PPI Reclaiming discussion Part II

milliemonster

OMG:eek: Marshallka, thank you so much!!! I can't believe that this stupid policy that we never needed cost us that much, right I am ready to fight this, I want my money back!!!!!

marshallka

milliemonster wrote: »

OMG:eek: Marshallka, thank you so much!!! I can't believe that this stupid policy that we never needed cost us that much, right I am ready to fight this, I want my money back!!!!!

That is a method that tiggrae uses on here and she claims for a living but I have worked these back and I always find them a bit high as if you got that amount back then the loan cost nothing... I have posted her caclulation method that she posted for us above now in my previous post. I would hang fire and see if she comes on later.

Sorry but don't want to bank your hopes up here.

She did mine for me here

these figures are a bit rough - but I worked out the ppi element was about 24% of the total - therefore 24% of £14112 (168 x 84) = £3386.88

you paid approximately 18 payments of £40.32 (24% of 168) which totalled £766.08

so 3386 - 766.08 - the rebate of 1461.93 = £1158.15

therefore you paid 766.08 + 1158.15 = 1924.23 - the statutory interest against all that comes to 681.63 - totalling £2605.86

marshallka

I have just worked out that tiggraes method above cannot work as if you had the loan for £22000....

your repayments totalled 2580.12 and then you repaid to them 25993.19 so all in all the loan cost you 28573.31...

If you were repaid 8379.91 off this amount of 28573.31 then your loan cost you 20193.40 and yet you borrowed £22K originally so this is wrong. She did mine for me above and if you look I have used exactly the same method with yours. Mine is also tooo high too.

di3004

Milliemonster
Isn't our Marshallka real good at this or what ?:D :T .


Hope you get all you money back too.:j

marshallka

di3004 wrote: »

Milliemonster
Isn't our Marshallka real good at this or what ?:D :T .


Hope you get all you money back too.:j

I am not sure here Di. Tiggraes method is not working back when you look at other aspects of the loans


Originally Posted by marshallka
So is this how i work out this claim then Tiggrae- its an old one (just testing my calculation method?????) but i need to know something

Loan 17000 January 2000
ppi 4163
ppi element was 19.6% (4163 / 21163)
made 39 repayments of £285.00 so 19.6% of 285 is £55.86 (PPI of the repayments x 39 = 2178.54 (PPI paid)

loan total with interest £45600 (160 repayments of £285) with interest x 19.6% = 8937.60 (Total PPI with interest)

8937.60 minus the repayments made on the PPI element 2178.54 minus the insurance rebate of 91.94 = 6667.12

6667.12 + repayments made 2178.54 = 8845.66 total claim plus statutory interest of £3862.68 = £12708.34

Tiggrae, can you confirm the figures please or tell me where i have done wrong or does this look right.

Is this how the FOS work them out????

Really glad i put that Firstplus unfair rebate in if I am right on these.....:mad: Been done out of quite a bit according to this.

done using your method that you did for me here on my co-op one ages ago


Tiggraes reply to mine here




looks fine but not sure how you worked out the statutory interest ?


I asked her here and she said it was how to work them but they work out far too high.

di3004

marshallka wrote: »

I am not sure here Di. Tiggraes method is not working back when you look at other aspects of the loans


Originally Posted by marshallka
So is this how i work out this claim then Tiggrae- its an old one (just testing my calculation method?????) but i need to know something

Loan 17000 January 2000
ppi 4163
ppi element was 19.6% (4163 / 21163)
made 39 repayments of £285.00 so 19.6% of 285 is £55.86 (PPI of the repayments x 39 = 2178.54 (PPI paid)

loan total with interest £45600 (160 repayments of £285) with interest x 19.6% = 8937.60 (Total PPI with interest)

8937.60 minus the repayments made on the PPI element 2178.54 minus the insurance rebate of 91.94 = 6667.12

6667.12 + repayments made 2178.54 = 8845.66 total claim plus statutory interest of £3862.68 = £12708.34

Tiggrae, can you confirm the figures please or tell me where i have done wrong or does this look right.

Is this how the FOS work them out????

Really glad i put that Firstplus unfair rebate in if I am right on these.....:mad: Been done out of quite a bit according to this.

done using your method that you did for me here on my co-op one ages ago


Tiggraes reply to mine here




looks fine but not sure how you worked out the statutory interest ?


I asked her here and she said it was how to work them but they work out far too high.

Yes I know what you mean hun, I do also remember getting confused with mine, eloan when nemo calculated that one, even though that one was more or less straight forward wasn't it? as they rebated quite a good amount from that one.
I know some use the full amounts with interest to calculate like the whole lot if you were to pay over the full term of the loan, am I right ?

marshallka

Tiggrae wrote here

---

these calculations are always harder when the loan is paid off early as you have to work out what you would have paid minus any rebate - the difficulty is then on the interest element (ie has the interest element been included in the rebate figure or has it been included in the main loan settlement figure)

the assumption I always work on is to work out the full amount which would have been paid minus the rebate is basically the amount you've paid in PPI. I use the assumption any rebate on interest will be included in the total rebate figure - as I always think that when calculating an early settlement a lender will never work it out to be in your favour. If they can prove otherwise then that's fine - but I'll always initially work it out at the highest figure and get the lender to prove otherwise !!

---

This was when I had asked about the calculations used

di3004

marshallka wrote: »

Tiggrae wrote here

---

these calculations are always harder when the loan is paid off early as you have to work out what you would have paid minus any rebate - the difficulty is then on the interest element (ie has the interest element been included in the rebate figure or has it been included in the main loan settlement figure)

the assumption I always work on is to work out the full amount which would have been paid minus the rebate is basically the amount you've paid in PPI. I use the assumption any rebate on interest will be included in the total rebate figure - as I always think that when calculating an early settlement a lender will never work it out to be in your favour. If they can prove otherwise then that's fine - but I'll always initially work it out at the highest figure and get the lender to prove otherwise !!

---

This was when I had asked about the calculations used

Yep that is what I meant, worked out by the highest figure.;)

marshallka

And here too

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Quote:
Originally Posted by marshallka
Just found my settlement figures for a loan with co-op of 1999.
Total Loan £9000
PPI £2068.75
PPI element 18.6% (Get this by taking the PPI and dividing it by loan and PPI added together.)
made 5 repayments of 237.05 and then settled, (was originally over 5 years)
so 5 x 44.09 (which is 18.6% of the repayment) = £220.45 PPI

14242.80 (this is the total loan which is £237.05 x 60) x 18.6% which equals £2649.16 (PPI)
so 2649.16 (PPI) - 220.45 (the 5 repayments of the PPI of £44.09) -rebate of insurance of 1617.69 (This figure is on your settlement) = 811.02
811.02 + 220.45 (payments made) = 1031.47 which was the total cost of my PPI for 5 months. :mad: :mad:

I want this back and the statutory interest too. I am going to email my adjudicator on this as I don't think i asked for the stat int.

Tiggrae can you confirm my figures here???

yes they're correct - I got £1040.98 at 18.69%

marshallka

Just deleted a post for co-op one as reading on tiggrae had my figure mixed up.