PPI Reclaiming discussion Part II

m.colak

Laini wrote: »

Going to dig out bank statements this morning so will post up as soon as I can
thanks again

you see the problem i got is that if it didn't have a starting fixed rate before it changed to a variable i can't get anywhere near the £900 figure a month that you said you were paying. Working on the BOE interest rate changes (plus a 2 month delay as per normal) the most i get your payments to increase to is £770.57 which includes the PPI payments too. It gives me a final settlement figure of £84072.93 which as you can see isn't that far off the one they quoted.

The good news (sorry isn't much) that based on this you paid £2052.53 in PPI & Interest.

Laini

Laini wrote: »

Going to dig out bank statements this morning so will post up as soon as I can
thanks again

So does this mean we are not getting back the single premium amount
this is what the FOS recommended

this is what FOS have said

Accordingly I conclude that Firstplus should pay redress to you with the intention of putting you as closely as is practicable in the position you would have been in had the PPI policy not been sold.

I therefore recommend that Firstplus should:

(a)calculate the amount you paid in total in respect of your overall 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 you would have paid in total had the original loan been taken without the additional borrowing to fund the PPI, but assuming it was settled on the same date (including fees, penalties, as well as interest and repayments);

(c)pay you the difference between (a) and (b) plus interest at 8% per annum simple from the date your loan was redeemed to the date Firstplus pay this compensation.

Firstplus has agreed to my recommendation.

having a look at SAR details we received and it has list of transactions
here goes

2.01.07 708.82
1.02.07 707.11
1.03.07 707.11
1.04.07 751.14
1.05.07 778.72
1.06.07 778.72
2.07.07 778.72
1.08.07 795.14
3.09.07 795.14
1.10.07 795.14
1.11.07 795.14

RIP (REBATE) 3949.36 as listed on original figures

on the transaction details it says 4121.10 BDA what does this mean as we had settled the loan and the balance was nil

then when we settled we received a chq for 171.74 for over payment
I thought it was over 800 per month it had gone up to but I was getting mixed up with the mortgage payment -sorry
is this okay:rolleyes:
Laini xx

m.colak

Laini wrote: »

So does this mean we are not getting back the single premium amount
this is what the FOS recommended

this is what FOS have said

Accordingly I conclude that Firstplus should pay redress to you with the intention of putting you as closely as is practicable in the position you would have been in had the PPI policy not been sold.

I therefore recommend that Firstplus should:

(a)calculate the amount you paid in total in respect of your overall 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 you would have paid in total had the original loan been taken without the additional borrowing to fund the PPI, but assuming it was settled on the same date (including fees, penalties, as well as interest and repayments);

(c)pay you the difference between (a) and (b) plus interest at 8% per annum simple from the date your loan was redeemed to the date Firstplus pay this compensation.

Firstplus has agreed to my recommendation.

having a look at SAR details we received and it has list of transactions
here goes

2.01.07 708.82
1.02.07 707.11
1.03.07 707.11
1.04.07 751.14
1.05.07 778.72
1.06.07 778.72
2.07.07 778.72
1.08.07 795.14
3.09.07 795.14
1.10.07 795.14
1.11.07 795.14

RIP (REBATE) 3949.36 as listed on original figures

on the transaction details it says 4121.10 BDA what does this mean as we had settled the loan and the balance was nil

then when we settled we received a chq for 171.74 for over payment
I thought it was over 800 per month it had gone up to but I was getting mixed up with the mortgage payment -sorry
is this okay:rolleyes:
Laini xx

These are the ones i'd worked out prior to you sending that so i must be close.

702.11
702.11
702.11
740.79
740.79
740.79
740.79
755.65
755.65
770.57
770.57
770.57
770.57
770.57

Will continue to work on it and tel you as soon as i get reasonably closer.

Edit: I notice there wasn't a payment in dec is this right or did you take a payment break before settling?

Laini

m.colak wrote: »

These are the ones i'd worked out prior to you sending that so i must be close.

702.11
702.11
702.11
740.79
740.79
740.79
740.79
755.65
755.65
770.57
770.57
770.57
770.57
770.57

Will continue to work on it and tel you as soon as i get reasonably closer.

Edit: I notice there wasn't a payment in dec is this right or did you take a payment break before settling?

we had a chew on with solicitors and kept requesting for settlement figures since sept 2007 as they couldnt proceed so they advised us not to pay dec as they thought it was going to go through before christmas but it was settled on beginning of jan 2008
I really do appreciate all your help
Laini xxx:j:j

m.colak

Laini wrote: »

we had a chew on with solicitors and kept requesting for settlement figures since sept 2007 as they couldnt proceed so they advised us not to pay dec as they thought it was going to go through before christmas but it was settled on beginning of jan 2008
I really do appreciate all your help
Laini xxx:j:j

Ok from what i've worked out so far your actual settlement figure should have been closer to £66853.93 if you had never paid PPI. You paid £1650.68 towards PPI&Interest, however because you shouldn't of paid it originally you are actually looking at around £1759.98.

Therefore the sums in my eyes (Estimate should be close but at the end of the day i can't guarentee anything)

Settlement Paid £83931.52
Fee £150.00
Revised Settlement £66853.93 (Estimated quite a bit)

---

Overpaid £17227.59

PPI Rebate £1759.98
Received so Far £171.74

---

Total Refund £18816.43

This doesn't include statuatory interest or compensation. Hope this helps as a ball park figure.

Laini

m.colak wrote: »

Ok from what i've worked out so far your actual settlement figure should have been closer to £66853.93 if you had never paid PPI. You paid £1650.68 towards PPI&Interest, however because you shouldn't of paid it originally you are actually looking at around £1759.98.

Therefore the sums in my eyes (Estimate should be close but at the end of the day i can't guarentee anything)

Settlement Paid £83931.52
Fee £150.00
Revised Settlement £66853.93 (Estimated quite a bit)

---

Overpaid £17227.59

PPI Rebate £1759.98
Received so Far £171.74

---

Total Refund £18816.43

This doesn't include statuatory interest or compensation. Hope this helps as a ball park figure.

you are a star!!:A:A:A:A
I wont take it for granted it will be that but was hoping even to get 15,000
but a really big thank you for all the time spent to do this for me.
I will post up their offer when I receive it.
I am like a dog waiting for the postie -going to dive on him everyday until I receive the offer.
Also now waiting for FOS to hear from Nemo same situation there with PPI and we are waiting for details/response of SAR from Nemo.
Nemo said they will send it by mid june to us but they have to reply to FOS before then
big thanks again
Laini xx:j:j:j(

m.colak

Laini wrote: »

you are a star!!:A:A:A:A
I wont take it for granted it will be that but was hoping even to get 15,000
but a really big thank you for all the time spent to do this for me.
I will post up their offer when I receive it.
I am like a dog waiting for the postie -going to dive on him everyday until I receive the offer.
Also now waiting for FOS to hear from Nemo same situation there with PPI and we are waiting for details/response of SAR from Nemo.
Nemo said they will send it by mid june to us but they have to reply to FOS before then
big thanks again
Laini xx:j:j:j(

Your welcome i do have a slight problem with one of the figures as i can't determine how they reached their settlement figure. The one i generated was more by £4000 so i took the same figure off the settlement figure if the PPI wasn't added. But if you work it out it makes sense really you should get nearly all the value of the PPI £17k back as you paid it when you settled the loan. So I don't know in reality what the difference so am going to play with it a little more till i get a more accurate figure if you don't mind.

skb***

I wonder if anyone could pass on any advice with claiming for PPIs!!!

Having a very turbulent few years (well at least 7) have had many re-mortgages, secured loans etc, each time trying to get out of trouble etc etc etc - and hence going to some of the not so nice companies due to not very good credit history. Thankfully now, sorted ourselves out and back with a high street bank for our mortgage etc etc and getting there. However, with the amount of loans we have had and redeemed etc - wow could I claim soo much back and have been claiming whatever I can - at the end of the day, the companies we used which are geared at the not so good for debt consolidation, surely they are only adding extra to debts when they advise PPI is a good thing? Shame this fact alone cannot warrant mis-selling?

We claimed the Mortgage Exit Fees first - had lots - and managed to get back the huge total of £23.00 - how unlucky can we be - looks like it may be the same with the PPIs and there are over £20000s worth??

So here they are and what I have already done etc - can anyone help in letting me know which are worth still fighting for and those that really are not going to happen!!! Many thanks.... and apologies if notes are all over the place - alot of thinking out loud to try and understand all this!!!!

WELCOME FINANCE
Oct 2007 Single Premium of £3178.54
Don't think I can reclaim as mis-sold - this is one I have not entered into yet. They will have tapes of it and I feel even though they do not actually say that YOU HAVE TO HAVE - you fell pressured to take it because you are sooo desperate to get the loan? Who actually reads all the small print when you receive the forms with a big fat SIGN ME sticker where you have to sign?? I will be totally honest that even though I am not stupid, but my husband would not allow himself to be out of work for more than a few weeks (he would sweep the streets if nec.) or we would go to family if mortgage or secured loans could not be paid rather than wait the sometimes three months before you make a claim ALSO I truely have never had any idea that when you buy a single premium it only lasts for a maximum of 5 years? However, with WELCOME they did mention to me about a cashback but am sure they never said anything else or was I just not listening. Surely ALL lenders should make sure you have listened and read everything - in all honestly WHO DOES?
Anyway - I was going to obviously cancel this one - looked up and can do and will get back £2030 approx. But surely this is unfair - has cost over £1000 for just 10 months THIS IS ALL SO UNFAIR...
So on this one was just going to cancel and at least get this amount back? Any other suggestions??

NEMO September 2006 Single Premium £3823.88
Via CENTRAL CAPITAL
Wrote to them about mis-selling specifically about the 5 year maximum etc (this one is still running!!) Looked into the cancellation - what a joke a mere £500 approx would be paid back onto the loan ONLY 13% - HOW UNFAIR IS THAT
Reply received from Central Capital - they listened to the calls
I did point out in original letter that surely it is unfair in itself that only my husband is on the insurance (I am a housewife) as we are both liable if not paid etc (as per Martin!!) Obviously I was ineligble for any cover as not working but why couldn't have I been covered for life etc - doesn't make sense.
They also said in their letter We verbally informed you of numerous elements of the insurance good and bad - it is neither practical nor a regulatory requirement to go through all terms and conditions relating to the insurance. I think I am flogging a dead horse here because they have the tapes and I know that we were desperate for this at the time and probably just said yes yes yes and did not listen properly I CAN HONESTLY SAY that I am not stupid and used to actually work in insurance of a similar nature (20 yrs ago) but have never ever had a clue about the single premium only lasting a max of 5 years and the fact that you are paying interest over the whole term!!!

GE MONEY HOME LENDING Single Premium £3825.00 Purchased Feb 2005 REDEEMED loan JUNE 2006 SO ONY HAD FOR 16 MONTHS MAX
via Blue Sky Finance AGAIN JUST FOR MY HUSBAND AS HOUSEWIFE
Have written to GE who advised to write to Blue Sky - did and not heard - just chased again ALL RE MIS-SELLING
HOWEVER - it is only now that you look and understand how ripped off you can be - surely when you redeem a loan which has PPI linked to it - only ran for 16 months out of the 5 years - I should have been refunded the difference??? Any advice here please.

IGROUP via LOANS.CO.UK £630.00 Approx June 2004 Was just for life cover for my husband Redeemed within a year!!!!
Wrote to these guys especially AS THEY HAVE ALREADY BEEN FINED
No go - letter states as usual - you were offered the insurance, documents sent out for you to READ and CONSIDER before signing!! You had the opportuity to read properly etc etc - is this just normal spiel or do I not have a leg to stand on? May be able to get a partial refund but not them - go back to the lender - closing the case etc!! Go to ombusman - which is my next step but just want to get all the wording correct and go with the best issue etc.

GE MONEY AGAIN / FIRST NATIONAL Bought April 2000 but redeemed WITHIN 2 YEARS NEED TO CHECK EXACT DATE £3336.00 SINGLE PREMIUM ETC

Sent usual mis-selling letter - advised on phone NO GO!!! Still awaiting letter as to why?

WHY ARE WE NOT ISSUED WITH A REFUND ON REDEMPTION - HOW ARE WE SUPPOSED TO KNOW???

This is an interesting one!!!
GE MONEY AGAIN - IGROUP - via Purple Loans!!!! Now all under the same umbrella etc etc etc
Took out AUG 2001 Single Premium £3453.00 Redeemed JAN 2003
When I dug all the paperwork out
SIGNED CREDIT AGREEMENT IT HAS BEEN TICKED NONE UNDER COVER FOR PPI
IN THE LOAN CONFIRMTION IT SHOWS MIDLAND & GENERAL CREDIT INSURANCE £3543.97
So got very excited to see what an obvious mistake this was and asked for it ALL back with interest.
They came back saying that we (my husband) had signed a seperate PPI form. Funny though that I do keep all paperwork but never had a copy - which they have sent me telling me to try and claim from Lloyds of London via Wessex etc for a partial refund as redeemed early etc etc. One of those with a big fat SIGN ME sticker on!!! Also - they already completed the form which included the ticks in the boxes which unfortunately states POLICY IS NON-CANCELLABLE TICKED THAT HE WAS AWARE - but they did not him and you just sign everything where they put the sticker?
But looking again - was this ever really explained and were they ever sure WE UNDERSTOOD (although isn't this also a general issue - why didn't any of them ever make sure WE UNDERSTOOD!!!)
Because on the CREDIT AGREEMENT - it is ticked NO COVER but the amount has obviously been added to the ADVANCE AMOUNT?? Isn't this misleading??
Any suggestions??? GE Money said we should write to Lloyds/Wessex to ask for a refund as loan redeemed early - but what is that about NON-CANCELLABLE Surely, if you redeem why would anyone pay for an insurance on something that is no longer there to cover THAT IS REALLY NOT FAIR! Even if paid up front as a single premium.... ANY SUGGESTIONS?

ALSO ALL THOSE WITH GE/IGROUP/PURPLE/FIRST NATIONAL AND MIDLAND & GENERAL THAT THEY KEEP ALSO QUOTING ETC ETC ETC - I WROTE SEPERATE LETTERS ABOUT EACH ONE BUT AT ONE STAGE THEY GOT CONFUSED WITH EACH ACCOUNT AND I HAD TO SPEAK TO THEM AND HELP THE LADY CONFIRM WHICH WAS WHICH AS NOW ALL UNDER GE MONEY UMBRELLA!!!!

ALSO - IF A POLICY IS SOLD TO YOU ON A NON-ADVISORY BASIS - WHERE DO YOU STAND WITH THAT???

AND O THE SINGLE PREMIUM VARIETY - THIS DOES MEAN THAT YOU PAY INTEREST ON IT FOR THE WHOLE TERM OF THE LOAN EVEN WHEN INSURANCE RUNS OUT - WHERE IS THAT FIAR OR WHEN IS IT EXPLAINED??

Anyway - any help and advice would be really appreciated - do I go ahead with them as I have noted or am I just so unlucky....

And what is the correct procedure for when you redeem a loan with a single premium on - shouldn't you get a refund and if I go for that with them all - a partial refund - will they all be at some sily amount of 13% ARRRGHHHH

Thanks

Laini

m.colak wrote: »

Your welcome i do have a slight problem with one of the figures as i can't determine how they reached their settlement figure. The one i generated was more by £4000 so i took the same figure off the settlement figure if the PPI wasn't added. But if you work it out it makes sense really you should get nearly all the value of the PPI £17k back as you paid it when you settled the loan. So I don't know in reality what the difference so am going to play with it a little more till i get a more accurate figure if you don't mind.

only if you want to mcolak I am happy with what you have done but please feel free
wait to see how I worked it out
Dont laugh at my workings out
I did my blonde sum of
17146 - 3949 + 1800 = 14997 + 8% = 16196.76
PPI -REBATE+PAYMENTS=TOTAL +INTEREST

I could be an accountant eh!!
Laini xxx

m.colak

Settlement Paid £83931.52
Fee £150.00
Revised Settlement £67525.38 (Estimated less now)

---

Overpaid £16556.14

PPI Rebate £1759.98
Received so Far £171.74

---

Total Refund £18144.38

Ok this should be a lot closer now

8% stat interest = 5 months £551.87
8% stat Interest on PPI Payments £130.56

Total stat interest to be added = £682.43

Total Refund = £18826.81

Think I'm finished now if you want the worksheet(excel) with all the calculations then just pm your email address and will send it:D