PPI Reclaiming successes and failures

Bisoy

Thank you marshallka. Here's the breakdown of my loan statement:

http://s452.photobucket.com/albums/qq241/Bisoy24/?action=view&current=revisedunsecuredloanstatement.jpg

http://s452.photobucket.com/albums/qq241/Bisoy24/?action=view&current=unsecuredloanstatement2.jpg

I'm no expert on this but it appears to me that cost of insurance was added as a big lump sum at the start of the loan. I hope you guys can work out if I did got the right settlement. Once again a big thanks to everyone.

marshallka

nothingwitty wrote: »

It has been over a year but finally, finally, finally HBOS have given in and agreed to rfund me all of the PPI which was added to four personal loans. In the first case I took the PPI but when I went back to top-up my loans they automatically added it. I sent off my claim last September, secured judgement in default when they didn't enter a defence, and obtained a warrent of execution. HBOS applied for judgement to be set aside. I then sent off an SAR which they failed to reply to so I reported them to the Information Commissioner. Last week the cheques started arriving... 4 cheques totalling almost £1200.. I wrote to them saying it wasn't enough and I wanted 8% interest and the costs of my claim repaid. Yesterday I got another letter offering a futher £430 in settlement.

Keep fighting. Never give up. Be polite but firm and remember, it often costs them more to fight you than to settle...

Well done nothingwitty, you got there in the end.:j :beer:

di3004

Bisoy wrote: »

Hi guys very good news today. I received a letter today from halifax for the settlement amount of our PPI we took with our loan.

Refund of premiums = £847.11
Refund of interest @ 10.8% = £320.79
Interest at 8% = £436.72
Total = £1,604.62

Of course we are delighted and extremely happy :j :j :j but would like to find out if we got the exact figures. Do you guys know if we got the right settlement?

A big thanks to Martin and all of you guys in these forums who give us a kick start in reclaiming all the missold PPI.

Good luck to all who are still in the process and you just never know what a single letter can do.;)

Congratulations hunni......:beer: :j , bet it feels soooooo good.....:D , well done anyway, you deserve it.....:T

Di.
x

marshallka

Bisoy wrote: »

Thank you marshallka. Here's the breakdown of my loan statement:

http://s452.photobucket.com/albums/qq241/Bisoy24/?action=view&current=revisedunsecuredloanstatement.jpg

http://s452.photobucket.com/albums/qq241/Bisoy24/?action=view&current=unsecuredloanstatement2.jpg

I'm no expert on this but it appears to me that cost of insurance was added as a big lump sum at the start of the loan. I hope you guys can work out if I did got the right settlement. Once again a big thanks to everyone.

Need to know how long the loan was over...also did you just make 6 repayments before settling the loan??

If you can let me know the following I can work from this

Total Loan
Total PPI
repayments of 417.89 x how many months...
If you made just 6 repayments and then settled.
Was the PPI rebate 2656.86... It a little confusing but looks to be that.

Bisoy

HI there marshallka,

The total loan was £16,500 for 66 mos. This is the only loan statement I've got from halifax. It looks like I've made only 6 months repayments and settled it before the 03/03/04 but I also don't understand the payment figure £262.56 on 24/03/04.

Honestly, I don't really know how much was the total PPI and how much was the PPI rebate. Hope this helps. Once again thank you very much.

marshallka

Bisoy wrote: »

Hi guys very good news today. I received a letter today from halifax for the settlement amount of our PPI we took with our loan.

Refund of premiums = £847.11
Refund of interest @ 10.8% = £320.79
Interest at 8% = £436.72
Total = £1,604.62

Of course we are delighted and extremely happy :j :j :j but would like to find out if we got the exact figures. Do you guys know if we got the right settlement?

A big thanks to Martin and all of you guys in these forums who give us a kick start in reclaiming all the missold PPI.

Good luck to all who are still in the process and you just never know what a single letter can do.;)

Right,

The loan was 16500 (on the statement)
PPI was 4187.29 (on the statement)
Repayments 66 x 417.89 = £27580 total loan including interest

You made 6 repayments and the PPI element of the loan is 20.24% You get this by dividing the PPI by the total loan (excluding interest) so 4187 divide by 20687 = 20.24%


So 20.24% of the repayments (being 417.89) is £84.58
84.58 x 6 = 507.48
The PPI cost you with interest which is 20.24 of the total loan with interest being £5582.00

5582.00 - repayments made 507.48 - rebate of insurance 2656.86 (got this from the figures on the statements???) = 2417.66
2417.66 + repayments made 507.48 = £2925.14 is what the PPI actually cost you so if they repaid to you £1604.62 then something is wrong with either their repayment to you or my calculations from the figures you gave.
Also note that that figure is without STATUTORY INTEREST either.


If you could check the total loan from the agreement and check it was actually £27280 as this is 66 x £417.89 being the repayments.


I got the insurance rebate from the statements by on the 01/03/04 you owed to them £19423.15 and then there are two blacked out items in the repayments column and then your total went down to 2998.52 and then again to 341.66. I assumed the first to be the settlement of the loan being 16424.63 and then the rebate of the insurance they made against it of 2656.86.. Can you confirm this and then there was £341.66 left that was paid again??? You really need this agreement to work this out and the total that they rebated on the insurance when you settled...

Bisoy

Thank you once again for your detailed calculation and explanation. I did remember that there was 3 mos. grace period before we start paying, not sure if this information is relevant. I don't have a copy of the loan agreement and can't confirm if the total loan figure is £27280 but it could be. It looks like based on your calculation we are being short changed.

I spoke to my wife and we decided to wait for the refund to reach our account before making necessary additional letters so that we won't jeopardise the settlement that they agreed to pay us. Of course if there was miscalculation on their part whether it is intentional or not we would continue to pursue our case. I have checked my diary way back 03/03/04 and can confirmed that I've settled our loan in the branch and made final payment of £16,424.63. Hence I don't know those figures after 03/03/04 is all about.

Also they are still dealing the secured loan we have which was taken at the same time with our unsecured loan and that they will write to us in due course as to the outcome of that separately.

maggie110

My claim with Direct Line was passed to the FO in Febuary this year and i am still awaiting a result ! Any ideas how long this could take ????

marshallka

maggie110 wrote: »

My claim with Direct Line was passed to the FO in Febuary this year and i am still awaiting a result ! Any ideas how long this could take ????

They are taking about 6 to 9 months now from what i can gather. Maybe just give them a call or email to ask and if you are in financial difficulties then perhaps ask for the fast tracking.

Good luck

marshallka

Bisoy wrote: »

Thank you once again for your detailed calculation and explanation. I did remember that there was 3 mos. grace period before we start paying, not sure if this information is relevant. I don't have a copy of the loan agreement and can't confirm if the total loan figure is £27280 but it could be. It looks like based on your calculation we are being short changed.

I spoke to my wife and we decided to wait for the refund to reach our account before making necessary additional letters so that we won't jeopardise the settlement that they agreed to pay us. Of course if there was miscalculation on their part whether it is intentional or not we would continue to pursue our case. I have checked my diary way back 03/03/04 and can confirmed that I've settled our loan in the branch and made final payment of £16,424.63. Hence I don't know those figures after 03/03/04 is all about.

Also they are still dealing the secured loan we have which was taken at the same time with our unsecured loan and that they will write to us in due course as to the outcome of that separately.

That is how I was taught to work these out by tiggrae who claims for a living. I got your settlement right as you have quoted it there so i assume the rebate against the PPI is also right too. They seem to have short changed you, yes... I hope you get it sorted and keep me posted. I will look out for you on here.

Good luck