PPI Reclaiming Discussion Part 5

Kuffs1978

amersall wrote: »

Have they said that this loan will still go term end?, the problem is you did not win mis sell, so the loan is not reset, that is the first problem, you still have to pay the loan and ppi back at full monthly payment to term end.
The second problem is (if i remember right:) sorry if i have not:o) they have not taken the ppi off the loan in it's entirety, did your sis get the rebate to her or the loan?, if she got it to her then the rebate is still on the loan, this is why the term and payment and interest are the same.

If she received the rebate to the loan then you are right in that the balance you owe should be lower by the rebate amount so i understand where you are coming from.

Hi Amersall,

I think it's best that I go through the history of the loan period step by step as I find it easiest to explain it that way.

1. A loan of £10,000 was provided by Norton Finance in September 2007 at a rate of 10.8%. On top of that £1537.50 was added to the loan in PPI. A loan agreement was issued, stating the loan period (60 months) and the amount of interest added to the loan upon full repayment (£3,259.70)
Repayments of £246.62 a month to GE Money commenced on October 5th 2007.
2. In January of 2008 the loan repayments changed to £252.84
3. In January of 2009 the loan repayments rose to £261.16 and have remained at that level ever since.
4. In January 2011, after fighting with a the arrogance of GE Money, the Payment Protection Insurance Policy was cancelled, and a rebate of £384.38 was paid on the loan. (We didn't actually receive anything, it was just removed from the loan amount, and therefore no longer earned any interest)
5. In October 2011 the FOS ruled that the PPI policy had been mis-sold and instructed Norton to provide a breakdown of its costs. According to Norton's calculations, and before any compensation was added, the cost of the policy from inception to cancellation amounted to £1,153, with a further £340 added in interest. So during its lifetime until termination the PPI has cost £1492.50.
6. In February 2012 Norton Finance went into administration, having failed to provide the £1,492.50 rebate, therefore leaving us liable for the cost.
7. In February 2012 we were informed that the balance of repayments currently stood at £12,534. Since then a further £800 has been paid, GE have confirmed that the repayment balance currently stands at £13,339, which exceeds the repayment figure quoted on the original loan agreement by £80. Simon Kendall at GE had informed us that the loan payments without PPI would have been £220.98, so if the £13,339 already repaid were to be divided by that figure, that means that 60.36 of £220.98 have already been made. The only money now outstanding relates to the cost of the PPI and the interest it accrued in the time it was active (£1,153 +£340 interest)
8. In February 2012 we were also informed that an additional £429 in charges were still on the account, but GE recognised that we were not actually liable for £270 of them. So provided we agreed in writing for the reversal of these charges, GE would remove them, and the interest they had accrued during the life of the loan. Last week they sent a letter acknowledging receipt of our agreement and stated that the charges remaining were now just £159, which indicates that the £270 has been removed, but the additional interest hasn't.
9. If the £13,339 already paid were to be divided by the £261.15 we have been paying for the last three years, it would equate to 51.077 payments having been made. That leaves just 8.23 payments of £261.15 left, which equals £2,330.24, which is roughly what GE are claiming is still owed. However, the PPI hasn't been part of the payments for eleven months now, so all of the money paid since the cancellation of the PPI should have gone towards the actual loan. If this £2,330.24 is enforced, that means that the loan will have cost £15,669.24 at the end of the 60 months, which is exactly the same amount we'd have paid if the PPI had run full term, and not been cancelled in April 2011.
10. Since the full cost of the loan (£13,259.70) has already been repaid, as far as I am concerned the only outstanding amount to be repaid is the £1,492.50 which Norton Finance calculated as the cost of te PPI before it was cancelled, and the interest it accrued. If only accrued £340 in interest over three years, surely no more than £100 in further interest can have accrued since its cancellation?
Once again I must stannd by my original statement; GE Money are a bunch of rip-off merchants, it is clear that they cannot do the maths, so why should we have to pay for it?

patsyann2

I am a newbie, and would be grateful for any advice please. I have written to the Halifax re a loan taken out in 2000, they have responded saying " The loan was paid back in July 2003, which means that no sum is, or will become payable by the debtor, and therefore the bank is under no requirement to provide a copy of the agreement". Can somebody please advise as to what i do next? Many thanks in advance to you all. Pat.

cappo

solbamba wrote: »

Hello again.
I contacted Northern Rock today after they wrote to me. I mentioned that I had 2 loans with them, but they said that they didn't show up on their system. This meant they probably didn't have any PPI attached to them.
Do you think they are telling the truth and is it worth pursuing?

NR said that the PPi they wrote to me about was a loan that finished years ago.

Is it common that there is PPi on mortgages?

Hi solbamba yes it's very common it's called mppi and i believe there's a separate thread on here somewhere for help in reclaiming this kind of ppi

cappo

patsyann2 wrote: »

I am a newbie, and would be grateful for any advice please. I have written to the Halifax re a loan taken out in 2000, they have responded saying " The loan was paid back in July 2003, which means that no sum is, or will become payable by the debtor, and therefore the bank is under no requirement to provide a copy of the agreement". Can somebody please advise as to what i do next? Many thanks in advance to you all. Pat.

Hi patsy send a sar in, the bank cannot refuse to honour a properly executed sar request. Under the data protection act 1998 they have 40 days to comply if they don't it's off to the ico see links below.




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


http://www.ico.gov.uk/

laydeelana

Hi Can Anyone advise me on whether this is right ..

I applied to Natwest for information regarding a bank loan I took out from them in 2008 n finished paying in 2010 ,to see if I was charged PPI ...as I no longer have any paperwork regarding this loan.
They have since replied telling me that because the loan has ended they have no obligation to provide me the information I requested. I also sent them a £10 P.O to which they sent bk?
Any help which be appreciated

cappo

laydeelana wrote: »

Hi Can Anyone advise me on whether this is right ..

I applied to Natwest for information regarding a bank loan I took out from them in 2008 n finished paying in 2010 ,to see if I was charged PPI ...as I no longer have any paperwork regarding this loan.
They have since replied telling me that because the loan has ended they have no obligation to provide me the information I requested. I also sent them a £10 P.O to which they sent bk?
Any help which be appreciated

Hi Lana they cannot legally refuse a sar request, i assume as you've said that you sent them £10 it was a sar request not a cca request, they can refuse a cca request as the account is closed but they cannot ignore a sar request, i'd call them again explaining to them what there obligations are under the act (as if they did'nt know) i'm including links for the ico as they are the people to speak to about a bank trying to ignore the law also i'd tell them if they will not comply you will be talking to the fsa.




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



http://www.ico.gov.uk/Global/faqs/data_protection_for_the_public.aspx#top

Ginger_Scarlet

1. LTSB, claims (one for credit card, one for loans) made 29th Dec, 12 week deadline is today (22nd March).

A call this morning saw the operative at their offshore call centre, checking and confirming that, a decision had been made on the credit card claim, but no correspondence had yet been issued or loaded onto the system, so he was unable to advise me what the decision was.

In terms of the loans, there was no decision as yet, although they were working on it.

The operative tried to explain the deadline was next week, hence there was no delay.

Clearly, LTSB's reading of the FSA's rules is that 12 weeks = 3 months. 3 months of course is 13 weeks! Is there no end to LTSB's blatant rewriting the rules to suit themselves???

2. Barclaycard/Egg, claim made 29th December. Spoke to them today, and despite being previously told that they are awaiting information from Egg, today's speaker confirmed that there was no record of information being requested from Egg, and that the reason for delay was the workload in the team at Barclaycard in dealing with the increasing numbers of legacy Egg claims...

Clearly these guys couldn't organise a wee-up in a brewery!

Can anyone report any success with Barclaycard in relation to a legacy Egg card????

Cheers.

kayla

hiya, just a quick question. i had a loan from citifinancial in feb 2005 and was settled may 2006. i randomly called them and asked for my account number. the very helpful gentleman told me my full account number, how much my loan was monthly and that i DID have ppi, taken monthly and he was about to tell me how much but then i think he realised he shouldn't be telling me and asked if i wanted any other help. i wrote to them to claim back my ppi. i have received a letter stating that i did NOT have ppi and that i can't claim anything. would they be lying to me?? the guy on the phone must of been reading it off a computer?? where do i go from here??? thanks

amersall

Kuffs1978 wrote: »

Hi Amersall,

I think it's best that I go through the history of the loan period step by step as I find it easiest to explain it that way.

1. A loan of £10,000 was provided by Norton Finance in September 2007 at a rate of 10.8%. On top of that £1537.50 was added to the loan in PPI. A loan agreement was issued, stating the loan period (60 months) and the amount of interest added to the loan upon full repayment (£3,259.70)
Repayments of £246.62 a month to GE Money commenced on October 5th 2007.
2. In January of 2008 the loan repayments changed to £252.84
3. In January of 2009 the loan repayments rose to £261.16 and have remained at that level ever since.
4. In January 2011, after fighting with a the arrogance of GE Money, the Payment Protection Insurance Policy was cancelled, and a rebate of £384.38 was paid on the loan. (We didn't actually receive anything, it was just removed from the loan amount, and therefore no longer earned any interest)
5. In October 2011 the FOS ruled that the PPI policy had been mis-sold and instructed Norton to provide a breakdown of its costs. According to Norton's calculations, and before any compensation was added, the cost of the policy from inception to cancellation amounted to £1,153, with a further £340 added in interest. So during its lifetime until termination the PPI has cost £1492.50.
6. In February 2012 Norton Finance went into administration, having failed to provide the £1,492.50 rebate, therefore leaving us liable for the cost.
7. In February 2012 we were informed that the balance of repayments currently stood at £12,534. Since then a further £800 has been paid, GE have confirmed that the repayment balance currently stands at £13,339, which exceeds the repayment figure quoted on the original loan agreement by £80. Simon Kendall at GE had informed us that the loan payments without PPI would have been £220.98, so if the £13,339 already repaid were to be divided by that figure, that means that 60.36 of £220.98 have already been made. The only money now outstanding relates to the cost of the PPI and the interest it accrued in the time it was active (£1,153 +£340 interest)
8. In February 2012 we were also informed that an additional £429 in charges were still on the account, but GE recognised that we were not actually liable for £270 of them. So provided we agreed in writing for the reversal of these charges, GE would remove them, and the interest they had accrued during the life of the loan. Last week they sent a letter acknowledging receipt of our agreement and stated that the charges remaining were now just £159, which indicates that the £270 has been removed, but the additional interest hasn't.
9. If the £13,339 already paid were to be divided by the £261.15 we have been paying for the last three years, it would equate to 51.077 payments having been made. That leaves just 8.23 payments of £261.15 left, which equals £2,330.24, which is roughly what GE are claiming is still owed. However, the PPI hasn't been part of the payments for eleven months now, so all of the money paid since the cancellation of the PPI should have gone towards the actual loan. If this £2,330.24 is enforced, that means that the loan will have cost £15,669.24 at the end of the 60 months, which is exactly the same amount we'd have paid if the PPI had run full term, and not been cancelled in April 2011.
10. Since the full cost of the loan (£13,259.70) has already been repaid, as far as I am concerned the only outstanding amount to be repaid is the £1,492.50 which Norton Finance calculated as the cost of te PPI before it was cancelled, and the interest it accrued. If only accrued £340 in interest over three years, surely no more than £100 in further interest can have accrued since its cancellation?
Once again I must stannd by my original statement; GE Money are a bunch of rip-off merchants, it is clear that they cannot do the maths, so why should we have to pay for it?

Hi kuffs, this is what i have worked out.

Initial loan and ppi over the term at £246.52 = £14,797.20
This is the total ppi and the interest on these, end date Sept 2012.
Even after cancellation of the ppi you will still pay the remainder of the ppi to term end.

Loan payments made from October 07 to Dec 07 @£246.52
2 @£246.52 = £493.04.

Loan payments from Jan 08 to Dec 08 @ £252.84
12 @ £252.84 = £3,034.08.

Loan payments from Jan 09 to Dec 09 @ £261.16
12 @ £261.16 = £3,133.92

Loan payments from Jan 10 to Dec 10 @£261.16
12 @ £261.16 = £3,133.92

Loan payments from Jan 11 to Dec 11 @ £261.16
12 @ £216.16 = £3,133.92

Loan payments from Jan 12 to March 12 @ £261.16
3 @ £216.16 = £783.48

Add these amounts together that you paid above = £13,712.36

Take this off the total loan and PPI balance of £14,797.20
To March 12 you still owe on the loan £1,084.84.
the loan is to be repaid by Sept 12 and at £216.16 x 6 = £1,566.96
this is what is owed to loan and PPI conclusion.

The rebate of PPI was " allegedly" taken off the balance
£ 384.38 this leaves the balance to end of loan in Sep @ £1,182.58

take off this the £800 that was paid = £382.58 that is extra by the End of the loan.
They are taking " allegedly" the charges of £270.00 off the balance that leaves the amount you owe them £112.58 if the loan ran to term end with the PPI still there.

but they owe you the ppi, this should come off the balance of the loan and the loan should be cleared now and the surplus given back with interest, as i said before just because the ppi is cancelled after the rebate the remaining ppi is still on the loan, this is why front loaded PPI, as this is, stinks, you have to fight to get the loan reset without the remaining PPI this is where the problem lies!, if i were you, i would put a complaint into the Chief Ombudsman Natalie Cheney at FOS to let her know what has happened and you are still fighting this mis sell as the FOS upheld this but GE are playing with them.

I know it is your Sisters case, i refer to you in the post as you are dealing with this, good job she has someone to fight her corner x.

Does my post help at all?.

calw

cappo wrote: »

Hi Cal and welcome, as you've probably guessed nothing is beneath the scope of the lenders this one especially, give them another call as you will in any case need either a final response from capital 1 or a delay of 8 weeks to be able to register a case with the fos, although the fos is going to take a while now to resolve this because of the sheer volume of complaints there receiving now.

Just a little update rang cap one as suggested and the bloke told me, although no ppi complaint letter had been logged on the account yet, it is probably amongst the ever growing pile of complaints that have come in recently :mad: he suggested rather than resend it in the post, to copy and paste the contents and bullet points of my complaint and send it via the online secure message system, and ask for it to be forwarded to the relevant department. I've done this as suggested and got a reply to say it has been passed to the ppi team who will send me an acknowledgment with 2 weeks, I'll keep you posted on the progress..I've a feeling this is going to be a long one..it's funny how when I send a message asking simply to forward my complaint to the correct department I get an immediate reply, but when I'm sending messages complaining that there trying to fob me off by saying they haven't got my letter when I know they have as it was signed for 2 weeks ago, they take 2 days to reply to my message :mad: thanks again for the advice cappo:D