PPI Reclaiming successes and failures

di3004

nerul wrote: »

After a very long wait (claim started in September 2009) I finally received my figures from Lloyds TSB this morning. :beer:
Offer is for £16,471.87 :j:j

Problem is I have no idea if the figures are correct and would ask that Nigly or one of the other experts to check them for me

Breakdown of their figures :

Refund of premiums = £23,233.44
Interest at base rate + 3% = £ 3,934.82
Interest at 8% calculated up until 03/09/2011 = £ 6,078.10
Optional-Partial rund of PPI already applied =-£16,774.49

Total =£16471.87

My loan agreement figures were as follows:

Principal amount of loan £95,000
Arrangement Fee £1425.00 (added to loan)
BLRI (PPI) Premium £23,233.44 (added to loan)

Interest Rate Currently 7% perannum
Debited Monthly @0.58%
Credit Period 180 months

Number of repayments 180
Repayment frequency - Monthly
Loan Repayment £866.70
BLRI (PPI) £208.83
Total repayment per month £1075.53

I paid this business loan back after it had been running for 27 months.

I am really giddy about this life changing sum but want to be sure the figures are correct. I cant work out where the monthly PPI repayments of £208.83 figure in their offer.
Please can anyone help ?

WOW that is brill! :T Well done and Congratulations!:beer:
I'm sure these will be checked for you sometime today.;)

di3004

tiesteelm wrote: »

I have sent my complaint into the FOS.
Egg said that the box was ticked, and they are not going to uphold my complaint, and that the matter is noe closed....

I'm ready to fight !

That's the way honey, stand your ground, now let the FOS sort them out, fingers crossed x;)

tifosi

Topkapi wrote: »

tifosi wrote: »

Was the RBS a credit card, or loan?[/QUOTE

It was a loan. Can give you the details if you need them.

Thanks,

but I was looking for someone elses RBS CC payment so I could compare calculations to mine

tifosi

Some amazing wins on here in the last few days

Well done to all the winners!

MoosMum

Hi,
Had offer letter from Bank of Scotland for Preference Account today! Thanks to all on forums for help.
I'm really confused about the offer though -
Offer letter headed up quoting Credit Card Number **** **** **** ****
It gives in the Appendix an explanation of how the redress will be calculated (which is in line with the FOS requirements for CCs which I have seen on here, thanks)
BUT it then goes on to say that -

'as your credit card product was a Preference Account, the PPI premiums, when added to the account, do not attract any interest. Therefore, when reconstructing your account, we are not required to refund any standard interest, as the PPI has not caused any additional interest on your account. Any amount of 8% per annum simple interest applicable will not be affected by this and will be calculated normally'

But surely I will have been charged more interest each month on the balance as the PPI will have accrued over the years?
I had the account for 10 years, PPI totalled 5k , average of 43 pm.

When the account closed in 2007 it had a balance of 9k which has been cleared in full.

Grateful for any explanation and help - I'm think I'm going to accept the offer and wait and look at the figures but I'd like to have some idea of what to expect.

melharv1

Hi, just windered if anyone could help me here please!!

We previously has 2 secured loans from Welcome finance with a total combined ampunt of £28,000.

On both occasions of taking the loan, we were told that the loans coud only be accepted if we took ou tthe PPI, which obviously we then did.

We have sent the claim forms off to the FSCS and are awaiting their response.

What we are finding confusing is that, no one there seems to tell you the same thing!! We still have a loan with them, but it is for car finance and completely un related to the above loans, however, 1 member of staff said that any refund due would have to be used to pay off any excisting amounts owed to WFS, yet another said this was only the case if we had arrears on our current loan, which we dont!!

Both original loans were cleared early.

If anyone has any previous experience with this or advice, it would be much appreciated!!

Obviously our main hope is that the money is paid directly back to us

Thanks!!

plumfin

di3004 wrote: »

Hi there

In my opinion that is a great letter!:T

I just hope they will take this into consideration now, as you have the proof afterall, good luck and fingers crossed. x

Thanks Di. My husband made the comment this morning, that 6 months ago, he couldn't envisage us turning down £1600 in repayments, but reading the comments and your help along with everyone else has given me the confidence to argue a little. Many thanks.

di3004

MoosMum wrote: »

Hi,
Had offer letter from Bank of Scotland for Preference Account today! Thanks to all on forums for help.
I'm really confused about the offer though -
Offer letter headed up quoting Credit Card Number **** **** **** ****
It gives in the Appendix an explanation of how the redress will be calculated (which is in line with the FOS requirements for CCs which I have seen on here, thanks)
BUT it then goes on to say that -

'as your credit card product was a Preference Account, the PPI premiums, when added to the account, do not attract any interest. Therefore, when reconstructing your account, we are not required to refund any standard interest, as the PPI has not caused any additional interest on your account. Any amount of 8% per annum simple interest applicable will not be affected by this and will be calculated normally'

But surely I will have been charged more interest each month on the balance as the PPI will have accrued over the years?
I had the account for 10 years, PPI totalled 5k , average of 43 pm.

When the account closed in 2007 it had a balance of 9k which has been cleared in full.

Grateful for any explanation and help - I'm think I'm going to accept the offer and wait and look at the figures but I'd like to have some idea of what to expect.

Well done :T & congratulations!:beer:

I am not the one for calculations, but I understand Credit Card ppi works out differently to loan PPI, but you should in my opinion should receive the interest that applies as such, hopefully someone will be here soon to explain in more detail, good luck.;)

di3004

melharv1 wrote: »

Hi, just windered if anyone could help me here please!!

We previously has 2 secured loans from Welcome finance with a total combined ampunt of £28,000.

On both occasions of taking the loan, we were told that the loans coud only be accepted if we took ou tthe PPI, which obviously we then did.

We have sent the claim forms off to the FSCS and are awaiting their response.

What we are finding confusing is that, no one there seems to tell you the same thing!! We still have a loan with them, but it is for car finance and completely un related to the above loans, however, 1 member of staff said that any refund due would have to be used to pay off any excisting amounts owed to WFS, yet another said this was only the case if we had arrears on our current loan, which we dont!!

Both original loans were cleared early.

If anyone has any previous experience with this or advice, it would be much appreciated!!

Obviously our main hope is that the money is paid directly back to us

Thanks!!

Hiya

Good luck on this.

When I made a reclaim through the FSCS, different business that went into default, as it was a settled/paid off loan, the refund was paid directly to me, so it therefore should be the same for you too.;)

MoosMum

MoosMum wrote: »

Hi,
Had offer letter from Bank of Scotland for Preference Account today! Thanks to all on forums for help.
I'm really confused about the offer though -
Offer letter headed up quoting Credit Card Number **** **** **** ****
It gives in the Appendix an explanation of how the redress will be calculated (which is in line with the FOS requirements for CCs which I have seen on here, thanks)
BUT it then goes on to say that -

'as your credit card product was a Preference Account, the PPI premiums, when added to the account, do not attract any interest. Therefore, when reconstructing your account, we are not required to refund any standard interest, as the PPI has not caused any additional interest on your account. Any amount of 8% per annum simple interest applicable will not be affected by this and will be calculated normally'

But surely I will have been charged more interest each month on the balance as the PPI will have accrued over the years?
I had the account for 10 years, PPI totalled 5k , average of 43 pm.

When the account closed in 2007 it had a balance of 9k which has been cleared in full.

Grateful for any explanation and help - I'm think I'm going to accept the offer and wait and look at the figures but I'd like to have some idea of what to expect.

Thanks Di,

All I know is that the interest can be quite a bit more on CCs.
Have had loads of issues with BoS so would like to be sure that I'm getting what I'm entitled to!:)