PPI Reclaiming successes and failures

sue149

emmakirks wrote: »

Hi Sue,
We should be getting a cheque for the repayments we have made with 8% interest and the rest (about £11k) but back on to account as if we had never taken out the PPI and repayments will go down. Sent acceptance on Thursday so hoping will get this cheque over next few days. You should have confirmation from FP I would imagine detialing it all, I misunderstood my original letter and rang to ask for them to explain and they were (quite unexpectedly) very helpful!
Hope you get a good response too.

my ppi is £16,775,65 paying £132 a month of this ive paid 33 monts off it and never missed so can anyone tell me what too expect

di3004

sue149 wrote: »

my ppi is £16,775,65 paying £132 a month of this ive paid 33 monts off it and never missed so can anyone tell me what too expect

Hiya Sue, on regards of the amounts, you could ask turbo this if you want to on the discussion thread next to this one, he is ace with figures and calculations, and will give you a close on total on what to expect.;)

amersall

sue149 wrote: »

my ppi is £16,775,65 paying £132 a month of this ive paid 33 monts off it and never missed so can anyone tell me what too expect

i guess about 4700 ish but as di says turbo is ace he will tell you exact what you will be getting (sorry turbo not trying to take your job LOL;))

EllBee

Fantastic news today! RBS have made me a 'goodwill offer' of 2,775.60 pounds (damn pound signs not where its supposed to be on keyboard!!) They have been unable to confirm precisely what information I was given when I purchased the policy so 'as a gesture of goodwill and without any admission of liability' they've made this offer!! Acceptance in envelope ready to be posted!!!!
:beer: :j :j :j :j :j

Still waiting for the ombudsman's decision on the Loans.co.uk one though! (14 months on!!!) :eek:

Yippeeeeeee!!!!!!!

EllBee

Natalie6999

EllBee wrote: »

Fantastic news today! RBS have made me a 'goodwill offer' of 2,775.60 pounds (damn pound signs not where its supposed to be on keyboard!!) They have been unable to confirm precisely what information I was given when I purchased the policy so 'as a gesture of goodwill and without any admission of liability' they've made this offer!! Acceptance in envelope ready to be posted!!!!
:beer: :j :j :j :j :j

Still waiting for the ombudsman's decision on the Loans.co.uk one though! (14 months on!!!) :eek:

Yippeeeeeee!!!!!!!




EllBee

How long have they told you it will take to get your money out to you?

amersall

EllBee wrote: »

Fantastic news today! RBS have made me a 'goodwill offer' of 2,775.60 pounds (damn pound signs not where its supposed to be on keyboard!!) They have been unable to confirm precisely what information I was given when I purchased the policy so 'as a gesture of goodwill and without any admission of liability' they've made this offer!! Acceptance in envelope ready to be posted!!!!
:beer: :j :j :j :j :j

Still waiting for the ombudsman's decision on the Loans.co.uk one though! (14 months on!!

Yippeeeeeee!!!!!!!:eek:

EllBee

:T:T:T:T:T:T:Tthats great well done:money::cool::cool::cool:

Turboman

Lusty wrote: »

I'll give as much info with the paperwork I have available.

Cash Loan Loan for PPI Total loan
Loan £14,000 £6,153.59 £20,153.59
Mon p/ment £274.77 £120.77 £395.54
No p/ments 84 84 84
tot payable £23.080.68 £10,144.68! £33,225.36
APR 16.7 16.7
Total charge for credit:Cash loan £9080.68 PPI loan £3991.09
Annual interest rate 15.58%
This loan was started in February last year.
So 12 payments have been made so far and now I'm kicking up about the PPI and want it taken off,they want to put me on to this:
Loan amount £14355.92
Monthly payment £308.12
No of repayments 72
Total amount payable £22184.64
APR 16.7
Total charge for credit £7828.72
Here is a copy of the letter to them which will go in the post box Monday morning(any constructive comments or criticism more than welcome.)


Loan agreement Nos xxxxxxxxxxx(original one)
" " " xxxxxxxxxxxx(the one they want to put me on.
Dear Sir/Madam
As you know from our telephone conversation the other day,I have cancelled the PPI Insurance. You should also be aware that I’m also in the process of reclaiming my premiums back as this was miss-sold.
I have taken some expert advise on this because you want to put me on a new agreement WHICH would make my payments £33.35 MORE per month than I would have been paying if I stay on the original agreement minus the PPI premium.This equates to the sum of £2401.20 more over the course of the loan.
This is wrong because I shouldn’t have been miss-sold the PPI in the first instance.
I have been advised to send a copy of both sets of loan agreements to the FSO with a letter explaining my plight and copies of all correspondence regarding this matter up until now.
I don’t dispute I have a loan agreement with you and have kept to my commitment up to now.
I feel I should be paying the original monthly amount as agreed in the first instance and not being penalised with the extra £33.35 because of your banks policy and I have been advised that this is the way that any PPI refunds that are due to me will be clawed back and this is totally unethical.
It should be just a simple case of me paying you the monthly premium that was agreed in the first instance and not me being penalised because you wish to change the agreement.
This is why I have not signed the papers that you sent to me.
Yours faithfully
Mr Lusty

Right Lusty--have looked at the figures

What is happening here is that they are not quoting you for a mis-sold PPI--but are treating this as if you have requested a cancellation of the PPI

This results in only a part refund of the PPI-not the whole lot--you could ask for clarification on how the £14,355 was derived in detail (£308.12 over 6 years is correct by the way for such a sum)

---

Now lets just assume that you were to be successful in a mis-selling claim at (say) 30/3/2009 after making 12 monthly payments-- here's the situation-assuming that your payments and interest rate remained constant--as each lender calculates interest slightly different, the figures are rough-but near enough.

As at 30/3/2009

Overall Loan of £20,153 over 84 months @ 15.58% (16.7APR) from 20/2/2008 @ £395.54 per mth


Balance of TOTAL loans outstanding = £18,452

Cash Loan of £14,000 over 84 months @ 15.58% (16.7APR) from 20/2/2008 @ £274.77 per mth

Balance of Cash Loan outstanding = £12,818

PPI SPI Loan of £6,153 over 84 months @ 15.58 (16.7APR) from 20/2/2008 @ £120.77 per mth

Balance of PPI SPI Loan outstanding = £5,634
Total monthly paymnts made (12) = £1,449

__________________________________________________ ________

SO I would expect if successfully claimed and position put back as if PPI had never been applied

1)-You receive a cheque for £1,149 + 8% of £63 = £1,212
2)-The balance of the PPI loan of £5,634 is written off the overall loan
3)-Leaving a Cash Loan balance of £12,818
4)-Your monthly premium reverts back to £274.77

If the total monthly payment now paying has increased-then calculate the Cash Loan mthly pymnt by just taking 69.47% % of the present premium (ie-ratio of 14,000/20,153)

Turbo

Turboman

soontobesensible wrote: »

MASSSIVE THANK YOU TO MARTIN, THE TEAM AND ALL YOU PPI HEROES OUT THERE!!!!!!!:j :T :A :rotfl: :money:

THOUGHT ALL YOU CLAIMING BLACK HORSE FINANCE PEOPLE WOULD LIKE TO KNOW THAT FOLOWING MY PLACING A COMPLAINT WITH THE FOS LAST SEPTEMBER I HEARD TODAY THAT THEY ARE WILLING TO PAY ME £200 COMPENSATION ON TWO PPI'S I HAD WITH THEM, AS WELL AS:

a. CALCULATE THE AMOUNT I PAID IN RELATION TO THE OVERALL LOAN, INCLUDING FEES AND PENALTIES, AS WELL AS INTEREST AND REPAYMENTS-REFLECTING ANY PREMIUM REFUND ALLOWED ON THE CANCELLATION OF THE PPI POLICY;

b. CALCULATE THE AMOUNT I WOULD HAVE PAID IN TOTAL IF I HAD TAKEN OUT THE ORIGINAL LOAN WITHOUT THE ADDITIONAL BORROWING TO PAY THE PPI PREMIUM-BUT ASSSUMING THE LOAN WAS SETTLED ON THE SAME DATE(INCLUDING FEES AND PENALIES, AS WELL AS INEREST AND REPAYMENTS); AND c. PAY THE DIFFERENCE BETWEEN a. AND b.-PLUS INTEREST AT 8%PER ANNUM SIMPLE (FROM THE DATE THE LOAN WAS SETTLED TO THE DATE IT PAYS THIS COMPENSATION)-ALONG WITH A NOTE SHOWING HOW IT HAS CALCULATED THE AMOUNT CONCERNED.

THOUGHT I WOULD NEVER HEAR SO DON'T GIVE UP HOPE!!!!!!!

Hi

When you get the details-post them up with exact wording/figures so we can verify our calculation methods--

Turboman

amersall wrote: »

i guess about 4700 ish but as di says turbo is ace he will tell you exact what you will be getting (sorry turbo not trying to take your job LOL;))

Hey---I really need more people to help with figures as I can't cover it all--lol

Turboman

di3004 wrote: »

Hiya Sue, on regards of the amounts, you could ask turbo this if you want to on the discussion thread next to this one, he is ace with figures and calculations, and will give you a close on total on what to expect.;)

33 x 132 = 4356
8% on each pymnt = 486
So Total = 4442
Mthly pymnt should go down to just that on the Cash Loan part of the overall loan--with a an overall reduced balance

Post up EXACT wording & Figures when you get your detailed statement so we can verify our calculation methods