PPI Reclaiming discussion Part II

Pantheon_2

Hi marshallka and di

Thanks for the information. I've been having a good look around the forums, and will be posting off my letter as soon as possible.

I have to say though, that at the time I was still employed, I was off ill, and no I did not claim on the original PPI, to be honest,I cannot give a reason why, as I said, my mind was not my own at the time.

Also, no, I don't really feel up to doing this, my illnesses are not going to be going away any time soon :eek: , but in truth, the constant harrassment from the debt collection agency makes things worse, and I feel have to tackle it now.

As to the charges, simple answer, as yet I don't know what I'm doing. There are obviously charges on both the loan and the credit card. Interestingly, I have come across two letters from 2003, where I approached LloydsTSB asking what could be done to sort this out, and both letters were returned claiming that they had no idea who I was, I'm hoping this might help me in claiming back any charges made after these dates. (sometimes OCD is actually helpful, I hadn't realised I'd kept these,and do not even remember writing them!). It's next on my list of forum pages to go to, so much information on this site !

Thanks marshallka for your honesty about not knowing how to help with the actual loan itself, but this is not a primary concern. I do owe money to Lloyds, I've always been honest about this, my plan is hopefully to reclaim back some of the charges and PPI, in order to make a final repayment offer to them, and thus making it all go away.

Good on you both for taking the time out to help people:A , and also good luck to you in your endeavours too.

David

marshallka

Pantheon wrote: »

Hi marshallka and di

Thanks for the information. I've been having a good look around the forums, and will be posting off my letter as soon as possible.

I have to say though, that at the time I was still employed, I was off ill, and no I did not claim on the original PPI, to be honest,I cannot give a reason why, as I said, my mind was not my own at the time.

Also, no, I don't really feel up to doing this, my illnesses are not going to be going away any time soon :eek: , but in truth, the constant harrassment from the debt collection agency makes things worse, and I feel have to tackle it now.

As to the charges, simple answer, as yet I don't know what I'm doing. There are obviously charges on both the loan and the credit card. Interestingly, I have come across two letters from 2003, where I approached LloydsTSB asking what could be done to sort this out, and both letters were returned claiming that they had no idea who I was, I'm hoping this might help me in claiming back any charges made after these dates. (sometimes OCD is actually helpful, I hadn't realised I'd kept these,and do not even remember writing them!). It's next on my list of forum pages to go to, so much information on this site !

Thanks marshallka for your honesty about not knowing how to help with the actual loan itself, but this is not a primary concern. I do owe money to Lloyds, I've always been honest about this, my plan is hopefully to reclaim back some of the charges and PPI, in order to make a final repayment offer to them, and thus making it all go away.

Good on you both for taking the time out to help people:A , and also good luck to you in your endeavours too.

David

Give us a shout David if you need any more help. You are with people here that completely understand. We can't help with the illness but we can maybe help take some of the stress away from you.

XX

di3004

Pantheon wrote: »

Hi marshallka and di

Thanks for the information. I've been having a good look around the forums, and will be posting off my letter as soon as possible.

I have to say though, that at the time I was still employed, I was off ill, and no I did not claim on the original PPI, to be honest,I cannot give a reason why, as I said, my mind was not my own at the time.

Also, no, I don't really feel up to doing this, my illnesses are not going to be going away any time soon :eek: , but in truth, the constant harrassment from the debt collection agency makes things worse, and I feel have to tackle it now.

As to the charges, simple answer, as yet I don't know what I'm doing. There are obviously charges on both the loan and the credit card. Interestingly, I have come across two letters from 2003, where I approached LloydsTSB asking what could be done to sort this out, and both letters were returned claiming that they had no idea who I was, I'm hoping this might help me in claiming back any charges made after these dates. (sometimes OCD is actually helpful, I hadn't realised I'd kept these,and do not even remember writing them!). It's next on my list of forum pages to go to, so much information on this site !

Thanks marshallka for your honesty about not knowing how to help with the actual loan itself, but this is not a primary concern. I do owe money to Lloyds, I've always been honest about this, my plan is hopefully to reclaim back some of the charges and PPI, in order to make a final repayment offer to them, and thus making it all go away.

Good on you both for taking the time out to help people:A , and also good luck to you in your endeavours too.

David

Hi David
And thank you for your kind post.;) :A

You remember to chill in between these claims too and I do wish you get better soon.
Remember there is always someone here.

Good luck with absolutely everything.:A

Di.
xx

di3004

Have sent you a PM Marshallka.......:D

marshallka

di3004 wrote: »

Have sent you a PM Marshallka.......:D

Pm'd you back.... lol

di3004

marshallka wrote: »

Pm'd you back.... lol

lol, pm'd you back again .......:D

marshallka

marshallka wrote: »

I have now covered myself with a letter to Barlcays First Plus sent recorded delivery today



We are writing in regards to my complaints about the settlement figure on our loan in 2003. We wrote and received lots of replies with regards to the settlement and in a letter to you of the 9th June we mentioned we were complaining about the” unfair rebate” we received on the PPI policy with yourselves.

This was unfair and we believe we were deprived of the sums below.

My loan was £17000 with a PPI of £4163
The PPI element of the loan was 19.67%
19.67 of my repayments of £285 per month = £56.05 per month PPI
160 x 56.05 = £8968.00 PPI including all the interest I would have paid
Repayments of 39 x 56.05 = 2185.95
8968.00 - 2185.95 = 6782.05 - the rebate i got of £91.64 = £6690.41(THIS IS THE AMOUNT THAT I WAS UNFAIR REBATED ON) so I was actually charged this entire amount when settling the loan early and it was very unfair. I would like this amount refunded and all the statutory interest too.

We have now resubmitted the complaint to the FOS and just as a courtesy as you never picked up on this complaint if you reread the letter of the 9th June 2008 to yourselves then I would like just to reiterate it here with the actual sums above.
We received an a very unfair rebate of this policy and we thought we could give you a chance to relook into the complaint again. This is not about the selling of the PPI policy, its about the rebate we received at settlement which in turn put our actual settlement up by the amount above. We did not realise that this was the reason for our settlement being so high and you always tried to make out this was because of the rule of 78 being applied at settlement.

I have just ahd a thought, this was the letter I sent to Firstplus again a few weeks ago. Not had any reply to it so I take it they are letting the FOS deal with this. M Colak did my working too here.

Loan Amount £17000.00 Loan Interest £19363.00
PPI Amount £4163.00 PPI Interest £4741.66
Interest Rate 113.90%

Number of Payments 160

First Payment Date 14-Feb-00
Loan Settled 15-Apr-03

Total Paid To Date £10750.96 Settled Figure £20410.00
Amount Remaining £14106.70

PPI Rebate £3174.29 Loan Interest Rebate £14764.29
PPI Interest Rebate £3615.52
Amount Overpaid -£7447.40 Banks Taken From You

PPI Reclaim Report

Number of Payments Made 38
Amount of PPI Paid £988.71
Amount of PPI Interest Paid £1126.14
8% Interest On PPI £1120.87
Total PPI Reclaim £3235.72

Ok looking at that you have had a disproportional rebate of approx £7447 and you should be looking at a PPI rebate (if mis sold) of £3235.72


I don't understand them though???

He worked these on what we shoud have had rebated to be fair and we actually got £94...

marshallka

He said our actual unfair rebate was £7447???

I worked out our actual PPI overall cost us £8968 + statutory interest but how much of that would be classed as not unfair...

ALso noticed my total PPI plus interest was £8968, the amount they actually charged me was £8876.00 for this in all so I want to know how they justify this to anyone. For 39 months worth of PPI on repayments of £281 per month and also when any policy only pays out for 12 months. (If they ever do). I don't think M colak would be right here in £7447

maxdp

Pantheon wrote: »

Hi everybody.

I posted this yeterday on the loan forum, but have been asked to paste it here,so hopefully this works!.


Hello everybody, I would appreciate any advice that you could give me about a loan, and PPI, taken out with LloydsTSB, in late 2001.

It’s a long-winded one, really sorry, but I’ve split it in two to try and make sense of it. First the history, and then the points I’m hoping somebody might be able to help me with. Thank you in advance. Please be nice to me, I’m new here.

Ok, deep breath, just talking about this time in my life upsets me.
Single man, I had a bank loan, but it was not a problem. I had no mortgage, no car, no dependents, and managed my money well, the repayments were well within my means. Then sometime in early 2001 that all changed. My mental health deteriorated to eventually the point where I just did not leave the house. I managed to keep up my repayments until my employer, of course, stopped paying me my SSP. Along with this, I was also showing one of the symptoms of depression, erratic overspending, and a huge increase in alcohol consumption. By late 2001 my mind had un-ravelled and the stuff hit the fan. (This is a very brief summary, I hope it doesn’t sound flippant, but it’s a lot more complicated than solely a mental health illness, I was eventually diagnosed with thyroid disease.)

I made an appointment to see my bank manager at the local Lloyds branch, to explain the situation, as I was at this point penniless and buying groceries on my credit card. I explained everything to her including that I was no longer able to make my loan repayments. I asked her for advice, and somehow, within minutes I had a new loan complete with PPI, paying off the existing one, and a little extra on top to keep me going. Needless to say, I could not go back to work, and not long after this, my family literally jumped in and rescued me from what was a very dangerous situation. I lost my job, my flat, my friends, and was still thousands of pounds in debt, with no way of paying it back. I was told that I could not use the PPI because it was an existing medical condition

Now, I could easily have walked away from this, Lloyds had no idea where I was, but it was my debt, and I take responsibility for that. So, almost eight years later, still ill, I have been paying back to a debt recovery agency every month, and yet still owe over £1500 more than the original loan was for. I think this is probably due to non-payment charges etc.

Again, I’m sorry for rambling, I just wanted to tell my story to see if my questions are relevant.

The advice I’m looking for is for the following questions:

• At the time of my meeting with the bank manager, would my PPI on the original loan have been activated after not having been able to work for six months?
• Would I have any grounds to claim that the PPI sold to me for the loan was irresponsible?, especially as she was aware of my medical condition.
• Would I have any grounds to claim that the loan itself was irresponsible?, again due to my medical condition.
• Am I able to claim back for the charges added to my loan and credit card debts?
• If I am able to claim, who would I claim from, the bank or the lovely debt recovery agents?

Thank you for taking the time to read this, and any advice would be genuinely appreciated, even if it to say I have no grounds etc., I know it was a long time ago, but this is something I live with every day. If I could claim for even part of it then I might be able to put together enough to pay the reduced amount that the debt people say they would accept as full repayment.

David x

Hi David am sure others have answered on lots of your points here but one other thing I perhaps could suggest to you was do you feel at the time you took this Loan out bearing in mind the Mental Health Issues whether you had the capacity to make the decisions you were making e.g. about the Loan etc. They should not have sold you the PPI if you were not covered, or not aware that you would not have been covered.

Were you at that time able to make coherent decisions there is something about nowadays called the Mental Capacity Act but it was not, as such about when you took this loan out.

I feel that perhaps you were taken advantage of because of your condition it could be something that could now be explored perhaps when you write your complaints letter.:D

di3004

marshallka wrote: »

He said our actual unfair rebate was £7447???

I worked out our actual PPI overall cost us £8968 + statutory interest but how much of that would be classed as not unfair...

ALso noticed my total PPI plus interest was £8968, the amount they actually charged me was £8876.00 for this in all so I want to know how they justify this to anyone. For 39 months worth of PPI on repayments of £281 per month and also when any policy only pays out for 12 months. (If they ever do)

OMG only £94 that is disgusting !!!!:eek:

I do have my workouts on here somewhere but it will take me forever to find them, although I may have kept a copy of them on my puter.

I really have not got a clue how they work this out though or what they would class as unfair..... , but OMG £94 certainly WAS NOT fair !!!