PPI Reclaiming discussion

niemowle

thanks ALIBOBSY it is great when people answer you as i presume you answered me, ill try to be patient, although it is difficult

niemowle

clever people out there...help
i am trying to work out how much the bank owes me but find it difficult ...how do i go about it? for example on C/Card i added up all the sums and every time i do it i have got a different figure, what do i do wrong? and do i add up the 8% to every statement i ve paid or to a finall sum, i am sorry if it is a stupid question!
and another question and that is a even more difficult for me... how do i calculate a single premum policy, what do i add to what? i don't even what to expect from the bank if they reply to my letter! if someone has got the brains and time i can write some figures later or if you can just roughly tell me how to do it i would be most gratefull, thanks

m.colak

niemowle wrote: »

clever people out there...help
i am trying to work out how much the bank owes me but find it difficult ...how do i go about it? for example on C/Card i added up all the sums and every time i do it i have got a different figure, what do i do wrong? and do i add up the 8% to every statement i ve paid or to a finall sum, i am sorry if it is a stupid question!
and another question and that is a even more difficult for me... how do i calculate a single premum policy, what do i add to what? i don't even what to expect from the bank if they reply to my letter! if someone has got the brains and time i can write some figures later or if you can just roughly tell me how to do it i would be most gratefull, thanks

Hi,

Use the interest calculator on the credit card reclaim or use:

0.08*T/2

---

Interest During Loan Period
G/365*0.08*T

---

Interest After Loan Completed

(NB don't forget to add these sums together if the loan is completed)

Where:

G is the difference between the last payment date and the claim date (in days)
T is the total PPI paid

Hope this helps:D

PS this only works for set monthly payments.
PPS if you are trying to work this out for credit cards and PPI which can go up and down you have to carry out the following:

Date PPI was added (D)
Today's Date (T)
difference between D and T in days (S)

S/365*0.08*PPI payment

---

To work out individual monthly PPI payments or a one off single premium policy

Unfortunately you have to do this for every payment. The formula's above will give you an estimate though that you can work too. Just thought there is another way:

Break the PPI payments into either 6 monthly blocks or 3 monthly blocks (depends on how accurate you want it).
Then carry out the formula's for working out static payments as for loans and then add the blocks finally together.
This would take me too long to make an example but if you need help just PM me. One finally thought though have successfully claimed my credit card charges back previously and actually raised the interest to 17.9% as it was the minimum on the card and therefore fair game to do it back to the credit card company (Warning only to be tried if you go through MCOL as FOS will only give you the 8%). To work out the difference just replace the formula's from 0.08 to 0.179.

PPS A Single Premium Policy is one that is added straight to the cost of the loan/credit rather than a continuous policy which you can cancel/stop. This means that you are paying the interest on the insurance from day one however they don't have to show it seperately as it calculated as part of the whole balance. You will only see this policy on either the start documentation or on completion of the credit. Therefore use the equation to work out S as the start date of the first payment and the PPI payment is the PPI price of the policy. (If its showing up as seperate amounts each month on a statement it isn't a single premium policy (unless they mean for that month it is a single premium policy (clever !!!!!!s aren't they))).
Bye

dimple

Hi

I wrote to HFC/Benefical about 3 loans taken out with them, a single loan each for myself and my husband and a joint loan. I received the first letter that said they were looking into it. After 8 weeks I received another letter saying that they were still waiting for the paperwork as it was in storage. They then called me and said that unfortunately they had not received the files yet but as they had gone over the 8 weeks I was entitled to go to the financial onbudsman.

As it was the week before the xmas break I havent done anything yet. Do you think that I should send the second letter off advising that I am giving them 14 days to respond before I go to the onbudsman or should I just go straight to them?

Has anyone else had any success with HFC/Beneficial?

Please help!

Dimple

gt568

dimple wrote: »

Hi

I wrote to HFC/Benefical about 3 loans taken out with them, a single loan each for myself and my husband and a joint loan. I received the first letter that said they were looking into it. After 8 weeks I received another letter saying that they were still waiting for the paperwork as it was in storage. They then called me and said that unfortunately they had not received the files yet but as they had gone over the 8 weeks I was entitled to go to the financial onbudsman.

As it was the week before the xmas break I havent done anything yet. Do you think that I should send the second letter off advising that I am giving them 14 days to respond before I go to the onbudsman or should I just go straight to them?

Has anyone else had any success with HFC/Beneficial?

Please help!

Dimple

I'd send another letter giving them 14 days. Asking the same question on 2 threads won't get an answer quicker ether.;)

gt568

googleman10 wrote: »

Hi Tiggrae

I estimate it is in the region of £1500 give or take.

I am wondering whether or not to do a Subject Access Request first of all to get all figures correct as this would mean they would have to provide me with a copy of all statements going back on the rolling credit to inception. Do you think this is a good idea?

Kind regards

Getting a SAR is great advice. If you have a SAR then you have all the figures and evidence in front of you, the bank can't argue about something you haven't seen then. I would always advise to SAR before starting a claim.

tiggrae

googleman10 wrote: »

Hi Tiggrae

I estimate it is in the region of £1500 give or take.

I am wondering whether or not to do a Subject Access Request first of all to get all figures correct as this would mean they would have to provide me with a copy of all statements going back on the rolling credit to inception. Do you think this is a good idea?

Kind regards

yes it would, especially as you can only take the court route, I just wanted to know the approximate value of your claim as over £5k takes you outside the small claims court

niemowle

hi m.colak
thanks a lot for your response and the time you put into it, i am going to be doing lots of calculations by the looks of it, so a long night ahead of me, i just hope i am clever enough to put it all together, i shall let you know,

huge thanks to you again, bye and have a great evening

ABCandoit123

I have received a letter from LloydsTSB Insurance to inform me that they disagree that I have been mis-sold PPI with my loan of 7 years (the insurance element has cost me £4,000 plus interest). I believe that I have been mis-sold as I had a pre-existing medical condition. The sales person never mentioned any existing medical conditions, but they say that as they sent the policy booklet and as I signed an acknowledgment and returned it, it also shows the costs per month of the insurance and therefore they say that it was not mis-sold. Has anyone had such a letter to then go on to have a successful outcome, or you think this is the end of the line for me?

Does it mean that because the salesperson didnt mention it and I subsequently signed the document mean it hasnt been mis-sold.

I really would appreciate some feedback from anyone

Many thanks

googleman10

gt568 wrote: »

Getting a SAR is great advice. If you have a SAR then you have all the figures and evidence in front of you, the bank can't argue about something you haven't seen then. I would always advise to SAR before starting a claim.

tiggrae wrote: »

yes it would, especially as you can only take the court route, I just wanted to know the approximate value of your claim as over £5k takes you outside the small claims court

Thanks guys! I will start the process of getting an SAR sent off.
Don't relish the thought of court but I suppose the old saying is, nothing ventured, nothing gained and I can show that insurance has served no purpose as I needed to make a claim in 2003 and was declined after a telephone call but told I had to keep the insurance!...