PPI Reclaiming discussion Part II

tiggrae

marshallka wrote: »

So then you are back in the waiting list again or with the same adjudicator.

Also what do you mean 78% - 78% of what and then 22% of what. I still don't understand this.

See my post above - a bit more detail.

78% of the amount they should have rebated you - the 22% is 78- 100 - they say that is their reasonable adminstrative costs

no, you go back to the same adjudicator

pinknico

tiggrae wrote: »

don't know is the answer to that you - have you received any new terms & conditions from the company who've taken over adminstration of the loans etc. if not I'd say the existing contract terms have been transferred and therefore, you would complain to the new company and the FOS should be able to help

There has been no new terms and conditions they have said the same ones apply. Have rung them to send me figures for if I cancelled my PPI ,will see what they come back with. Paid 19960 for PPI and had it for 2 years.Only lasts 5

marshallka

tiggrae wrote: »

78% of the amount they should have rebated you - the 22% is 78- 100 - they say that is their reasonable adminstrative costs

no, you go back to the same adjudicator

How do they work the 78% rebate out. Is it over the total cost of the PPI including the interest they have added and take away your repayments made and then rebate 78% of the amount left. Or is it 78% of the PPI without the interest added less the repayments made. Or just 78% of the PPI on the agreement.

tiggrae

marshallka wrote: »

How do they work the 78% rebate out. Is it over the total cost of the PPI including the interest they have added and take away your repayments made and then rebate 78% of the amount left. Or is it 78% of the PPI without the interest added less the repayments made. Or just 78% of the PPI on the agreement.

they take off what you've paid - then calculate 78% against the ppi on the agreement - without interest - it's upto you then to decide whether the amount offered is fair

tiggrae

pinknico wrote: »

There has been no new terms and conditions they have said the same ones apply. Have rung them to send me figures for if I cancelled my PPI ,will see what they come back with. Paid 19960 for PPI and had it for 2 years.Only lasts 5

then you need to start a claim for mis selling

marshallka

tiggrae wrote: »

they take off what you've paid - then calculate 78% against the ppi on the agreement - without interest - it's upto you then to decide whether the amount offered is fair

Our policy was on the agreement of £4163.00 without interest then working it out it actually cost us £8845.66 - so they say "what youv'e paid meaning what its cost you cause thats what we paid in actual amounts and we paid £8845.66...being £8937.60 less the rebate of £91.94 over 39 months and not 160 as we settled early.

M colak did this and i want to know what payments i am looking back for this unfair rebate

Loan Amount £17000.00 Loan Interest £19363.00
PPI Amount £4163.00 PPI Interest £4741.66
Interest Rate 113.90%

Number of Payments 160

First Payment Date 14-Feb-00
Loan Settled 15-Apr-03

Total Paid To Date £10750.96 Settled Figure £20410.00
Amount Remaining £14106.70
PPI Rebate £3174.29 Loan Interest Rebate £14764.29
PPI Interest Rebate £3615.52
Amount Overpaid -£7447.40 Banks Taken From You

PPI Reclaim Report

Number of Payments Made 38
Amount of PPI Paid £988.71
Amount of PPI Interest Paid £1126.14
8% Interest On PPI £1120.87
Total PPI Reclaim £3235.72

Ok looking at that you have had a disproportional rebate of approx £7447 and you should be looking at a PPI rebate (if mis sold) of £3235.72



You yourself told me this too


As for what you paid - as a rough guide your PPI looks like it was about 20% of the
£286 a month you were paying - so 20 of £21400 you paid on early redemption is £4280 - that's just a rough guide though - on the FOS claim form you need to put down you want the full amount you had to pay for the PPI on early redemption, plus any interest + 8% statutory interest


(although the figure was £20400 to settle and not £21400) so am i looking at a unfair rebate of £4080 plus statutory interest here???? being another £1779 totalling £5859 plus any interest as you say here. That would then be about what i would feel right with here if you know what i mean...

I have now added this to my complaint for the unfair rebate to the FOS by email.

Wow that would be nice.:j

pinknico

tiggrae wrote: »

then you need to start a claim for mis selling

This is currently with the FSCS but I have yet to cancel as if they say it wasnt mis sold I can get 50% back (thats how they suck you in)

When I spoke to Picture( the original) if I had cancelled I would have only saved £20 a month and only had £ 2450 taken off the loan.
Hoping with all this attention the NEW Picture will have a better offer

Tiggrae any inside information about Picture in Default !

marshallka

pinknico wrote: »

This is currently with the FSCS but I have yet to cancel as if they say it wasnt mis sold I can get 50% back (thats how they suck you in)

When I spoke to Picture( the original) if I had cancelled I would have only saved £20 a month and only had £ 2450 taken off the loan.
Hoping with all this attention the NEW Picture will have a better offer

Tiggrae any inside information about Picture in Default !

Doesn't Tiggae mean to put a claim in for misselling with the new company that has bought out picture.??? Being the other Picture??

pinknico

marshallka wrote: »

Doesn't Tiggae mean to put a claim in for misselling with the new company that has bought out picture.??? Being the other Picture??

I think the only claim I could have against the new Picture is if the figures they send me if I cancel seem to be a unfair rebate.
Any thing to do with the selling of insurance has to go to the fscs.

marshallka

pinknico wrote: »

I think the only claim I could have against the new Picture is if the figures they send me if I cancel seem to be a unfair rebate.
Any thing to do with the selling of insurance has to go to the fscs.

I heard it was sold for £1 on another thread???