PPI Reclaiming discussion Part II

tiggrae

marshallka wrote: »

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

I ring every week though..

flippin 'eck - they won't know what to do with themselves !!! :eek:

maxdp

tiggrae wrote: »

flippin 'eck - they won't know what to do with themselves !!! :eek:

Oh Marshall ka We love you. :eek:

tiggrae

maxdp wrote: »

Oh Marshall ka We love you. :eek:

anyway you don't know what stress is - my little dog's crashed out here - been over to my mothers this afternoon - she's 5 dogs ALL bi!!!!es and they've been chasing my dog over all the place - now that's stress !!! :rotfl:

it's put exclaimation marks in for me where I tried to put in female dogs !!!

di3004

marshallka wrote: »

Blummin heck Di, they are soo confusing

Yes they are very confusing, I added what I could because I did not know what to go by when ending this loan for a new loan consolidation but should I add the amount and figures of the 2nd loan to work this out ?

pinknico

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

In my first loan no where did they put total amount of interest on the loan or PPI and for the top up there was no interest amount for the loan and the ppi
interest was hidden at the bottom of a page in booklet of needs and demands. Nothing like you had Di.

di3004

pinknico wrote: »

In my first loan no where did they put total amount of interest on the loan or PPI and for the top up there was no interest amount for the loan and the ppi
interest was hidden at the bottom of a page in booklet of needs and demands. Nothing like you had Di.

Seems like they work things out different, but I did not have a "demands and needs" statement with this loan either...... , all was on one agreement.

marshallka

tiggrae wrote: »

anyway you don't know what stress is - my little dog's crashed out here - been over to my mothers this afternoon - she's 5 dogs ALL bi!!!!es and they've been chasing my dog over all the place - now that's stress !!! :rotfl:

it's put exclaimation marks in for me where I tried to put in female dogs !!!

I have a mad border collie and a llasa apso who sleeps all the time also. SO different, one is mad and i mean mad and the other just sleeps.

maxdp

tiggrae wrote: »

anyway you don't know what stress is - my little dog's crashed out here - been over to my mothers this afternoon - she's 5 dogs ALL bi!!!!es and they've been chasing my dog over all the place - now that's stress !!! :rotfl:

it's put exclaimation marks in for me where I tried to put in female dogs !!!

Quite agree but was just trying to put my own expertise in the equation never no till you have been there.

marshallka

di3004 wrote: »

Seems like they work things out different, but I did not have a "demands and needs" statement with this loan either...... , all was on one agreement.

Have you done this complaint already Di.

di3004

marshallka wrote: »

Have you done this complaint already Di.

This is the Twopart/Eloan, I only forwarded the FSCS what I have here but did not put down an actual mis selling figure, this may be another come back