PPI Reclaiming discussion Part II

Janebo12

Hi, I've got a really dumb question for you...

I was refunded all of my PPI plus interest from London & Scottish to "put me back into the position had I not taken out PPI" - what I want to know is, should the amount of PPI refunded not also come off the amount remaining on the loan?

I know this sounds silly but I have got myself confused - my loan was for £5000 over 7 years - I have asked for a full account statement and I now owe £2055.53 (with 2 years remaining on the loan) - surely if I had not been paying PPI this amount would now be lower?

I've probably confused all of you now haven't I?

Thanks
Amanda

marshallka

Janebo12 wrote: »

Hi, I've got a really dumb question for you...

I was refunded all of my PPI plus interest from London & Scottish to "put me back into the position had I not taken out PPI" - what I want to know is, should the amount of PPI refunded not also come off the amount remaining on the loan?

I know this sounds silly but I have got myself confused - my loan was for £5000 over 7 years - I have asked for a full account statement and I now owe £2055.53 (with 2 years remaining on the loan) - surely if I had not been paying PPI this amount would now be lower?

I've probably confused all of you now haven't I?

Thanks
Amanda

Have they refunded you by cheque and also has the term of the loan been reduced.
What was your ppi and loan etc and dates and repayments before they refunded you??

What are they now??

marshallka

di3004 wrote: »

So what would this mean now then ?
If the documents I received from Companies house state he was the director of these as from 2001 ?

He certainly did not have a licence to trade from "CLick Financial LImited" by the OFT register. He should have had one if he was trading. FInd me the letter that he sent you again. I have been searching and cannot find the details where they state that Click financial was open before click finance.

di3004

Janebo12 wrote: »

Hi, I've got a really dumb question for you...

I was refunded all of my PPI plus interest from London & Scottish to "put me back into the position had I not taken out PPI" - what I want to know is, should the amount of PPI refunded not also come off the amount remaining on the loan?

I know this sounds silly but I have got myself confused - my loan was for £5000 over 7 years - I have asked for a full account statement and I now owe £2055.53 (with 2 years remaining on the loan) - surely if I had not been paying PPI this amount would now be lower?

I've probably confused all of you now haven't I?

Thanks
Amanda

Hi there
And its not a dumb question to ask, its always best to make sure this is done right and that nothing is amiss.:D

Please do you think when you have time, could you post up your written breakdown of this and someone will work this out for you just to make sure.

I am not any good when it comes to calculations myself lol, but I'm sure Marshallka or maybe Tiggrae will double check this for you, but yes I know what your saying so not a problem.;)

Glad they refunded you anyway, and if this was because it was mis sold I am sure you could have applied for the extra 8% stat interest on top.

Are you happy with them doing it this way or did you want this back in a cheque form hun (if mis sold) ?

Di.
x

marshallka

di3004 wrote: »

So what would this mean now then ?
If the documents I received from Companies house state he was the director of these as from 2001 ?

I am on about Click Financial being open before your click??

They were a company but not able to trade and hold a CCL until 2005 so where he says that they were a company in their own right before Click Finance Limited they were actually "not trading" as they did not hold a CCL until 2005. They then got one to carry on the activities of the "old click" and therefore could be a phoenix or something very dodgy here.

di3004

marshallka wrote: »

He certainly did not have a licence to trade from "CLick Financial LImited" by the OFT register. He should have had one if he was trading. FInd me the letter that he sent you again. I have been searching and cannot find the details where they state that Click financial was open before click finance.

I shall have a little looksie now hun, think it may have been the one I posted on here yesterday if not I will see what is saved in my email box.;)

Janebo12

marshallka wrote: »

Have they refunded you by cheque and also has the term of the loan been reduced.
What was your ppi and loan etc and dates and repayments before they refunded you??

What are they now??

Hi Marshallka and Di and thanks for replying so quickly.

Here's what I posted earlier:"we write to advise you that we are arranging for your account to be credited with £270.83 and a cheque will be raised to the value of £1163.62. This is the remaining value of the premium of £602.77 plus the interest charged to date of £445.67 and the additional statutory interest of £115.18e..."

Details of loan were:

Loan advance £5000
Optional credit Insurance premium £875
Administration fee £375
Total loan amount £6250

Monthly repayment £112.86
Repayment period 84 months
Rate of interest 1.063% per month
APR 15.9%

Payments commenced 01/11/03 and I cancelled PPI after March 2008 payment.

Tiggrae said that the calculations were correct for how much I should be refunded - I received payment by cheque.

When I telephoned L&S they said that I would still continue to pay the same monthly installments, but this would then reduce the loan term slightly - my estimate was

2055.53 / 110.81 = 18.55 therefore 19 months left to pay instead of 24 months. (my initial payments were £112.86 and reduced to £110.81 some time ago).

Hope this helps
Amanda

di3004

marshallka wrote: »

I am on about Click Financial being open before your click??

They were a company but not able to trade and hold a CCL until 2005 so where he says that they were a company in their own right before Click Finance Limited they were actually "not trading" as they did not hold a CCL until 2005. They then got one to carry on the activities of the "old click" and therefore could be a phoenix or something very dodgy here.

It does seem that way because something is not right here ??

Marshallka with a bit of luck Singlep will also leave a post about this later too.

di3004

Janebo12 wrote: »

Hi Marshallka and Di and thanks for replying so quickly.

Here's what I posted earlier:"we write to advise you that we are arranging for your account to be credited with £270.83 and a cheque will be raised to the value of £1163.62. This is the remaining value of the premium of £602.77 plus the interest charged to date of £445.67 and the additional statutory interest of £115.18e..."

Details of loan were:

Loan advance £5000
Optional credit Insurance premium £875
Administration fee £375
Total loan amount £6250

Monthly repayment £112.86
Repayment period 84 months
Rate of interest 1.063% per month
APR 15.9%

Payments commenced 01/11/03 and I cancelled PPI after March 2008 payment.

Tiggrae said that the calculations were correct for how much I should be refunded - I received payment by cheque.

When I telephoned L&S they said that I would still continue to pay the same monthly installments, but this would then reduce the loan term slightly - my estimate was

2055.53 / 110.81 = 18.55 therefore 19 months left to pay instead of 24 months. (my initial payments were £112.86 and reduced to £110.81 some time ago).

Hope this helps
Amanda

They certainly have not reduced this by hardly anything have they ?
But like I said me and calculations do not get on, I leave it to the others to do that for me lol.

See what marshallka & Tiggrae says about this now then hun.;)

di3004

Back as soon as I can, I'm going to try and contact the liquidators about Click and ask again if they can supply anything at all, just in case.
I should have asked them earlier when asked about twopart, but even though they are also begbies & traynor they are based in various areas.;)