PPI Reclaiming successes and failures

Derwent

julieprit2 wrote: »

Hi Guys

Haven't seen Niggly about to answer this for me so maybe some other bright spark maths person could help me!! :A

Found another debt with PPI attached - HP loan for a laptop.
Details are:

PPI £3.30 per month
over 36 months
Taken out in June 2004
19.8% Interest

If I make a successful reclaim does anyone know how much I would get back? Not much I'm guessing from the amount per month but maybe a wee something :-)

Cheers guys:beer:

That would give a refund of around £365 give or take a few quid.

Derwent

smudger69 wrote: »

Cheers for that.

The CC balance was £12000, just wondering what PPI I would have paid on that as I can't find any statements.:D

Its difficult to work out the refund on credit cards because you pay a different PPI amount each month. The premium tends to be 79p per £100 of balance. So one month you could have a balance of £5000 and pay £39.50 for PPI and the next month your balance could be £6000 and you'd pay £47.40 for PPI. Without knowing your month by month balances and payments its pretty impossible to calculate.

The_Marksman

k77mss wrote: »

thanxs marksman need to sit down and make sure i make good job of it if it's my last chance do you have any pointers i might use you could private message me if you want as i'm not very good at these things.thanxs di for the advice i'm not giving up yet

No worries, you know how to find me

The_Marksman

di3004 wrote: »

Your hands are always busy The Marksman :D:rotfl::rotfl::rotfl::rotfl:

that they are juggling all these numbers! lol :rotfl:

The_Marksman

Riggsy1367 wrote: »

:rotfl::rotfl:Love it! Conspicuous by his absence...:rotfl::rotfl:

what can i say they miss me when im away and not around to play :rotfl:

been a busy night being un-obvious to the naked eye

The_Marksman

Smamfer wrote: »

Hi Guys,

Came home today and received a letter as promised from Lloyds Tsb regarding 2 old black horse loans out

Ill apologise now for the length of this email but ill type it up from the letter and ask if someone can shed some light,

I will add my OH whose loan this is was not sure if he did pay this loan off but has never received anything about it.

It was originally 1 loan taken out feb 2006 of £2000 and then the loan of £3k taken out 2 months later one of which paid off the first loan if that makes sense.

Ok here is the letter and once again sorry if its long.

I am writing to you today in relation about your complaint ppi etc im sorry thanks for your time and now done the investigation and as a result i have decided to uphold your complaint

As our final response we would like to offer you a refund of all ppi premiums paid inclusive of interest plus simple interest @ 8%. Should you accept the offer the payment we will make to you will also take into account any other factors that are relevant to your circumstances, ex any claims etc
As part of our offer we have also included a refund of premiums ( and other costs you incurred e.g interest ) in connections with the loan you opened on 15th nov 2005. We have considered this loan because it was refinanced by the other loan/PPI you complained about,,,( so does this sound as if there was another loan they found out about?)

Now they sent a workout of figures:::
Our proposed payment has been calculated as follows::
Refund of premiums paid including interest £166.39
Excess balance and interest £36.60
Interest @ 8% calculated up until (4 weeks from now) £85.26
Outstanding balance on loan part of the agreement £4272.22
Total £85.25

The interest has been calculated at 8% simple on each payment made towards the cost of the plicy calculated from the date that we received the payment to the date that we pay the redress. (4 weeks from now on)
(excess balance) As you had more than one loan with us and a loan was settled by the proceeds of a further loan, then if the loan had PPI which is being remediated, the amount that you borrowed on the subsequent loan may have been higher than it needed to be, If this is the case ex balanbce and interest is an additional payment we offer in order to refund the extra amount you paid when you refinanced the loan and the extra interest you have paid when making your repayments on the next loan.

(outstanding balance) During the course of the agreement your repayments fell into arrears and you were unable to bring the agreement up to date, We decided not to pursue payment at that time and closed the agreement in August 2009, This figure represents the oustanding balance on the first schedule (loan only) part of the agreement at the point that we closed the agreement.

Well thats it and left me totally confused, he was never on the ball before he met me regarding payments so i only 50% know what im dealing with

Does it seem like he still owed on the loan and they ignored it and scrubbed it??

Am i right in saying that he is due £85 and thats it?

We didnt think it would be masses but with all these figures it just confused me a bit.....

It ends with " should you wish to accept the offer fill in form and return . If appropriate please include any info on the claim form regarding your previously rejected claim" ( is this just standard as we have not made a previous claim)
As previously mentioned we will then pay the greated of the two sums due to you without you needing to sign a further acceptance.

They actually sent the same letter two times over which i found a bit weird too

Any advice would be greatly appreciated,,,, thanks xxx

dont do figures but,

:rotfl::j:beer: WELL DONE :beer::j:rotfl:

smudger69

Derwent wrote: »

Its difficult to work out the refund on credit cards because you pay a different PPI amount each month. The premium tends to be 79p per £100 of balance. So one month you could have a balance of £5000 and pay £39.50 for PPI and the next month your balance could be £6000 and you'd pay £47.40 for PPI. Without knowing your month by month balances and payments its pretty impossible to calculate.

TY.

My balance was £12000, minimum monthly payments were £440 (so I assume £100 of that would have been PPI), paid this for 6 years.

Smamfer

The_Marksman wrote: »

dont do figures but,

:rotfl::j:beer: WELL DONE :beer::j:rotfl:

Its not figures im after hon, i completely dont understand it :mad:

The_Marksman

Smamfer wrote: »

Its not figures im after hon, i completely dont understand it :mad:

is that, why i wont give you my number or the letter? :rotfl::rotfl:

No i agree, are they saying that the refund will clear the debt and leave you with £85 or your due back £85 which i cant work out??

but reading your post again, i think your OH defaulted on the loan and they wrote the loan off and so are only refunding the ppi from the first loan which when taking the second loan, they refunded the ppi. In simple terms........

1. The ppi was refunded from the 1st loan when you took the second loan
2. Due to defaulting, they wrote off the second loan & any ppi attached
3. Any refund from the ppi on the 1st loan has been taken into account when working out your due refund.
4. So basically the majority of ppi was written off within the second loan

thats my best guess

Smamfer

The_Marksman wrote: »

is that, why i wont give you my number or the letter? :rotfl::rotfl:

No i agree, are they saying that the refund will clear the debt and leave you with £85 or your due back £85 which i cant work out??

but reading your post again, i think your OH defaulted on the loan and they wrote the loan off and so are only refunding the ppi from the first loan which when taking the second loan, they refunded the ppi. In simple terms........

1. The ppi was refunded from the 1st loan when you took the second loan
2. Due to defaulting, they wrote off the second loan & any ppi attached
3. Any refund from the ppi on the 1st loan has been taken into account when working out your due refund.
4. So basically the majority of ppi was written off within the second loan

thats my best guess

Cheers flirtmeister! I was thinking if i imagine a whole £85 coming our way thats fine as we didnt expect much and anything else is a bonus lol
Just hope Santander comes out a bit more profitable lol