PPI Reclaiming discussion Part II

marshallka

tiggrae wrote: »

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

They are here Tiggrae.

Had Loan from co-op in December 2002 for £8100
PPI single premium £2588.84
repayments were £168.00 per month for 7 years (84 months)
Settled on 9th July 2004 after repaying for 19 months and settled £7640.49
Interest rebate £2019.90
Insurance Rebate £1461.93
APR looks to be 8.3%

thanks

tiggrae

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.

you can ask for the money to be paid off your loan but to be honest you're better getting the cheque yourself, making sure the amount is correct, let them then reduce your payments down to be without the PPI - so again you can see what they've done and how they've calculated it - Then you can pay the money into the loan yourself - I wouldn't trust either party an inch to get it right or calculate it in a way that properly benefits you !!

tiggrae

marshallka wrote: »

They are here Tiggrae.

Had Loan from co-op in December 2002 for £8100
PPI single premium £2588.84
repayments were £168.00 per month for 7 years (84 months)
Settled on 9th July 2004 after repaying for 19 months and settled £7640.49
Interest rebate £2019.90
Insurance Rebate £1461.93
APR looks to be 8.3%

thanks

ok if both figures quoted (ie 8100 & 2588.84 are without interest) then you add them both together to get a total loan amount (without interest) of 10688.84 .

2588.84 / 10688.84 = 24.22 ( I think you forgot to add the 2 together)

24.22% of 168 = 40.69 x 19 = £773.10

on the rebate side 84 months x 168 = 14112

24% of 14112 is 3386.88 - 1461.93 = 1924.95
now if the interest rebated has part of the PPI then 24% of 2019.90 is 484.78

3386.88 - 1461.93 - 484.78 = £1440.17 is the amount you're looking for back (but it is dependant upon whether part of the interest rebated was on the ppi element.)

marshallka

tiggrae wrote: »

ok if both figures quoted (ie 8100 & 2588.84 are without interest) then you add them both together to get a total loan amount (without interest) of 10688.84 .

2588.84 / 10688.84 = 24.22 ( I think you forgot to add the 2 together)

24.22% of 168 = 40.69 x 19 = £773.10

Ahhh thanks for that Tiggrae, i need to really understand it and not think i do ifyou know what i mean. Its just me, I HAVE to understand...
thanks again, going to bed early now as i am really knacked.

tiggrae

marshallka wrote: »

Ahhh thanks for that Tiggrae, i need to really understand it and not think i do ifyou know what i mean. Its just me, I HAVE to understand...
thanks again, going to bed early now as i am really knacked.

added to it but you're probably better looking in the morning - nite nite

marshallka

tiggrae wrote: »

added to it but you're probably better looking in the morning - nite nite

That was the interest rebate and not the insurance rebate you have added . The insurance rebate is the other figure so looking about £2600 with stat interest.

thanks tiggrae, you had worked it out for me before but i wondered if icould do it myself and wanted to check another 3.

quisait

tiggrae wrote: »

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

Thanks for that. If I get that then, wow!!! They did say plus interest.

Will be interesting to see what they do!

Would be very nice if they do give £2400 back!!!

tiggrae

marshallka wrote: »

That was the interest rebate and not the insurance rebate you have added . The insurance rebate is the other figure so looking about £2600 with stat interest.

thanks tiggrae, you had worked it out for me before but i wondered if icould do it myself and wanted to check another 3.

yeah realised :eek: swapped it round now so should be right - really it's all quite simple to work out as long as you have the figures

tiggrae

quisait wrote: »

Thanks for that. If I get that then, wow!!! They did say plus interest.

Will be interesting to see what they do!

Would be very nice if they do give £2400 back!!!

if you've been mis sold then it's your money and you're entitled to it all back !!!

Laini

marshallka wrote: »

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

1. [FONT=MetaBook-Italic,MetaBook-Italic][FONT=MetaBook-Italic,MetaBook-Italic]and[/FONT][/FONT]
   
2. 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).

I have not known 2 adjudicators review a complaint before an Ombudsman.
I am hopeful of that (finally)the Ombudsman agrees with the 2 adjudicators.
will update you of the outcome of this so hopefully others will know what to expect when dealing with FOS and Nemo