PPI Reclaiming discussion Part II

tiggrae

maxdp wrote: »

Hi Guys not wishing to label people but just trying to put my own expertise on this web site. Do not know so much about financial stuff but do know my other stuff and wanted to share if appropriate with others.

If we all come to the same goal then as far as I am concerned that is helpful. We all bring ns different skills and just want to help.

the problem being is getting those people to access this type of information - I had one guy who had been 'sold' a policy by lloyds bank - he was blind, had never worked due to suffering epilepsy all his life - how could they possibly justify that - I've never had a claim settled so quickly - I never charged anything I was so mad !!

tiggrae

marshallka wrote: »

Told them now to forget my email of this afternoon in that i was anxious about the amount and was trying to work it out myself. I have asked them to disregard my email. Is that OK. Please tell me i have not messed up here.

should be OK - I've found them all to be very reasonable so far

marshallka

tiggrae wrote: »

should be OK - I've found them all to be very reasonable so far

Was the 20% of the settlement being the 4080 plus interest plus stat int reasonable though to ask for??

di3004

Found the Credit Agreement of the first loan arranged by the brokers TWOPART/ELOAN (Nemo the lender paperwork).

Cash loan amount £43,000

PPI £8,492.50

Total Loan £51,492.50

Monthly payments = 300
Monthly payments = £370.53

Monthly Interest Rates
(variable - see clause 8 2.2 overleaf) 0.600 %
APR (assumes no variation in rate) 7.4%

(Variable by notice to you if the Interest Rates varies, or in the case of the first payment, when this is due more than 30 days after execution of the Agreement)

Signed 18/11/2005
First payment to be made on 18/12/2005

PAYMENT PROTECTION INSURANCE

IF AN OPTIONAL PPI PREMIUM HAS BEEN SHOWN IN THE LOAN ABOVE THEN:

1. The total amount of the premium (inclusive of the Insurance Premium Tax at the current rates) for your cover is shown in the Optional Payment Protection Premium Box.

2. The premium is set and will not vary or be reviewed during the 60 months period of cover.

3. There are no additional fees or taxes payable in respect of the premium other than interest on the premium loan shown in the Optional PPI premium box.

Assuming you keep to the term of the agreement and that the interest rates do not vary, this interest would be £9840.24.

The total price you would pay for cover is £18332.24, this will however change in interest rates change.

You understand that the phrase ASU refers to Accident, Sickness & Unemployment cover that you have selected.
"Single Life, Single ASU Cover".
..................................................................................................
Written explanation of settling original agreement:

The value of the original agreement settled by new loan outstanding balance (on the day the further advance settles it) plus any interest that has accrued on the account since the last montly instalment was paid.

In your individual case:
Balance = £51022.52 + Accrued Interest @ £181.16 = £51203.68

When the Payment Protection Policy is taken, the TOTAL outstanding balance of the account is the loan amount + the payment protection premium.

In your individual case:
Loan amount @ £43,000 + Payment Protection Premium @ £8492.50 = £51,492.50.

However, upon settling of the original agreement we give a rebate for the above mentioned protection (ie: for the remainder of the 60 month term that has not been needed).

In your individual case:
Payment Protection insurance Premium = £8492.50

Number of months cover ran for (ie: length of time the original agreement ran) = 9 months
Rebate applied to account (for 51 months of unused cover) = £7644.43

(Therefore the 9 months of cover cost £848.07)

The above rebate (£7644.43) was then applied to the earlier figure (ie: the balance of the account + accrued interest), and the result was the amount that was used to settle the original agreement.

In your individual case:
Balance + Accrued Interest: £51203 - £7644.43 (the rebate of the payment protection).

Figure used to settle the original Nemo agreement = £43559.25.
.................................................................................................
Then I have this which has confused me rebate wise.

Any thoughts ?

SINGLE POLICY
PREMIUM £8492.50
DATE OF INCEPTION 21/11/2005
DATE OF CANCELLATION (FOR CONSOLIDATION) 07/07/2006
AGE IN MONTHS 9

CASHBACK PREMIUM: £1,679.15
CASHBACK COMMISSION: £43,00
CASHBACK IPT: £86.00

LASU PREMIUM: £1,650.34
LASU COMMISSION: £4,591.45
LASU IPT: £82.56

CANCELLED AFTER 30 DAYS: £1,258.26
FURTHER ADVANCE WITH CLAIMS/ARREARS: £6,271,65
FURTHER ADVANCE PRE FEB 2006: £7,633.28
FURTHER ADVANCE POST FEB 2006:£7,644,43

FACTOR: 75.30%

CALCULATIONS
CANCELLATION AFTER 30 DAYS

cashback premium rebate £0.00
Cashback commission rebate:£0.00

Cashback IPT
LASU PREMIUM REBATE: £1,650.34
LASU COMMISSION:£0.00
LASU

£1,242,72
15.55
£1,258.26
...................................................................................................
ANOTHER ONE OF THESE:

PPP SINGLE POLICY
PREMIUM £8,492.50

DATE OF INCEPTION 21/11/2005
DATE OF CANCELLATION 07/07/2006

AGE IN MONTHS - 9

CASHBACK PREMIUM - £1,679.15
CASHBACK COMMISSION - £43.00
CASHBACK IPT £86.00

LASU PREMIUM £1,650.34
LASU COMMISSION £4,951.45
LASU IPT £82.56

CANCELLED AFTER 30 DAYS £1,258.26
FURTHER ADVANCE WITH CLAIMS/ARREARS £6,271.65
FURTHER ADVANCE £7,633.28

FACTOR 75.30%
................................................................................................
Not sure when they state about cancellation after 30 days, as I did not cancel on this first loan/ppi.
We consolidated for a new loan that is when they recalculated this for settlement.

Now do I need to add the new loan advance agreement figures here to - to have this worked out ?

Thanks all.
xxxx

tiggrae

marshallka wrote: »

Was the 20% of the settlement being the 4080 plus interest plus stat int reasonable though to ask for??

yes because that's the amount we worked out the PPI element to be -

marshallka

tiggrae wrote: »

Marshalla, just to clarify are you claiming for mis selling or for an unfair rebate? Basically I think you would be out of time for the mis selling angle, however if you're going for an unfair rebate that is sooooooooo much easier to reclaim against - FP were regulated (make your complaint against Barclays t/a FP) - the fsa have stated the following in respect to early settlement of PPI - your complaint to the FOS should be on this basis and give the date of 2003 as to when it took place - NOT 2000 when it was sold.

If you repay your loan early, the PPI is of no further value to you because the PPI benefits are linked to it. So a firm should not prevent you from receiving a partial refund from the PPI policy if you cancel the policy or repay the loan early. However, you may not be entitled to a refund if you cancel very close to the end of the period covered or if you have already made a successful claim under the policy.

See this document single premium PPI

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

Here is the original post from you here.


Now i have emailed them and told them to forget it... Will they understand i am under stress here.

marshallka

di3004 wrote: »

Found the Credit Agreement of the first loan arranged by the brokers TWOPART/ELOAN (Nemo the lender paperwork).

Cash loan amount £43,000

PPI £8,492.50

Total Loan £51,492.50

Monthly payments = 300
Monthly payments = £370.53

Monthly Interest Rates
(variable - see clause 8 2.2 overleaf) 0.600 %
APR (assumes no variation in rate) 7.4%

(Variable by notice to you if the Interest Rates varies, or in the case of the first payment, when this is due more than 30 days after execution of the Agreement)

Signed 18/11/2005
First payment to be made on 18/12/2005

PAYMENT PROTECTION INSURANCE

IF AN OPTIONAL PPI PREMIUM HAS BEEN SHOWN IN THE LOAN ABOVE THEN:

1. The total amount of the premium (inclusive of the Insurance Premium Tax at the current rates) for your cover is shown in the Optional Payment Protection Premium Box.

2. The premium is set and will not vary or be reviewed during the 60 months period of cover.

3. There are no additional fees or taxes payable in respect of the premium other than interest on the premium loan shown in the Optional PPI premium box.

Assuming you keep to the term of the agreement and that the interest rates do not vary, this interest would be £9840.24.

The total price you would pay for cover is £18332.24, this will however change in interest rates change.

You understand that the phrase ASU refers to Accident, Sickness & Unemployment cover that you have selected.
"Single Life, Single ASU Cover".
..................................................................................................
Written explanation of settling original agreement:

The value of the original agreement settled by new loan outstanding balance (on the day the further advance settles it) plus any interest that has accrued on the account since the last montly instalment was paid.

In your individual case:
Balance = £51022.52 + Accrued Interest @ £181.16 = £51203.68

When the Payment Protection Policy is taken, the TOTAL outstanding balance of the account is the loan amount + the payment protection premium.

In your individual case:
Loan amount @ £43,000 + Payment Protection Premium @ £8492.50 = £51,492.50.

However, upon settling of the original agreement we give a rebate for the above mentioned protection (ie: for the remainder of the 60 month term that has not been needed).

In your individual case:
Payment Protection insurance Premium = £8492.50

Number of months cover ran for (ie: length of time the original agreement ran) = 9 months
Rebate applied to account (for 51 months of unused cover) = £7644.43

(Therefore the 9 months of cover cost £848.07)

The above rebate (£7644.43) was then applied to the earlier figure (ie: the balance of the account + accrued interest), and the result was the amount that was used to settle the original agreement.

In your individual case:
Balance + Accrued Interest: £51203 - £7644.43 (the rebate of the payment protection).

Figure used to settle the original Nemo agreement = £43559.25.
.................................................................................................
Then I have this which has confused me rebate wise.

Any thoughts ?

SINGLE POLICY
PREMIUM £8492.50
DATE OF INCEPTION 21/11/2005
DATE OF CANCELLATION (FOR CONSOLIDATION) 07/07/2006
AGE IN MONTHS 9

CASHBACK PREMIUM: £1,679.15
CASHBACK COMMISSION: £43,00
CASHBACK IPT: £86.00

LASU PREMIUM: £1,650.34
LASU COMMISSION: £4,591.45
LASU IPT: £82.56

CANCELLED AFTER 30 DAYS: £1,258.26
FURTHER ADVANCE WITH CLAIMS/ARREARS: £6,271,65
FURTHER ADVANCE PRE FEB 2006: £7,633.28
FURTHER ADVANCE POST FEB 2006:£7,644,43

FACTOR: 75.30%

CALCULATIONS
CANCELLATION AFTER 30 DAYS

cashback premium rebate £0.00
Cashback commission rebate:£0.00

Cashback IPT
LASU PREMIUM REBATE: £1,650.34
LASU COMMISSION:£0.00
LASU

£1,242,72
15.55
£1,258.26
...................................................................................................
ANOTHER ONE OF THESE:

PPP SINGLE POLICY
PREMIUM £8,492.50

DATE OF INCEPTION 21/11/2005
DATE OF CANCELLATION 07/07/2006

AGE IN MONTHS - 9

CASHBACK PREMIUM - £1,679.15
CASHBACK COMMISSION - £43.00
CASHBACK IPT £86.00

LASU PREMIUM £1,650.34
LASU COMMISSION £4,951.45
LASU IPT £82.56

CANCELLED AFTER 30 DAYS £1,258.26
FURTHER ADVANCE WITH CLAIMS/ARREARS £6,271.65
FURTHER ADVANCE £7,633.28

FACTOR 75.30%
................................................................................................
Not sure when they state about cancellation after 30 days, as I did not cancel on this first loan/ppi.
We consolidated for a new loan that is when they recalculated this for settlement.

Now do I need to add the new loan advance agreement figures here to - to have this worked out ?

Thanks all.
xxxx

Blummin heck Di, they are soo confusing

tiggrae

marshallka wrote: »

Here is the original post from you here.


Now i have emailed them and told them to forget it... Will they understand i am under stress here.

I think the fact you've been onto them 2 or 3 times a day for the past couple of weeks might just give them a hint !!!

maxdp

tiggrae wrote: »

the problem being is getting those people to access this type of information - I had one guy who had been 'sold' a policy by lloyds bank - he was blind, had never worked due to suffering epilepsy all his life - how could they possibly justify that - I've never had a claim settled so quickly - I never charged anything I was so mad !!

Hi Tiggrae that is why I am saying people need to talk and discuss about it the Mental Capacity Act 2005 needs to be though about when people are claiming. Sure that FOS have never considered this but hey why no. If people do not have the capacity to make decisions why should they be help responsible.:eek:

marshallka

tiggrae wrote: »

I think the fact you've been onto them 2 or 3 times a day for the past couple of weeks might just give them a hint !!!

I have only ever emailed them twice on this one.:p

I ring every week though..