PPI Reclaiming discussion Part II

di3004

Just thinking about it now ......:rolleyes: , it maybe because my dizzy brain have not been much use today lol.....:o , wonder what the difference would make if I complained about an unfair rebate ?:rolleyes:
On the other hand the rebate was not really the issue was it ? , not a bad amount rebated back but its just the fact of not actually seeing the rebate in a cash amount...... , I need to know when deducted who does it really go to, where does it go ??
It was there then not even though removed from the loan but should'nt this really mean a refund in fair terms really because we were still being charged for this from the start ??

This may sound rather silly because I know they deduct it off the first loan, its just the way its done if you know what I'm getting at ?:rolleyes:

di3004

marshallka wrote: »

Di, i would claim £100 if i felt strongly enough of my reasons for doing it:eek:

Me too hun, even if its less than that......:D
every penny counts.;)

marshallka

di3004 wrote: »

Just thinking about it now ......:rolleyes: , it maybe because my dizzy brain have not been much use today lol.....:o , wonder what the difference would make if I complained about an unfair rebate ?:rolleyes:
On the other hand the rebate was not really the issue was it ? , not a bad amount rebated back but its just the fact of not actually seeing the rebate in a cash amount...... , I need to know when deducted who does it really go to, where does it go ??
It was there then not even though removed from the loan but should'nt this really mean a refund in fair terms really because we were still being charged for this from the start ??

This may sound rather silly because I know they deduct it off the first loan, its just the way its done if you know what I'm getting at ?:rolleyes:

Lets try to work it out, you did not see the rebate as you didn't pay the insurance anyway. If you had £43,000 and made repayments of 3334.77 and then settled with 43559.25 then the loan actually cost you over 9 months £3894.02 in interest and PPI. Correct so far but how much of the interest was actually PPI interest.. am i being dizzy now...

of the £3894.02 £848.07 was ppi which you know about.

How long was this first loan over??

di3004

marshallka wrote: »

Lets try to work it out, you did not see the rebate as you didn't pay the insurance anyway. If you had £43,000 and made repayments of 3334.77 and then settled with 43559.25 then the loan actually cost you over 9 months £3894.02 in interest and PPI. Correct so far but how much of the interest was actually PPI interest.. am i being dizzy now...

Lol, no hun I think I am the dizzy one here - all day today I have been like this and cannot get my head round things.....:o .

The ppi was added in my first loan, then approx 9 months after we had a loan advance which they classed it as a consolidation loan.
So they basically added the 9 months on of the ppi used (although never made a claim on this) and rebated the remainder from the loan amount left.
When I say I did not see it I meant it was not a refund then.

They carried over the remainder of the loan amount and added this to the new loan, there was a new total of £66K with ppi.

Did I add the interest of this in that long post of mine earlier or in the breakdown calculations ??:rolleyes: , lol

loan was over 300 months originally.

Just come back in to post after editing, so what you don't use in ppi then they remove because it was not used then ? Is that what you mean hunni ?

So if they added the charges of this for over 300 months but paid off 9 months later to consolidate would they have worked on that calculation with the future charges ?

Regarding this amount "£3894.02 £800" I was uncertain.

marshallka

di3004 wrote: »

Lol, no hun I think I am the dizzy one here - all day today I have been like this and cannot get my head round things.....:o .

The ppi was added in my first loan, then approx 9 months after we had a loan advance which they classed it as a consolidation loan.
So they basically added the 9 months on of the ppi used (although never made a claim on this) and rebated the remainder from the loan amount left.
When I say I did not see it I meant it was not a refund then.

They carried over the remainder of the loan amount and added this to the new loan, there was a new total of £66K with ppi.

Did I add the interest of this in that long post of mine earlier or in the breakdown calculations ??:rolleyes: , lol

loan was over 300 months originally.

Just come back in to post after editing, so what you don't use in ppi then they remove because it was not used then ? Is that what you mean hunni ?

So if they added the charges of this for over 300 months but paid off 9 months later to consolidate would they have worked on that calculation with the future charges ?

Regarding this amount "£3894.02 £800" I was uncertain.

Did you get all the PPI interest and statutory interest back on the second loan from FOS??

marshallka

Di, going to go bed now as my mind has packed in and been on tabs again. I need to rest and then i will be back on tomorrow. xx

di3004

marshallka wrote: »

Did you get all the PPI interest and statutory interest back on the second loan from FOS??

To my knowledge I think so because I had the FOS check this over.

I do also remember on the 2nd one as I cancelled the ppi gone past the cooling period they only given a rebate of £1,998, when you think this was a £66K loan with over £10K of this being ppi that was not good, and then the repayments were something like £522 a month, they only knocked this down to £514 a month......:eek: .
But yep this one done and dusted - I hope lol......:rolleyes:

di3004

marshallka wrote: »

Di, going to go bed now as my mind has packed in and been on tabs again. I need to rest and then i will be back on tomorrow. xx

Okay hun thanks a lot for your help here again and with you not feeling well, bless you hunni.

Sleep well and hope you feel better again tomorrow, a Big thanks hun.

Night night.
Di.
xxx

di3004

Just been having a go at how they worked out this rebate of the 1st loan, its what I posted earlier

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

All that above is what they calculated to work on my rebate.
As the amount of ppi was as mentioned above, these above you add up which made that rebate figure of £7,633.28.
So this is where it goes to then as stated above?

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


Now to work on this bit above, which I assume this is the amount because cancelling after 30 days to consolidate.
Do not know where the £6,271.65 comes into it though , then it comes down to stating further advance of £7,633.28, now I assume this means further advance into the rebate :rolleyes: , am I right ?;)

I always assumed the loan itself would come into the equasion here ?
All this is PPI above they worked the calculation from ?

So if I had a loan without the ppi and wanted another loan what would they work on then to calculate this ?

Thx.

MILKYBHOYO

Julimk wrote: »

The sale of general insurance has been regulated by FSA (and therefore within FOS compulsory jurisdiction - if UK company) since 14 January 2005.

The FOS can look at complaints about sales before this if the business was a member of a predecessor scheme such as GISC.

AND the FOS can consider complaints that are about an activity that is anciliary to a banking activity before Jan 2005, such as bank or building society sold a loan and the PPI is related to that loan.

It is not correct that FOS cannot consider a complaint about a sale more than 6 years ago. The relevant rule says that the event must have occurred less than 6 years ago OR were aware of a problem less than 3 years ago, whichever is later. So if only aware of a problem within last 3 years even if sale was more than 6 years ago FOS may be able to deal. And this rule only applies if the business raises a specific objection to the complaint being considered by FOS.


W
Full rules at:

http://www.fsa.gov.uk/Pages/handbook/

DISP rules are the ones that apply to FOS.

I posted this on the thread about cases not covered by FOS as there seemed to be some confussion about what FOS could look at, but was suggested that I put it here too (I think).

BTW Picture do not have sufficient funds to honour their commitments so will need to be dealt with by Financial Compensation Scheme (FOS can't deal, as any ruling will not be met). And FOS has currently put First Plus cases on hold as First Plus are in correspondence with lead ombudsman about the approach they should be taking etc.

Should still persue a First Plus complaint as this is practically a 100% uphold, just might be a bit delayed.

Just what I like to hear. My Mis-sold PPI with Firstplus is nearly 6 years old and in the early stages of claim back.
I suppose, even if I'm not successful, due to timescales, then I can go for reclaim of unfair rebate. (I got none).:T