PPI Reclaiming successes and failures

robbedofmymoney

elliepete wrote: »

Hi Thanks, sorry to take so long to come back.
The loan was for £67,000 and the PPI added was £18,090 . The monthly rate of interest was 0.678%. The monthly payments were £664.43 in total ( I'm sorry I don't know how much of that was PPI) and we paid this for 26 months and then settled the loan in full. The settlement figure in full was £86,469.06 There was an early repayment charge of £3,185 included in the settlement figure. We received no PPI rebated to us after this.
Hope these figures help. Thanks in anticipation of any advice and figures.

hi,

if this is done in line with the fos guidlines then you should receive the following.

https://forums.moneysavingexpert.com/discussion/1596473

in your case it would be like this

26 x Premiums paid (inc interest) £141.19 (approx) = £3670.94
8 % simple interst on each of these payments whioch would be £1382.72 up to the end of Jan 2011.

then you will get back the difference in sttlement amounts had the ppi not bee added to the original loan.

you settled the loan for £86,469.06. Had the ppi not been added the settlement figure would have been approx £67,895.00 (this would include an early settlement penalty of £2409.00 approx)

so the difference in settlement you should get back would be approx
£86,469.06 - £67,895.00 = £18,574.06

you should also then recieve 8% simple on this amount from the date of early settlement until they settle with you, (the link above does not state this, but it does happen)

if they pay the 8% on this amount it would be an extra £5324.

so if they settle in line with the official FOS guidance on redress you should expect to get back £3670 + £1382 (8%) + £18574 + £5324 (8%)= £28,950 an awful lot of money.

i have made a couple of small assumtions but this should be near enough.

i would speak with the FOS and ask them if Freedom are compensating you in line with the official guidance on PPI redress in the normal way, or wether thye have agreed something different.

well done on your success. :beer::beer:

tifosi

Well done ROMM, I'm guessing that would make EP's 2011 quite a good year!

:T

robbedofmymoney

tifosi wrote: »

Well done ROMM, I'm guessing that would make EP's 2011 quite a good year!

:T

i'm sure it will, lets hope freedom do not mess EP around. If it was my refund this is the kind of amount i would be expecting from them.

elliepete

Hi, thanks for calculating that. Wow that certainly is a lot of money. The FOS have advised us that we should hear from Wimslow within 8 weeks with a settlement offer and it should be within the guidelines set out by them for PPI redress so hopefully it will be near your calculations. I am so glad that we followed the wonderful advice on this site last year and didn't accept their £1000 ''goodwill gesture''. I will post updates when we hear back and hopefully it will be a great start to 2011. Thanks again:)

di3004

Well done from me too, Congratulations!:beer:

tifosi

elliepete wrote: »

Hi, thanks for calculating that. Wow that certainly is a lot of money. The FOS have advised us that we should hear from Wimslow within 8 weeks with a settlement offer and it should be within the guidelines set out by them for PPI redress so hopefully it will be near your calculations. I am so glad that we followed the wonderful advice on this site last year and didn't accept their £1000 ''goodwill gesture''. I will post updates when we hear back and hopefully it will be a great start to 2011. Thanks again:)

Good example of quite how scandalous PPI can be

18k on a 67k loan?

:mad:

Stokesaver

Hope this inspires you to reclaim these shocking mis-sold PPI's

A friend at work commented to me that they had a loan out with 'Welcome' Finance, I was horrified to be told that they had been sold a PPI with the inurance that added £2000 to the loan!

I suggested they try to re claim but they said it seemed to complicated so were reluctant to do so.

I offered to help, looked at the posts on this site for inspiration then sent off a letter explaining why we thought the PPI had been mis-sold, 8 weeks later a letter popped through the letterbox saying that our complaint has been upheld and an offer of £2800!!

A pint for me and a very happy friend, if you have been pursuaded to take out one of these claim now... its easy to do and lets face it what have you to lose?

Chamone_2

Wow - huge congratulations to EP. What a result!

Just heard back from my own missold PPI claim on my AA Loan (Bank of Scotland) taken out in Feb 2005, due to be repaid in full in July 2011.

Original Loan Amount: £8,000.00
Interest on Loan: £1,050.40
AA Creditcare Basic PPI: £1,600.00
Interest on AA Creditcare Basic PPI: £210.08
Total Amount payable: £10,860.00
(APR was 5.8%, monthly repayments of £227.09)

Their reply stated that "We have decided to make you an ex-gratia offer to bring this matter to a speedy conclusion. We will ensure that you are put back to the same position you would have been in, had the single premium not been included with your loan."

I called them to confirm the details of this offer. Bank of Scotland have agreed to refund me the PPI amount, plus the interest accrued, plus compensation for inconvenience (I forget exactly how much this sum was when I spoke to the advisor earlier today). Basically I should be getting a cheque for just under £3k at some point later this week. :T My repayments will also drop to reflect the PPI premiums being taken out.

amersall

Chamone wrote: »

Wow - huge congratulations to EP. What a result!

Just heard back from my own missold PPI claim on my AA Loan (Bank of Scotland) taken out in Feb 2005, due to be repaid in full in July 2011.

Original Loan Amount: £8,000.00
Interest on Loan: £1,050.40
AA Creditcare Basic PPI: £1,600.00
Interest on AA Creditcare Basic PPI: £210.08
Total Amount payable: £10,860.00
(APR was 5.8%, monthly repayments of £227.09)

Their reply stated that "We have decided to make you an ex-gratia offer to bring this matter to a speedy conclusion. We will ensure that you are put back to the same position you would have been in, had the single premium not been included with your loan."

I called them to confirm the details of this offer. Bank of Scotland have agreed to refund me the PPI amount, plus the interest accrued, plus compensation for inconvenience (I forget exactly how much this sum was when I spoke to the advisor earlier today). Basically I should be getting a cheque for just under £3k at some point later this week. :T My repayments will also drop to reflect the PPI premiums being taken out.

:j:j Well done :beer: Nice result :money:

di3004

Chamone wrote: »

Wow - huge congratulations to EP. What a result!

Just heard back from my own missold PPI claim on my AA Loan (Bank of Scotland) taken out in Feb 2005, due to be repaid in full in July 2011.

Original Loan Amount: £8,000.00
Interest on Loan: £1,050.40
AA Creditcare Basic PPI: £1,600.00
Interest on AA Creditcare Basic PPI: £210.08
Total Amount payable: £10,860.00
(APR was 5.8%, monthly repayments of £227.09)

Their reply stated that "We have decided to make you an ex-gratia offer to bring this matter to a speedy conclusion. We will ensure that you are put back to the same position you would have been in, had the single premium not been included with your loan."

I called them to confirm the details of this offer. Bank of Scotland have agreed to refund me the PPI amount, plus the interest accrued, plus compensation for inconvenience (I forget exactly how much this sum was when I spoke to the advisor earlier today). Basically I should be getting a cheque for just under £3k at some point later this week. :T My repayments will also drop to reflect the PPI premiums being taken out.

Fantastic :T Congratulations!:beer: