PPI Reclaiming Discussion Part 5

solbamba

Thank you Dilus.

Where do I obtain the questionnaire from? Is it on this wonderful website?

dilus

solbamba wrote: »

Thank you Dilus.

Where do I obtain the questionnaire from? Is it on this wonderful website?

It is here

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Scroll down to STEP 3 and download in either Word or PDF

solbamba

Thank you dilus and Amersall for all your help.

I will let you know how I get on. Cheers.:T

dilus

solbamba wrote: »

Thank you dilus and Amersall for all your help.

I will let you know how I get on. Cheers.:T

You're welcome

Kuffs1978

amersall wrote: »

This is Quite possible, another thing you have to take into account is the fact that when you cancel the ppi, they give a small rebate of the ppi but the remaining ppi is still on the loan so you still pay this to term end with interest, this is why these types of ppi were widely mis sold.

To get the whole ppi off the loan they have to give you full redress, have FOS sorted this part for you yet?.

They lied to your sis when she cancelled this ppi, the loan would, for the reason i gave above, still have the majority of the ppi on there to be paid to term end with interest, they hoodwinked her big time!! disgraceful :mad:.

It really is a headache. The PPI was cancelled last April (2011) so all payments since then should have gone directly to paying off the loan. As of today, £13,339 has been repaid on a loan which should have cost £220.98 per month. Instead it has cost £261.16 a month. If the £13,339 already repaid was divided by what the payments should have been, that means that 60.36 payments have already been made. Since the PPI was cancelled in April 2011, Norton calculated that £1,153 had been paid in PPI, with additional interest of £340. But as you probably know, Norton went bust in February so we have no choice but to pay the cost of the PPI to GE, so even though the FOS ruled in my sister's favour, we have no choice by to continue paying until the outstanding cost of the PPI has been repaid. But my point is, if the PPI was cancelled almost a year ago, and people at GE have said that its cancellation would allow the loan to be cleared quicker, no interest has been charged on the rebate of £384, so surely if the repayment figure if the PPI had run full term (£15,669) the amount to be repaid would be £384 less than that? I do get very frustrated, and admittedly quite emotional, when even the online calculators for GE and Norton Finance state that a secured loan of £10,000 at 10.9% over 5 years would cost less than £13,200. So even when the £1153 paid in PPI until its cancellation, plus the £340 interest are added, it amounts to £14,693 max. This would mean that we have £1400 tops in capital to repay, not £2,300+. I really don't know what to do except put this in writing to the CEO (who remains somewhat elusive as nobody knows his name) and basically say that once the £1400 has been repaid, we refuse to pay any further money unless GE can justify it in writing. The FOS are a gullible bunch, believing whatever tripe GE serve to them, so short of telling them to f*** off because they're useless I really don't know what to do.

confused_mummy_3

I have ppi through first plus. I have two years remaining and was advised to take this insurance out. We are both in full time employment and both paid sick leave. My husband does have a medical condition. They thing is I was told that in the last year if hadnt made a claim on the ppi I could claim a years worth of ppi back. I have been paying £800 pm for 6 years now on a £25000 loan. I dont know if I should just hold on another year and hopefully get a year back or claim my ppi back.

Kuffs1978

Sorry everyone, it would appear that my most profound thoughts are entering my head at the most random times, but I think I am understanding Amersall's point about the PPI redress. Norton had calculated it as follows:

Premium =£1537.50
Total Payments/Interest paid to date on PPI=£340.20
Interest at 8% on payments made =£133.12
Compensation =£200
Total = £2210.82
Less Rebate already received =£384.38
Total redress due=£1826.44

Considering the PPI was cancelled in April 2011, it can't have been accruing any interest since then. So if I deduct the rebate already repaid (£384.38) from the redress (£2210.82) the compensation (£200) and the interest at 8% on payments made (£133.12) it leaves £1492.50 as the cost of the PPI, including interest, and whilst 'active'. Would you agree?
The FOS, as well as the only decent person I've spoken to at GE have informed us that the loan is entirely separate to the PPI, and so without the PPI would have cost £220.98 a month. As I've said before, the payments to date amount to £13,339 which is the equivalent to 60.36 payments of £220.98, and therefore the loan is effectively clear. So would I be right in saying that the only thing that remains to be paid is the £1492.50 Norton calculated the PPI redress to be, whilst it was active and before compensation was applied?

Surfing_spaniel

Just a quick question, I took a loan out with Cahoot in 2003 & I have just received a letter from Santander to tell me my loan is now paid off. Somewhere along the line it's changed from one bank to the other. Which one do I put the claim in with? Will it be Cahoot because they originally sold it to me? Thanks in advance

amersall

solbamba wrote: »

Thank you Amersall. Also, I have a loan with Sainsbury's Bank.

I have just found, just by chance, a credit agreement which states.
Insurance premium is £750.36 and "We will use the insurance premium to the provider of the PPI".

I genuinely do not remember asking for this, perhaps I should have checked this when I got the loan. Do you think I might have grounds for approaching Sainsbury's about this? Or am I being naive.

Thank you for your help.

This is ppi and if you have reasons for mis sell then put a claim in.

amersall

Surfing_spaniel wrote: »

Just a quick question, I took a loan out with Cahoot in 2003 & I have just received a letter from Santander to tell me my loan is now paid off. Somewhere along the line it's changed from one bank to the other. Which one do I put the claim in with? Will it be Cahoot because they originally sold it to me? Thanks in advance

It will be Santander as they took this loan over, Cahoot will have passed all the info over for this loan.