PPI Reclaiming Discussion Part 5

amersall

Kuffs1978 wrote: »

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?

You are correct in everything, but when you cancelled the ppi after the rebate they gave you, the rest of the ppi is still on the loan with the interest associated with this, so when you calculated the balance after the ppi is taken off you will see what they have done,hopefully when they get you the ppi taken off the loan it will all make sense.
Bet you and your sis will be glad when this is done with? they have put her through it :mad:

amersall

confused_mummy wrote: »

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.

As your loan is ending this win may clear the loan and you will get some money back.
Get the mis sell in now, if you take the cash back next year the ppi is still on the loan with interest and you continue with the monthly payment you have now.


If you go mis sell, the whole ppi is taken off the loan and your monthly payment goes down by the ppi monthly amount, you get the 4 years you have paid with the interest on the ppi monthly payment with 8% if your term was longer.
Your loan is near the end and as i said above the mis sell may clear this loan and if it does you have saved £800 a month.

Send this letter to FP.

We/I believe we were mis sold the ppi on the above account number,and would like recordings,if any to the contrary of my/our reasons for mis sell set out below.

1)We/I were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the loan term with interest.

2) We/I were told that the ppi was a 5 year policy, but not told the ppi would still be on the loan to term end with interest.

3) We/I were told that if we did not make a claim,or go into arrears on the ppi ,after 5 years we would receive the cashback of ppi but were not told this would not include the interest made on these payments that we paid over the 5 years.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy.

In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that Barclays pays them back to us. We/i believe we were not given enough information on this ppi to make an informed decision. Had we/i known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to rearrange the loan as if PPI had never been included on the above loan


This is a win and FP are paying out, this is the worst type of ppi and FOS will uphold if FP do not.

amersall

The PPI was cancelled last April (2011) so all payments since then should have gone directly to paying off the loan.

The remaining ppi after the rebate is still on the loan and you continue to pay this.

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?

They hoodwinked your sis, the remaining ppi was still on there, she must have spoken to a "office junior".

amersall

solbamba wrote: »

Thank you dilus and Amersall for all your help.

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

You are welcome

mattshephard

hi, just wanted to see the process when ive had around £5000 worth of credit card debt over last 6 years. Ive managed to do 0% balance transfers every year so ive had around 5 different lenders. Unfortunetly I have no paperwork for my previous lenders. Whats the first step? Ive got my credit report but it only shows me the last 4 digits of my old credit accounts. Anyone want to give me some pointers to find a) my old account numbers and or how anyone got on in a similar process to mine.

cappo

monstermuncher wrote: »

Bloomin' Capital One! :mad:

Got my SAR back today, along with a copy of my credit agreement where the box for PPI is....unticked and unsigned for. They've put a big cross next where you sign, plus a big tick by the PPI box and another big cross where you sign for that. It's really heavily infuencial, although I still didn't opt for it.

Nonetheless, guess what I've been paying every month since the card opened? I was totally naive about money back then (reading back my statements at the way I've handled my finances made me cringe!) and it wasn't until the card was closed I was even aware what PPI was. I've downloaded a spreadsheet to work out how much I should have back plus the interest, which comes to £1,300. I'm going to send everything off tomorrow, (FOS form, copy of the spreadsheet, covering letter) but I know from what I've read they'll be very difficult. I'm dreading it a bit to be honest

Hi monstermuncher cap 1 arn't invincible, I took my case to the fos and won although my first adjudicator rejected it, but when my first adjudicator left my new one along with the ombudsman upheld it

ctrlaltdel

For tax purposes, if I cash a ppi cheque after the 5th of April that was awarded on say the 1st of April, which tax year does it fall in?

confused_mummy_3

Just found my policy the loan term was actually 84 months, Loan amount was £45,000 PPI £8,968.50 monthly payment £807.48 apr 6.9%. Loan was taken out June 2007 so I have just over another 2 years left. If I leave the PPI I can claim 100% back in June because 60 months will have finished. I am scared and really dont know what to do. Im afraid ill get nothing with the mis sold route and end up not getting my PPI back at the end of 60 months. I hope this makes sense any help would be greatly appreciated.

sugarpuss27

TW2012 wrote: »

Hi all,

Newbie here and looking for anyone with experience dealing with the Halifax. I submitted my PPI claim in May 2011 (yes that's right...), received a settlement letter for just over £3K in October, accepted, and am still waiting for the money after 26 weeks! Are others dealing with the Halifax experiencing such waiting times? Everytime I call, their useless customer service people tell me the same thing "its with the redress team and you can't speak with them". No one can tell me anything and they don't sound like they care either!

Hi put in my claim for ppi in Feb, had initial letter under the five days. This week received confirmation of offer for first and after a phone call re the other 3 loans they are resending an offer letter for those, which I should have recieved at the same time. They have told me that the cheques will be sent within 39 days of date of offer letter, so around 13th April. So response was brilliant but have not seen colour of their money yet. Crossing fingers!

cappo

mattshephard wrote: »

hi, just wanted to see the process when ive had around £5000 worth of credit card debt over last 6 years. Ive managed to do 0% balance transfers every year so ive had around 5 different lenders. Unfortunetly I have no paperwork for my previous lenders. Whats the first step? Ive got my credit report but it only shows me the last 4 digits of my old credit accounts. Anyone want to give me some pointers to find a) my old account numbers and or how anyone got on in a similar process to mine.

Hi Matt first and best way to start is to contact the lenders, some will give you the info some won't, I had no info on account numbers on Lloyds loans so i contacted the bank and they told me eventually, other than that you could cca them which is a consumer credit agreement request and costs a pound for each of the lenders and they will comply if the accounts are live if closed though they are not obliged to send you details so it would be a sar for each bank see link below, good luck




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