Loan amount £2000 - PPI Amount £413.71 - Interest 26.5% - Period 50 months
(Loan was settled for £2142 on month 10 after 7 payments of £81.52) (1st payment 2-3m later)

Loan 2 - Loan amount £3000 - PPI Amount £716.45 - Interest 21.9% - Period 62 months
(Loan was settled for £3312 on month 5 after 2 payments of £101.78) (1st payment 2-3m later)

Loan 3 - Loan amount £5000 - PPI Amount £2180.64 - Interest 21.4% - Period 86 months
(Loan was settled for £5572 on month 14 after 11 payments of £162.84) (1st payment 2-3m later)

To pay off the final loan i took out a loan of £5572 without PPI and i am currently half way through the term and paying £136.43 monthly.

I have put my claim in for the PPI i am just trying to calculate the claim amount, can you see from the above that the PPI was paid off in full or part. it is very confusing? Also i never received a rebate for the PPI unless they included this in the settlement fee, i have full paperwork and it doesnt state this.

The reason for the claim is front loading, i am a LG employee with excellent sickness benefits and pension (includes death grant) which was explained and they still pushed PPI also i was told taking PPI would greatly improve my chances of getting the loan approved as it was less risk to the bank.

Thanks

Sorry to bump but could anyone help with the above please?

Thanks

[Deleted User]

Bigcatvictim87 wrote: »

Sorry to bump but could anyone help with the above please?

Since you don't have to calculate the amount potentially owed in order to make your complaint, I'd wait until the Bank rules in your favour before concerning yourself with exactly how much to expect.
If the Bank does provide redress of your payment protection, they should also provide a breakdown of their calculations.
Remember, you'll only get back your PPI contributions plus 8%.

dilus

Bigcatvictim87 wrote: »

Sorry to bump but could anyone help with the above please?

Thanks

Hi bigcat,
You are right it is a little confusing but in essence and without spending the rest of the night doing calculations you would receive back ALL PPI paid + 8% standard interest. As you settled the 3 previous loans very early the 8% interest won't be a large figure. You should have received rebates at each re finance and this probably won't be stated in black and white anywhere, they may have been worked into the calculations at the time.
So basically
PPI £3,310.80
8% probably no more than £100
Go with that and anything else is a bonus

[Deleted User]

dilus wrote: »

you would receive back ALL PPI paid + 8% standard interest.

Slooooow........

dilus

Moneyineptitude wrote: »

Slooooow........

LOL I give up We should do alternate nights

Blackpoolguy79

Hi Forum,
Just a quick update about my claim from Benefitial Finance.

I received a without prejudice save as to costs letter which says they are upholding part of my claim. In the offer letter they give me the choice of maximum cash refund or a reduction in account balance. The maximum cash refund takes into account the arrears on the account but the amount of arrears is wrong as it includes the months payment. this is because I pay my account on the last working day of the month but at the beginning of the month they add the next month's amount onto my account. The letter does say that because I still have a financial commitment to HFC bank the amount of redress paid to me is subject to the status of my account. If there is any residual balance this will be sent to my bank account. Does this mean that when they send me my money the will take into account any arrears I have paid off before the money is sent out.

Thanks for advice in advance.
Blackpoolguy

amersall

podski111 wrote: »

Thank you for the response 'AMERSALL'...it has lifted some of the disheartedness!!

Additionally, I had tried in about Jan 08 to cancel the PPI but with the pushy person on the phone, I still came away with some element of cover. I mentioned this in my complaint and they made no reference whatsoever.

I will gather all the evidence and get on to the FOS, as that was their final response.

I just find it funny but not funny that they ask for doctors letter then made no reference to that either!!



Thanks again.

You are welcome and i am glad to help happy to help.

Put to FOS that you tried to cancel this.

[Deleted User]

floydfan wrote: »

Hi.
I have started filling out the questionnaires but have already come up against stumbling blocks. I was hoping someone may read through this and tell me just how relevant the missing info is and how much more I will need to make my claim.

None of the "stumbling blocks" are essential to your claim. They certainly don't need a breakdown of exactly what you borrowed the money for. Your employment details are asked for because it might determine whether you could have actually claimed on the insurance, but if you weren't self employed (or retired) it makes little difference. I'd just put the nature of your work if you can't remember your actual employer at the time. It's the same with arrears and missed payments; they don't need dates for missed payments that were subsequently caught up on shortly afterwards.

For section E, "About your complaint", the reasons you have given are legitimate though hard to prove.
You can look for more reasons that may apply here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2
and be sure to note whether your PPI was "front-loaded" to incur interest.

[Deleted User]

dilus wrote: »

LOL I give up We should do alternate nights

In fairness, yours was the fuller response!:)

amersall

janfrog wrote: »

Hiya. Am new to posting but seems theres lots of great advise so decided to ask for help. I am in a DMP with the CCCS and it includes 4 credit cards. Wasnt sure about any PPI except for 1 card (Capital One) so filled out MSE templates asking for credit agrement and paying £1. Have had two back but they dont give me any clue to whether had PPI or not.

OPUS ( for BMI/Citi card) - Tells me its a copy of the original credit card agreement BUT it hasnt included a signature box because it doesnt have to! (accordance to regulation3(2)(b) (ii )
of Consumer Credit regulations 1983.In the credit card agreement (30.04.07) it mentions cardholder repayment protection & card protection plan plus but no indication I signd for it.

Bank of Scotland (AA card)

Has sent copy of signature but says nothing at all about any Card Protection.

What should be my next step? Many thanks

Sometimes ppi will not be on the agreement, sometimes this is activated later.
You need to SAR each card company

https://forums.moneysavingexpert.com/discussion/1475553

This may throw some statements up to see if you were paying ppi as this is shown on each statement.