PPI Reclaiming discussion Part II

tiggrae

Kaia wrote: »

Total loan is 18k
PPI added at £2021.33

over 16 yrs.....monthly repayments were £220.43 to start with and went up slightly over the years with increasing rates etc, current monthly payment is £254.
Loan is still active, in its 6th year now....so the 5 yr policy would have ended last July 2007, and loan ends in 2018.

I have no idea what total cost of loan is with interest, never been given a figure.....but looking at an old statement I can see that for every £220.43 paid.....£175 of it went in interest.

Thanks for your help

Right, as this is a variable rate loan I can't work it out the way I would normally, so lets take it that as the PPI is over 5 years you've actually paid the PPI which you've said was £2021.33 + £125.84 interest divide that over 60 months (ie 5 years) to give a monthly premium of £35.79.

Feed £35.79 into the bank charge calculator starting on 1st repayment date and every monthly payment date, ending in July 2007 and that will work out the statutory interest for you.

ps don't won't to depress you but on your £18k loan you're actually paying back £42322.56 !!!

georgie250

I have wrote another letter to Lloyds asking for a copy of the recording. Also i looked through my documents and saw that they advised me that we both needed insurance but I wasn't working at the time, also they asked us if we couldn't make the repayments then could we gwt the money from another source, of which I answerd yes and it says that on the form. So I have asked them why would I be advised that I needed ppi if we could make the repayments from another source! I hope this works!!! I have also asked tham to look into the loans that we have had since 2002 as I believe that we have been mis-sold everytime!

ANY_CHANCE

Hi all,:hello:

I have received a letter from FP saying basically that they did not agree with my complaint on unfair rebate.

What should i put in my 2nd letter back to them??

Any ideas??:think:

I cannot see a template letter that relates to this particular situation (or maybe i have just missed it?)

Kaia_2

tiggrae wrote: »

Right, as this is a variable rate loan I can't work it out the way I would normally, so lets take it that as the PPI is over 5 years you've actually paid the PPI which you've said was £2021.33 + £125.84 interest divide that over 60 months (ie 5 years) to give a monthly premium of £35.79.

Feed £35.79 into the bank charge calculator starting on 1st repayment date and every monthly payment date, ending in July 2007 and that will work out the statutory interest for you.

ps don't won't to depress you but on your £18k loan you're actually paying back £42322.56 !!!

OMG! that IS extortionate!!! no wonder they dont give you a total cost when you take out the loan.:eek:

Thanks for the above tiggrae, much appreciated!
Does the amount have to be absolutley bang on for the MCOL form?
I'm just afarid of messing up, is it easy enough a process?
You know if they end up filing a defence and I dont know what to do, can I just go to a solicitor or something.
Obviously in an ideal world I would issue a claim and they would pay up or I would win by default, I would like to think I could do this myself , but am worried that if they file a defence I wont know what to do....heard stories on her about all the jargon and not being able to understand it.
Any advice most welcome

With regards to those calculations above ie £35.79..... I have put into Martins calculator that figure on each payment date for the full five years and come up with £2020.80 with £522.69 interest totalling £2543.49......that doesnt seem right at all.....please see next post below...
think I have confused the situation.....
Kaia x

Kaia_2

tiggrae wrote: »

Right, as this is a variable rate loan I can't work it out the way I would normally, so lets take it that as the PPI is over 5 years you've actually paid the PPI which you've said was £2021.33 + £125.84 interest divide that over 60 months (ie 5 years) to give a monthly premium of £35.79.

Feed £35.79 into the bank charge calculator starting on 1st repayment date and every monthly payment date, ending in July 2007 and that will work out the statutory interest for you.

ps don't won't to depress you but on your £18k loan you're actually paying back £42322.56 !!!

Hi tiggrae!
Sorry....just wanted to check that I have given you the correct info....I think I may have been confused with the interest figure.
you know the figure of £125.84 interest I gave you... that was just the FIRST amount of interest added at the start of the loan .... I didnt add any other interest, was I supposed to?

Please see post below .....
I have worked out how much was paid in first three years and how much of it went in interest.........maybe this will give a clearer picture?
Sorry for any confusion

Kaia_2

....just to give a clearer idea...hope this helps....tiggrae
IT IS QUITE FRIGHTENING TO LOOK AT !!!! seeing how much I pay and what actually goes on just interest!!!!

2003 Statement 1 Paid £3306.45 Interest £2572.53
2004 Statement 2 Paid 2014.32 Interest £2014.36
2005 Statement 3 Paid £2757.48 Interest £2065.14

So by this point.....at the end of the third year.......I had actually paid £8371.29
But £6652.03 of this being INTEREST!!!!!!!
So, in effect at this point had only paid approx £2000 off the loan ( basically just the cost of the ppi).
Tiggrae...hope this gives a clearer picture .....x

Shaung159

Originally Posted by louietudor
Quote:
Originally Posted by Shaung159
Hi new to forum so please bear with me!

I have written to three credit cards that I opened 1999-2003: MBNA, Lloyds TSB and Morgan Stanley (now Goldfish). i went through a very nasty divorce a few years ago and used the cards very heavily and in consequence paid considerable interest and PPI. At the time I wasnt even aware i was paying PPI, although in hindsight it is on the statements! Having kept the statements the total amount spent on PPI over the cards is about £2000.

Having read Martin's site I wrote to all three companies claiming general misselling, as I wasn't even aware (until I read the site) that I was even paying PPI. I also had very generous employer benefits at the time and wouldnt have needed PPI.

All three took months to reply but have all now replied denying any misselling and enclosing copies of the original agreements. In all three cases there is a box asking for PPI that they claim I ticked. I can't deny or confirm whether I did or didn't tick this box.

My question is given these copies of the original agreements is it worth proceeding any further with these claims or have I fallen at the first hurdle.

many thanks



I have the same problem, I don't know if I ticked these boxes or not, I know that the cover was not explained fully and no attempt was made by the company involved to ascertain if this cover was neccessary but they have a copy of an agreement where the PPI box has been ticked, I don't see how I can take this any further. Any ideas, anyone?

end quote:

i also have this problem ( although one account was where the tick was already included) so can i bump this for advice please
Hi all,

Apologies if this has been read before but I am still wondering if I have any grounds for taking these further as others seem to be in the same boat.

Many thanks

Kaia_2

Hi Shaung159
Well...we took ours out via telephone and when the papers arrived next day for signing the box was already ticked, we are still persuing a claim for mis-selling though, because we were sold a policy where things were certainly not explained properly, we were told we had to take out the PPI in order to obtain the credit, we were NOT informed how this worked, that the premium was added to the front of the loan and that we would be paying interest on it ( very high interest at that!!!) for the whole term of the loan ....16 years !!!! , even though the actual policy would last only 5 years, also my O/H gets full pay for 12 months of sickness, we both had pre-exsisting medical conditions
and also critical illness cover, life policies etc.
We were told no PPI , then no loan.
So regardless of the pre ticked box we still have a case.
It will depend on YOUR circumstances, but dont just presume thats the end of it.
Read as many posts as you can, gather as much info as you can, there are great people on here always willing to help.....we are all in the same boat trying to get results x

LilacPixie

Just a quickupdate on WFS. They have responded to my SAR sent earlier this month enclosing details of 2 accounts but not 2 prior to 2005. :rolleyes:

At the time they told me PPI needed. I didn't believe them but was desperate for the money so i agred to the loan but asked for this tobe put in writting. In the SAR bundle is the letter from the branch manager confirming PPI is a must as well as the origianal loan documents with x's and please sign here written next to each part. :T

lily147

Hi
I'm new to this!!
recently sent in a reclaim to HSBC regarding 3 ppi policies....1 on a business loan, 1 on a business overdraft & 1 on a personal loan.
They have just replied to say that they will uphold the personal claim but not the business ones as the policy clearly states what the ppi is for & also that monthly payments were being taken from my accounts so I was aware I was paying for them. Plus there was a cooling off period. Plus I have only just complained & have never tried to cancel the policies.
My main complaint with them was that I did argue at the time with the bank manager, face to face, and he stated that he would not give me the money without my taking out the policies. Since then, I had been too scared to cancel them as I feared they would demand all their money back.
I only put the claims in after closing my business & repaying the business loans.
Should I accept their offer or push on with my claim? If I push on do I lose the initial offer, even though it's on a different policy/account?
Can anyone offer any advice Please