PPI Reclaiming successes and failures

IANC

ctcraigtaylor wrote: »

to make make it more complicated the carried forward loan was a managed loan with a high interest rate then transfered to a normal loan 2 years later.

all have been paid off in full now. Will i get back at least the £920.31 ??

Oh, they are all paid off.

You will get more than that then with the interest.

When the PPI was carried forward, was there also PPi on that loan?

Or was it just added to the balance with no PPI?

If it was the latter, then you paid the £700+ amount more than you should have on the 2nd loan plus the interest that was charged (the interest rate for the loan). So you are owed this amount plus the interest rate you paid for the loan + 8% from the date you started paying it until the date they pay you.

The £200+ amount that you paid off should be rapid to you plus 8% from the date you paid it until the date they pay you back.

ctcraigtaylor

IANC wrote: »

Oh, they are all paid off.

You will get more than that then with the interest.

When the PPI was carried forward, was there also PPi on that loan?

Or was it just added to the balance with no PPI?

If it was the latter, then you paid the £700+ amount more than you should have on the 2nd loan plus the interest that was charged (the interest rate for the loan). So you are owed this amount plus the interest rate you paid for the loan + 8% from the date you started paying it until the date they pay you.

The £200+ amount that you paid off should be rapid to you plus 8% from the date you paid it until the date they pay you back.

Yeah there was no PPI on any loan after the first one:D

Thanks for your help. Fingers crossed now for their letter anything over a 1k will do nicely for the house deposit

tifosi

Petergra wrote: »

I had a strange experience with Egg a couple of weeks ago, I was checking all my finances and after getting a credit report I remembered about an Egg Credit Card I had when I was at Uni. I called up to ensure that is was properly closed down as I am wanting to get my finances in order and I was told I had a CREDIT balance of £894.32:D:D:D:D:D.

There is no way I was crediting my Egg card as I was a SKINT student and so I was thinking have they may a PPI re-payment without me needing to apply for it?

After reading this site I have applied for the following PPI repayments:

Cahoot (Santander) 9k loan over 5 years - finished this year.
Virgin Money (MBNA) was paying about £60 per month in PPI - cancelled PPI in April.
Mint (RBS) was paying about £25 per month and cancelled the PPI yesterday.

Fingers crossed!!!!!!!!:D:D:D:D:D

Some cracking stuff there Peter!

If that MBNA is a credit card I hope its been running for years, as at £60/month on the PPI it will be worth a stuffing fortune!

(if you search the thread for MBNA you'll see several have had large payouts from them)

Petergra

tifosi wrote: »

Some cracking stuff there Peter!

If that MBNA is a credit card I hope its been running for years, as at £60/month on the PPI it will be worth a stuffing fortune!

(if you search the thread for MBNA you'll see several have had large payouts from them)

Hi tifosi,

Yeah the MBNA one is a Virgin Money Credit Card. It has been running for years too at quite a high balance. I have used a recent credit report I got for nothing to get the basic balances off it for as far back as I can and this is what I get:

Nothing after April 2011 as I cancelled the PPI on the card realising I did not need it and it was costing me a fortune each month:

Month Approx PPI
April 2011 £63.33
Mar 2011 £63.13
Feb 2011 £63.06
Jan 2011 £65.25
Dec 2010 £65.17
Oct 2010 £65.18
Sept 2010 £64.99
Aug 2010 £67.50
July 2010 £62.32
June 2010 £62.03
May 2010 £64.29
Apr 2010 £66.60
Mar 2010 £63.67
Feb 2010 £63.52
Jan 2010 £65.41
Dec 2009 £65.45
Oct 2009 £65.50
Sept 2009 £65.27
Aug 2009 £65.38

Total £1,227.04

Don't know how to calculate the re-bate I am due - starting to get confused now I have got that far!

Cheers for the encouragement and assistance!!!!!!!:A:A:A

Pete

julieprit2

IANC wrote: »

Well, the PPI represents 9.5% of the total amount borrowed.

So that means that you will have paid around £12 per month in PPI premiums.

So 36 x 12 = £432 in premiums.

The 8% on premiums paid would on these premiums.

And then 8% would be added to the total from the date the loan finished until the date they settle.

I don't have a spreadsheet here to work it out, perhaps Niggly or Tifosi may be able to help soon

Thanks Ian, I don't even know how to add the 19.9% interest :-/ Maths isn't my strong point lol

Hopefully Tifosi can help! :j

IANC

julieprit2 wrote: »

Thanks Ian, I don't even know how to add the 19.9% interest :-/ Maths isn't my strong point lol

Hopefully Tifosi can help! :j

The £432 should include the contractual interest in theory.

I wasn't sure whether the total loan figure of £4071 included the interest payable over the term of the loan (I presume it doesn't)

julieprit2

IANC wrote: »

The £432 should include the contractual interest in theory.

I wasn't sure whether the total loan figure of £4071 included the interest payable over the term of the loan (I presume it doesn't)

I don't think so, they said that was the amount I borrowed?

IANC

julieprit2 wrote: »

I don't think so, they said that was the amount I borrowed?

In that case, the total loan plus interest should be £5324

Being £4071 loan and £1253 interest.

The PPI will suffer the same rate of interest so £388 becomes £504

£504/£4071 x 100 = 12.38%

£127 monthly premium x 12.38% = £15.72 (monthly PPI premium)

So the total PPI plus interest paid over 36 months = £565.92

Then you add the 8% on.

That is assuming I have got the above right as my brain is fried :rotfl:

julieprit2

IANC wrote: »

In that case, the total loan plus interest should be £5324

Being £4071 loan and £1253 interest.

The PPI will suffer the same rate of interest so £388 becomes £504

£504/£4071 x 100 = 12.38%

£127 monthly premium x 12.38% = £15.72 (monthly PPI premium)

So the total PPI plus interest paid over 36 months = £565.92

Then you add the 8% on.

That is assuming I have got the above right as my brain is fried :rotfl:

So is mine, wish this was all sorted!! No idea how to add the 8% on, is that per day since the first day of loan or per year? Eek!

stuartbowman7373

Hi,

I sent a few claims in for PPI's that I had.
One was sent to Santander Credit Card, and I had a reply within a week with an offer of £1200.
Yesterday I had a letter from Northern Rock with an offer of £12600, which I have accepted.

Still waiting to hear from Egg Credit Cards and Barclaycard Loans.

For anyone thinking about claming, do it. I took me about 10mins to fill the form in and the cost of a postage stamp. Then just a bit of patience while waiting for the letters to arrive.