PPI Reclaiming discussion Part II

marshallka

di3004 wrote: »

Thx hun, just sent you a pm, for some reason I could not get on the forums just now .

Will have another go with the ordering then, hope it works for me this time round lol, I'm dying to know too lol......:D
I went to order just now then this damn thing froze on me........:mad:

Same here so be quick incase it happens again.:D

Janebo12

Hi, I posted last week to say FOS had upheld my complaint re: London & Scottish.

I've now had a letter from L&S with the settlement:

"we write to advise you that we are arranging for your account to be credited with £270.83 and a cheque will be raised to the value of £1163.62. This is the remaining value of the premium of £602.77 plus the interest charged to date of £445.67 and the additional statutory interest of £115.18e..."

Details of loan were:

Loan advance £5000
Optional credit Insurance premium £875
Administration fee £375
Total loan amount £6250

Monthly repayment £112.86
Repayment period 84 months
Rate of interest 1.063% per month
APR 15.9%

Payments commenced 01/11/03 and I cancelled PPI after March 2008 payment. Do these figures add up?

Also nothing in letter about what has happened to loan account now nor of reduced payment etc.

Any help is appreciated

Thanks
Amanda

di3004

marshallka wrote: »

Same here so be quick incase it happens again.:D

OMG what am I doing wrong ?
I am ticking the ones I want then its freezing again........:mad: , then comes up error, I bets its this stupid thing, I will keep trying though or will contact them direct if I have any more trouble !!

Anyway, I was reading the letter from the lender, Endeavour when he said to refer to the lender, this was about the mis selling, and the details he gave me was

"Should you wish to refer your complaint to the Broker, please write to Click Finance, Victoria House, 23-27 South Street, Farnham, Surrey, GU9 7QU
The telephone number is: 01252 731150.
They also have other numbers: 01252 731150 and 01252 731111, also:
01252 731100.

Now doesn't these numbers match the brokers Teague as in the above posts added last night ?;)

di3004

Janebo12 wrote: »

Hi, I posted last week to say FOS had upheld my complaint re: London & Scottish.

I've now had a letter from L&S with the settlement:

"we write to advise you that we are arranging for your account to be credited with £270.83 and a cheque will be raised to the value of £1163.62. This is the remaining value of the premium of £602.77 plus the interest charged to date of £445.67 and the additional statutory interest of £115.18e..."

Details of loan were:

Loan advance £5000
Optional credit Insurance premium £875
Administration fee £375
Total loan amount £6250

Monthly repayment £112.86
Repayment period 84 months
Rate of interest 1.063% per month
APR 15.9%

Payments commenced 01/11/03 and I cancelled PPI after March 2008 payment. Do these figures add up?

Also nothing in letter about what has happened to loan account now nor of reduced payment etc.

Any help is appreciated

Thanks
Amanda

Hiya there hun.

Good to know your case has been upheld.

Regarding calculations I'm sure Tiggrae or someone who deals with this side of things here will work this out for you when they are here, hopefully today.

Why don't you request for a personal breakdown of this, this then shows how they deduct etc, you have every right to request this.;)

Di.
x

Janebo12

Thanks for your quick reply Di:D

Amanda

Janebo12

Have just spoken to L&S and they are going to send me details of what remains on the loan now etc. She said it was around £2000, I asked about reduced payments, but have decided that I will be able to pay the loan off slightly quicker if I keep it the same.

I'm just really amazed at how quick L&S have been with the FOS decision, usually they take sooo long over everything :rotfl:

I feel happier now I've got some details.

Thanks all.
Amanda

di3004

Janebo12 wrote: »

Have just spoken to L&S and they are going to send me details of what remains on the loan now etc. She said it was around £2000, I asked about reduced payments, but have decided that I will be able to pay the loan off slightly quicker if I keep it the same.

I'm just really amazed at how quick L&S have been with the FOS decision, usually they take sooo long over everything :rotfl:

I feel happier now I've got some details.

Thanks all.
Amanda

Brilliant and well done hunni.:beer: .

Did they also say they would send this in writing, the calculations/breakdown etc ?

Good on you anyway......:D .

Di.
x

di3004

Contacted Companies house, someone supposed to be getting back soon, why I don't know - I'm having problems ordering....... .

Hope they get back very soon, I'm getting very frustrated now.....:mad:

Janebo12

di3004 wrote: »

Brilliant and well done hunni.:beer: .

Did they also say they would send this in writing, the calculations/breakdown etc ?

Good on you anyway......:D .

Di.
x

Yes, should get it all confirmed in writing - have to sign a form and send it back to get the cheque through.

Thanks for your help - I really hope you get some good news soon re: your Click saga. :rolleyes:

Take care
Amanda

tiggrae

Janebo12 wrote: »

Hi, I posted last week to say FOS had upheld my complaint re: London & Scottish.

I've now had a letter from L&S with the settlement:

"we write to advise you that we are arranging for your account to be credited with £270.83 and a cheque will be raised to the value of £1163.62. This is the remaining value of the premium of £602.77 plus the interest charged to date of £445.67 and the additional statutory interest of £115.18e..."

Details of loan were:

Loan advance £5000
Optional credit Insurance premium £875
Administration fee £375
Total loan amount £6250

Monthly repayment £112.86
Repayment period 84 months
Rate of interest 1.063% per month
APR 15.9%

Payments commenced 01/11/03 and I cancelled PPI after March 2008 payment. Do these figures add up?

Also nothing in letter about what has happened to loan account now nor of reduced payment etc.

Any help is appreciated

Thanks
Amanda

Hi Amanda,

Yes, I think these figures are correct - with interest you would, in total have paid £9480.24 for the loan & ppi.

the ppi element I've worked out to be 14% of the total - (ie the % the £875 is of the £6250) - 14% of £9480.24 is £1327.23 which is the amount they are paying you back, plus an additional £115 in statutory interest.

Your loan repayments will not reduce because they are paying you back the full value of the PPI in a lump sum even though the loan still has a number of years to run (ie they are not paying you back what you've paid todate, they are paying it all back now - it's easier on them then restructuring the loan - if they only paid you back what you've paid they would repay you £821.62 in a lump sum and reduce your monthly premiums by £15.80 (ie 14%))