PPI Reclaiming discussion Part II

marshallka

pinknico wrote: »

Loan amount £63000

PPI amount £15718.50

APR 7.9%

Monthly payment £590.35 (til interest rates went up!

Loan commenced May 2006
Topped up in Oct 2007 new loan (not explained)

£67255.08 of first loan plus £12475 plus PPI £19960 (really saved me money NOT)

APR 10.9%

If i cancel I get £2450 rebate.

Claim is for mis selling of both.

Laini claimed for both some time back with hers. I will try and find her earlier posts so i can check how she did this.

oh, Tiggrae has come along now so help is at hand i see.

tiggrae

pinknico wrote: »

Loan amount £63000

PPI amount £15718.50

APR 7.9%

Monthly payment £590.35 (til interest rates went up!

Loan commenced May 2006
Topped up in Oct 2007 new loan (not explained)

£67255.08 of first loan plus £12475 plus PPI £19960 (really saved me money NOT)

APR 10.9%

If i cancel I get £2450 rebate.

Claim is for mis selling of both.

what term was the first one over ?

marshallka

tiggrae wrote: »

what term was the first one over ?

I think this may be the first one Tiggrae


I am trying to work out if I got a rebate for my insurance when I paid up my loan in full ,this was a single premium 5 year policy taken out in 2003.

LOAN £17000

INSUANCE £4420

TOTAL £21420

180 PAYMENTS AT £222.18

SETTLEMENT FIGURES 2006

BALANCE £35133 :eek:

ADDITIONAL CHARGES £20

TOTAL PAYABLE £35153

INTEREST REFUND £13659.84

SETTLEMENT FIGURE £21493

tiggrae

marshallka wrote: »

Laini claimed for both some time back with hers. I will try and find her earlier posts so i can check how she did this.

oh, Tiggrae has come along now so help is at hand i see.

they're really not that hard to work out - you just divide the PPI total by the total repayable (including the PPI amount) this gives the percentage the PPI is - then you work out what value the percentage is of the monthly premium

for example loan + interest is 58000 - ppi + interest is 12000
paying back at 84 months at 833.33 per month - paid 50 monthly repayments

total loan + ppi = 70000 - the ppi is 17.14% (12000 / 70000) x 100
17.14% of £833.33 = £142.83 (833.33 x 17.14) / 100

50 x 142.83 £7141.64 paid to date

tiggrae

marshallka wrote: »

I think this may be the first one Tiggrae


I am trying to work out if I got a rebate for my insurance when I paid up my loan in full ,this was a single premium 5 year policy taken out in 2003.

LOAN £17000

INSUANCE £4420

TOTAL £21420

180 PAYMENTS AT £222.18

SETTLEMENT FIGURES 2006

BALANCE £35133 :eek:

ADDITIONAL CHARGES £20

TOTAL PAYABLE £35153

INTEREST REFUND £13659.84

SETTLEMENT FIGURE £21493

how may repayments did you actually make ?

marshallka

tiggrae wrote: »

they're really not that hard to work out - you just divide the PPI total by the total repayable (including the PPI amount) this gives the percentage the PPI is - then you work out what value the percentage is of the monthly premium

for example loan + interest is 58000 - ppi + interest is 12000
paying back at 84 months at 833.33 per month - paid 50 monthly repayments

total loan + ppi = 70000 - the ppi is 17.14% (12000 / 70000) x 100
17.14% of £833.33 = £142.83 (833.33 x 17.14) / 100

50 x 142.83 £7141.64 paid to date

thanks for that, we need this as a sticky.

cobster

I posted this on a thread about credit cards and it was suggested that I transfer it to here. Any advice much appreciated.

Originally Posted by cobster
I have been writing to M&S Money regarding the PPI I feel they have wrongly attributed to my account. To cut a long story short I took a storecard out back in 1985, this then morphed into an &More Credit Card. I don't remember ever agreeing to take out PPI (I assume that it was an opt-out scheme), I have cancelled the insurance and tried to reclaim the costs. During the time PPI was in place I had two periods of redundancy and became self employed. If I had known about this insurance I would have claimed at the point of redundancy and then cancelled when I became self employed.

After letters to and fro to M&S who can't locate the original form they turned down my claim and referred me to the FOS. I duly filled in the form as per the MSE guide. The first response from the FOS was that they could not deal with my complaint as it had been done through an IFA. I wrote back to explain that it had not and asked them to revisit my claim. They have now written back stating that M&S Financial Services only became covered by them in April 2007 and they have no authority to deal with complaints against it about things that happened before that date.

I am a bit dumbfounded by this. M&S advised me that if I was not happy with the outcome of the complaint I could refer it to the FOS. Now the FOS say it doesn't fall within their jurisdiction.

Is there anything else I can do?

marshallka

cobster wrote: »

I posted this on a thread about credit cards and it was suggested that I transfer it to here. Any advice much appreciated.

Originally Posted by cobster
I have been writing to M&S Money regarding the PPI I feel they have wrongly attributed to my account. To cut a long story short I took a storecard out back in 1985, this then morphed into an &More Credit Card. I don't remember ever agreeing to take out PPI (I assume that it was an opt-out scheme), I have cancelled the insurance and tried to reclaim the costs. During the time PPI was in place I had two periods of redundancy and became self employed. If I had known about this insurance I would have claimed at the point of redundancy and then cancelled when I became self employed.

After letters to and fro to M&S who can't locate the original form they turned down my claim and referred me to the FOS. I duly filled in the form as per the MSE guide. The first response from the FOS was that they could not deal with my complaint as it had been done through an IFA. I wrote back to explain that it had not and asked them to revisit my claim. They have now written back stating that M&S Financial Services only became covered by them in April 2007 and they have no authority to deal with complaints against it about things that happened before that date.

I am a bit dumbfounded by this. M&S advised me that if I was not happy with the outcome of the complaint I could refer it to the FOS. Now the FOS say it doesn't fall within their jurisdiction.

Is there anything else I can do?

This is normal practice for the company to give you the opportunity to take your complaint to the FOS. As the FOS have stated they did not come into their jurisdcition until 2007 then you still have the option of the courts.

They are now under the jurisdiction of the FOS and have to give this info out to every complaint. They are not allowed to tell you what is and what is not what the FOS could deal with.

Is your claim going back to 1985 then?? Companies only usually have to keep your records for 6 years too.

di3004

Marshallka, I have sent you a pm hunni.;)

marshallka

di3004 wrote: »

Marshallka, I have sent you a pm hunni.;)

pm'd ya back.