PPI Errors Allience and Liecester/ Santander

Gazab41

this is a really strange one tbh, they have agreed a pay back of ppi.
But very strange there was in theory 3883.64 owing on account In 2009, this includes the 2146 pounds PPi single premium added at beginning of loan , they then calculated interest based on the 35.77 PPi payments I made over 36 months.

So total figure offer of 4093 net however they are then taking the full arrears amount off what giving me.
209 after tax which doesn’t make any sense as obviously redress is supposed to put in a position pre ppi.

The arrears figure without ppi would be 1737 approx, have a document showing 0.00 owing that is on the thread.

They sent transactional history showing these arrears written off for some reason in 2010.

Admitted they don’t have records either they have admitted this in writing .

I have calculated that purely the 35.77 payments plus stat interest would equate to a lot more then offer even if just gave me that minus the arrears which should be 2000 less.

Ps asked me to send income and expenditure so they can decide if to pay me redress and not use to pay arrears, fos want to take it on as odd not seen this before.

Thanks again
may also add if you look at my old post the figures they quote includes the original charge for ppi, so don’t understand how they can give me that back then take it off arrears which includes the ppi amount.

They state account written off in 2010 but as you see in other post they were still chasing in 2013.
Why would they ask me to send income and expenditure to see if they can pay me the lot.

Fos looking at taking it on as not putting me back in position I would of been in if the PPI could of been claimed in the first place when lost job years ago I would be in a better position and certainly would not have ended up with large overdraft with own bank any help appreciated even if draft income form thanks

They calculated payment of 4093 after tax removed
break down original ppi amount plus the interest on what I actually paid which is 35.77 x 36 months
orig ppi charge 2146
interest is 1999
approx figures

arrears listed 3883 which includes the 2146 ppi charge without that should be 1737 owed

Gazab41

Sorry the bit re old post referred to something on CAG forums. I will also say this account was defaulted twice( which it should not have been) they also sent statement re overpayments in 2010 plus another letter showing I owe 0.00 in Feb 2010 plus on top of this I have letter from 2013 moorcroft demanding 3883.64

So even if I owe anything I understand set aside rules they state in black and white they are refunding any single ppi at £2461 plus I will also get interest on what was actually paid to them which works out at just under £2000 the full amount back to me should be 4093 after tax taken from however what they are doing is using the figure which includes the original ppi charge and basically giving me ppi amount of 2146 then taking it back. Genuine amount that is actually owed would be £1737. FOS very keen on taking this on FSCA not come across a case like this. Personally I think they don’t have records that’s the issue. Any advice be great, I would expect a total of £2356 gross

antrobus

Gazab41 wrote: »

...
But very strange there was in theory 3883.64 owing on account In 2009, this includes the 2146 pounds PPi single premium added at beginning of loan , they then calculated interest based on the 35.77 PPi payments I made over 36 months....

Err, no it doesn't. The arrears figure of £3883.64 would include only the part of that £2146 pounds PPi single premium that you hadn't paid.

Gazab41 wrote: »

...
I have calculated that purely the 35.77 payments plus stat interest would equate to a lot more then offer even if just gave me that minus the arrears which should be 2000 less...

£35.77 times 36 is £1323.72, 8% of that is £105.90 for ten years, totalling £2382.72; i.e. a lot less than the offer.

Gazab41 wrote: »

...

Ps asked me to send income and expenditure so they can decide if to pay me redress and not use to pay arrears, ...

That's because the rules say that if you are currently in financial distress, are struggling to pay priority debts etc, then the PPI redress can be paid so that you can settle those debts.

Gazab41 wrote: »

...

fos want to take it on as odd not seen this before...

I'm not convinced that Santander have singled you out for special treatment. The FOS is best suited to sorting it out for you. Submit your complaint to them.