PPI Reclaiming successes and failures

themass

Wow this board moves fast,, im with the FOS with mine,, ive noticed Norton finance are getting somewhat unpopular with them,, so im just sitting and waiting for a result,, how else am i going to settle Amersall`s bill, lol,
Good luck everyone.

moomoo4444

Just got a knockback on LTSB credit card ...not HP so off to FOS i go ..is there a form i know need to fill in please
very unhappy about it all

Niggly_2

RosieBrock wrote: »

Smitchy 73 -thanks so much for your response. I can't work out if they did refund anything to me at the time of early settlement.
I took out consolidated loan of £25,000 for five years on 1st Sept 2006 with first repayment made in Oct 2006. I see from bank statements that I had paid 18 payments of £595.80p a month amounting to £10,724.44. The settlement figure paid on April 3rd 2008 was £20,323.85 pence. The loan rate was 6.3% on £25,000. I was told in 2007 when I called them about the onerous PPI to see if I could stop it that it was front loaded, which meant that I had paid for it, and only later in the life of the loan would I be making real inroads into paying off Capital and interest. Are you good at working out interest against repayments. They certainly did not say they were refunding me anything. In fact I thought they charged an early settlement fee but can't recall.

Okay here we go

The repayment on the loan at 6.3% is £486.82 per month
Actual monthly payment is £595.86
486.82/595.86 x 100 = 81.7%
£25000/0.817 = £30600 actual loan
PPI single premium is £5600
ppi per month is £109.04 per month

Sept 2006 to Feb 08= 18 payments of £109.04 = £1962.72 refunded

Each payment (18) will get interest at 8% simple from 2006 so first payment gets 60 months secon 59 months and so on.

Interest on these are £673.87

Now we know the ppi single premium was £5600

We know that a rebate on the ppi will be refunded on the PPI when you settled the loan 18 months later. The settlement/refund/refunds on PPI single premium policies are dire as all the expenses (mostly commission) are front end loaded. First plus refunds on a ppi policy at 18 months are roughly 20 % of the ppi premium.

Working on that premis you will have paid 80% of the ppi back to them on early settlement, this is £4480.

This would mean they owed you this £4480 from Feb 07 which is 4 Years and 6 months or 54 months so 54 months simple interest is

£4480 x 8%/12 x 42 = £1254.

Obviousley this is based on 20 % so if they rebated a higher figure the refund would reduce and vice versa.

However the figs above add up to £8370.59
So it would be well worth the claim.

N:beer:

smitchy73

RosieBrock wrote: »

Smitchy 73 -thanks so much for your response. I can't work out if they did refund anything to me at the time of early settlement.
I took out consolidated loan of £25,000 for five years on 1st Sept 2006 with first repayment made in Oct 2006. I see from bank statements that I had paid 18 payments of £595.80p a month amounting to £10,724.44. The settlement figure paid on April 3rd 2008 was £20,323.85 pence. The loan rate was 6.3% on £25,000. I was told in 2007 when I called them about the onerous PPI to see if I could stop it that it was front loaded, which meant that I had paid for it, and only later in the life of the loan would I be making real inroads into paying off Capital and interest. Are you good at working out interest against repayments. They certainly did not say they were refunding me anything. In fact I thought they charged an early settlement fee but can't recall.

Unfortunately i'm not the greatest at working out the finer details, niggly is an expert, and a couple of others are really good too, hopefully they'll be along soon and have a look, although I think niggly is on holibags just now.
The banks don't usually tell you if there's any ppi settlement within your early settlement, I've got five complaints in with RBS and still waiting to hear from them, but I have no idea if there was any ppi rebate on any of the settlement's but each of my loans refinanced the others.
If you still bank with them, you could give your local branch a call they should be able to tell what the breakdown of your settlements were, but also when you get redress breakdown it should all be listed there.

smitchy73

smitchy73 wrote: »

Unfortunately i'm not the greatest at working out the finer details, niggly is an expert, and a couple of others are really good too, hopefully they'll be along soon and have a look, although I think niggly is on holibags just now.
The banks don't usually tell you if there's any ppi settlement within your early settlement, I've got five complaints in with RBS and still waiting to hear from them, but I have no idea if there was any ppi rebate on any of the settlement's but each of my loans refinanced the others.
If you still bank with them, you could give your local branch a call they should be able to tell what the breakdown of your settlements were, but also when you get redress breakdown it should all be listed there.

I see niggly has already posted, what a wonderful guy you are:D

ArferDaly

moomoo4444 wrote: »

Just got a knockback on LTSB credit card ...not HP so off to FOS i go ..is there a form i know need to fill in please
very unhappy about it all

Hi.

Who was Your letter from Craig Grave ? I had 3 loans rejected today.Will be chatting to him tomorrow I think.:mad:

Mark

sunny8_2

tifosi wrote: »

Hi, for the 6k loan, we would need to know either

a) the interest rate applied to your loan

b) the amount of PPI premium charged


216 x 48 = £10368 so deducting the £6,000 loan gives £4,368 but without knowing the interest rate applied or the PPI premium added at the start, we have no way of knowing how much the PPI was

:cool:


There are lots of MSE'ers that have had success with MBNA - one credit card claimant recently got £23k back!

Thank you tifosi...i have no details at all, all i done was write/email MBNA....i might email the guy & ask if he could pass me any details and i will get back to you if thats ok xx

sunny8_2

RosieBrock wrote: »

I hope someone has responded to you Nicky who knows more than I do. I had heard that online PPI claims were slightly more difficult than telephone PPI-becuase there was no human intermediary. Do you recall if the MBNA website had any explanation about PPI and checklist of your eligibility?

Hi nicky, someone said that MBNA were apparently good at paying out but i guess not.....:( Hope someone on here can help you out - i have complained to them but just received an email to say they will look in to it..watch this space...how long ago did you complain? Good luck!!:) xx

di3004

ArferDaly wrote: »

Hi All.

Just a quick one.The lovely people at LLoyds have just turned down 3 loan PPI claims in one nice letter.I have been self employed for 20 years nearly and never had a chance on claiming if needed :mad:

Is it worth going back to LLoyds or straight to the FOS.

What You all think,or maybe email the boss ? anyone got his email


Mark

Hi Mark

Sorry to hear that!
Was it the final decision?

Even if it is the final decision, there is no harm in writing back to ask them to reconsider and give them say 14 days, try to give them further info and tell them you don't believe your complaint have been investigated properly, then say if you have not heard from them by 14 days you will complain to the FOS with your reasons.

Email the CEO and send to the customer care team at the same time.;) Good luck.
[EMAIL="customer.care.insurance@lloydstsb.co.uk"]customer.care.insurance@lloydstsb.co.uk[/EMAIL]

di3004

moomoo4444 wrote: »

Just got a knockback on LTSB credit card ...not HP so off to FOS i go ..is there a form i know need to fill in please
very unhappy about it all

Hi

Not another one!:eek:

Mark above was rejected too, I said maybe he should email the CEO the same time as the customer team and ask they reconsider by 14 days, if you feel the complaint have not been investigated properly you want this looked into again, then state if no response by 14 days you will complain to the FOS with your reasons.

However, if you have received the final decision, they should have confirmed this and enclosed details of the leaflet on how to complain.

You could still do the above as well if you want to by emailing the below, good luck.
[EMAIL="antonio.osorio@lloydsbanking.com"]antonio.osorio@lloydsbanking.com[/EMAIL]
[EMAIL="customer.care.insurance@lloydstsb.co.uk"]customer.care.insurance@lloydstsb.co.uk[/EMAIL]

http://www.financial-ombudsman.org.uk/consumer/complaints.htm