PPI Reclaiming discussion Part II

marshallka

Anne.Jade wrote: »

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!!

Hiya Anna Jade, glad to hear from you again.:D

marshallka

quisait wrote: »

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?

First of all what a wopping PPI for such a small loan. Just having a go at figures for you and be right back.

Did you make 37 repayments?? ALso what rebate was given against the PPI for settling early originally...

Anne.Jade

marshallka wrote: »

Hiya Anna Jade, glad to hear from you again.:D

Hiya Marshallka

Sorry to hear of your latest troubles with the FOS. I really hope you get something sorted. Sometimes you have to take a step back from things that really get you down and try and stop thinking about it cos you just go round in circles. Try and think positive. It's hard though when there's so much doom and gloom around every day now.

I did try to ask someone at work that question about the unfairness of the statute of limitations but they just muttered that it was a very complicated Act!

Anne x

mickey54

marshallka wrote: »

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

Thanks. . . yes it was 30 months

quisait

marshallka wrote: »

First of all what a wopping PPI for such a small loan. Just having a go at figures for you and be right back.

Did you make 37 repayments??

YEP. Started in April 05 and finished this year

marshallka

quisait wrote: »

YEP. Started in April 05 and finished this year

How much was the original rebate on the PPI at settlement. There must have been one..

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

Really need all the details of the first loan. ie repayments etc.... for anyone to help...

mickey54

marshallka wrote: »

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

Sorry -forgot to add - £123.12 per month:A

quisait

marshallka wrote: »

How much was the original rebate on the PPI at settlement. There must have been one..

That I don't know. Is it not able to be worked out from the figures that I gave?

marshallka

quisait wrote: »

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?

PPI element was 29.88%. Therefore you made 37 repayments and of the repayments you actually made then 29.88% comes to £35.35, so 35.35 x 37 = 1307.76

Your actual PPI plus interest was 2545.20 - repayments made 1307.76 = 1237.44 less whatever rebate you had ???? =

Then you add this end figure to the actual payments (1307.76) and this is what you actually paid for the ppi so this is what your repayment should have been.

I cannot work it without knowing how much was originally rebated for the PPI at settlement.