PPI Reclaiming Discussion Part 5

trio72

amersall wrote: »

The rebate plus the monthly payments and the settlement figure PPI you paid back is 5.550.16, this is all that you paid to the PPI, you did not pay the 493.80 as you settled this early, they have given you the PPI back that was paid.
I don't know who you can get to work this out for you, try FOS as may have someone who can work this out for you and show you what you paid in PPI and what you didn't.

Redress is putting you back in the position that you would have been had the PPI not been on the loan, if they give you the 493.80 back, this means that you are better off by this amount as you did not pay this, so that is not putting you back into the position you would have been without the PPI, you would be 493.80 up on the deal.

So are you saying I should get back £5,550.16 plus interest?

Sorry not been on for a while just thought I would give my brain a rest:)

amersall

AlwaysBroke wrote: »

Do you have the NatWest address please?

You have to put the complaint into the branch manager where you got the credit from you could do this over the phone.

amersall

trio72 wrote: »

So are you saying I should get back £5,550.16 plus interest?

Sorry not been on for a while just thought I would give my brain a rest:)

Welcome back
You get the PPI that you actually paid.

The original PPI was 5955.40 at settlement they gave you 3,002.76 off the PPI back this left 2,952.64 that you had not paid in PPI that you owed them.

Take off the 2,952.64 ( you owe them ) from the original PPI of 5955.40, this leaves the 742.62 and the 1756.22 added together is the PPI you actually paid that they have given you back, this leaves a 453.80 balance of the PPI that you did not pay, so the redress is correct.
Does this help?.

trio72

amersall wrote: »

Welcome back
You get the PPI that you actually paid.

The original PPI was 5955.40 at settlement they gave you 3,002.76 off the PPI back this left 2,952.64 that you had not paid in PPI that you owed them.

Take off the 2,952.64 ( you owe them ) from the original PPI of 5955.40, this leaves the 742.62 and the 1756.22 added together is the PPI you actually paid that they have given you back, this leaves a 453.80 balance of the PPI that you did not pay, so the redress is correct.
Does this help?.

Nope I am still not getting it. How did I not pay £2,952.64? If I got a rebate of £3,002.76 what happened to the £453.80? I really cannot get my head around this.:eek:

AlwaysBroke

amersall wrote: »

You have to put the complaint into the branch manager where you got the credit from you could do this over the phone.

Ok thanks.
I'll give them a call and go from there.

amersall

sanfran1 wrote: »

Thank you.
For info, the policy was with our mortgage and the duration of cover was from May 98 - Jan 03.
They are not very helpful in disclosing the formula they use for the interest calc.
Before accepting the offer, I'd like to be sure that the interest calc. is fair.
Thanks in advance

It should be correct if they upheld your claim.
I will keep bumping your original post up to the front and see if anyone can help you with this.

amersall

sanfran1 wrote: »

First post but I'll try to be brief!
We received an offer from Santander consisting of £845.48 refund plus £832.30 interest.
After further enquiries from us they sent us a breakdown showing all the monthly premiums (totalling £845.48) and the interest calc s/sheet.
This is where I'm stuck - I can't work out how the interest has been calculated;
May 98 Premium £34.32 interest offered £0.23
They say that the interest rate of 15% applies from May 98 - Mar 93 and this reduces to 8% from Apr 93 to date.
No matter what formula I try I can't get back to the first calc. of £0.23.

I'm hoping your interest expert might be able to throw some light on this.

Bumping for anyone that can help, please x.

amersall

trio72 wrote: »

Nope I am still not getting it. How did I not pay £2,952.64? If I got a rebate of £3,002.76 what happened to the £453.80? I really cannot get my head around this.:eek:

Because they gave you the PPI back that was paid back by you to them in settlement of the 1756.22 plus the 10 PPI payments that you made to the PPI before you settled the loan of 742.62.
1756.22
+
742.62 = 2.498.84 take this off the original PPI of
5955.40 leaves 3456.56 less the rebate of
3002.76 leaves a credit balance of 453.80 this is the amount of PPI that you did not pay.

Had you paid this loan to term end you would have the total PPI back of 5955.40 plus the 8%.

You only get PPI back that you paid as this puts you back in the position you would have been had the PPI not been on the loan.

amersall

AlwaysBroke wrote: »

Ok thanks.
I'll give them a call and go from there.

Let me know how you get on, if you need anymore help then just ask.

karris43

I sent complaints to Capital One, Santander and Marbles on 16.05.2012. So far I have had no acknowledgement from Marbles, alhtough HFC/HSBC has just cashed a £1 cheque I previously sent for terms and conditions. (I'll be following this up with a phone call), a letter from Cap One saying it will take approx 8-10 weeks to process my complaint and two letters from Santander.

In my initial letter I sent two complaints for loans I had details for and requested that they look at previous loans that I did not have details for. In their first letter they acknowledged my complaint, giving one of the loan numbers as reference, saying they would deal with it within the eight week time limit. Yesterday I got another letter saying

'we wrote to you 4 weeks ago, sorry for the delay. Our investigation is taking longer than expected, if we haven't completed it in four weeks we will write to you again.'

There were no loan reference numbers on the letter, just a case reference. Does this letter mean that the 8 week time limit means nothing now, and this can go on as long as they want? Also, does this mean it is likely they will be looking at all the loans I had between 1997 and 2004 as requested? How long do Santander claims usually take?

Thanks in advance for any answers.