PPI Reclaiming successes and failures

mumofjanda

Thanks Di!

Still can't figure it out though!:o

Maybe Amersall can help?

di3004

mumofjanda wrote: »

Thanks Di!

Still can't figure it out though!:o

Maybe Amersall can help?

I added more in afterwards, not sure if you seen it, but it basically give details on how they calculate/interest as well etc, will post below again just in case.;)

I have decided to uphold your complaint and to offer to settle your complaint in the following manner, I propose to:

Calculate the difference between the settlement balance you have paid on the loan and what the settlement would have been had the PPI premium not been added to your loan.

We will then calculate an 8% interest payment on this sum from the day the loan was settled to the day the calculation is completed.

We will then calculate the amount you have paid to the date of cancellation and refund this back to you. This is worked out by calculating how much you paid each month in respect of the insurance alone and then multiplying this figure by how many months the insurance was active for.

If you would like a clearer indication of the PPI monthly payments you have paid to date, you will be able to obtain the copy of the Consumer Credit Agreement you received when taking out the loan. This document will tell you the PPI monthly premuim amount. I can confirm from our records that the premium was for £443.24 in total.

We will then add simple interest at 8% per annum to each monthly payment from the date you paid each amount, to the date you settled the loan.

A further 8% simple interest per annum will be calculated on this total amount from the date of early settlement of the loan to the present date.

The 8% simple interest amount will then be calculated when we receive your signed acceptance. This will only be processed at this point to ensure the figure is calculated accurately and more importantly, correctly. The calculated simple interest at 8% will then be refunded into your bank account.

As you received partial rebate in respect of your insurance of £69.88 on 30 January 2011, this will be taken into consideration when calculating the refund.

If you would like to accept this offer, please sign the enclosed acceptance slip to confirm this and return it in the pre-paid envelope.

Should you choose to accept this offer, I will instruct our redress function to commence the relevant calculation. Please be advised that this redress remedey has been designed to ensure that you are put back to the same position you would have been in, had the PPI not been sold to you.


Loan xxxxxxxxxx

I have decided to uphold your complaint and offer to settle your complaint in the following manner. I propose to:

Calculate the difference between the settlement balance you have paid on the loan and what the settlement would have been had the PPI premium had not been added to your loan.

We will then calculate an 8% interest payment on this sum from the day the loan was settled to the day the calculation is completed.

We will then calculate the amount you have paid to the date of cancellation and refund this back to you. This is worked out by calculating how much you paid each month in respect of the insurance alone and then multiplying this figure by how many months the insurance was active for.

If you would like a clearer indication of the PPI monthly payments you had paid to date, you will need to obtain the copy of the Consumer Credit agreement you received when taking out the loan. This document will tell you the PPI monthly amount and will be the figure I use when calculating your refund. This amount will then be multiplied by the number of the monthly payments you have made. Having checking the records, I can confirm that the full premium was for £1305.18.

We will then add simple interest at 8% per annum to each monthly payment from the date you paid each amount, to the date you settled the loan.

A further 8% simple interest per annum will be calculated on this total amount from the date of early settlement of the loan to the present date.

The 8% simple interest amount will then be calculated when we receive your signed acceptance. This will only be processed at this point to ensure the figure is calcuated correctly and more importantly, correctly. The calculated simple interest will then be refunded into your bank account.

As you received a partial rebate in respect of your insurance of £739.16 on 22 November 2001, this will be taken into consideration when calculating the refund.

(And the remaining is the same as above, to be put back in the position as if no ppi).

mumofjanda

Di! You are so good.....thank you!

A

further 8% simple interest per annum will be calculated on this total amount from the date of early settlement of the loan to the present date.

I had paid the loan off in full over the original term of the loan, so going by this do you think that I should have been offered 8% per annum of the £2042 I have been offered (i.e premiums paid(including interest) + 8% interest on each premium over the term of the loan) or have I still not got it!!:eek:
And if I should have been offered this I won't jeopordise the offer that we have if I now ask for this as well,will I? (Haven't sent the acceptance back yet)

Sorry to be so dim!!!:rotfl:

di3004

mumofjanda wrote: »

Di! You are so good.....thank you!

A

I had paid the loan off in full over the original term of the loan, so going by this do you think that I should have been offered 8% per annum of the £2042 I have been offered (i.e premiums paid(including interest) + 8% interest on each premium over the term of the loan) or have I still not got it!!:eek:
And if I should have been offered this I won't jeopordise the offer that we have if I now ask for this as well,will I? (Haven't sent the acceptance back yet)

Sorry to be so dim!!!:rotfl:

Hey your not dim :rotfl: don't be soft.....:D:A.

I assumed all loan ppi if your being put back in the position as if no ppi should all work out the same on the interest.

mumofjanda

Right Di, think I've got this now!

I will be on the phone to them tomorrow to see what they have to say. Fingers crossed & I will let you know what they say!

Thanks again!:A

Katescottie

di3004 wrote: »

Well done :T:j & Congratulations Kates:beer:

I won a reclaim against these back about 2 years ago and strangely enough mine worked out a bit weird on the figures, maybe someone will check them for you, good luck.;)

Thankyou Di, interesting that your calculations worked out a bit weird too!! How are you getting on with your big claim??
Anybody else able to advise me, I would greatly appreiciate it before phoning them tomorrow!!

amersall

mumofjanda wrote: »

Thanks for this Amersall, I've checked on this calculator (didn't know it existed!) did exactly as you said and it has calculated the PPI payments with 8% from 2000-2005 to be exactly as offered.

Should I have been offered anything from 2005 to now?

Right everyone, nap time over!! I need some help, please!:rotfl:

Did you pay ppi after 2005?,if you did i would give them a ring and ask where the 8% is.

amersall

they changed the account number after I lost my card. I am so cross about this,

Did you tell the FLA this?.

amersall

amersall wrote: »

Did you pay ppi after 2005?,if you did i would give them a ring and ask where the 8% is.

Sorry scrap this :D realised it was a loan.:D

amersall

mumofjanda wrote: »

Thanks Di!

Still can't figure it out though!:o

Maybe Amersall can help?

I cannot get my head around really how the 8% works,it should be (i am told) to the day they pay you out,having said that you will have been given FOS redress,so i wouldnt think the bank would not give you this,ring FOS and ask how the 8% works then you have ammunition to go back to the bank with.