PPI Reclaiming discussion Part II

Shellbell

hi
Well I've sent my letters to both loan companies about the mis-selling of the ppi's on my loans, now I just have to wait and see what they say. I'm hoping that they don't take too long in getting back to me

nomorevictims

Hi Maxdp

Thanks for your comments it is very much appreciated.

All three loans were refinance.

For the 2005 loan I got a rebate of £1,919.36. This loan was repaid in six months.

For the 2006 loan I got a rebate of £1,121.74. This loan was repaid in 15 months.

For the 2007 loan which was taken out in August 2007 I am paying ppi of £63.30 per month at APR of 15.9% over 60 months. Total ppi repayment would be £3,798. This loan will be re-arranged as requested by the ombudsman and with my agreement.

marshallka

Shellbell wrote: »

hi
Well I've sent my letters to both loan companies about the mis-selling of the ppi's on my loans, now I just have to wait and see what they say. I'm hoping that they don't take too long in getting back to me

Hope it all works out for you...:D

moneysaver1234_2

I have just found out that my bank sneakly added cover insurance on one of my credit cards. I cancelled it, but gone over my limit. I'm in a agreement with them to pay them back can I still go for the PPI here??



All suggestions welcomed.

Shall I send of letter to the complaints department??

marshallka

moneysaver1234 wrote: »

I have just found out that my bank sneakly added cover insurance on one of my credit cards. I cancelled it, but gone over my limit. I'm in a agreement with them to pay them back can I still go for the PPI here??



All suggestions welcomed.

Shall I send of letter to the complaints department??

Yes, i would, this is a completely different issue to going over your limit... perhaps you would not have done without the PPI;)

di3004

nomorevictims wrote: »

Good morning again folks,

The post has just arrived this morning and my complaint with Black Horse finance has been upheld by the ombudsman. This is a victorious day not only for me but for the forum. Justice has prevailed:j FINALLY. After 10 months of waiting the FOS has come up trumps.

However, I need you to do something for me and that is to calcuate the amount of money I should get back. I had 3 loans with BH which was taken out in 2005, 2006 & 2007. The loans dated 2005 & 2006 have been repaid early.

The calculations are as follows;

2005 - ppi £860.88. If the loan had run it's full term the additional interest would have been £1,201.92.

2006 - ppi £1,148.50. If the loan had run it's full term the additional interest would have been £1,359.84.

2007 - ppi £2,669.73. If the loan is to run it's full term the total cost of ppi is £3,798.


(a) The ombudsman has requested that the 2007 loan is re-arranged by writing off all amounts that remain outstanding in respect of the borrowing of the ppi premium, including interest and charges, so that the future number and level of outstanding payments against the loan are the same as would have applied had she taken the original loan sum without ppi cover.

(b) Calculate the amount she has paid to it up to the time of settlement in respect of the additional borrowing for the ppi premium, including interest charged, add interest on each of the additional payments made for this at the rate of 8% per annum simple from the date each payment was made to the date Black Horse pays compensation, less any premium refund actually paid to her on cancellation of the policy.

(c) Pay Mrs **** the amount calculated in (b) along with a note showing how it has calculated the amount concerned.

For the 2005 & 2006 loans;

(a) Calculate the amount Mrs**** paid in total in respect of her loan, including fees, penalties, as well as interest and repayments and reflecting any premium refund allowed on cancellation of the ppi policy.

(b) Calculate the amount she would have paid in total on the loan if it had been taken without additional borrowing to fund the ppi, but assuming it was settled on the same date (including fees, penalities, as well as interest and repayments).

(c) pay Mrs **** the difference between (a) and (b) plus interest at 8% per annum simple from the date her loan was redeemed to the date Black Horse pays this compensation.

Sorry it's long winded, please bear with me.

2005 loan was taken over 48 months but was redeemed in Feb 2006.

2006 loan was taken over 48 months but was redeemed in June 2007.

2007 loan was taken over 60 months and is current.

Hope this info helps.

Wow, well done !!!:T :beer: .
Great news this.:D

I am sure your calculations will be looked at for you, like Marshallka says she will have a go.;)

kiekie

Hi, im new to site,but am interested in seeing if i can claim bk ppi i ave on a car loan that was taken out last november.
At the time i felt like i was being rail-roaded into aving ppi,the loan is in joint names with my OH who is the main bread winner,earns at least double wat i do,but they have only put me on ppi cover,were if my husband was to lose job we would not be able to afford loan. any help would be greatly appreciated.xxxx

di3004

moneysaver1234 wrote: »

I have just found out that my bank sneakly added cover insurance on one of my credit cards. I cancelled it, but gone over my limit. I'm in a agreement with them to pay them back can I still go for the PPI here??



All suggestions welcomed.

Shall I send of letter to the complaints department??

Definately write to them, you have a good reason to do so.
Give it a go, get a reclaim letter in.

You will find a template for this by browsing through the above "ADVERT" "reclaim £1,000's", there is infomation on there about both loan and credit card ppi, and a template letter on mentioned site, you can use this to guide you through, but use your own words if you can because they will just see it otherwise as a standard regular used template if you know what I am saying.

Add as much as possible that you believe you were mis sold due to your reasons, that you did not realise you had PPI added and was never informed, it was never explained to you.

If they get back with the usual excuse with "you were sent the policy details", I would make them aware on your first letter not to give them a chance to write that, that you only signed what YOU were told to sign, where you had assumed it to be all part of the agreement, not being told otherwise that you did not have to have this or not because nothing of the ppi was mentioned to you during the sale.

Get back if you require further info, and I'm sure this matter can be sorted out due to going over the amount of the credit card.;)

di3004

kiekie wrote: »

Hi, im new to site,but am interested in seeing if i can claim bk ppi i ave on a car loan that was taken out last november.
At the time i felt like i was being rail-roaded into aving ppi,the loan is in joint names with my OH who is the main bread winner,earns at least double wat i do,but they have only put me on ppi cover,were if my husband was to lose job we would not be able to afford loan. any help would be greatly appreciated.xxxx

Hello there and a big welcome.

Right hun yes you have grounds to reclaim this back, please check this link below here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Here you will find some useful info about PPI and a template on that site.

Get a letter in, use that template to help guide you through this, add as much info as you can.

They have 8 weeks to respond, if unsuccessful first time round, and they fob you off another letter can be sent in order for them to reconsider, and if stilll unsuccessful its time for the financial ombudsman service.

Post by recorded delivery to keep an eye on the timescales.;)

May I ask who you had taken out the loan with and when ?
Thanks.

Please just yell if you want more info, anytime.;)

Good luck
Di.

maxdp

nomorevictims wrote: »

Hi Maxdp

Thanks for your comments it is very much appreciated.

All three loans were refinance.

For the 2005 loan I got a rebate of £1,919.36. This loan was repaid in six months.

For the 2006 loan I got a rebate of £1,121.74. This loan was repaid in 15 months.

For the 2007 loan which was taken out in August 2007 I am paying ppi of £63.30 per month at APR of 15.9% over 60 months. Total ppi repayment would be £3,798. This loan will be re-arranged as requested by the ombudsman and with my agreement.

OK so the figures you first published were the amounts the FOS have said you have paid.

If they are anything like Barclaycard Loans what they will do is treat these like stand alone Loans. Please be very aware that the first Loan even though they are giving you the PPI amount back now would have been included in the second loan and the first and second loan PPI would have been included in the third loan. Do you see what I mean usually the way the banks work it out would be take the figure add interest then simple 8% and not accumulative interest:rolleyes:.

Marshallka may be able to give you a better break down of figures but what I would say is wait and see how they work their figures out. What they should do and what I have asked for in mine is that they work out the figures as if I had never had PPI included in my three Loans give a total figure for that and then work out how much I had paid with all the PPI and give the difference plus interest plus 8%.

See what they offer you can then go back to the Adjudicator if you disagree. Also when the bank give you the final figures perhaps post them up here so that somebody on here may be able to help. Good luck and I hope they sort your offer out quickly:D