PPI Reclaiming discussion Part II

marshallka

Feebs wrote: »

Hello All

Dunno if I am just being dim, but is there an easier way of searching through posts ? At the moment I click Last Page and just work my way back - takes me ages sometimes to find a post I'm looking for (especially as my pc works on snail speed) !!

Feebs xx

If you are looking for your own posts then click on your name and go to more posts by Feebs. If you are searching for other stuff then go to "search this form" and type in your words.

di3004

maxdp wrote: »

Yes I remember:D its all becoming bright and clear again now. Sorry Marshallka was feeling like I had treacle running around in my head. Up early back late and tiring work then coming home and doing business stuff:eek:

Am on the case now and will try to keep up:rotfl:

Hi Maxdp, hope your well......:D

Good luck hunni, glad your keeping on lol......:D :T .

tawecdl

marshallka wrote: »

Yes as you are within 30 days you need to get a letter together NOW and send it recorded delivery and you should be allowed to cancel with no penalty at all but like I say send the letter immediately and via recorded delivery too so you have proof.

Thanks,

Are there any template letters that I can use to send to them or do I just simply write asking to cancel ppi? I haven't got a clue...

di3004

jasonc08 wrote: »

thanks so far
letter went today - lets see if i get a reply before xmas?!?!?
now that would be handy if succesfull!
ill keep you posted and good luck everyone else.

Good luck Jason and yes it would be a lovely surprise for Christmas wouldn't it ?

Hope you hear before this then and please keep us posted, thanks hun.;)

di3004

tawecdl wrote: »

Can someone advise me on something.

I was a bit thick and believed welcome finance when they said I need PPI. I took a loan out with them about 2 weeks ago, I am paying £90ish a month but I checked the breakdown and a lot of that is PPI payments. The box to include insurance was already ticked before I received it and I thought that was normal practise?

Is there any way I can cancel the PPI on my loan to reduce the payments or am I stuck with it?

Thanks in advance

Hi there.;)
Please let me say that you were not thick regarding the PPI, most of us here fell into this trap, so please hun do not think like this, and look now, you are doing something about it at an early stage - good on you.:T

I see our Marshallka has already advised you here, good luck !

marshallka

di3004 wrote: »

Surely they should see that £90 is nothing in rebate compared to the full amount.
I hope they work this one out and realise that this is very unfair, I'm sure they will because that small amount was pathetic!!!

Yeah but they do get away with this. MY PPI was payable for the full term. I don't know if they take this into account at the FOS. I had use of it for 39 months so they will say and then they will say it cost us £4163. They ignore the interest and that is how they work them out. I want the £6K odd they have done us out of and the statutory interest on top. Have to see. I have sent my calculations into the FOS

Loan 17000
PPI 4163
PPI element 19.67
repayments 285
PPI of repayments 56.05
56.05 x 39 = 2186
total loan and interest 45600 160 months (only 120 on application but they added 40 on because of the PPI added.


Total PPI with interest 8969.52 - repayments 2186 - rebate £90 = £6693.52 overcharged.

di3004

marshallka wrote: »

Yeah but they do get away with this. MY PPI was payable for the full term. I don't know if they take this into account at the FOS. I had use of it for 39 months so they will say and then they will say it cost us £4163. They ignore the interest and that is how they work them out. I want the £6K odd they have done us out of and the statutory interest on top. Have to see. I have sent my calculations into the FOS

Loan 17000
PPI 4163
PPI element 19.67
repayments 285
PPI of repayments 56.05
56.05 x 39 = 2186
total loan and interest 45600 160 months (only 120 on application but they added 40 on because of the PPI added.


Total PPI with interest 8969.52 - repayments 2186 - rebate £90 = £6693.52 overcharged.

Glad you have done this and shown them the full amount.;)
Its a lot of money to be overcharged with, lets hope this goes your way hun.
I certainly hope it does.;)

marshallka

tawecdl wrote: »

Thanks,

Are there any template letters that I can use to send to them or do I just simply write asking to cancel ppi? I haven't got a clue...

Just write this

I took out a loan account with you on *****. I realised that PPI has been added to this and I want to cancel this as in my rights to do so within the 30 days. I understand that this will result in a full cancellation and that no charges will be made for this either now or in the future. I have sent this letter by recorded delivery as a proof of my telling you to do this. Please confirm this to me by return of post.

Yours sincerely

Don't forget to add the date to the letter and also the date of the loan.

marshallka

milliemonster wrote: »

Hi again

They have sent me a full breakdown of the transactions we made

Briefly, the amount of advance was £22,000
they then immediately added on £4384.60 (so why is there a different figure on the CCA?) taking the total to £26,384.60
then monthly payments of initially £215.01 and monthly interest of approx £182
this then left a balance to pay on 18.3.08 which was £25,319.31

I know which letter to send next about disputing the PPI policy, but I am not sure how much I should ask for? should I deduct the £1054.04 that was given as a rebate on settlement? (the balance of £25,319.31 was excluding this rebate but including an admin charge of £150 also), should I add on any interest? I've seen something about 8% somewhere

Also the formula they use for refunds of PPI on settlement says 25% if 12 months have passed, this is on the policy that they have sent today (which I have never had a copy of before now!!!)

On the CCA the only formula it gives for rebate on early settlement are examples if a quarter of the term has passed, half, and 3/4 but the term of the full loan was for 264 months and we were only 12 months in!

If you are going for the misselling then don't include any figures here. Just state that you were missold. If you are going for unfair rebate then again, just state unfairly rebated as this actually cost more as there was interest added onto this for the full term of the loan. I would go for the misselling on this personally. You can add you want the full amount back plus 8% statutory interest as a court would award.

di3004

tawecdl wrote: »

Thanks,

Are there any template letters that I can use to send to them or do I just simply write asking to cancel ppi? I haven't got a clue...

I have never used a template hun.

Just write something like this:

Dear Sir/Madam

I have a Loan and Payment Protection Insurance with you, account number:
xxxxxxxx.

I would like you to cancel the Payment Protection Insurance with immediate effect.
Please could you confirm you have done this? Thank you.

I do not from now expect to pay anything further in regards to the cover.

I look forward to receiving your letter of confirmation that you have cancelled my PPI policy.

Yours sincerely

(Signature)

Print name.
..................................................................................................
Post by recorded delivery in order to check on the royal mail website on Track and trace, this way you will have records on the date they received your letter, so whereas they should cancel this immediately.

Good luck and hope this helps.;)