PPI Reclaiming discussion Part II

m.colak

symikins wrote: »

hi there

after contacting the fos :money: :money: the halifax have agreed to cancel the ppi on my loan and refund all payments made by me :j:p :j

thing is i dont know what im expecting financially from them [dont trust them an inch !!]
can anyone give me any idea??? [i hated maths at school + nothings changed in 40 years !!! ....lol ] i can still remember having to stand on the chair in class cos i got my times tables wrong...... oh the shame!!!:o

loan was £14,582.40

the ppi cost £3,934.56

total cost of loan £18.516.96
monthly re-payment was £ 210.00 pm over7 yrs

loan taken out nov 2005
full payments made till nov 06

then on reduced payments with dca
from dec06 to date of £ 31.31

to add insult to injury, they refused to pay out after a major operation in aug 2006 !!!!


was adv by fos that a full refund of premiums paid by me +interest charged on premiums during the term of loan additional interest on premiums ive paid at 8% for loss of interest + ccl all outstanding payments + interest on remaining ppi

thanks if u can help

symikins

Hi,

Working on the fact that although you took the loan in nov 05 your first payment would have been dec 05 means:

You paid £515.24
with 8% int £99.30

Totalling £614.54

As for your reduced payments afterwards unfortunately you have no idea what it was paying off. ie was it interest/PPI or loan. Until you have that information you cant make a judgement about this. Also this is based on the fact that this was not a front loaded policy and you didn't actually pay off the interest and PPI first (another thing to check). The not so good news is though:

As of Nov 06 the amount remaining on your loan taking away the PPI element would have been £12672.80 and therefore if you take the remaining payments you have made off this then your actual remaining amount on your loan should be £12046.60.

Hope this helps (I'm sorry i have no better news for you then this).

di3004

Hi there folks not sure if anyone could give some advice/info here please if possible.;) Cheers.

Now the letter is forwarded on to click brokers/directors for the mis selling of the PPI, not sure what luck I will have though, I think I should try to reclaim from the lenders (Endeavour) for the low unfair rebate on settlement, well I thought it was unfair, due to settling almost 24 years earlier.


Are there any templates for unfair loan rebates ?

Also on a part of their paperwork there is a write up stating 'if you settle earlier, you may also be entitled to a refund', now I did not receive any refund and even though they deducted what I thought was a small amount of rebate off this, to me this is not classed as a refund, in other words I did not see any of the money.

The problem is because is, they worked these calculations in accordance with the rule of 78 because it was a July 2004 loan, but even though it was fully settled in Oct 2005, the new calculations that came into force in May 31 2005 but did not cover my loan because it did not come under that category.


Going by the paperwork it states:
The settlement date used in calculations of the rebate 30 Nov 2005, It has been calculated in accordance with Regulation 3 of the Consumer Credit (Settlement information) Regulations 1983.
"The amount of the insurance rebate has been calculated having regard to the Consumerr credit (Rebate on early settlement) regulations 1983.

I'm sure Tiggrae added some info not so long back but I am unable to find it, thanks so much.;)

Di.
xx

Leighmcl

Hi all

Well I sent my letter to FOS re the barclays/first plus loan so cross fingers!! In the meantime I have started to tackel my Egg loans x 2.
I've sent them the initial letter stating that I think they have miss-sold the ppi to me, as I've looked into it and I was self-employed and would not have been covered.

One loan was £9654.40
cash: £5616
ppi:£4038.40 (egg told me this over the phone yesterday after checking their achives - Loan ran from Nov 01 - March 03

second loan was £11464.80
cash: 10000
ppi:£1464.80
Loan ran Dec 03- July 05

Anyone on here fancy calculating what I'm owed inc the interest?

What are egg like at settling and were they regulated then by the Financial Services Authority as an insurance intermediary and members of the General Insurance Standards Council?

Just so I know if I have to go to FOS.

Cheers guys

Leighmcl

Laini

zionhill wrote: »

hello i am a newbie,

last year we took out a loan from nemo starting at 45,000 and then had to have ppi which brought it up to 50,000 then got completed sucked in on thier special intreast rate and payback scheme and ended up with 63,000 this year when we went to re-mortage found that the redemption fee was 84,000. therfore leaving us with no equity in our home. with help from your forms we got to the stage of waiting for a audicator, we have had our home on the market for the last year . Nemo told us we could port our loan onto a new property, we sold in may, Well what a game ,they have given us two choises 1 they get all our equity and we loose our home , 2 we pay them £30,000 .just as we are about to pull out of the sale which will leave us strugging to survive we recieve a letter from the aduticator .I spoke to the audicator and asked if he could help. he then imformed me that he was writing to imform nemo that we had been mis-sold the ppi.
So I appeald to nemo on their decision hoping they might change there mind and help us .The appeal went to the mangers and underriters ,we have to exchange on the house this week or pull out so I asked nemo to get back to me urgently. it tooks 2 day of stomach churning no sleep and tears only for them to ring this afteroon to say no. We are in a complete mess due to nemo . this company should be stoped from trading . we will have to pay the £30,000 or lose the sale . are only hope is when nemo have had there 2 weeks to reply to f.o.s the ombudsmen goes in are favour ,I Know this could take months . has anybody got any answers please.

I understand how you feel we are in negative equity too caused by nemo
we are waiting for the ombudsman too to decide as Nemo rejected our adjudicator s findings.
its very unlikely the ombudsman goes against the adjudicator-hopefully in our cases he will agree with the adjudicator dont quote me on it but its is usually a stalling tactic on Nemos side as everyone I know has had a hard time with them.
goodluck and keep us posted shout if you need help.
I would send a SAR
Laini x

di3004

Secured Loan £21,000
Single PPI £2835.00
Total loan £23835.00

300 mths at £208.51
Apr 9.9%

Taken 30 July 2004

SETTLED IN FULL OCT 2005 of Settlement Figure = £23646.04

How they worked out their Calculations:
Current Balance - £23561.73
Add settlement interest - 374.71
Add Additional interest - 1123.29
Future charges + (Insurance) 39391.10

Total before rebate - 64450.83
less rebate - 40924.79

Total after rebate: 23526.04
Add legal fee: 120.00
Balance to settle: = £23646.04

Here is the final response from Endeavour when I complained:

03/June 2008

Dear Mr & Mrs xxxxx

Account number xxxxxxxx


Further to your letter, I am sorry to learn that you remain dissatisfied with Endeavour Personal Finance and that you are unhappy with the response to your complaint regarding the Payment Protection Insurance Policy purchased on the 30th July 2004.

I can confirm that you did receive a part rebate of the insurance premium within the settlement dated 4th October 2005 amounting to £1,533.69. This is also confirmed on the attached statement of the account.

The amount of £23,835.00, which you refer to as the total cost of the agreement, relates to the amount borrowed and not the cost of the loan. Interest was not added as an upfront amount but was charged on a daily basis on the balance of the total loan amount and debited to the account monthly. The total cost of the loan would be calculated by multiplying the monthly instalment by the term of the loan and deducting the original amount borrowed. For example: £208.51 x 300 - £23,835.00 = £38,718.

As I advised you in my letter dated 13th May 2008, the broker acted as your agent and by using the broker you did so of your own free choice. Endeavour Personal Finance cannot be held responsible for the advice or actions of the broker concerned.

In summary, our position remains unchanged and therefore I regret that I am unable to uphold your complaint or provide a refund on the premium interest. If you believe that the policy was inappropriate for you, you should continue to pursue the broker for any redress.

I realise this may not be the response that you were hoping to receive but it does nevertheless bring an end the steps available to you through our internal complaints procedure, as this letter constitutes our final response.

As you purchased the policy prior to the introduction of the Insurance Code of Business Regulations on the 14th January 2005, I regret that the Financial Ombudsman will be unable to adjudicate in this matter. In addition, prior to the 6th April 2007 and the introduction of the Consumer Credit Jurisdiction legislation, Endeavour Personal Finance was not a member of the Ombudsman Scheme. As your complaint relates to an event, which took place prior to the 6th April 2007, the Ombudsman would be unable to adjudicate on a complaint against Endeavour Personal Finance.

Yours sincerely

Head of Operations
Endeavour Personal Finance.


So that settlement figure above includes the rebate of £1,533.69.

On one part of the document I received from a SAR there is a brokers commission on a CREDIT 400 SHEET: Brokers commission £1,680, 8%.

Here is the paragraph on one of the documents received WITH SAR:
IF YOUR METHOD OF PAYMENT IS DIRECT DEBIT, PLEASE CANCEL THIS WITH YOUR BANK ON THE DAY YOU REMIT YOUR SETTLEMENT PAYMENT TO US.
PLEASE NOTE THAT IF YOU SETTLE BEFORE THE SETTLEMENT DATE YOU MAY BE ENTITLED TO A REFUND.

ADDITIONAL INFORMATION:

FUTURE CHARGES - The amount of interest charged if the loan had run its full term without variation.

LESS AMOUNT OF REBATE: The amount of interest that is cancelled because the account being settled early. the difference between the future charges and rebate is the proportion of future interest you pay to settle your account early. The rebate has been calculated in accordance with the Consumer Credit (Rebate on early settlement) Regulations 1983.

REDEEM.

..............................................................................................
Do you think I have any grounds of complaint with these ? Rebate wise ?
I know its seems they have used the rule of 78, will appreciate any info, thanks again folks, I just wanted to add further information just to give you an idea.;)

Di.

sunnybubble

thank for that tiggrae, i see what you mean by going back to the ombudsman, but i do not quite understand what you mean by fileing for misinterpretation - could you explain it a bit broader, please.
many thanks

Milly123_2

Hello

I have been going through Debt Management for the past 4 years. I started with one recommended charity who wasn't much help, I then switched to PayPlan.

When registering with PayPlan, they advised me that I should take out insurance (PPI) with a company called Adminicle, who they very much recommended. The plan was to protect me against unemployment and ill health.

Earlier on this year I finished working for a company as my 6 month contract ended and two days later I went into hospital for an operation. I am still signed off until this date.

I have tried to make a claim and been refused because of several reasons: Pre existing medical condition (I was never asked about) and the fact that my work contract is counted as temporary (which is not included as covered employment - again not advised)

Am I able to claim against my debt management company? Or the insurance company?

Very sorry for the long explanation!

VLADTHEIMPALA

Kaia wrote: »

Trying to work out the amount to claim.....is this the way it works...can anyone tell me if this sounds about right...please .....

PPI amount was "2021.33 back in july 2002
So i eed 8% of that , yes?

8% of £2021.33 = £161.71

£161.71 divide by 365 = 0.4430

3334 days x 0.4430p = £1476.96

So the PPI amount of £2021.33 plus the figure above £1476.96 =£3498.96

So i need to claim £3498.96....(to date)

does it sound about right do you think??????? do the calculations seem right?
HAVE I DONE IT THE RIGHT WAY?????

Any advice would be hugely appreciated....I need to get this claim in ASAP as I am running out of time.
Any one been down the MCOL route lately, any tips appreciated.[/quot

Hi,
To calculate the inteerest on the whole ppi that was 'loaned ' to you you need to use the interest calculator on the main reclaiming site. When you do an online claim through the court the daily rate equivalent to 8% per annum is 0.6 pence per day. This is in the same article. You cannot work out the interest simply by dividing the amount by the period. Anyway with a ppi claim you need to go through the Financial Ombudsman Service rather than the courts.
Hope this helps.

RiaAnn

Quick question:

Can Lloyds TSB ask for two £10 fees for SAR?
I have had a request from Lloyds TSB bank and sent them the £10
I now have another request from Lloyds TSB general insurance also asking for £10.

Only ever had dealing with the bank directly so this doesn't seem fair?

Also annoyed they have taken over 20 days from making the sar request to ask for the money and are telling me they will start the 40 day clock ticking from when fee is recieved! - is this kind of stalling allowed?

VLADTHEIMPALA

Hi,
Are there any experts on ppi reclaiming ou there?
I wrote to Welcome Finance in March re a ppi. I cited various practices which forced me to take a ppi, and as a 'loan' at 36%. I had no option as Welcome contacted my creditors. Having had only a holding response since March, I this week wrote to the FOS, which took some hours. This morning Welcome sent me their 'Final Response' - a copy of the signed agreement which states that the policy was optional; and a letter stating that when I took out the policy and loan in 2004 Welcome were not regulated by the FSA (you don't say!) and that I cannot refer my complaint to the FOS as 'the agreement number' (presumably the date) 'falls outside the FOS's jurisdiction.
Has anyone had this problem, or more importantly got past it. I have the FOS complaint ready to go but I don't want to waste their time or my own.
Thanks