PPI Reclaiming discussion Part II

m.colak

marshallka wrote: »

The agreement and the application that we made do not match. The application is signed by us asking for a loan of £17k over 120 months with repayments of £280 and the actual agreement states ppi added and the term has increased to 160 months but still about £280 repayments. Is there anything legal about the application differing from the agreement.

Do the FOS deal with cases like this or will they say you actually signed the agreement and the application means nothing in law

Well if the signed copy says one thing and the unsigned copy says another you can force the issue over the fact you never agreed to the later as where is your signature for agreement?

m.colak

angelwillow wrote: »

Sorry for my ignorance but what is rule 78?

As marshallka stated its how they originally worked out the rebate for the loan being paid of early. It was unfair disproportionate and the guildlines for the ceaseation of utilising rule 78 came into being in 1997 by the financial services and markets act.

marshallka

m.colak wrote: »

Well if the signed copy says one thing and the unsigned copy says another you can force the issue over the fact you never agreed to the later as where is your signature for agreement?

they are both signed by us but are orginal application stated £17k over 10 years and the actual agreement that firstplus did (not Freedom) was for £17k loan, ppi £4163 and over 160 months and not 10 years. Can changes be made to an application before an actual agreement is made up. I remember we were told it was a condition of the loan and obviously i said that all we could afford to repay was the orginal £280 per month so they added the ppi and then extended the term from 120mths to 160mths. Should we not have had another application for this and then the agreement or can figures be changed after you have applied and signed. It shows that this was added after our application and not during.

m.colak

marshallka wrote: »

they are both signed by us but are orginal application stated £17k over 10 years and the actual agreement that firstplus did (not Freedom) was for £17k loan, ppi £4163 and over 160 months and not 10 years. Can changes be made to an application before an actual agreement is made up. I remember we were told it was a condition of the loan and obviously i said that all we could afford to repay was the orginal £280 per month so they added the ppi and then extended the term from 120mths to 160mths. Should we not have had another application for this and then the agreement or can figures be changed after you have applied and signed. It shows that this was added after our application and not during.

I hate doing this maths because it usually upsets people but you signed a piece of paper which said that you would extend the loan by 40 months for a PPI of £4200. Working on the old calculator £11200 extra for including the PPI (yikes). They would justify this by saying that the interest would have increased plus you have the ppi interest as well. Hmmmm i certain would contest this on the grounds that although the payment plan was in your interest, the actual final settlement figure, which wasn't displayed, wasn't. I guessing from this that it wasn't can you confirm for me??

marshallka

m.colak wrote: »

I hate doing this maths because it usually upsets people but you signed a piece of paper which said that you would extend the loan by 40 months for a PPI of £4200. Working on the old calculator £11200 extra for including the PPI (yikes). They would justify this by saying that the interest would have increased plus you have the ppi interest as well. Hmmmm i certain would contest this on the grounds that although the payment plan was in your interest, the actual final settlement figure, which wasn't displayed, wasn't. I guessing from this that it wasn't can you confirm for me??

my orginal loan that i asked for was 17k and over 10 years hence $280 per month £33600

with the ppi it extended it to £4163 and over an extra 40 months and was totalling £45,000. (still £280 ish per month)

They apparently did not have to issue the total charge for credit as the interest was variable.

£11,400 extra for ppi addition

niemowle

i did posted it a bit earlier but again i am asking for help, please i truly cannot do it myself

Hi , I would love someone to help me with calculating this PPI on my loan, I paid it off earlier.

• took it out 26/10/05 and paid it on the 26/01/07

• it was single premium policy

APR18.9%

• Amount of loan: cash loan £2,000.00 + premium loan £517.61 = 2,517.61
• Total amount payable: £3,016.80 £780.60
• Monthly repayment: £50.28 + £13.01 = £63.29
• Number of repayments: 60

• Total charge for credit: cash loan £1,016.80 premium loan £262.99
• Interest rate: 17.527%

I have just received their final response and it is the usual fob off letter and I would just like to know what kind of sum I can expect or maybe just a partial refund. I am going to write to them to say that I am not happy with their response and I am going to give them another 14 days
I WOULD APPRECIATE YOU HELP, PLEASE! Thank you
Niemowle

m.colak

marshallka wrote: »

my orginal loan that i asked for was 17k and over 10 years hence $280 per month £33600

with the ppi it extended it to £4163 and over an extra 40 months and was totalling £45,000. (still £280 ish per month)

They apparently did not have to issue the total charge for credit as the interest was variable.

£11,400 extra for ppi addition

Hmmm pm me your email address and will send you the consumer credit (agreement) regulations what tells you what should be in the make up of the credit agreement: in particular:

(10) Where the information about financial and related particulars set out in paragraphs 5 and 6 of Part II of Schedule 8 to these Regulations cannot be exactly ascertained by the owner, estimated information based on such assumptions as the owner may reasonably make in all the circumstances of the case and an indication of the assumptions made shall be included in documents embodying modifying agreements varying or supplementing earlier hire agreements.

SCHEDULE 8
REGULATED MODIFYING AGREEMENTS

PART II
INFORMATION TO BE CONTAINED IN DOCUMENTS EMBODYING REGULATED MODIFYING AGREEMENTS VARYING OR SUPPLEMENTING EARLIER HIRE AGREEMENTS

Other payments

6 Modifying agreements under which any provisions of an earlier agreement relating to payments other than advance payments and hire payments are varied or supplemented, including a change to or from there being no such other payments.
(1) The amount (or a statement indicating the manner in which the amount will be determined) of each of the following descriptions of payments (not being an advance payment or a hire payment) to be made under the modified agreement by, or on behalf of, the hirer, or a relative of his, to the owner in relation to any period on or after the date of the modifying agreement, that is to say:
(a) any payment under arrangements for the installation, care, maintenance or protection of any goods;
(b) any premium under a contract of insurance; or
(c) any payment payable on termination of the modified agreement (other than a payment on default to be shown under paragraph 10 below).
(2) The timing of such payments to be made under the modified agreement expressed by reference to one or more of the following:
(a) the dates on which each payment is to be made;
(b) the frequency and number of the payments and the date of the first payment or a statement indicating the manner in which that date will be determined; or
(c) a statement indicating the manner in which the dates of the payments will be determined.
(3) References in this paragraph to the owner include references to his near relative, his partner and a member of a group of which he is a member, to any person nominated by him or by any such person in relation to the arrangements, the contract of insurance or the termination of the modified agreement, and to a near relative of his partner; and ‘near relative’ means, in relation to any person, the husband, wife, father, mother, brother, sister, son or daughter of that person and ‘group’ means the person (including a company) having control of a company together with all the companies directly or indirectly controlled by him.

Hope this helps,

Matt

Ploddy

Could someone clarify something for me. I am currently in the process of reclaiming my PPI. When I was sold this loan I was consolidating another one at the time, the original loan (with a different supplier) had PPI included. I was told by Natwest that because the loan they were consolidating had PPI then their loan also HAD to have it.
Whilst I don't believe this to be true, I can find this info anywhere. Anybody know the answer.

Ploddy.

m.colak

niemowle wrote: »

i did posted it a bit earlier but again i am asking for help, please i truly cannot do it myself

Hi , I would love someone to help me with calculating this PPI on my loan, I paid it off earlier.

• took it out 26/10/05 and paid it on the 26/01/07

• it was single premium policy

APR18.9%

• Amount of loan: cash loan £2,000.00 + premium loan £517.61 = 2,517.61
• Total amount payable: £3,016.80 £780.60
• Monthly repayment: £50.28 + £13.01 = £63.29
• Number of repayments: 60

• Total charge for credit: cash loan £1,016.80 premium loan £262.99
• Interest rate: 17.527%

I have just received their final response and it is the usual fob off letter and I would just like to know what kind of sum I can expect or maybe just a partial refund. I am going to write to them to say that I am not happy with their response and I am going to give them another 14 days
I WOULD APPRECIATE YOU HELP, PLEASE! Thank you
Niemowle

What was your settlement figure and what was the date of the first payment??

m.colak

Ploddy wrote: »

Could someone clarify something for me. I am currently in the process of reclaiming my PPI. When I was sold this loan I was consolidating another one at the time, the original loan (with a different supplier) had PPI included. I was told by Natwest that because the loan they were consolidating had PPI then their loan also HAD to have it.
Whilst I don't believe this to be true, I can find this info anywhere. Anybody know the answer.

Ploddy.

Again this is rubbish and PPI is optional at all times. Just because another company put PPI has nothing to do with some other company providing you the money to pay said loan off. I would right this in the letter stating that you were mis informed on the loan application on the requirement for PPI relating to the previous loan.