PPI Reclaiming successes and failures

di3004

pigsmightfly wrote: »

Just wondered, how do you work out how much of you payment has been for PPI each month?

These are my loan details...

Amount of Credit (Cash Loan) £5,000
Total Charge for credit for Cash Loan £2,577.64
Total amount you pay for cash loan £7,577.64
Insurance Loan (Cash price of insurance) £1,498.44
Total charge fir credit for insurance loan £772.08
Total amount you pay for insurance loan £2,270.52
84 monthly payments of £117.24
APR 12.7%
Loan £6,498.44
Total charge for credit of loan £3,349.72
Total amount you pay £9,848.16
Monthly interest rate 0.987%
Arrangement Fees £64.98

Thanks

Hi there


Sorry I am not good on the calculation side of it but sure someone will be here sometime today and will try checking them for you.;)

di3004

ArferDaly wrote: »

Hi

Anyone had any letters today.I was told I would be updated by the 29th Aug,just hoping I have some letters when I get home.

Mark

Fingers crossed Mark

di3004

beverleykim wrote: »

Yes, letter received today from Egg credit card - a big fat no. Am going to appeal as was only part-time when card applied for online. They quote normal excuses, but have not sent any proof.

Feeling gutted really, as still feel was mis-sold so will be taking further. Have written full details on Discussion page, so any ideas gratefully received.

Bev

Bev was this the final decision?

Even if it is, depending on what further info you have, they may reconsider, ask them to do so by 14 days and then confirm if you hear nothing by then you will then take it further (FOS), good luck.;)

di3004

donda wrote: »

:jmorning everyone
congrats to all the winners
had some great news this morning click financial been upheld via FSCS 7200 smackers on there way:poh happy days. Great to see people getting their cash back:D

Excellent! Congratulations!:beer:

tifosi

pigsmightfly wrote: »

Just wondered, how do you work out how much of you payment has been for PPI each month?

These are my loan details...

Amount of Credit (Cash Loan) £5,000
Total Charge for credit for Cash Loan £2,577.64
Total amount you pay for cash loan £7,577.64
Insurance Loan (Cash price of insurance) £1,498.44
Total charge fir credit for insurance loan £772.08
Total amount you pay for insurance loan £2,270.52
84 monthly payments of £117.24
APR 12.7%
Loan £6,498.44
Total charge for credit of loan £3,349.72
Total amount you pay £9,848.16
Monthly interest rate 0.987%
Arrangement Fees £64.98

Thanks

Hi,

to get this all you need do is take the "Total amount you pay for insurance loan £2,270.52" (PPI+interest charged on it) and divide by the number of months?

So £2,270.52 / 84 = £27.03

If you can let us know when you started the loan, we'll make a stab at how much you ought to get (allowing for the 8% compensatory interest)

Did you pay the loan off?

beverleykim

di3004 wrote: »

Bev was this the final decision?

Even if it is, depending on what further info you have, they may reconsider, ask them to do so by 14 days and then confirm if you hear nothing by then you will then take it further (FOS), good luck.;)

Hi Di

Yes, they did quote it was their final response, so have sent a SAR today so that I can see what they see, and then the fight continues. I personally think they are stalling for time as they had to get a letter to me by 31st August, and they are hoping people will drop out - not me......

Bev

tifosi

carlyberyl wrote: »

hi all

so heres the thing, trying to be sensible with monies we have successfully reclaimed and are wanting to pay a loan off with zopa(dont know if anyones heard of them?), partner has just rung to see how much we would need to pay to settle in full, here are the figures

loan for £15120 (the £120 was their fee)
16.4% apr over 60 months
started 20/03/2009
total monthly payment £359.45
total repayable £21,684.39, so the interest in total is £6564.39
30 months paid so far, so halfway through

as i was saying, other half has just rung them to get a settlement figure and they have told him its £9790.36, now is this right? i was thinking it would be around £7500ish, because were halfway through i just thought the interest would be halved! but im terrible with maths!
just trying to do the right thing with our money now and finally be debt free, would be extremely grateful if anyone could help, youve all been so fantastic, thankyou in advance x

Hi,

unfortunately its not as simple as "half the interest" - they are entitled to charge so much for the fact you had the loan

There are strict guidelines for agreements regulated by the CCA 1974 (this will be , due to the amount involved) which specify how they must calculate any rebate due

Do you have a copy of the agreement and terms and conditions?

It should state in that how they would calculate any rebate following early repayment

Also, request the settlement figure in writing with a "full and complete breakdown of the calculation"

Once you have all those details, post up here and someone can help - though I would advise posting this as a NEW, seperate thread within the "Pure Money/Loans" section of the MSE forum, as this is not really PPI related

lula33

I got back home yesterday to find a letter from LLoyds upholding my complaint yippee! I was very surprised as I had spoken to them last Thursday and was told no decision had been made and I should hear this week as my 16 weeks were up today. The letter was dated the 22nd though! I just need to confirm that the uphold is for both of my loans as they were both put under one reference but the acceptance only lists one loan number. Am so pleased and grateful for all the excellent information and advice given on this site.

Thank you

tifosi

Carly,

I've created a new, seperate thread for you so you can get proper attention for your Zopla loan early settlement

OBO CarlyBeryl

carlyberyl

Thanks tifosi x