PPI Reclaiming discussion Part II

marshallka

di3004 wrote: »

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

Do you have to put the figure down yourself here Di. Isn't it like the FOS then??

di3004

The first loan was that of:

£43,000 loan
£8,492.50 ppi
Total £51,492.50

Settlement/calculations in my long post a few posts away.

Figure used to settle the first loan= £43,559.25.

Loan advance of £12K requested.

So new loan was that of £11440.75, using the settlement figure of that figure used on the first loan £43,559.25

Total £55,000
PPI £10862.50

Opening balance of: £65862.50.
.................................................................................................
As you will see even though it was classed a a £12K loan advance, we did not receive this amount but that of £11440.75 because of the settlement figure on the first loan.
........................................................................................

The paperwork then shows something about Commission due:
ADVANCE 2750.00
PPP PREMIUM 3025.00
ADDITIONAL 00
TOTAL = 5775.00

This total in this section is the underwriters paperwork.

di3004

marshallka wrote: »

Do you have to put the figure down yourself here Di. Isn't it like the FOS then??

FSCS wise I do not know but for the liquidators I expect they will need to know.

HomeJames_3

maxdp wrote: »

Hi Home James

It is very frustrating and \I am glad you have posted cause I feel lonely on here cause nobody else seems to be having probs with FOS. Have you gone back to them and complained or what has happened so far.

No ive just been waiting didnt want to rock the boat but im thinking i should phone or something just to see whats going on. What have you done re your complaint?

maxdp

HomeJames wrote: »

No ive just been waiting didnt want to rock the boat but im thinking i should phone or something just to see whats going on. What have you done re your complaint?

Hi Home James

Have complained about what I think is correct and how I feel that it has gone wrong.

You need to complain to your ombudsman about why you think their decision is wrong and what you would like to happen to sort it out. If you could post your figures up here we have lots of people who are willing to help. Tell how you came to take out loan how much what you have done about it etc etc

marshallka

di3004 wrote: »

FSCS wise I do not know but for the liquidators I expect they will need to know.

Have you asked Tiggrae to take a look. Never seen anything like this before. Did they put the total cost of the PPI to you before you signed the agreement or have you worked this out??

HomeJames_3

maxdp wrote: »

Hi Home James

Have complained about what I think is correct and how I feel that it has gone wrong.

You need to complain to your ombudsman about why you think their decision is wrong and what you would like to happen to sort it out. If you could post your figures up here we have lots of people who are willing to help. Tell how you came to take out loan how much what you have done about it etc etc

Hi my complaint was upheld by the adjudicator but MBNA wanted it sent to the ombudsman so thats where im at at the moment im hoping that the ombudsman will aggree with what has already been decided but im not wanting to get my hopes up until i hear for difinite.

marshallka

di3004 wrote: »

The first loan was that of:

£43,000 loan
£8,492.50 ppi
Total £51,492.50

Settlement/calculations in my long post a few posts away.

Figure used to settle the first loan= £43,559.25.

Loan advance of £12K requested.

So new loan was that of £11440.75, using the settlement figure of that figure used on the first loan £43,559.25

Total £55,000
PPI £10862.50

Opening balance of: £65862.50.
.................................................................................................
As you will see even though it was classed a a £12K loan advance, we did not receive this amount but that of £11440.75 because of the settlement figure on the first loan.
........................................................................................

The paperwork then shows something about Commission due:
ADVANCE 2750.00
PPP PREMIUM 3025.00
ADDITIONAL 00
TOTAL = 5775.00

This total in this section is the underwriters paperwork.

The commission is 5% of your total loan like mine was to the broker with Firstplus. I don't know how they worked this 3025.00 for the PPI . Its more than the loan advance for that commission and obviously a nice little earner for the broker.

marshallka

Di, of that original £18K plus ppi with interest did you only have to pay the £800 and the rest was rebated?? I am totally lost here.

""Therefore the 9 months of cover cost £848.07""

I think you need to post details of the new loan as well.

Was your settlement of the first loan that was in total £43000 (With PPI £51492 )settled at 43559.25 after repaying 9 months?? and then carried over to the next loan and then the extra 12K put onto it plus another PPI??

9 x 370.53 = 3334.77

If the actual PPI of the first loan cost you £848.07 then you require this back plus any stat interest and then the new loan as well. (so it actually cost £94.23 per month to cover the loan for 9 months?? but this was missold anyway?)

why did you only receive the £11,440.75 of the £12K loan?? Was this a fee of some sort?

di3004

marshallka wrote: »

Di, of that original £18K plus ppi with interest did you only have to pay the £800 and the rest was rebated?? I am totally lost here.

""Therefore the 9 months of cover cost £848.07""

I think you need to post details of the new loan as well.

Was your settlement of the first loan that was in total £51492 settled at 43559.25 after repaying 9 months??

On the agreement that £18K was that with interest over the full term, it seems that they had rebated the £7K something and the rest would be to reclaim, yet I am confused too......

What baffles me hun it was 8 months and not 9 I worked out because the first payment they had taken out of this loan was in Dec 2005, and the new loan was in July 2006.

I have posted the new loan details in one of the above's thread hunni.;)
Cheers for taking a look.;)