PPI Reclaiming discussion Part II

halifax71

Put my letter in 6 weeks ago and got my response today accepting that our existing employers sick cover made the PPI inappropriate. CC have asked FP for a buy out figure for the insurance and CC will refund the cost of the premium + interest to date.

This will obviously reduce my payments to an amount covering the loan only. They say that i will be refunded personally the PPI amount + interest. As i've been paying £100+ month for the PPI should i ask for this amount to be deducted from my loan as opposed to being refunded to me?

If my thinking is correct this would reduce the interest that would have been payable on the actual loan as i would have in effect been paying £530 a month off the actual loan for 2 years instead of £430 loan + £100 PPI.

Any advice would be appreciated.

di3004

maxdp wrote: »

From what I understood if one adjudicator could not reach agreement it went to second but it was unusual for one to over rule the other. It them went on to Ombudsman who's decision was final. But want to know if that correct:rolleyes:

Hi Max hunni.

Yes this can be confusing in who is who at the FOS for some and I can understand this, because the first time round it confused me too.

Maybe everyone's case is different, but going by with what happened with mine, I had taken it that's how it worked.

I do often wonder if some complainants can request for another ombudsman to take a look if not happy ??:rolleyes:

All I can really say then is that the ombudsman is the final stage, yet my ombudsman dealt with both my provisional and final decision, and this may of been the case with Laini's where this is causing some confusion here

di3004

halifax71 wrote: »

Put my letter in 6 weeks ago and got my response today accepting that our existing employers sick cover made the PPI inappropriate. CC have asked FP for a buy out figure for the insurance and CC will refund the cost of the premium + interest to date.

This will obviously reduce my payments to an amount covering the loan only. They say that i will be refunded personally the PPI amount + interest. As i've been paying £100+ month for the PPI should i ask for this amount to be deducted from my loan as opposed to being refunded to me?

If my thinking is correct this would reduce the interest that would have been payable on the actual loan as i would have in effect been paying £530 a month off the actual loan for 2 years instead of £430 loan + £100 PPI.

Any advice would be appreciated.

Hello there
And golly what a lot in just PPI !!:eek:

Now I hear different opinions on these issues hun, how would you like it personally to be repaid ?
Direct to you or have this deducted ?

Some firms just automatically deduct but I know some customers have also requested this in a cheque payment form.

If you like, wait until you receive more responses from here if you want to hun.;)

Good news anyway on this part, well done !:D :beer: :j .

Di.
x

di3004

nipping to the shops, catch you soon folks......:D .

maxdp

halifax71 wrote: »

Put my letter in 6 weeks ago and got my response today accepting that our existing employers sick cover made the PPI inappropriate. CC have asked FP for a buy out figure for the insurance and CC will refund the cost of the premium + interest to date.

This will obviously reduce my payments to an amount covering the loan only. They say that i will be refunded personally the PPI amount + interest. As i've been paying £100+ month for the PPI should i ask for this amount to be deducted from my loan as opposed to being refunded to me?

If my thinking is correct this would reduce the interest that would have been payable on the actual loan as i would have in effect been paying £530 a month off the actual loan for 2 years instead of £430 loan + £100 PPI.

Any advice would be appreciated.

Its not up to them to dictate what you do with your money. You can request a cheque or have the loan re financed at a rate the same as when you took it out. You chose what you do with the refund do not be pushed by them:eek:

marshallka

maxdp wrote: »

From what I understood if one adjudicator could not reach agreement it went to second but it was unusual for one to over rule the other. It them went on to Ombudsman who's decision was final. But want to know if that correct:rolleyes:

ON the leaflet from the ombudsman its states

irst steps first

We’ll usually start by seeing if we can help you and the business sort things out informally. We’ll:

1. look at your side of the story
2. contact the business to get their side of the story
3. weigh up the facts [FONT=MetaBook-Italic,MetaBook-Italic][FONT=MetaBook-Italic,MetaBook-Italic]and[/FONT][/FONT]
   
4. tell you and the business what we think.

Because we don’t take sides, we are able to stand back and take a fresh look at the situation. And we can often come up with a quick and informal solution that satisfies both sides.
If we can’t resolve your complaint this way, we may need to take a more formal approach. This could mean that the adjudicator working on your case will have more questions for both you and the business. We may also ask for other documents and information. So it could take some time before we can get to the bottom of your complaint.
We’ll always keep you up-to-date, so you’ll know what’s happening with your case. We aim to settle most disputes within six to nine months. But some complaints can take longer to settle – for example, if you or the business raise especially complex issues.
When we have completed our work on your case, the adjudicator will write to you, setting out how the complaint should be resolved. Usually both sides accept what the adjudicator says – and this settles the dispute.

what if this still doesn’t resolve the problem?

If you don’t accept what the adjudicator says about your complaint, then you (or the business) can ask to have the case reviewed. The review of a complaint at this stage would be carried out by one of our ombudsmen.
An ombudsman’s decision is final. It is the end of the matter as far as our process is concerned. It will not be possible for us to look at the case again. No ombudsman, however senior, has the right to overrule the decision of another ombudsman.

If you do not accept our decision you are free to take your dispute to a court instead, if you wish to do so. But we cannot give you legal advice about any court requirements or restrictions (for example, on time limits).

marshallka

halifax71 wrote: »

Put my letter in 6 weeks ago and got my response today accepting that our existing employers sick cover made the PPI inappropriate. CC have asked FP for a buy out figure for the insurance and CC will refund the cost of the premium + interest to date.

This will obviously reduce my payments to an amount covering the loan only. They say that i will be refunded personally the PPI amount + interest. As i've been paying £100+ month for the PPI should i ask for this amount to be deducted from my loan as opposed to being refunded to me?

If my thinking is correct this would reduce the interest that would have been payable on the actual loan as i would have in effect been paying £530 a month off the actual loan for 2 years instead of £430 loan + £100 PPI.

Any advice would be appreciated.

Don't try to work out your figures by yourself. Let them give you the figures and then post them on here for someone to look at for you. They can be quite wrong sometimes and and you need to make sure of what would happen if you reduced the loan or what would happen if you had the payment by cheque. Also there would be statutory interest on this too to take into account.

If this was a single premium also you would have been due interest on this on top of the loan for the full term of the loan and not only the repayments you have made to date. If you post the figures and dates etc I am sure someone can help you not to get taken again.

If this went to the Omudsman and you won the claim then they would put you back into the position as if you never had the PPI at all. Thats what you need from them now.

tiggrae

quisait wrote: »

Hi again

Just phoned Bank of Scotland and was told that my PPI was a single premium policy.

I am to get a refund that "put me back to a position had I not taken the PPI".

My original loan was £5000 + £971.68 interest at 5.8% apr.
PPI was £2131.20 + £414 interest.
My payment each month was £118.29

Did find a PPI calculator but not sure what to do with it:(

What am I likely to get back?
My loan started in April 05. I had actually opened it in Jan 05 but deferred the start until April 05.

The loan was then settled in Apr 08.

Anyone able to give me a clue?

Thanks

as you've paid it in full you'll get the £2131.20 + £414 - what they probably won't add on is any statutory interest (which is what you're entitled to as you've been unlawfully deprived of money) but if they're just putting you back to the position before the ppi I bet they won't be adding it on

tiggrae

Morgan69 wrote: »

Hi all you clever people.
Firstly, I won a PPI claim with Yorkshire Bank :T. Balance reduced by 3800 and I got 600 in me sky rocket.

Right on to my other two loans I thought, 1 with Yrokshire and a very very messy one with A&L (when you say A&L really fast it sounds like anal hehe, which would make it a very messy anal.....anyway).

Yorkshire bank declined saying my loan was taken out in the branch (which it was) and the member of staff who set up the loan for me recalls going through the PPI with me and the PPI suited me at the time, almost 6 years ago!!

Should I challenge this? I'm not so confident now as I can remember who it was.

A&L ingored my letter, so i sent it again. Now here is where it gets messy.

My loan is a joint one, with an Ex Partner. We took out the loan in Jan 04.
we broke up :beer: , we continued to pay half each no problem. Then in Oct 2006, she went IVA :mad: and assured me with calls from her IVA Company I need not worry just keep paying 51% of the monthly payments as she has had a repayment of 49p in every pound agreed. OK I thought :rolleyes: . Then I got a letter asking for the full balance to be paid :eek:. I called and explained what was happening and they said they haven't received any payment from the IVA and could not tell me what was being paid or when, as it was still in the first month of Her IVA they said it could take a while to filter through, so I paid what I could, OK I thought. we are now here in Sept 08, the account has slipped further and further into arrears. I get a call every 6 months asking to speak to Ex (which as far as I was aware they are not allowed to do, but still do) and I go through the whole thing from the start every time :mad:.

Here is the Kicker:- The PPI covers Her Only!! therefore pointless. I can not cancel the PPI as the account is in arrears and only she can cancel it. The PPI was an upfront added on the start job too.

I need help, lots of it.

I have sent the first letter again. This time I will follow it up with the Step 2 letter after 8 weeks if no responce.

I understand I am responable for the loan, I do not know how to play this with regard to monies being paid from her IVA to the Loan.

any thoughts, sugestions, advice, help would be much appreiciated.

as the account is in arrears you'll probably find the PPI has been cancelled anyway - one of those nice little clauses they put into the terms and conditions - I'd ring and ask if it's still going - but if it's in her name only she can make a reclaim - but what they'll is take it off the amount outstanding on the loan so at least you'll have the loan cleared

tiggrae

marshallka wrote: »

Tiggrae, just trying these calcualtions out and cannot find out where you get PPI element of 24% as i work it like 31% being 2588.84 divide by 8100.00 being 31%. Tell me how you actually work out the PPI element percent and then i think i have sussed the claims thingy..

Is it worked out this way because the PPI is always five years and the loan being seven???

Just tell me if the actual amount of the PPI element (not being rough here so i can see if I am right is 22.3% ???) This is if the five year thing comes into it as I said above.

you'll have to post me the original details of the loan and PPI and how many months was it taken over