PPI Reclaiming discussion

sc0tsman

tiggrae wrote: »

Hi you should always take your complaint to the people who originally 'sold' you the PPI as apposed to the lender - also you can only take your complaint to the Financial Ombudsman if GE or Creditlink came under their jurisdiction at the time the policy was taken out

My loan was taken out on Aug 2006

m.colak

tiggrae wrote: »

hi - would be alot easier just to use the bank charges calculator as it would work out the 8% automatically !

No because if you use the first formula's if the repayment is exactly the same every month (which it usually is) or if its a single premium then you use the third equation. The idea is that using these formula's you can get an answer straight away for how much to ask for.

Martin's calculator uses the third equation to work out exactly what you should receive so if you need to calculate differing amounts monthly then yes use this. However did state that you could block amount these charges into quarter's or 6 monthly's and you would get an approximately figure without having to enter the whole issue.

niemowle

Hi m.colak, tiggrae and all those clever people out there.

I have been given some help with working out my claims on PPI but poor me I just can’t figure it out; please help! Here are my details:

• Credit card: summed up all my PPI and the total came to £47.41 + 8 % (£3.79) = TOT £51.20. Question: is this what I can then expect?
• Loan: Reasons for claiming, (1) a single premium policy and (2) I did not know that it only covered the first 5 years. Amount taken £10,000.00 (The charge for this credit was £6,610.16) over 7 years however I paid this off within 5 months by taking out another loan. PPI was £3,585.76 + interest added to this was £2,369.84 = TOT £5,955.60, my monthly payments were £197.74 (Loan) + £70.90 PPI = TOT 268.64 per month. Question, how much can I expect from them since I paid this off earlier?
• My partners loan: Reasons for claiming (1) self employment (2) I did not know that it only covered the first 5 years of the loan, oh and silly me I have just realized that I forgot to add in my claim that it is also a single premium policy, can I add this in at a later stage? Amount taken £10,000.000 (The charge for credit is £6,208.40) over 10 years and is still active. PPI is £3,887.33 + interest added to this is £2,413.87 = TOT £6,301.20 my monthly payments are £135.07 (Loan) + £52.51 PPI = TOT £187.58. Question is how do I calculate this one if I am only 11 months into this loan?

If all goes well do I ask them as to how I want the money to be paid whether to my current or loan account and will my PPI be cancelled and monthly payments reduced on my partners existing loan.
As you can see I am a bit slow with these things and I have been pulling my hair out all night and so I would very much appreciate your help with this regard. Many thanks.

m.colak

niemowle wrote: »

Hi m.colak, tiggrae and all those clever people out there.

I have been given some help with working out my claims on PPI but poor me I just can’t figure it out; please help! Here are my details:

• Credit card: summed up all my PPI and the total came to £47.41 + 8 % (£3.79) = TOT £51.20. Question: is this what I can then expect?
• Loan: Reasons for claiming, (1) a single premium policy and (2) I did not know that it only covered the first 5 years. Amount taken £10,000.00 (The charge for this credit was £6,610.16) over 7 years however I paid this off within 5 months by taking out another loan. PPI was £3,585.76 + interest added to this was £2,369.84 = TOT £5,955.60, my monthly payments were £197.74 (Loan) + £70.90 PPI = TOT 268.64 per month. Question, how much can I expect from them since I paid this off earlier?
• My partners loan: Reasons for claiming (1) self employment (2) I did not know that it only covered the first 5 years of the loan, oh and silly me I have just realized that I forgot to add in my claim that it is also a single premium policy, can I add this in at a later stage? Amount taken £10,000.000 (The charge for credit is £6,208.40) over 10 years and is still active. PPI is £3,887.33 + interest added to this is £2,413.87 = TOT £6,301.20 my monthly payments are £135.07 (Loan) + £52.51 PPI = TOT £187.58. Question is how do I calculate this one if I am only 11 months into this loan?

If all goes well do I ask them as to how I want the money to be paid whether to my current or loan account and will my PPI be cancelled and monthly payments reduced on my partners existing loan.
As you can see I am a bit slow with these things and I have been pulling my hair out all night and so I would very much appreciate your help with this regard. Many thanks.

Righty
1. If you're total credit card ppi was £47.41 and you worked out the interest as 3.79 then yes the expected amount back would be £51.20. That is if you can prove the PPI was missold.
2. The problem with claiming back loan's that were paid off early is that sometimes you will receive a settlement figure which takes into account that you're paying off the loan early and therefore PPI interest and interest on the loan have already taken into account. In this case i would work out what the final settlement figure was --- add the previous payments made and see how close it comes to the original figure that you quoted of approx £21,000 total (PPI interest loan and charge etc). Once you have worked out that take away the Loan plus charge £16,610.16 from the total payments plus settlement figure this will give you the total PPI + interest you have paid and it is this that you can reclaim.
3. If you have a loan which has PPI attached then you have to make the company aware that you shouldn't have had it and then ask for them to refund the amount (i.e take it off the loan and recalculate interest having the PPI removed and the overpayments being made.) If they refuse you're only action is to take it to the FOS. There is another way you can cancel the PPI policy with the company and attempt to reclaim it through the courts.

Example for 2:

Total payments made = 570.56
Settlement figure = 19,200
Total Paid 19770.56
Actual Loan + Cost = 16610.16
Total PPI paid plus interest paid = 3160.40 = Reclaimable

At this point you could work out the additional interest should get back since it was paid off at 8%

Maggie_Holmes

Just wondering if anyone can give me some answers to my PPI.

Just recently found out that I have one of these single premium policies attached to my secured loan. I knew I was taking out some kind of Protection Policy, but I didn't know and I wasn't told it would be added to the loan I took out, I thought this was a completely seperate deal.

I have only just found out that this was added to my secured loan as I am at the moment remortgaging and the broker asked me to look at the agreement and to my horror noticed this amount I was to get back after 5 years had been added also I wasn't told that after 5 years I wouldn't be covered and that I still had to carry on paying the monthly premium.

My loan was for 27,500 and the PPI added £5,480.75 and the APR at the time was 7.7% varible. I am consolidating this when I re-mortgage and the settlement figure I have been quoted is 31,531.40 I am so absolutely annoyed because I am paying back more than I borrowed. Iam going to put my claim in after the re-mortgage has gone thru, but I want to know if I will get all my monthly premiums back the PPI that was added to my loan minus the £1,000 they say will be taken off when I settle (what a cheek) Plus any interest. I just thought I would be paying backjust below the 27,500 I borrowed in the first place minus any rebate, but it hasn't worked out that way. They made the money you got back after 5 years sound such a good deal, but never said this is going to be added to your loan. Any ideas how much I should be claiming for?
I notice vodkafreak has a First Plus Loan too, just wondering how you are getting on with your claim.

cocker100

Maggie_Holmes wrote: »

Just wondering if anyone can give me some answers to my PPI.

Just recently found out that I have one of these single premium policies attached to my secured loan. I knew I was taking out some kind of Protection Policy, but I didn't know and I wasn't told it would be added to the loan I took out, I thought this was a completely seperate deal.

I have only just found out that this was added to my secured loan as I am at the moment remortgaging and the broker asked me to look at the agreement and to my horror noticed this amount I was to get back after 5 years had been added also I wasn't told that after 5 years I wouldn't be covered and that I still had to carry on paying the monthly premium.

My loan was for 27,500 and the PPI added £5,480.75 and the APR at the time was 7.7% varible. I am consolidating this when I re-mortgage and the settlement figure I have been quoted is 31,531.40 I am so absolutely annoyed because I am paying back more than I borrowed. Iam going to put my claim in after the re-mortgage has gone thru, but I want to know if I will get all my monthly premiums back the PPI that was added to my loan minus the £1,000 they say will be taken off when I settle (what a cheek) Plus any interest. I just thought I would be paying backjust below the 27,500 I borrowed in the first place minus any rebate, but it hasn't worked out that way. They made the money you got back after 5 years sound such a good deal, but never said this is going to be added to your loan. Any ideas how much I should be claiming for?
I notice vodkafreak has a First Plus Loan too, just wondering how you are getting on with your claim.

Hi,

I am in the same boat as you. I asked for a setttlement figure from First Plus and it came back higher than what I had originally borrowed, even though I have already paid back over £15000 in monthly payments!!! We borrowed £57000 with an extra £11360 in ppi. I thought the unused ppi policy would be deducted the the total, pro rata, but I was wrong! I wanted to remortgage, but the total amount of this loan took us over our house value when our outstanding mortgage was added on top.
:mad: I am so annoyed at First Plus that I am claiming for the maximum I can get. This is the total amount of the premium. (£11360) Plus the payments I have already made on the ppi, plus 8% interest. This totals over £15000. If I win my case, then I will get back near enough the same that I have paid them so far. I then intend to remortage.
They replied to my first letter after 8 weeks and refused to uphold my complaint. To be honest, I expected this as most people get this response from their first letter. I sent a second to them a couple of weeks ago, but they haven't even acknoledged it. I am in the process of writing a third, this one is a little more militant! I am now going to threaten court action.
Having read through some to the previous posts in this thread, there are plenty of others in the same situation with First Plus. Read through them if you have the time.

Best of luck with your claim and happy new year!!!:beer:


Cliff.

Maggie_Holmes

Thanks for your reply. I have read thru the posts and noticed there are quite a few members who have a loan with First Plus. I am going thru with the settlement for now because my re-mortgage is the most important thing at the moment as my fixed rate finishes in January then I am going for it.:D

The only thing is I am not sure what I should be claiming for:

I am not too sure if the monthly premiun £42.37 has stayed the same or whether this increased as the interest rate went up, or whether it is just the £27,500 monthly payments that had the interest put on. So should I claim for 17 months at £42.37 and all of the PPI £5,480.75 + the 8% interst, even though they are saying that they have included around a £1,000 rebate off the PPI

Then whAT REBATE if any should come off the original loan that I thought I had taken out £27,500 shouldn't that then be calculated properly or don't you include that. or am I trying to get more back than I should be allowed.

So to calculate is it 5,480.75 + 17 x 42.37 = 720.29 then + the 8% of those two added together is that the right way to calculate? Any help will do.

cocker100

Maggie_Holmes wrote: »

Thanks for your reply. I have read thru the posts and noticed there are quite a few members who have a loan with First Plus. I am going thru with the settlement for now because my re-mortgage is the most important thing at the moment as my fixed rate finishes in January then I am going for it.:D

The only thing is I am not sure what I should be claiming for:

I am not too sure if the monthly premiun £42.37 has stayed the same or whether this increased as the interest rate went up, or whether it is just the £27,500 monthly payments that had the interest put on. So should I claim for 17 months at £42.37 and all of the PPI £5,480.75 + the 8% interst, even though they are saying that they have included around a £1,000 rebate off the PPI

Then whAT REBATE if any should come off the original loan that I thought I had taken out £27,500 shouldn't that then be calculated properly or don't you include that. or am I trying to get more back than I should be allowed.

So to calculate is it 5,480.75 + 17 x 42.37 = 720.29 then + the 8% of those two added together is that the right way to calculate? Any help will do.

Looking through my loan agreement. The monthly premiums are subject to variable interest, so if your interest rate changed during the 17 months, then the premiums paid would have also changed. As interest rates have been rising, this figure will have increased several times over the months.
Your calculation of total ppi amount + payments made so far + 8% interest is the way I am calculating mine. However, I would expect the amount of rebate you have already received to come off the total. Plus, you should have paid more than £720.29 in premiums so far, because of the interest rises.

Hope this helps,

Cliff.:)

m.colak

The problem is that you both have a single premium loan. As i stated to niemeow the problem is when they work out the loan details with you you will see that the loan doesn't actually get interest added to it!!! Its deamed as a loan charge and therefore has to be added to the loan as an exact figure. This is the way that loan companies get round screwing you. You can work out how much you should get by either adding the charge and loan together this should give a big figure then take away the settlement figure and the payments you have made this will give you a minimum expected payment. The next step is to work out the proportion of PPI relates to your monthly payments that you have made and then add that to your're overpayment required for your loan. This is the maximum you can expect. Now you have a maximum and a minimum work out the 8% and then you have to make a decision on how much to ask for.

If you have settled the loan you can't demand payment for payments you haven't made. If you have settled the payment and had to pay the PPI element then you can claim the full amount. If not then you can only claim what you've paid so far. So if you have paid £2000 of which £750 was PPI then £750 +interest is all you'll be able to recover unless the settlement figure is greater than the original loan. At this point it where you have to deem what you consider a resonable charge for the loan of the monies and what isn't and claim the remainder back. Unfortunately you can't expect the loan for free without having to pay any charge.

tmg

Hi

I'm thinking of claiming PPI back. I have had about 5 loans over ten years, usually consolidation. I think I only claimed on my first loan's PPI poilcy.

Things is - I no longer hve any paper work relating to these loans. Can I (do I need to) request this information from the lenders?

Thanks in advance.