PPI Reclaiming discussion

vodkafreak

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.

I sent my letter, in response to their standard bog off reply, by recorded delivery on new years eve & gave them 14 days to respond or i go to FOS. I also gave them a figure i had calculated of £10,850.89 so we'll see what happens! I'll let you know if i get any joy!
I certainly expected to pay back more than i had borrowed but not to the tune of £14,707.25 after only one year!!
It just goes to show the amount of money they are making out of vulnerable people by pushing these single premium policies which serve no purpose other than to generate vast profits for the company selling them!

tiggrae

sc0tsman wrote: »

My loan was taken out on Aug 2006

Hi there, yes that's fine they should definately have come under the FOS jurisdiction but before you can take your complaint there you have to have written to CreditLink and received a final response from them

tiggrae

tmg wrote: »

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.

you can ask for a Subject Access Data Request, but remember you can only reclaim going back 6 years. Also, sorry to put a dampner on your claim but if you've made a claim - if it's with the same policy provider I don't think you'll be able to say you've been mis sold as you've actually used the policy.

tiggrae

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.

Dear all regard First Plus etc. there are a number of issues here, firstly and most importantly if you've repaid your loan / policies off the easiest way to reclaim is not to say you've been mis sold but that the Financial Services Authority have stated no refund / partial refund terms to be unfair under the Unfair Consumer Contract Terms Regulations 1999 - see my post at 1579 for the link to the relevant document on the FSA web site.

Secondly, when it comes to the 8% allowed under the 1984 County Courts Act because you've been unlawfully deprived of money, the 8% isn't added on to the accumulated amount, it's worked out on a daily rate basis from the day you made your premium payment; for example a payment of £20 paid 6 years ago will earn more interest then one paid 6 months ago. The easiest way of working it out is to use the bank charges calculator on the bank charges part of this web site -

Also, regarding taking your complaints to the Financial Ombudsman - you have to be aware you can only take your complaint there if the policy provider came under their jurisdiction when the policy was sold - for most this was around 14th January 2005, anything before this date they won't look at - but check with the FOS when the provider came under their jurisidiction - otherwise you'll have to use the County Courts - hence going for the Unfair Consumer Contract Terms is easier to prove in court then mis selling.

juliesg

is it worth trying to claim my ppi from abbey if so who do i write to to get the relevant info and do u have to send them a cheque like you do for credit card charges i took it out 2000000 in 2005 but paid it back in 2007 ive seem to have mislaid all the paper work

tiggrae

m.colak wrote: »

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%

Dear all regard First Plus etc. there are a number of issues here, firstly and most importantly if you've repaid your loan / policies off the easiest way to reclaim is not to say you've been mis sold but that the Financial Services Authority have stated no refund / partial refund terms to be unfair under the Unfair Consumer Contract Terms Regulations 1999 - see my post at 1579 for the link to the relevant document on the FSA web site.

Secondly, when it comes to the 8% allowed under the 1984 County Courts Act because you've been unlawfully deprived of money, the 8% isn't added on to the accumulated amount, it's worked out on a daily rate basis from the day you made your premium payment; for example a payment of £20 paid 6 years ago will earn more interest then one paid 6 months ago, that's why you've got to work out each premium payment separately even if the amounts are exactly the same each month, if you don't work it out this way you'll be considerably under calculating the amount of Interest applicable. The easiest way of working it out is to use the bank charges calculator on the bank charges part of this web site -

Also, regarding taking your complaints to the Financial Ombudsman - you have to be aware you can only take your complaint there if the policy provider came under their jurisdiction when the policy was sold - for most this was around 14th January 2005, anything before this date they won't look at - but check with the FOS when the provider came under their jurisidiction - otherwise you'll have to use the County Courts - hence going for the Unfair Consumer Contract Terms is easier to prove in court then mis selling.

xdustyx

Hi, i just wondered if anyone could PLEASE advise me as i don't know what to do next? I took out a loan in 1998 with Yorkshire Bank AFTER being told that we HAD to have insurance or we couldn't have the loan. We added to the loan twice more and was told the same each time, you HAVE to have the insurance. In 2005 because we were really struggling we decided to pay off the loan by taking one out with our mortgage company instead (the interest rates were halved and we had the insurance as an option that we didn't take). I never knew that they were optional until my mortgage company asked if we wanted it. I used Martin's template letter and sent it off in August, i now receive letters every four weeks telling me that they are looking into it and please bear with them. The amount totals around £4000 + interest. Are they just trying to fob me off? And has anyone else had experience with the Yorkshire Bank on this matter?
Any help would be VERY greatly appreciated, we really struggled with those payments and NEVER used the insurance once. It was between £50-£60 per month we were it paying for nearly 7 years. I still have ALL the original loan documents with the account numbers on, which i sent them a copy of.
Many many thanks in advance if anyone can help me...

soontobesensible

Need some help:rolleyes: wondered if any kind clever person out there could explain to me how I work the 8% out on my claim, e.g I had a payment protection premium of £4185 added to a loan with first plus of which the APR was 8.9% in May 2005.I paid it off after four months? Would very much appreciate the advice!

m.colak

tiggrae wrote: »

Dear all regard First Plus etc. there are a number of issues here, firstly and most importantly if you've repaid your loan / policies off the easiest way to reclaim is not to say you've been mis sold but that the Financial Services Authority have stated no refund / partial refund terms to be unfair under the Unfair C.....

The formula's i worked out previous were worked out using progression that is if you took the second payment' interest and added to the last then the result would be the first payment interest. If you then repeat for the third and second to last you get the same answer etc.
Therefore the answer was if you work out the interest of a year period at 8% of half the PPI then you would get the answer for the whole length of the loan (Equation 1).

The second equation works out the interest on the PPI from the period the loan finished to the current day.

The Thrd equation works the result for either monthly payments or for one lump sum.

I hope this clarifies how i've worked out the equation's second of all i said initially to use the claims calculator on the reclaims for individual credit card claims. I think however some people should be relistict into how much to ask for though which is why i said about the upper and lower limits to work out if the loan was paid of early.

m.colak

soontobesensible wrote: »

Need some help:rolleyes: wondered if any kind clever person out there could explain to me how I work the 8% out on my claim, e.g I had a payment protection premium of £4185 added to a loan with first plus of which the APR was 8.9% in May 2005.I paid it off after four months? Would very much appreciate the advice!

You can't get a rough estimate of how much you should ask for unless you say how much the loan was for what was the charge for the loan and what was the settlement figure and monthly payments.