PPI compensation

gral

I claimed PPI from a few banks in recent years, but how do I know if I received the correct amount and can I make a second claim for the same loans

roonaldo

gral wrote: »

I claimed PPI from a few banks in recent years, but how do I know if I received the correct amount and can I make a second claim for the same loans

You would have had a full refund for full and final settlement which you can only receive once. Greedy.

Insider101

gral wrote: »

I claimed PPI from a few banks in recent years, but how do I know if I received the correct amount and can I make a second claim for the same loans

As regards the amount offered you don't really know that it is correct unless you hire a finance expert to do a calculation for you. Failing that you just need to take their word for it effectively. If you believed the offer was wrong, the time to query it would have been before you signed a (presumably) full and final settlement.

If it comes to light that the have got their calculations wrong then they should contact you. Otherwise there's not anything else you can do about it. If you try to complain again they will simply respond that the matter has already been dealt with.

[Deleted User]

gral wrote: »

how do I know if I received the correct amount

If it was loans, then it's a simple matter to check the PPI amounts on the original agreements and (assuming they were paid to term) see that they match the offers made by your Banks.

For credit cards, you'd have to total up your PPI payments from monthly statements (noting that PPI is only paid when you have a balance) and again match these with the amount you were offered.

Certainly no need to hire a "finance expert".

gral wrote: »

then can I make a second claim for the same loans

The time to challenge is prior to accepting the payment. However, if you found new and comprehensive documentary evidence with which to dispute the amounts then you could go back to the Bank concerned and request that they re-evaluate.
It would have to be very compelling evidence, otherwise it would just be a waste of time.

[Deleted User]

gral wrote: »

it was just a thought not a request for more money, probably didn't phrase it correctly.

To be fair, you did come across as very speculatively trying to accumulate:)

Insider101

Moneyineptitude wrote: »

If it was loans, then it's a simple matter to check the PPI amounts on the original agreements and (assuming they were paid to term) see that they match the offers made by your Banks.

For credit cards, you'd have to total up your PPI payments from monthly statements (noting that PPI is only paid when you have a balance) and again match these with the amount you were offered.

Certainly no need to hire a "finance expert".

With respect, it is not even close to that easy, take it from one who knows.

With loans, if you are talking about a one-off loan which was paid to completion, I agree it would be possible based on the figures on the loan agreement (though you would have to work out the proportion of the interest which was due to the PPI and then work out 8% per annum on each payment towards the PPI. but still, a reasonably competent mathematician should be capable of coming up with a ballpark figure.

However, stand alone loans which ran the full term are a pretty rare beast. The vast majority were paid off early or refinanced. This is where it starts to get really complicated with the disproportionate rule of 78 rebate and residual PPI being rolled into later loans, plus trying to keep track of FOS interest, it is not something anyone minus a maths degree could hope to do as a manual calc.

Also, with credit card PPI you DO get compound interest at the same rate charged on the card. This is to compensate for the interest charged to the card as a result of the PPI premiums. You have to reconstruct the card balance every month as it would have been without the PPI. If it would have been in a credit balance that's when you get the statutory 8% rather than the compound credit card interest. So basically you have three components to any offer, refund of premiums, compound interest due to premiums and statutory interest. How much you will get of the latter two depends on the balance on your card each month and the total cost of PPI plus the interest rate on your card.

Most banks use automated calculators designed by highly paid mathematicians. Redress calcs are not something which can be attempted by a layman. I've seen a few try and believe me they haven't got a clue.

[Deleted User]

Insider101 wrote: »

With loans, if you are talking about a one-off loan which was paid to completion, I agree it would be possible based on the figures on the loan agreement

That's exactly the scenario I mentioned and why I said it was simple.

The other scenarios you list are far more complex I agree, with respect;)

I never for one minute thought the OP would actually start looking at old statements etc.

addedvaluebob

roonaldo wrote: »

You would have had a full refund for full and final settlement which you can only receive once. Greedy.

The banks routinely 'manage down' the figures and some have now been told to review past cases because they didn't 'manage down' fairly. I hardly think it is fair to call someone greedy in the circumstances. With the exception of the one scenario posted, you do need someone with at least a working grasp of insurance calcs to check the numbers

Nasqueron

addedvaluebob wrote: »

The banks routinely 'manage down' the figures and some have now been told to review past cases because they didn't 'manage down' fairly. I hardly think it is fair to call someone greedy in the circumstances. With the exception of the one scenario posted, you do need someone with at least a working grasp of insurance calcs to check the numbers

The "greedy" comment was in response to the OP's comment about making a second claim for the same set of loans which reads like they want 2x payout for same miss-sale