PPI Reclaiming discussion Part II

quisait

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!!!

Sorry forgot.

If they gave me some kind of refund of money when I settled, do I still get everything back?

halifax71

Thanks for the advice so far. My loan was for £48k over 25 years with the PPI of £11,755.20. The APR was 8.4 when the loan was taken out mid Jan 06 but FP have increased that to around 10.3% now.

I've paid 32 of the 300 payments so the PPI paid to date is about £3200. I'll wait to see what they come back with as i think the PPI element was going to be repaid fully in the 1st 5 years as i could have claimed a refund of the cost after 5 years. They say that they will put me in a position as if i had never taken out the policy so from my point of view that should be just the loan amount over the same period.

I would have thought though that it would be better if the loan was recalculated based on my "overpayments" to date. If i've been paying £100 p/m over the odds for over 2 years that would effect the interest chargeable on the loan itself wouldn't it? Then again is that what the 8% is supposed to compensate me for?

I'll post an update when i have one. Thanks again all. :T

miffythesmartbunny

hi di3004,

he took it out about 3 years ago i think. i doubt very much that he'd have kept the paperwork, he's a man! but maybe my mum put it somewhere safe for him.

what should i look out for in the paperwork?

does he have grounds for claiming the product was missold just because the agent was pushy about it?

thanks

miffy

chriiiiiiiis

Hello,

I sent my complaint letter to Barclays in May, and I've just had my response. They are unable to uphold my complaint for the usual reasons - Signed documents etc. I know for a fact that I was mis-sold the policy and will continue to fight.

But, I've just had a look at my loan/PPI agreement and on the section where I sign on the dotted line, it states:

"I wish to purchase Barclayloan Payment Protection ( ) please tick.
I understand that I am purchasing the product ticked above on credit provided by you and that the terms relating to the credit for the products can be found under Key Financial Information and Other Financial Information set out in this agreement.

Signature of Borrower

(x - where the banker has asked me to sign) -My signature-

Please tick and sign in the above box to confirm that you want to proceed with your Barclayloan Payment Protection application."

I have not ticked the box. But I've signed the agreement. There is another statement on the same document which asks me to sign the Credit agreement for the actual loan. Next to both of the signature boxes, are ticks were the person who sold me the policy has obviously asked me to sign. Does this clearly show that I have only ticked the boxes where I have been asked to. Does this mean anything? Is there any hope for me?

Thanks very much in advance.

marshallka

So is this how i work out this claim then Tiggrae- its an old one (just testing my calculation method?????) but i need to know something

Loan 17000 January 2000
ppi 4163
ppi element was 19.6% (4163 / 21163)
made 39 repayments of £285.00 so 19.6% of 285 is £55.86 (PPI of the repayments x 39 = 2178.54 (PPI paid)

loan total with interest £45600 (160 repayments of £285) with interest x 19.6% = 8937.60 (Total PPI with interest)

8937.60 minus the repayments made on the PPI element 2178.54 minus the insurance rebate of 91.94 = 6667.12

6667.12 + repayments made 2178.54 = 8845.66 total claim plus statutory interest of £3862.68 = £12708.34

Tiggrae, can you confirm the figures please or tell me where i have done wrong or does this look right.

Is this how the FOS work them out????

Really glad i put that Firstplus unfair rebate in if I am right on these.....:mad: Been done out of quite a bit according to this.

done using your method that you did for me here on my co-op one ages ago





these figures are a bit rough - but I worked out the ppi element was about 24% of the total - therefore 24% of £14112 (168 x 84) = £3386.88

you paid approximately 18 payments of £40.32 (24% of 168) which totalled £766.08 [

so 3386 - 766.08 - the rebate of 1461.93 = £1158.15

therefore you paid 766.08 + 1158.15 = 1924.23 - the statutory interest against all that comes to 681.63 - totalling £2605.86

Laini

Morning everyone

going to crack on with my Morgan Stanley ppi letter and payments today.

will post up for you to have a look at and if you have any suggestions on adding any more meat to the bones of it.

catch you later

Laini xx:j

marshallka

Anyone know how the FOS work out unfair rebates of PPI??????

Morning Laini, hope you have calmed a bit but must say i would still be mad..

Laini

marshallka wrote: »

Anyone know how the FOS work out unfair rebates of PPI??????

Morning Laini, hope you have calmed a bit but must say i would still be mad..

Morning Marshallka

was a bit hormonal yesterday too!! so mad is putting it mildly.

I need to leave it in the hands of the FOS I think if I start I could lose the plot!!!

I will take it out on the Morgan Stanley letter today (poor keyboard)

I think they just look at the figures and see how much you have paid over the period of time eg. the premium + payments then then look at the rebate.

say for instance the Fos said no about mis sold to us about Nemo but then realised the rebate was a fraction of what we paid 10k + 900 - 1400 = 9500 for one years insurance cover!!

does this make sense

marshallka

Laini wrote: »

Morning Marshallka

was a bit hormonal yesterday too!! so mad is putting it mildly.

I need to leave it in the hands of the FOS I think if I start I could lose the plot!!!

I will take it out on the Morgan Stanley letter today (poor keyboard)

I think they just look at the figures and see how much you have paid over the period of time eg. the premium + payments then then look at the rebate.

say for instance the Fos said no about mis sold to us about Nemo but then realised the rebate was a fraction of what we paid 10k + 900 - 1400 = 9500 for one years insurance cover!!

does this make sense

I would be still mad about this. What cheek... I bet the FOS are fed up of them really if they do this to all claims.


So there is no set method of calculation then. I just wondered what i am looking for back from my Firstplus one if they do look into it??

Do they take into account the interest on the PPI for the whole loan etc.

cot1198

Morning all
sorry this one is a bit off topic but not getting any response from the credit card reclaiming board. this was my post

Just got the information back from beneficial that I requested under DPA, but it's not what I asked for. I asked for a list of charges on the account and/or statements for the past six years as I closed the account in 2005

What I got was a dated list of minimum payment requests and payments made by direct debit to the account, somthing like this:

04/01/05 24.27 billed finance charge
27/01/05 27.00 direct debit payment
04/02/05 25.06 billed finance charge
01/03/05 27.00 direct debit payment
and so on

the letter says:
"due to the account being dormant for a substantial amount of time, it has been purged from our system"
but the account was only closed in August 2005

my question is have they sent me just enough not to be in trouble with the information commishioner, do they not need to,by law keep detailed records for the past six years can any one give me any clues as what to do next

so does anyone on here know what to do next?