PPI Reclaiming successes and failures

marshallka

Dellboy wrote: »

But if i had paid the £500 odd amount for 60 months the £25000 loan would be gone or almost and not £11000 outstanding
Sorry i must be thick .

Dellboy, I want to help you understand so much cause i can see that its doing your head in so lets look at the two loans being one what you borrowed of £25K and one for the PPI being £9235.75 seperately.

You borrow 25K and your APR is 6.9% over 7 years so your repayments would be about £376.00 per month.

Your PPI was £9235.75 over 7 years and apr 6.9% so repayments would be £139.00

If you add both the repayments together you would get about £515 which is what you paid.

You then made 60 repayments against the loan and 60 repayments against the PPI.

Your total loan repayments are £31584 which is what it would cost you to borrow £25000 over the 7 years with interest,

Your total PPI repayments are £11676 which is what it would cost for your PPI with interest.

Your total loan for both the PPI and interest would be £43260. This is what your WHOLE loan and PPI would cost you to term. Of this £43260, £11676 was because of your PPI but they are paying you this back so you will be into the position as if you never had the PPI at all.

You have made 60 repayments of £515 (I know they were £525 cause of the broker fee also which was added to your loan and then incurred interest too) which totalled £30900. Of the repayments you made you should have only really made repayments of £376 a month BUT you repaid them this £515 cause of the PPI. They are repaying to you the 60 repayments you made against the PPI being 60 x 139 = £8640 + they are repaying to you the rest of the PPI that was added to your loan and WOULD be payable over the next two years being 24 x 139 = £3336 (although you have not paid this yet as such but if your loan goes to term then this would be due if your loan remained the same.

Your original loan of £25,000 would have interest on it totalling £6584 so even though you think your loan would mostly be paid off its still got two years left to run.

Of the two years left to run there are two years of the loan being 24 x £376 which is £9024 and two years of the PPI being£3336 (24 x 139). In total this makes a total outstanding of £12360. You are having back of this £3336 so your loan that would be outstanding if you never had the PPI would be the £9024.


You are not being ripped off at all. I wish I could make you understand.

If you repaid the redress back to the loan I would think this would cover what you owe now on the loan and also a little bit over.

I would however ask for the 8% statutory interest back too.

amersall

what a brain box, you clever girl !

amersall

Dellboy wrote: »

But if i had paid the £500 odd amount for 60 months the £25000 loan would be gone or almost and not £11000 outstanding
Sorry i must be thick .

no you are not thick at all, i see where you are coming from and this must be driving you mad. if you look at your original loan agreement it will tell you what interest and balance owing etc, then you may understand it better. but our very own carol vorderman has explained it beautifully!!!!

marshallka

amersall wrote: »

what a brain box, you clever girl !

amersall, I really hate (and I mean it too!) when people really worry about being ripped off as i know what it can do and we let it eat us up inside and our heads get sore. Its at times like this I wish I was a teacher so i could explain it better but sadly I am just a regular poster who has no teacher training but I do want to help so much it hurts my head.:eek:

I just want to be able to explain it better so that dellboy understands. I hope this has helped...

Thanks anyway;)

amersall

marshallka wrote: »

amersall, I really hate (and I mean it too!) when people really worry about being ripped off as i know what it can do and we let it eat us up inside and our heads get sore. Its at times like this I wish I was a teacher so i could explain it better but sadly I am just a regular poster who has no teacher training but I do want to help so much it hurts my head.:eek:

I just want to be able to explain it better so that dellboy understands. I hope this has helped...

Thanks anyway;)

i know what you mean, the stress people have with some figures from companies is unbelievable, just look at picture!! i would have been up to deloittes with a shot gun by now if that had been me! i dont like people being ripped off either and the only way people can understand is by keep asking questions. i am just glad all of you are here to give a helping hand, i take my hat off to all of you

marshallka

amersall wrote: »

i know what you mean, the stress people have with some figures from companies is unbelievable, just look at picture!! i would have been up to deloittes with a shot gun by now if that had been me! i dont like people being ripped off either and the only way people can understand is by keep asking questions. i am just glad all of you are here to give a helping hand, i take my hat off to all of you

We all help the same on here. Each and everyone of us keep the forum going and we all have different views which is what life is about I think. We all have different assets and sometimes when I am not posting i am learning in the background. We all deserve a pat on the back cause there is always one of us around to help, yourself included amersall.:T

di3004

marshallka wrote: »

We all help the same on here. Each and everyone of us keep the forum going and we all have different views which is what life is about I think. We all have different assets and sometimes when I am not posting i am learning in the background. We all deserve a pat on the back cause there is always one of us around to help, yourself included amersall.:T

AGREED.......:D:T:T:T:beer:

gerryscot

amersall wrote: »

:j:jwow 24 hours:j:jthat is excellent:money:well done to you:beer::beer: maybe this could be the way forward? send email instead of letter;)

:hello: Thank you,

Here are the email contacts that i used for Black Horse

[EMAIL="paul.phillips@ltsbasset.co.uk"]paul.phillips@ltsbasset.co.uk[/EMAIL]
[EMAIL="Neil.Ellis@Ltsbasset.co.uk"]Neil.Ellis@Ltsbasset.co.uk[/EMAIL]
:j:j:j

Dellboy_3

marshallka wrote: »

Dellboy, I want to help you understand so much cause i can see that its doing your head in so lets look at the two loans being one what you borrowed of £25K and one for the PPI being £9235.75 seperately.

You borrow 25K and your APR is 6.9% over 7 years so your repayments would be about £376.00 per month.

Your PPI was £9235.75 over 7 years and apr 6.9% so repayments would be £139.00

If you add both the repayments together you would get about £515 which is what you paid.

You then made 60 repayments against the loan and 60 repayments against the PPI.

Your total loan repayments are £31584 which is what it would cost you to borrow £25000 over the 7 years with interest,

Your total PPI repayments are £11676 which is what it would cost for your PPI with interest.

Your total loan for both the PPI and interest would be £43260. This is what your WHOLE loan and PPI would cost you to term. Of this £43260, £11676 was because of your PPI but they are paying you this back so you will be into the position as if you never had the PPI at all.

You have made 60 repayments of £515 (I know they were £525 cause of the broker fee also which was added to your loan and then incurred interest too) which totalled £30900. Of the repayments you made you should have only really made repayments of £376 a month BUT you repaid them this £515 cause of the PPI. They are repaying to you the 60 repayments you made against the PPI being 60 x 139 = £8640 + they are repaying to you the rest of the PPI that was added to your loan and WOULD be payable over the next two years being 24 x 139 = £3336 (although you have not paid this yet as such but if your loan goes to term then this would be due if your loan remained the same.

Your original loan of £25,000 would have interest on it totalling £6584 so even though you think your loan would mostly be paid off its still got two years left to run.

Of the two years left to run there are two years of the loan being 24 x £376 which is £9024 and two years of the PPI being£3336 (24 x 139). In total this makes a total outstanding of £12360. You are having back of this £3336 so your loan that would be outstanding if you never had the PPI would be the £9024.


You are not being ripped off at all. I wish I could make you understand.

If you repaid the redress back to the loan I would think this would cover what you owe now on the loan and also a little bit over.

I would however ask for the 8% statutory interest back too.

Thank you
Ah i see i am thick
Egg on my face
Just dont trust banks i suppose
Just waiting for the money then i will go for an earlier one with them.

marshallka

Dellboy wrote: »

Thank you
Ah i see i am thick
Egg on my face
Just dont trust banks i suppose
Just waiting for the money then i will go for an earlier one with them.

You are not thick at all and I am the same with banks too. I just hope you can see and that in your mind its all straigtened out now. If there is anything else just ask.