PPI Reclaiming successes and failures

Niggly_2

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 ?

I would need the settlement date to make a calculation

However They have refunded the whole ppi premium less the rebate on this one.
Refund of premium = £23,233.44 less Optional-Partial rund of PPI already applied =-£16,774.49 = £6458.95The premiums paid to the PPI (CAPITAL AND INTEREST) are £208.83 x 27 = £5623

So they have paid back the £5623 in the £6458.95 above.

You have recieved the interest back on the ppi premium and 8% statutory. So in line with the FOS guidelines.

Like I said cant calculate the acuracy of interest without a settlement date.

But they do look ok. The refund figure for the ppi after 27 months is very high compared to others I have seen where after 2 years you would be lucky to see 10% not the 72% you recieved. Might be worth checking to see that the settlement figures did actually include a ppi rebate of £16,774.49.

N:beer:

nerul

Niggly wrote: »

I would need the settlement date to make a calculation

However They have refunded the whole ppi premium less the rebate on this one.
Refund of premium = £23,233.44 less Optional-Partial rund of PPI already applied =-£16,774.49 = £6458.95The premiums paid to the PPI (CAPITAL AND INTEREST) are £208.83 x 27 = £5623

So they have paid back the £5623 in the £6458.95 above.

You have recieved the interest back on the ppi premium and 8% statutory. So in line with the FOS guidelines.

Like I said cant calculate the acuracy of interest without a settlement date.

But they do look ok. The refund figure for the ppi after 27 months is very high compared to others I have seen where after 2 years you would be lucky to see 10% not the 72% you recieved. Might be worth checking to see that the settlement figures did actually include a ppi rebate of £16,774.49.

N:beer:

Hi Niggly and thank you so much for looking into that for me :T My settlement date on the loan was March 2005, does this help in any way ?
What I cant get my head around is the letter from Lloyds says these figures will take you back as though you never had taken the PPI.

My thinking (probably wrong) is that it actually cost me the difference between the 23,233.44 paid up front and the 16,774.49 which was refunded in March 2005, which = 6458.95. Then I also had paid 27 instalments of £208.83 = 5638.41. I am just struggling to work it out in my very non mathematical brain :rotfl:
kind regards

MoosMum

amersall wrote: »

Well done on your win:T:T
I had a preference account and they are right,you dont pay interest on your ppi payment,you only pay interest on your balance owing,if i am correct the ppi will show as another payment on your statement and is not included in the balance that you pay interest on.

Thanks for the info - Does this affect the recalculation (to remove ppi from the account to reflect what the balance would be without ppi) in any way?
Sorry to appear a bit dense but it all seems quite complicated!:o

nerul

nerul wrote: »

Hi Niggly and thank you so much for looking into that for me :T My settlement date on the loan was March 2005, does this help in any way ?
What I cant get my head around is the letter from Lloyds says these figures will take you back as though you never had taken the PPI.

My thinking (probably wrong) is that it actually cost me the difference between the 23,233.44 paid up front and the 16,774.49 which was refunded in March 2005, which = 6458.95. Then I also had paid 27 instalments of £208.83 = 5638.41. I am just struggling to work it out in my very non mathematical brain :rotfl:
kind regards

Hi again Niggly

Sorry to keep pecking your head !

I dont think I explained myself very well in my last post.
What I mean to say is...they added 23k to my loan and gave me back 16k so it cost me 6k. Then I paid the installments on top. My brain is aching now

nutty_nat

DrSqueeze wrote: »

Hi,

If you have reasons for feeling that the PPI was missold, then by all means make a complaint.

The address I used was:

PPI Complaints
Black Horse Ltd
St William House
Tresillian Terrace
Cardiff
CF10 5BH

Useful link: http://www.blackhorse.co.uk/Motor/PPIComplaints.html

Thank you for your reply , my husband was in an excellent job at the time and we had insurance elsewhere so we feel we were missold. Do you know of many wins with Black Horse?

MoosMum

amersall wrote: »

Well done on your win:T:T
I had a preference account and they are right,you dont pay interest on your ppi payment,you only pay interest on your balance owing,if i am correct the ppi will show as another payment on your statement and is not included in the balance that you pay interest on.

I've just dug out an old statement, there's no seperate payment shown for the PPI, only a single direct debit.

There's a seperate PPI charge each month which increases each month if the o/s balance on the account increases (and vice versa), and a seperate narrative which states how much the interest will be next month.
As the charges varied each month that's why I couldn't understand about the interest not being charged on the PPI:o

DrSqueeze

nutty_nat wrote: »

Thank you for your reply , my husband was in an excellent job at the time and we had insurance elsewhere so we feel we were missold. Do you know of many wins with Black Horse?

Well, I've made two complaints to them.

The first has been upheld and I've had an offer - just waiting for the cheque. The second is still being dealt with, but last time I chased they told me the file had been passed to the "calculations team". If they were going to reject it, I doubt they'd bother doing any calculations so I'm optimistic about that.

I'm sure there's a thread about Black Horse somewhere on the forum.

amersall

MoosMum wrote: »

Thanks for the info - Does this affect the recalculation (to remove ppi from the account to reflect what the balance would be without ppi) in any way?
Sorry to appear a bit dense but it all seems quite complicated!:o

Hi there, i think the ppi is taken out every month,so the ppi (unless it shows on your first statement that it was put on at the start of the card?) is just a monthly payment and is not added to the balance (unless you have prOof to the contrary) if you have proof that it was added upfront,then you will have paid interest on this and can fight back with this.
See if you can get the terms and conditions to see how the ppi was placed on the card.
Just to add,this is a debit card and not a credit card.

russabbott

3 weeks into my "we will write to you with an offer" 4 week deadline from HSBC...

Has anyone recieved one yet, and are they really gonna drag this out for the full 4 weeks!!!

PenW

Hi
I received my ppi all back plus interest last week, Barclays. I am cross with myself for using a claiming company, as they want 30% + vat for putting stamps on envelopes! Also there is tax to pay on the interest that I got back, do i pay claiming company percentage after tax, also i never received any terms and conditions from them and they failed to inform me that VAT was on top of their fees, it almost leaves me with half of what I claimed. They even had the cheek to ask if I wanted to pay over the phone when they rang to say I'd been successful. I didn't!