PPI Reclaiming successes and failures

maryspecial

IANC wrote: »

That is excellent, Cheers

I just wanted to check that they were consistent when adding the APR interest to the PPI refunds, and this confirms that they are.

My balance averaged £3,000 for 8 out of 13 years, so looking forward to my letter :j Assuming they uphold it :eek:

Hi Ian, we're almost the same as you. Our balance has been average 3500 for about 8 yrs, average ppi £30 a month!! Waiting patiently as IF this pays out it will be lovely

sunny8_2

rockstar44 wrote: »

A letter has arrived from the Halifax today my claim is upheld & they're sending me a cheque for £8306.21!!!! :j

Thanks to Martin & all the great help provided by MSE site & users! Thank you

Congratulations!!!! Well done:jxx

rockstar44

Ian & Mary

I've got my fingers crossed for both! Hope you hear soon!

Mary
Sadly most of it will be used to clear balances on my remaining cards but I'll be almost debt free & I'm sure I'll manage to put aside a little bit for a treat!

Good Luck:o

maryspecial

:beer:
Yes yes yes!!! At last i have a success story!!!!
Got offer letter from santander from the postman there now!!
This is the smallest one we have in and as it was pretty recent i really didnt think we'd get it.

Loan 1 £122.85
loan 2 £341.75
totalincluding ppi rebate adjustment and statutory interest £464.60

I sent an email to them and when i didnt get anything other than an automated response within ten days i emailed the ceo, last wed night. They emailed back on thurs and letter came today. Their email last week asked for telephone number so have been expecing a call so offer letter was a big welcome surprise!! :T:T

So once again santander are showing the other banks how its done!

Thanks again to everyone for the help, only by reading the posts here would i have kept at them!!

What a great day!!

tifosi

IANC wrote: »

This is what I get.

PPI plus interest gives a total of £1,213.80 (£963.07 + £250.73)

Total loan + Interest comes to £6,303 (£5,000 + £1,303)

So the PPI = 19.26% of the total loan and interest. 1,213.80/6303 x 100

The total monthly repayment was £125.28, so 19.26% of that is £24.12 (the amount of the monthly premium that was required to repay the PPI loan)

60 x £24.11 = £1,446.98 (the total for PPI plus interest)

Then the 8% needs adding on.

If it were just from 2006 (the end of the loan until now) it would be £578.79 (I think)

This is the bit that Tifosi or Niggly will need to do for you :rotfl:

Hi,

I wouldnt agree with that as they already show the interest charged (via the credit agreement) for the PPI premium in the calculations

(£963.07 + £250.73) = £1,213.80

So you only need then to add the 8% compensatory interest to that total amount

Using MSE 8% calculator HERE You need to get the exact date your first payment was made, then insert each of the 60 PPI premiums and dates (so, £1213.80 / 60 = £20.23) in turn to work out the total interest payable


A less complicated way of doing this would be to calculate it from the end of the loan (as niggly suggested above) - this would obviously not give an exact figure, but certainly if they offered any LESS than this you would be in a strong position to tell them they are wrong


8% on £1213.80 x 5 years = £582.51

Total = £1795.51

But like I said, to get a more accurate figure, use MSE calculator linked above

amersall

maryspecial wrote: »

:beer:
Yes yes yes!!! At last i have a success story!!!!
Got offer letter from santander from the postman there now!!
This is the smallest one we have in and as it was pretty recent i really didnt think we'd get it.

Loan 1 £122.85
loan 2 £341.75
totalincluding ppi rebate adjustment and statutory interest £464.60

I sent an email to them and when i didnt get anything other than an automated response within ten days i emailed the ceo, last wed night. They emailed back on thurs and letter came today. Their email last week asked for telephone number so have been expecing a call so offer letter was a big welcome surprise!! :T:T

So once again santander are showing the other banks how its done!

Thanks again to everyone for the help, only by reading the posts here would i have kept at them!!

What a great day!!

:j:j:j:jYaaay :beer: result :money:

sunny8_2

amersall wrote: »

:j:j:j:jYaaay :beer: result :money:

Congratulations!!!:j Hopefully first of manyxx

IANC

tifosi wrote: »

Hi,

I wouldnt agree with that as they already show the interest charged (via the credit agreement) for the PPI premium in the calculations

(£963.07 + £250.73) = £1,213.80

So you only need then to add the 8% compensatory interest to that total amount

Using MSE 8% calculator HERE You need to get the exact date your first payment was made, then insert each of the 60 PPI premiums and dates (so, £1213.80 / 60 = £20.23) in turn to work out the total interest payable


A less complicated way of doing this would be to calculate it from the end of the loan (as niggly suggested above) - this would obviously not give an exact figure, but certainly if they offered any LESS than this you would be in a strong position to tell them they are wrong


8% on £1213.80 x 5 years = £582.51

Total = £1795.51

But like I said, to get a more accurate figure, use MSE calculator linked above

Interesting, I thought the same as you have put, but previously I saw Niggly do a calculation as I did (I think it was the same scenario anyway).

Originally, I would have said the monthly PPI would have been just the loan plus interest/60 = £20.23 (for PPI + Interest).

Perhaps Niggly will see this and come on and explain why I have been a numpty :rotfl:

tifosi

tifosi wrote: »

Hi,

I wouldnt agree with that as they already show the interest charged (via the credit agreement) for the PPI premium in the calculations

(£963.07 + £250.73) = £1,213.80

So you only need then to add the 8% compensatory interest to that total amount

Using MSE 8% calculator HERE You need to get the exact date your first payment was made, then insert each of the 60 PPI premiums and dates (so, £1213.80 / 60 = £20.23) in turn to work out the total interest payable


A less complicated way of doing this would be to calculate it from the end of the loan (as niggly suggested above) - this would obviously not give an exact figure, but certainly if they offered any LESS than this you would be in a strong position to tell them they are wrong


8% on £1213.80 x 5 years = £582.51

Total = £1795.51

But like I said, to get a more accurate figure, use MSE calculator linked above

Actually,

done it - I've based this on the 1st payment being 1st June 2001


Total interest accrued for 8% compensatory would be £764.44

Giving a total due to you of £1,998.47

tifosi

IANC wrote: »

Perhaps Niggly will see this and come on and explain why I have been a numpty :rotfl:

Dont think you're being a numpty mate

Could be in the one of Nigglys you saw the bank hadnt shown the interest charged on the PPI, so he had to work it out seperately?

I'm sure it is actually more complicated than I've put but with the way I've done it above I cant see the bank would have a leg to stand on trying to argue it