PPI Reclaiming discussion Part II

di3004

marshallka wrote: »

Di, ours was front end loaded too that is why even if they repay the rebate amount of the PPI that was unfair the loan still cost us more than we borrowed. That is the difference. I posted some figures above and if you got back your rebate then you would have actually paid less for the loan than you originally borrowed. If I got my amount back they still would have made money out of us. I just could not understand why. If you read about front end loaded policies then this is the reason why they are unfair. All your repayments go towards the policy in the beginning and then nothing comes off the capital.

Did tiggrae ever look at your figures here. Perhaps you could ask her how these are worked out. I don't want you to ask the FOS for that amount back or Endeavour as it does not work out with your loan and PPI. I know when I asked about it and today on the phone to the FOS I was told that they don't work it specifically they just look at the way it was rebated and mine was rebated and the use of rule 78 used in the calculation of the rebate and it was front end loaded.

I just don't understand how they work them out and if you have to prove the rebate was unfair then how do you do this . I know front end loaded are unfair - how would the FOS think they were unfair. How do they calculate them.

I think we need to ask tiggrae about this again. I was told by FOS today "were you happy with your rebate" and I replied "no" the PPI acually cost me £9K and I got £90 back. She then made me feel quite confident.

Yeah I know what you mean, not sure if Tiggrae has had a look at these figures, hopefully she will come on here soon with a bit of luck.

Yours though..........:eek: , you deserve back every penny, that what they rebated on yours is pathetic, and I do think the FOS will see it like that too !

di3004

marshallka wrote: »

Hi David, nice to see you posting again. Maxdp did say to remind you to look at the posts she had left. They may be of help in the loan being missold. Hope they do help but don't try to understand what I am on about now as this is beyond all of us and my head is done in now . (and maybe I have done Di's in too - she will be ok though as she knows what I am like when I get a bee in my bonnet)

Lol, I don't mind though.......:D , you have not done my head in hun......:D

marshallka

di3004 wrote: »

Lol, I don't mind though.......:D , you have not done my head in hun......:D

Di, my calculations can't be right although tiggrae did post in reply to mine and I showed it earlier. If they are right and they repay me the unfair rebate of £6990 then my whole loan cost me in interest over 39 months £3247.00.

Using the same method on yours is minus £2360 over 16 months so something is wrong with this way or like I say, its something to do with it being front end loaded.

marshallka

di3004 wrote: »

Yeah I know what you mean, not sure if Tiggrae has had a look at these figures, hopefully she will come on here soon with a bit of luck.

Yours though..........:eek: , you deserve back every penny, that what they rebated on yours is pathetic, and I do think the FOS will see it like that too !

I think my calculations may be wrong although I did show tiggrae and she replied. I wish I knew a definate way of working these. Perhaps there is none and the FOS takes a look at what the PPI actually cost you, how much you actually paid and then does a calculation using another method. I have asked this question to tiggrae so many times and I am sure she replied somewhere. I will search this blummin forum until I find it though..

marshallka

Here it is
Originally Posted by marshallka
Tiggrae, did you see my post that included M colak calculations for unfair rebate and also your own post from back in May about unfair rebate and Firstplus. I wondered if you could give me some sort of idea what i am expecting back from them if i win with this one as I have no idea of the amounts. Both you and M colak did me some figures.

it really is difficult to say because of what the FSA have said about firms being able to charge 'reasonable costs' so long as you know how much you're out of pocket by and can compare it to how much is offered (if an offer is made) then will be able to decide what you believe to be reasonable.

As it stands at the moment there is no calculation guidelines for 'reasonable costs' - but FP always offer 78% of the PPI, without taking into consideration any interest, but it's down to each individual to decide whether they believe this to be a fair amount !!!



Going by this then that is £3247 (which was 78% of the PPI being £4163). I have seen this figure before somewhere as well.

Its here (the difference between the 21163 and 24410)

for my loan of £21163
I paid £11000
and then £20400
settlement in total £31400
Less my rebate which i will claim back 6690 = £24410 total cost of loan (more than we actually borrowed

di3004

marshallka wrote: »

Di, my calculations can't be right although tiggrae did post in reply to mine and I showed it earlier. If they are right and they repay me the unfair rebate of £6990 then my whole loan cost me in interest over 39 months £3247.00.

Using the same method on yours is minus £2360 over 16 months so something is wrong with this way or like I say, its something to do with it being front end loaded.

If Tiggrae comes on later maybe she could clarify this with you, I have not got a clue to be honest but the way they have calculated yours does not seem right - for only just receiving £94, I can't get over that, its terrible, you need every penny of that back.

So you cannot do them for mis selling then can you ?
Was they not covered ?

Beccamc

Got a letter today from MBNA about my credit card ppi. I have asked them to send me recorded proof of me accepting ppi back in july 2006, they said they can't send me the proof because they don't always keep a record of all the phone calls that is made. They also said that they have sent a few letters through the post stating that i could cancel my ppi at anytime but how could i cancel something that i didn't know i had .
They said that no refund is due and this is there final response and if i'm not satisfied then i should go down the FOS route.:mad:

Would be greatful of anymore advice.

Is this the end of my claim

Pantheon_2

maxdp wrote: »

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

Hi maxdp

I hope it’s ok to reply to this particular post, though I have read through all of the others. Once again, my thanks to everybody for the support and the excellent information posted.

The dreaded question, was I in control of my mind at this period of time?. No, much as I have always hated admitting that, I wasn’t in control. I’m still not sometimes, and that can vary from day to day, or even hour to hour. To put it in context I’ll use the model a lovely counsellor gave me while she was convincing me that I was ill and hadn’t just gone mad. Now I do not know if this applies to all mental health illnesses, or if she was using it for me only, but she made it very simple, and hey, if even one person reads it and recognises something similar, then it might do some good. Apparently like most illnesses there are stages, briefly (you might have noticed I’m not good at brief), the erratic spending phase, the “substance” phase, the sleeping phase (she called this the safe phase), the awake phase (the dangerous one I skirted round in my original post), the recognition phase.

I took out the loan at around the end of the second phase and going into the third phase. So, I was spending like there was no tomorrow, but was not even aware of it. The substance phase can be gender specific, for women it’s the food and chocolate, for men, alcohol and drugs (both in my case). Though as my mental health is linked to my thyroid disease, I went for the food and chocolate as well.
I don’t actually want to ever know how many empty vodka bottles I threw away.
I had terrible insomnia, didn’t answer the door or the phone, didn’t open my mail, and wasn’t generally taking very good care of myself. The really scary part of all of that, is that I wasn’t even aware that it was happening and actually managed to continue for many months without anybody else being aware either.

Sorry for the downer guys, but on a lighter note, maxdp, your post today about sitting on the picture of your bosses head, erm, I once did that for real. Long story, party, heavy night, woke up the next morning and wandered into the living room, very bleary, and sat down on the settee. Unfortunately I didn’t see my flatmate’s friend who was actually sleeping there. I sat on her head. My my how the French can swear!

David

marshallka

di3004 wrote: »

If Tiggrae comes on later maybe she could clarify this with you, I have not got a clue to be honest but the way they have calculated yours does not seem right - for only just receiving £94, I can't get over that, its terrible, you need every penny of that back.

So you cannot do them for mis selling then can you ?
Was they not covered ?

No Di, they did not sell this. Its just the unfair rebate I can go for on this one.

di3004

Beccamc wrote: »

Got a letter today from MBNA about my credit card ppi. I have asked them to send me recorded proof of me accepting ppi back in july 2006, they said they can't send me the proof because they don't always keep a record of all the phone calls that is made. They also said that they have sent a few letters through the post stating that i could cancel my ppi at anytime but how could i cancel something that i didn't know i had .
They said that no refund is due and this is there final response and if i'm not satisfied then i should go down the FOS route.:mad:

Would be greatful of anymore advice.

Is this the end of my claim

Hi there

They should not refuse to send you anything, the only way out of this if they do not provide you with anything free of charge is to request a SAR which is a subject access request which you will have to send £10 in postal order or cheque payment, and they have 40 days to provide you with this.

They should provide everything they have on you on that account.

They must provide this to you, if they do not then you can complain to the ICO which is the Information Commissioners Office, I will send a link if you want to find out more.

There is a SAR on this site, tell me if you would like one of us to post up a copy of the SAR.;)