PPI Reclaiming Discussion Part 5

amersall

bondy_lad wrote: »

i was sold a life plan on two of my mortgages by hsbc a number of years ago, i was clearly told i had to take it and also they led me to belief it had to be taken with them as the mortgage lender,it says on my a/c on the internet,,,life plan/mortgage protection plan,,i just want to know is it worth me taking this further or would it be a waste of time,thanks guys.

You need to post your question here.
http://forums.moneysavingexpert.com/forumdisplay.php?f=187

They know more about Mppi.

amersall

Yoplumpy wrote: »

Hi All

I am pretty sure I have been paying PPI to Barclaycard for ages - and can see no reason for it. I cannot remember exactly how I applied for the card though..

Does anyone know if anyone has successfully challenged Barclaycard on PPI Mis-selling? I am still with them - and still paying PPI - would they just cancel the cover?

I am sure I have been paying this for other cards but cannot find the details...

Any advice would be appreciated.

Paul

You should cancel the ppi asap, if you have reasons for mis sell and the card number then put a claim in.

http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance#step2

Re the other cards, you need to contact the provider and ask.

amersall

Bulky wrote: »

Ok see if someone can work out whats going on here ? , i have a rbs loan that still has six months to run , the ppi amount was about £ 6700 front loaded, also the policy was for five years even though the loan was over seven years , this loan consolidated a loan before it which also had ppi and i think a loan before that which also had ppi. I have just checked my account and 2 small payments on the loan account itself, one of around £30 and one of around £15, any idea what this could be ? , haven't recieved an offer letter yet but should do by the 12th march.

These could be the 8% amounts, wait until you get the calculations letter, or give them a ring.

amersall

katiecoulson wrote: »

i have managed to get my account number and sort code from the bank for the loan i can claim ppi back on, im happy now i can get the ball rolling

Fingers crossed x.

Bulky

amersall wrote: »

These could be the 8% amounts, wait until you get the calculations letter, or give them a ring.

Seems very low amounts if they are the 8% , how are these calculated ? , thanks by the way

amersall

Bulky wrote: »

Seems very low amounts if they are the 8% , how are these calculated ? , thanks by the way

They are paid on a decreasing scale from the date of the loan to the redress date, so the nearer you get to redress date the less 8% you get back it depends on what the monthly ppi payment was.

Look here on the bank charges calculator, put the monthly ppi payment date and year from the start date to the redress date this will tell you the 8% amount

http://www.moneysavingexpert.com/reclaim/bank-charges#step2

It could be that these were not the 8% but they do not look to be loan ppi redress?????.

miserableindebt

Did anyone have a loan with these? We had 2, but now I am trying to check details with them, their numbers no longer exist. Does anyone know what happened to them?

amersall

miserableindebt wrote: »

Did anyone have a loan with these? We had 2, but now I am trying to check details with them, their numbers no longer exist. Does anyone know what happened to them?

Have not got a clue about these, give FOS a ring and they may be able to help you.

http://www.financial-ombudsman.org.uk/contact/index.html


If you know how much the FP ppi monthly amount was, you can work out the 8% here.
http://www.moneysavingexpert.com/rec...-charges#step2

dilus

malamutesamoyed wrote: »

I took out a secured loan for £45,000 with £15,923.25 PPI (£60,923.25)

Start date was november 2006 and i have been up to date with all payments so far, i have put in a claim and received the following;
Original policy - £15,923.25
Interest incurrd - £8,039.80
Total value - £23,963.05
Separate 8% p/a interest of - £2,087.22

The company will adjust the loan with the £23,963.05 and payment to me for £2,087.22

Is this a fair settlement or should i consider going to the ombudsman?

From what I can understand with this, the PPI monthly figure you have calculated is correct £66.34, you have made 63 payments so total PPI paid to date = £4,179.42 and 8% standard interest on this over 63 months works out at £887.04 Total £5,066.46

Instead of paying you back the PPI paid to date they are deducting the full PPI costs (over the whole term) off the loan + interest incurred and giving you back 8% standard interest, as if the loan had gone to term!!!! Which it hasn’t.
This I find a very strange way of doing it but the figures look Ok. If anything the 8% standard interest figure is generous, you should be getting £887.04 going by what you have paid to date but you are getting over £2k

My head hurts

amersall

dilus wrote: »

From what I can understand with this, the PPI monthly figure you have calculated is correct £66.34, you have made 63 payments so total PPI paid to date = £4,179.42 and 8% standard interest on this over 63 months works out at £887.04 Total £5,066.46

Instead of paying you back the PPI paid to date they are deducting the full PPI costs (over the whole term) off the loan + interest incurred and giving you back 8% standard interest, as if the loan had gone to term!!!! Which it hasn’t.
This I find a very strange way of doing it but the figures look Ok. If anything the 8% standard interest figure is generous, you should be getting £887.04 going by what you have paid to date but you are getting over £2k

My head hurts

:A:A:A YOU ARE A STAR XXX :cool:
I will kiss it better for you :kisses2:

the interest is going back to the loan, as if there were no ppi then the loan would not have reduced by the ppi interest amount.