PPI Reclaiming discussion Part II

marshallka

Cash4questions wrote: »

Thanks Di for that response I will certainly go for it! Having discovered that paperwork for GE Capital I started thinking about all other credit etc. we have. The list now looks like this:
Lloyds TSB credit card - PPI added without my knowledge & for some years now.
Mortgage with ABBEY for 1999 - 2006 PPI added as we were told we had to have it.
Secured Loan from First National obtained through Loans.co.uk & a sbsequent remortgage with Northern Rock (125%) through Loans.co.uk. There may or may not be something wrong with these. The secured loan was granted on a the basis of an estate agents letter of valuation dated a year prior & a year later we 'pushed' into the Northern Rock remortgage because the surveyor's valuation was £25k lower than the estate agents valuation! They also did not make us aware of their charges or the redemption charges for the secured loan, I also do not recall seeing a KFI.

I will post any progress made!!

Loans.co.uk were fined by the FSA for selling PPI. When was this loan??

http://www.fsa.gov.uk/pages/Library/Communication/PR/2006/105.shtml

di3004

marshallka wrote: »

Loans.co.uk were fined by the FSA for selling PPI. When was this loan??

http://www.fsa.gov.uk/pages/Library/Communication/PR/2006/105.shtml

Cheers hun, you beat me to it lol.....:D , I was about to ask the same question to be sure, but I can never keep up with you anyway lol.....:o .

marshallka

Tiggrae, maxdp wanted you to check something also check figures for another. Please stay on a min and i will bump the posts. Desperate for you to look...

marshallka

maxdp wrote: »

Hi Guys

Just received this breakdown for a credit card I have at the moment with the FOS although the credit card company have settled independently after having double checked their paperwork:rolleyes:

I am writing further to our conversation today.

As requested, please find attached a breakdown of the PPC premiums charged to your account along with the associated interest. To confirm, the PPC refund which has been credited to your account is £1767.33 along with associated interest totalling £1164.46.


Date PPC premium Interest
01/11/03 £30.19 £0.57
01/12/03 £28.94 £1.12
01/01/04 £28.72 £1.68
01/02/04 £28.64 £2.25
01/03/04 £28.57 £2.82
01/04/04 £28.71 £3.41
01/05/04 £28.82 £4.02
01/06/04 £35.29 £4.75
01/07/04 £36.30 £5.52
01/08/04 £34.63 £6.28
01/09/04 £34.60 £7.04
01/10/04 £35.51 £7.84
01/11/04 £33.79 £8.62
01/12/04 £34.66 £9.43
01/01/05 £33.12 £10.23
01/02/05 £33.03 £11.04
01/03/05 £33.19 £12.58
01/04/05 £33.13 £13.52
01/05/05 £33.02 £14.49
01/06/05 £32.97 £15.48
01/07/05 £32.85 £16.48
01/08/05 £32.82 £17.50
01/09/05 £32.66 £18.54
01/10/05 £32.58 £19.60
01/11/05 £32.48 £20.68
01/12/05 £32.34 £21.78
01/01/06 £32.25 £22.90
01/02/06 £41.23 £24.24
01/03/06 £41.01 £24.57
01/04/06 £40.56 £25.92
01/05/06 £41.86 £27.33
01/06/06 £40.33 £28.74
01/07/06 £40.18 £30.17
01/08/06 £40.13 £31.62
01/09/06 £40.01 £33.11
01/10/06 £39.85 £34.62
01/11/06 £39.97 £38.47
01/12/06 £39.54 £40.19
01/01/07 £39.55 £41.09
01/02/07 £42.09 £42.93
01/03/07 £41.71 £43.59
01/04/07 £41.27 £45.47
01/05/07 £41.21 £47.38
01/06/07 £40.79 £49.33
01/07/07 £40.59 £51.31
01/08/07 £40.52 £53.34
01/09/07 £40.42 £55.41
01/10/07 £40.47 £56.66
01/11/07 £40.23 £58.80
Total £1,767.33 £1,164.46


Can somebody explain how this has been worked out, am I missing the plot. Surely the PPI on the first statement should have higher interest that the last one

This is maxdp.s post for you tiggrae.

marshallka

bezntom wrote: »

Originally Posted by bezntom
Typed this post and lost it
Here we go again 2nd attempt
I claimed back against egg.
Success got letter back saying they were refunding m e, however as the loan is still active they have paid the money into my loan account , reduced my term by approx 1 year but my payments remain the same.I did not want my repayment this way but wanted it back in cash/cheque/or into my current account.I rang egg to discuss this and was told it was company policy and i had agreed to this under terms and conditions when i took out the loan.I pointed out that could not be the case as a term and condition of this nature implied that they knew it was an illegal action to force insurance on me and the resulting action should i claim would be what they have applied. The lady i spoke with then informed me she did not have the authority to alter her companies policy i asked could she pas sm eon to someone who could escalte my claim , 2 minutes later she came back and had spoken to a team leadre " on his way to a meeting" who dismissed my query and again stated she had followed company policy. I was wandering has someone else had the same problem with having refund paid into loan ?.Can Egg do this ? Any ideas folks? Obviously I am about to take claim to ombudsman but would like feedback
Thanks
Next installment with egg
finally got letter back stating "Please find the paragraph below which has been authorised by an adjudicator in the Financial Ombudsman Service in relation to how banks calculate refunds.
"Basically if a customer owes money to the bank the bank can deduct the amount the customer owes from the amount it owes to the customer.It usually does this by transferring money held to the credit of one of the customers other accounts,( my loan is still active by the way).
It is Eggs business policy to refund amounts of insurance directly to the outstanding debt to reduce the principle balance.........
So they get away with not refunding in cash it seems althought they illegally applied ppi on me :rolleyes: .Is this worth pursuing further?
:rolleyes: Can some one check the figures applied to refund for me
Principal Loan £5000.00
Loan payment protection £880.50
84 monthly installments of £90.68 taken out in may 2004
Refund..........£1,161.33 made up of £880.50 full insurance premium and £208.83 interest on this amount whilst it has been on the loan calculated at a rate of 7.9%
After all this it has reduced my loan term by about a year but my payments remain the same :mad:
What do i do next if anything would like to hear any ideas you have
Thanks in advance Bezntom

Can you check this one too tiggrae, I used your method and it looks fine to me???

marshallka

tiggrae wrote: »

yes they're correct - I got £1040.98 at 18.69%

I like yours better tiggrae. So i can work them:j :beer:

tiggrae

bezntom wrote: »

Tiggrae what are your feelings on Eggs actions marshallka has looked over figures reckons they ok its the part about them refunding to live loan i would appeciate your thoughts on please.And BIGGGGGGGGGGGGGG thanks folks for all your support and patience :T

hi there, the figures are correct but they haven't included 8% statutory interest (you can work this out by feeding the monthly PPI amount into bank charges forum on the date each premium was paid - monthly amount is approx £13.57)

Also as they've paid ALL the PPI back (as though the loan has finished) the monthly repayments won't reduce.

As for their business policy - if you want the money back in cash and not have your loan term reduced I'd write back and tell them you don't give a damn about their company policy - you've been unlawfully deprived of money and you want both the statutory interest element adding on and ALL the amount repaying directly to you or you'll take your complaint to the FOS

marshallka

Had my checque from HMRC and it only took two weeks and its all in our name now. :j

tiggrae

marshallka wrote: »

This is maxdp.s post for you tiggrae.

yes she emailed me direct and I've let her know what I think !!!

marshallka

tiggrae wrote: »

hi there, the figures are correct but they haven't included 8% statutory interest (you can work this out by feeding the monthly PPI amount into bank charges forum on the date each premium was paid - monthly amount is approx £13.57)

Also as they've paid ALL the PPI back (as though the loan has finished) the monthly repayments won't reduce.

As for their business policy - if you want the money back in cash and not have your loan term reduced I'd write back and tell them you don't give a damn about their company policy - you've been unlawfully deprived of money and you want both the statutory interest element adding on and ALL the amount repaying directly to you or you'll take your complaint to the FOS

I am sure bezntom will be chuffed with this. It was egg that stated in this that on advice of an adjudicator they could do this this way.??

finally got letter back stating "Please find the paragraph below which has been authorised by an adjudicator in the Financial Ombudsman Service in relation to how banks calculate refunds.
"Basically if a customer owes money to the bank the bank can deduct the amount the customer owes from the amount it owes to the customer.It usually does this by transferring money held to the credit of one of the customers other accounts,( my loan is still active by the way).