PPI Reclaiming discussion Part II

m.colak

Dicky2K wrote: »

M.Colak, Was wondering if you could help now.. you seem to be the main man around here.. Want to get these figures right before i send anything off.. I've got all the figures off the original paperwork.


Total Loan Amount: £8300
Total Insurance: £2200
= £10500
@ a rate of 8.56%int
total inc int = £12940.80

These are the payments i made up until September 2007:

170.48 x 22 = 3750.56 (LOAN)
45.20 x 22 = 990 (Insurance)

And this is what i've paid since then:

190.55 x 8 = 1524.40 (LOAN)


£5472.96 (paid from loan NOT inc insurance)
£6264.96 (includin insurance paid)

And now my settlement figure is £5290.15

I know this seems like im just passing the buck but im really not good with figures..

Many Thanks in advance
Regards, Richard

Sorry for taking so long had to some complicated workings:cool:

Ok for the first part i had to do some jiggling to get the figures:

Loan Amount £8300.00 Loan Interest £1929.75
PPI Amount £2200.00 PPI Interest £511.50
Interest Rate 23.25% (Comparable)
Number of Payments 60

Total Paid to Date £4745.18
Amount Remaining £8196.07

PPI Reclaiming
Number of Payments Made 22
Amount of PPI Paid £806.67
Amount of PPI Interest Paid £187.55
8% Interest on PPI £129.25
Total PPI Reclaim £1123.47

Thats Up to September 2007

Loan Amount £5875.00 Loan Interest £1365.94
PPI Amount £0000.00 PPI Interest £000.00
Interest Rate 23.25% (Comparable)
Number of Payments 38

Total Paid to Date £1524.40
Amount Remaining £5716.54

This is the final figure not including any discount off interest for settling early.

Points to notice:

When you cancelled the original PPI this should have taken £1447.03 off the remaining figure of £8196.07 leaving you £6749.04 to pay. The actual amount you would have to pay back at the rate of £190.55 is £7240.94. So this is a discrepancy straight away of £491.90 which they've not given you back for the cancelling of the PPI policy.

Next you'll notice that your settlement figure left is £5716.54 which is slightly different from the approximate figure they've given you.

Finally if you were to reclaim your PPI you are looking at a figure of £1123.47.

m.colak

JillN wrote: »

Hi, I am new to this site but am feeling totally frustrated in trying to claim back missold PPI from GE Money. Obviously GE Money have refused to accept that I was missold the insurance so wrote to the FOS. Just received a letter from them this morning advising that as I got the loan out in 2003 GE Money was not a member of the General Insurance Standards Council at that time so they are unable to help me. Has anyone else come across this? Anyone got any suggestions?
Jill

I'm sorry to tell you this but you may have to proceed down the court route to reclaim the money don't worry there is plenty of information on this thread on what acts to check and quote when claiming back.

m.colak

Robbed? wrote: »

Thanks for your reply- I have been through all the paperwork and NEVER received any rebates :eek: :eek: :eek: hence me signing in under the username 'Robbed?'.

I know that as a bare minimum I should be entitled to a rebate on the PPI and interest since each time they were ended early and at most I am entitled to the whole of it back based on mis-selling. If you look at my figures I do believe the amount owing to me would go quite some way to clearing the loan.

My circumstances are that I am in the process of saving up a deposit for a house and have been advised that whatever mortgage amount I can have minus this 15k debt which to be honest doesn't really leave enough for a garden shed never mind a house. So you see I need this sorting and clearing ASAP.

Thank you to all who replied- fingers crossed eh x

Ok i'm a bit scared however i will try and work this out for you but will be based on the company not adding any additional arrangement fees. It might take me a while so if i don't answer anybody else's questions i'll apologise now.

Dicky2K

:eek: :eek: :eek: !!!!!!! hell.. the mans a genious.. What would you reccommend from here? i was thinking of taking those figures with me into the bank on saturday... - If you dont mind me printing your figures..

and then from there...? Im not sure.. but thank you very much for the help

*HAIL m.colak HAIL*

Regards, Richard

Robbed?

Okay- I have just looked at some *old* bank statements- a few are missing but these are the details regarding loans from the one's I do have-

18/03/02

---

Charges

---

PLP Premium

---

£124.00

---

Transfer

---

New Loan

---

£1124.00

11/02/03

---

Credit

---

Loan Funds

---

£697.01

---

Transfer

---

Loan Insurance Refund

---

£367.00

21/03/03

---

Credit

---

Loan Funds

---

£5500.00
27/03/03

---

Transfer

---

Repay Loan

---

£4112.06

16/09/03

---

Credit

---

Loan Funds

---

£24.06

24/02/04

---

Credit

---

Loan Funds

---

£2594.46

---

Debit

---

£2500.00

08/06/05

---

Credit

---

Loan Funds

---

£8300.00

---

Transfer

---

To repay Loan

---

£7291.23

28/11/05

---

Credit

---

Loan Funds

---

£1021.48


Please also note - I received a response letter from them in March saying 'thank you for my letter dated 1st March they are looking into the matter and will contact me again within 28 days with a response' - although they still haven't got back to me yet- do I take this letter as a good sign since surely if they thought they were right it would have been a straight 'no-way' wouldn't it? Or am I just wishful thinking?

Stacey x

elangar

I hope that some one will be able to help.
We are in the process of claiming our money back for a missold PPI, the problem that we are coming up against is who is responsible? and who do we go after to get it back.
We contacted Swift Advances who loaned the money set up the PPI and added it to the loan and then everything was passed to the broker Portfield Financial Services who took the first intial enquire and application both are saying that they are not responsible.

Any help would be greatfully taken.

Elangar

m.colak

Robbed? wrote: »

Okay- I have just looked at some *old* bank statements- a few are missing but these are the details regarding loans from the one's I do have-

18/03/02

---

Charges

---

PLP Premium

---

£124.00

---

Transfer

---

New Loan

---

£1124.00

11/02/03

---

Credit

---

Loan Funds

---

£697.01

---

Transfer

---

Loan Insurance Refund

---

£367.00

21/03/03

---

Credit

---

Loan Funds

---

£5500.00
27/03/03

---

Transfer

---

Repay Loan

---

£4112.06

16/09/03

---

Credit

---

Loan Funds

---

£24.06

24/02/04

---

Credit

---

Loan Funds

---

£2594.46

---

Debit

---

£2500.00

08/06/05

---

Credit

---

Loan Funds

---

£8300.00

---

Transfer

---

To repay Loan

---

£7291.23

28/11/05

---

Credit

---

Loan Funds

---

£1021.48


Please also note - I received a response letter from them in March saying 'thank you for my letter dated 1st March they are looking into the matter and will contact me again within 28 days with a response' - although they still haven't got back to me yet- do I take this letter as a good sign since surely if they thought they were right it would have been a straight 'no-way' wouldn't it? Or am I just wishful thinking?

Stacey x

wishful thinking i'm sorry to say. Its usually a delaying tactic. Are you ready for the results:

Original Loan- 18/03/02
Amount Borrowed- £1000
Interest Charged for Credit- £226.48
PPI- £124.00
Total- £1350
Mthly Payt- £56.27
Term- 24mth
Annual Rate- 19.90%

Loan Amount £1000 Loan Interest £201.50
PPI Amount £124.00 PPI Interest £24.99
Interest Rate 20.15% Comparable
Number of Payments 24
First Payment 18/4/02
Loan Settled 26/09/02

Paid to Date £281.35 Settled Figure £1069.14
Amount remaining 0.00
PPI Rebate £98.17
Loan Interest Rebate £159.52 PPI Interest Rebate £19.78
Amount OverPaid £277.47
22% Commision Charge £61.04
Refinance Amount £852.71

PPI Reclaim
Number of Payments made 5
Amount of PPI Paid £25.83
Amount of PPI Interest Paid £14.90
8% Interest On PPI £14.90
Total PPI Reclaim £45.94

---

Renewed- 26/09/02
Amount Borrowed- £3000
Interest Charged for Credit- £800.04
PPI- £480.00
Total- £4280.04
Mthly Payt- £118.89
Term- 36mth
Annual Rate- 14.90%

Loan Amount £3000 Loan Interest £689.70
PPI Amount £480.00 PPI Interest £110.35
Interest Rate 22.99% Comparable
Number of Payments 36
First Payment 26/09/02
Loan Settled 11/02/03

Paid to Date £475.56 Settled Figure £3804.49
Amount remaining 0.00
PPI Rebate £426.67
Loan Interest Rebate £613.07 PPI Interest Rebate £98.09
Amount OverPaid £1137.83
22% COmmision Charge £250.32
Refinance Amount £2916.98

PPI Reclaim
Number of Payments made 4
Amount of PPI Paid £53.33
Amount of PPI Interest Paid £12.26
8% Interest On PPI £29.52
Total PPI Reclaim £95.11

---

Renewed- 11/02/03
Amount Borrowed- £4000
Interest Charged for Credit- £1067.24
PPI- £651.00
Total- £5718.24
Mthly Payt- £158.84
Term- 36mth
Annual Rate- 8.2%

Loan Amount £4000 Loan Interest £918.00
PPI Amount £651.00 PPI Interest £149.40
Interest Rate 22.95% Comparable
Number of Payments 36
First Payment 11/03/03
Loan Settled 21/03/03

Paid to Date £158.84 Settled Figure £5559.56
Amount remaining 0.00
PPI Rebate £632.92
Loan Interest Rebate £892.50 PPI Interest Rebate £145.25
Amount OverPaid £1670.67
22% COmmision Charge £367.55
Refinance Amount £4256.44

PPI Reclaim
Number of Payments made 1
Amount of PPI Paid £18.08
Amount of PPI Interest Paid £04.15
8% Interest On PPI £09.48
Total PPI Reclaim £31.71

---

Renewed- 21/03/03
Amount Borrowed- £5500
Interest Charged for Credit- £1648.08
PPI- £1094.00
Total- £8242.08
Mthly Payt- £171.71
Term- 48mths
Interest Rate- 6.8%

Loan Amount £5500 Loan Interest £1374.45
PPI Amount £1094.00 PPI Interest £273.39
Interest Rate 24.99% Comparable
Number of Payments 48
First Payment 21/04/03
Loan Settled 16/09/03

Paid to Date £686.84 Settled Figure £7555.00
Amount remaining 0.00
PPI Rebate £1002.83
Loan Interest Rebate £1259.91 PPI Interest Rebate £250.61
Amount OverPaid £2513.35
22% COmmision Charge £552.94
Refinance Amount £5594.59

PPI Reclaim
Number of Payments made 4
Amount of PPI Paid £91.17
Amount of PPI Interest Paid £22.78
8% Interest On PPI £45.96
Total PPI Reclaim £159.91

---

Renewed- 16/09/03
Amount Borrowed- £5400
Interest Charge for Credit- £1748.60
PPI- £1327.00
Total- £8475.60
Mthly Payt- £141.26
Term- 60mth
Interest Rate- 6.8%

Loan Amount £5400 Loan Interest £1403.46
PPI Amount £1327.00 PPI Interest £344.89
Interest Rate 25.99% Comparable
Number of Payments 60
First Payment 16/10/03
Loan Settled 24/02/04

Paid to Date £565.04 Settled Figure £7910.31
Amount remaining 0.00
PPI Rebate £1238.53
Loan Interest Rebate £1309.90 PPI Interest Rebate £321.90
Amount OverPaid £2870.33
22% COmmision Charge £631.47
Refinance Amount £5671.45

PPI Reclaim
Number of Payments made 4
Amount of PPI Paid £88.47
Amount of PPI Interest Paid £22.99
8% Interest On PPI £40.50
Total PPI Reclaim £151.96

---

Renewed- 24/02/04
Amount Borrowed- £8100
Interest Charge for Credit- £2649.60
PPI- £2091.00
Total- £12840.60
Mthly Payt- £214.01
Term- 60mth
Interest Rate- 5.75%

Loan Amount £8100 Loan Interest £2106.00
PPI Amount £2091.00 PPI Interest £543.66
Interest Rate 26.00% Comparable
Number of Payments 60
First Payment 24/03/04
Loan Settled 08/06/05

Paid to Date £2782.13 Settled Figure £10058.53
Amount remaining 0.00
PPI Rebate £1637.95
Loan Interest Rebate £1649.70 PPI Interest Rebate £425.87
Amount OverPaid £3713.52
22% COmmision Charge £816.97
Refinance Amount £7161.98

PPI Reclaim
Number of Payments made 13
Amount of PPI Paid £453.05
Amount of PPI Interest Paid £117.79
8% Interest On PPI £167.45
Total PPI Reclaim £738.29

---

Renewed- 08/06/05
Amount Borrowed- £8300
Interest Charged for Credit- £1849.52
PPI- £1646.00
Total- £11795.52
Mthly Payt- £245.74
Term- 48mth
Interest Rate- 5.2%

Loan Amount £8300 Loan Interest £1542.97
PPI Amount £1646.00 PPI Interest £305.99
Interest Rate 18.59% Comparable
Number of Payments 48
First Payment 08/07/05
Loan Settled 28/11/05

Paid to Date £982.92 Settled Figure £10812.04
Amount remaining 0.00
PPI Rebate £1508.83
Loan Interest Rebate £1414.39 PPI Interest Rebate £1508.83
Amount OverPaid £3203.71
22% COmmision Charge £704.82
Refinance Amount £8313.15

PPI Reclaim
Number of Payments made 4
Amount of PPI Paid £137.17
Amount of PPI Interest Paid £25.50
8% Interest On PPI £36.33
Total PPI Reclaim £199.00

---

Renewed- 28/11/05
Amount Borrowed- £9300
Interest Charged for Credit- £1793.36
PPI- £1720.00
Total- £12813.36
Mthly Payt- £305.08
Term- 42mth
Interest Rate- 5.2%

Loan Amount £9300 Loan Interest £1513.11
PPI Amount £1720.00 PPI Interest £279.84
Interest Rate 16.27% Comparable
Number of Payments 42
First Payment 28/12/05
Loan Settled 02/07/06

Paid to Date £1830.42 Settled Figure £11592.67
Amount remaining 0.00
PPI Rebate £1474.29
Loan Interest Rebate £1296.95 PPI Interest Rebate £239.86
Amount OverPaid £3621.24
22% COmmision Charge £796.67
Refinance Amount £8768.10

PPI Reclaim
Number of Payments made 6
Amount of PPI Paid £245.71
Amount of PPI Interest Paid £39.98
8% Interest On PPI £52.38
Total PPI Reclaim £338.07

---

Renewed- 02/07/06
Amount Borrowed- £10000
Interest Charged for Credit- £2606.80
PPI- £2596.00
Total- £15202.80
Mthly Payt- £253.38
Term- 60mth
Interest Rate- 4.65%

Loan Amount £10000 Loan Interest £2069.00
PPI Amount £2596.00 PPI Interest £537.11
Interest Rate 20.69% Comparable
Number of Payments 60
First Payment 02/08/06
Loan Settled 03/06/08

Paid to Date £5574.14 Settled Figure £9627.97
Amount remaining 0.00
PPI Rebate £1644.13
Loan Interest Rebate £1310.37 PPI Interest Rebate £340.17
Amount OverPaid £3294.67
22% COmmision Charge £724.83
Refinance Amount £7058.13

PPI Reclaim
Number of Payments made 22
Amount of PPI Paid £951.87
Amount of PPI Interest Paid £196.94
8% Interest On PPI £80.42
Total PPI Reclaim £1229.23

---

You've Paid £2064.68 In PPI Payments
You've Paid £457.29 In PPI Interest
You Can Claim £476.94 As 8% Statuatory Interest
Totalling £2998.91

Unfortunately you paid £13337.24
And if my guess on the commision is correct:
£4906.61 in commision if you settled today.

Remember i have had to make some assumptions here:

1. That you have paid 22% commision each time you refinanced.
2. That they fully refunded you the outstanding PPI/Loan Interest and PPI Interest on financing.
3. That you had the usual month break between arrangement of the loan and the first payment.

These figures may not be completely accurate but unfortunately its the best i can do.

m.colak

elangar wrote: »

I hope that some one will be able to help.
We are in the process of claiming our money back for a missold PPI, the problem that we are coming up against is who is responsible? and who do we go after to get it back.
We contacted Swift Advances who loaned the money set up the PPI and added it to the loan and then everything was passed to the broker Portfield Financial Services who took the first intial enquire and application both are saying that they are not responsible.

Any help would be greatfully taken.

Elangar

Check the consumer credit act 1967 article 15 where the ownes is on the person whom sold the loan and insurance to accept responsibility.

Robbed?

Hi- I know this may seem like a stupid question to yourselves but.... from the bank figures I have quoted does it look like they've refunded me any PPI premiums?

I didn't seem to think it did? a few 'k' isn't much of a 15k debt is it

What does amount overpaid and commission charge mean?

Thank you so much for working all that out for me it is very much appreciated x

m.colak

Robbed? wrote: »

Hi- I know this may seem like a stupid question to yourselves but.... from the bank figures I have quoted does it look like they've refunded me any PPI premiums?

I didn't seem to think it did? a few 'k' isn't much of a 15k debt is it

What does amount overpaid and commission charge mean?

Thank you so much for working all that out for me it is very much appreciated x

One last point is if you know what you got in your hand after each time you refinanced then its easier to work out how much more you've paid and therefore it might be easier to work out if you have been excessively overcharged each time.