PPI Reclaiming discussion Part II

marshallka

mickey54 wrote: »

My son took out a loan APril 2002 for £4000.00 plus - PPI 995.34 (Monthly rate 1.39% - APR 17.9%) for 60 months.
In October 2004 he re-financed. 235.68 was taken off the balance of PPI and the rest was transferred with the balance of loan (2760.36 in total). He borrowed a further 4739.64 plus PPI of 1687.27 at 1.02% monthly - APR 12.9%. - Total due 9187.00 again over 60 months

He has had the PPI plus interest from the 2004 loan returned (cleared off his loan).
He has also had the £759.66 returned. Interest only £337.

I maintain that he should have the interest on 995.34 from April 02 - Oct 04....
then interes on 759.66 from Oct 04 till cleared account in May 2008.

Can someone help me with the arithmatic on this please??? I have tried - but keep coming up with different amounts.

Thanks for you help guys...:A

How much were the repayments on the first loan?? And how many repayments were actually made before he refinanced? Was it actually 30 months??

maxdp

di3004 wrote: »

Hiya hun how are you hunni ?:D

Yes its good they are caught upon and was you a customer to these ?;)

Certainly was one I posted last week other waiting to hear.

di3004

maxdp wrote: »

Certainly was one I posted last week other waiting to hear.

So you've heard nothing yet then ?? :rolleyes:

marshallka

maxdp wrote: »

Certainly was one I posted last week other waiting to hear.

What date was this one about A & L. They are writing to customers so i believe and then putting things right...if it was between jan 2005 and dec 2007 and a telephone sale.

David Bennett, A&L's chief executive, said: "I apologise sincerely for our shortcomings. We will be writing to every customer concerned and will be working with independent accountants and the FSA to ensure we put right any disadvantage

di3004

I imagine these things just take time do they? maybe Maxdp could contact their head office and they could reassure her, what do you think ?;)

You beat me to it Marshallka lol, good so everyone of them within that time period should hear then, I think my sister are with these too.

marshallka

di3004 wrote: »

I imagine these things just take time do they? maybe Maxdp could contact their head office and they could reassure her, what do you think ?;)

Di, for them to be repaying without argument then the sale has to have been made by telephone and also between January 2005 and December 2007. Those are the only dates they were fined for:mad:

If maxdp's was then then she should have no problem

di3004

marshallka wrote: »

Di, for them to be repaying without argument then the sale has to have been made by telephone and also between January 2005 and December 2007. Those are the only dates they were fined for:mad:

If maxdp's was then then she should have no problem

Damn that is very frustrating as I imagine there are loads who have been mis sold before that time, but yet again its probably because they only come under jurisdiction then, its so wrong isn't it ?:mad:
Just like the other mis selling firms and certain dates !!!

Hopefully then Maxdp's was within that time.

maxdp

marshallka wrote: »

What date was this one about A & L. They are writing to customers so i believe and then putting things right...if it was between jan 2005 and dec 2007 and a telephone sale.

David Bennett, A&L's chief executive, said: "I apologise sincerely for our shortcomings. We will be writing to every customer concerned and will be working with independent accountants and the FSA to ensure we put right any disadvantage

Yes though their workings out are rather strange. We will see posted figures up earlier in the week for one. Will sit and work it out tomorrow. Will see.

Nice to see you back on here.:T

Anne.Jade

Doddy03 wrote: »

Hi all and thanks again for your responses. Just wanted to ask, as completely new to this, in First Plus' letter they stated in a phone call to me on 16th august - how do I go about obtaining all documentation/records of phone calls etc. I know I have heard people going on about an SAR but how would I word the letter. I know we are in the right and that we were mis sold this policy however they are quick to point out that in 11 months we qualify for our refund (provided we have met their criteria and less IPT!!!). Any help would be much appreciated. Many thanks everyone

Hi Doddy

As a fellow FirstPlus complainer, I just wanted to say that I had the same fob off letter as you and I then asked them for copies of the conversations and Agreements which they sent without my requesting a SAR (although they did hold the most incriminating conversation back hoping that I wouldn't notice but I did and I managed to get it off them eventually). Might be a bit quicker than requesting a SAR cos you can bet your bottom dollar that they won't give in without you going to the FOS! They did eventually offer me an enhanced rebate though but I didn't accept it so I am sitting in this queue for the FOS. They would point out about the refund wouldn't they cos it's not half as much as you would get back if you won!!

quisait

Could someone check some figures for me?

I've just received a breakdown from Bank of Scotland on my PPI claim.

The original details of my loan were:

Taken out on 04 January 2005. First payment taken on 25 April 2005. Loan term was 6 years

Amount borrowed: £5000.00 at an APR of 5.8%
Interest: £971.68
PPI: £2131.20
Interest on PPI: £414.00
Monthly instalments of £118.29

Now. When the wrote back to me in September they stated that they would "put me back in a position had I not taken the PPI".

On the 26 September they sent me a cheque for £2034.40 (woohoo!)

I phoned them up a week later asking for a breakdown of how they arrived at that figure. There answer was:

You have received a refund of the premiums you paid towards the PPI, plus the interest charged on these premiums at the rate of you loan, which totaled £2034.40.

We have calculated the settlement figure had you not taken out the PPI, this resulted in £1504.44.

£3535.84 settlement paid on 23 Apr 08
£1501.44 recalculated settlement figure (with no PPI)
£2034.40 Overpayment back to me

We have now also completed a calculation which provides you with a further 8% compensatory interest on top of the premiums and interest you paid. This means you are now going to receive a further £231.90.

Cheque in the mail.

Are all their figures correct?