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PPI Reclaiming discussion Part II

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  • marshallka
    marshallka Posts: 14,585 Forumite
    Right then, template letter done, I am asking for a refund of all PPI premiums paid as I believe I was mis sold the policy on the grounds of paying a single premium policy but did not see it through to the end of it's initial term after paying it back earlier than planned in March 2008, and also I believe I was not given the correct information from the salesperson on the phone when the policy was sold to me as he did not give me full info on what the policy did and did not cover and that the loan only covered the first 5 years of the loan term, and that I was only fully covered by the policy and my husband was not covered at all when I was led to believe we were both equally entitled to the insurance cover.

    I have asked for a full refund of all premiums and subsequent interest on these payments and also 8% statutory interest to be added.(this then should be £4384.60 which was the PPI policy amount, the interest that was added on at the start was £5048.12 and the rebate I was given on settling the loan in March was £1054.04, so any ideas what I should be looking at as I am totally lost?)

    I have asked for a response within 8 weeks

    does this sound ok?, I have never done anything like this before!

    I am sending the letter recorded delivery tomorrow
    Letter sounds good but try not to put figures in yet. You may do yourself short.
  • Thanks Marshallka, the loan amount without interest was £22,000, the PPI without interest was £4384.60, the date of the loan was, well we signed the CCA on 17.2.07, the date of the loan was 22.2.07, we made 12 payments and the rebate we were given back was £1054.04

    hope that helps x
    Aug GC £63.23/£200, Total Savings £0
  • marshallka wrote: »
    Letter sound good but try not to put figures in yet. You may do yourself short.

    I haven't put any figures in the letter, just posted them on here for advice, thanks for letting me know!
    Aug GC £63.23/£200, Total Savings £0
  • di3004
    di3004 Posts: 42,579 Forumite
    marshallka wrote: »
    Letter sound good but try not to put figures in yet. You may do yourself short.

    I agree, this is why I do not add figures, although I was going to with the liquidators, I just sent them a copy of the agreement, also to the FSCS, then did afterwards a copy of the breakdown in case they needed this as they are a compensation scheme, which is not quite the same as the FOS.

    But this is a different matter really and figures not needed on reclaim complaint letters.;)
    The one and only "Dizzy Di" :D
  • marshallka
    marshallka Posts: 14,585 Forumite
    Thanks Marshallka, the loan amount without interest was £22,000, the PPI without interest was £4384.60, the date of the loan was, well we signed the CCA on 17.2.07, the date of the loan was 22.2.07, we made 12 payments and the rebate we were given back was £1054.04

    hope that helps x
    Right the PPI element was 16.62%

    What were the repayments and how many
  • We made 3 payments of £215.01, then 2 payments of £227.51, then 7 payments of £237.07, (due to constant hikes in their interest rates!)
    Aug GC £63.23/£200, Total Savings £0
  • di3004
    di3004 Posts: 42,579 Forumite
    Was going for a bath, going for a shower instead to wake myself up lol...:o :D , bk soon. x
    The one and only "Dizzy Di" :D
  • marshallka
    marshallka Posts: 14,585 Forumite
    We made 3 payments of £215.01, then 2 payments of £227.51, then 7 payments of £237.07, (due to constant hikes in their interest rates!)
    SOrry, I need how many you would have made over the whole agreement.
  • Oh sorry! it was 264 x
    Aug GC £63.23/£200, Total Savings £0
  • marshallka
    marshallka Posts: 14,585 Forumite
    marshallka wrote: »
    Right the PPI element was 16.62%

    What were the repayments and how many
    so 264 x 215.01 = 56762.64 so 16.62% of this is 9433.95
    repayments of PPI made is 16.62% of 215.01 = 35.73 x 12 = 428.81
    9433.95 - 428.81 - rebate 1054.04 = 7951.11
    7951.11 + 428.81 = 8379.91 is what your PPI cost you.

    Rough guide and don't quote me here... That is how tiggrae does them

    but again this works out too high here. If you got that amount repaid then the loan would of cost next to nothing so confused myself here...

    Where is tiggrae


    Here is her method
    they're really not that hard to work out - you just divide the PPI total by the total repayable (including the PPI amount) this gives the percentage the PPI is - then you work out what value the percentage is of the monthly premium
    for example loan + interest is 58000 - ppi + interest is 12000 paying back at 84 months at 833.33 per month - paid 50 monthly repayments

    total loan + ppi = 70000 - the ppi is 17.14% (12000 / 70000) x 100
    17.14% of £833.33 = £142.83 (833.33 x 17.14) / 100

    50 x 142.83 £7141.64 paid to date
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