PPI Reclaiming discussion Part II

marshallka

di3004 wrote: »

With my Endeavour its states the amount of insurance rebate has been calculated having regard to the Consumer Credit (Rebate on Early Settlement) Regulations 1983.


Loan amount £21,000
Single PPI £2835.00
Total loan £23835.00

Interest rate 9.52% per annum, fixed for the first 12 months.
300 months.


The total amount as seen in the SAR underwriters paperwork paid into that loan was that of £26,565.18.

Balance at October 2005 £23561.73

Add interest to date of settlement £374.71

Add future charges £40514.39

Total amount payable before deducting rebate £64450.83

Less amount of rebate (including insurance) £40924.79

Sub Total to legal fees £23526.04

Add sealing fee £120

Total amount payable for setting on 30 Nov 2005 £23646.04
.............................................................................................
They had actually rebated just over £1.5k off this in total.

How many months did you have this for Di??

di3004

marshallka wrote: »

It was quite frightening then as just tooo young and must admit i worked myself into a frenzy. It turned out ok but yes very bad time for us all. I just did not have money on my mind at that time as you can imagine and certainly did not have the strength to fight them. I don't think they will be able to do anything but I will not settle til i know.

Firstplus trap you to them and there is no getting out.

Well yes of course your health came first and you had to deal with then as a priority, and it must have been an awful time for you all, where obviously this would not have even entered your mind about dealing with this then, I can fully understand that hunni.;)

My mate is also fighting FP too, like you said its like a trap you cannot get out of, so I do hope the FOS will be able to get this sorted out once and for all for you.;)

di3004

marshallka wrote: »

How many months did you have this for Di??

Taken this out in July 2004 and settled to go to another loan in Nov 2005.;)

marshallka

Was your endeavour settled after 15 months in total??

di3004

marshallka wrote: »

Was your endeavour settled after 15 months in total??

That would work out then it was settled with Endeavour by 16 months.;)
July 2004 - Nov 2005.

(it was for 300mths) 25 yrs originally.

di3004

Looking back at the letter when i first complained about the mis selling, as i also complained due to a lack of rebate, this is the letter heree dated 3 June 2008.

Dear Mr & Mrs xxxxx

3 June 2008

Further to your letter dated 1 June 2008, I am sorry to learn that you remain dissatified with Endeavour Personal Finance and that you are unhappy with the response to your complaint regarding the payment protection insurance purchased 30 July 2004.

I can confirm that you did receive a "part rebate" of the insurance premium within the settlement statement dated 4 October 2005 amounting to £1,533.69.
This is also confirmed on the attached statement of the account.

The amount of £23,835.00 which you refer to as the total cost of your agreement, relates to the total amount borrowed and not the cost of the loan.
Interest was not added as an upfront amount but was charged on a daily basis on the balance of the total loan amount and debited to the account monthly.
The total cost of the loan would be calculated by multiplying the monthly instalment by the term of the loan and deducting the original amount borrowed.
For example £208.51 x 300 - £23,835.00 = £38,718

As I advised you in my letter dated 13 May 2008, the broker acted as your agent (Click) and by using the broker you did so of your own free choice.
Endeavour Personal Finance cannot be held responsible for the advice or the actions of the broker.

in summary, our position remains unchanged and therefore I regret that I am unable to uphold your complaint, or provide a refund of the premium and interest.
If you believe that the policy was inappropriate for you, you should continue to pursue the broker for any redress.
...................................................................................................

There is also bits on the letter about them not being responsible for mis selling this and them not being under jurisdiction and so on !!!

The letter I received and added here earlier she was agreeing with this compliance manager and yet it was a different complaint !!

di3004

Additional information on the Endeavour agreement.

ADDITIONAL INFORMATION

Future charges:

The amount of interest charged if the loan had run its full term without variation.

Less amount of Rebate

The amount of interest that is cancelled because the account is being settled early.
The difference between the future charges and rebate is the proportion of future interest you pay to settle the account early.
The rebate has been calculated in accordance with the Consumer Credit (rebate on early settlement) Regulations 2003.

Recent payments

The settlement may include recent payments that have not yet been cleared.
If any payments are returned unpaid by your bank or we have made a recent further advance that has not been taken into account, then the settlement figure will be subject to alteration.

If your method of payment is by direct debit, please cancel this with your bank on the day you remit your settlement payment to us.
please note that if you settle before the settlment date you may be entitled to a refund.

di3004

Am I right by saying that the HFC bank were covered as from 2001 ?

Were they also under GISC can anyone please confirm, cheers ?

Or were there various banks in the HFC (different reg numbers etc) ?

thx.;)

pinknico

I think you are right Di, Is this for loan or credit card PPI?

Have just googled halifax gisc and yes they were.

di3004

pinknico wrote: »

I think you are right Di, Is this for loan or credit card PPI?

Hiya hun, this is for a mate and I take it its a loan ppi, now I have double checked this out and they were authorised as from Jan 2001.

Endeavour the ones I have been complaining about are also grouped with both HFC bank and HSBC group.;)