PPI Reclaiming discussion Part II

nothingwitty

Need advice... again...

Am in legal proceedings against Bank of Scotland re: PPI automatically added on to three loans. Am in court end of this month. Yesterday I got a letter from BOS with the wording "Please find enclosed our refund cheque for the sum of £114.72 in respect of overpayment on the above mentioned agreement". The agreement number is for one of the loans which had the PPI automatically added. I do not believe the refund is for the PPI and is probably for the fact that I settled the loan early and they didn't give me a proper settlement figure, though I'm not certain of this. What do I do? What are they up to, if anything? Do I cash the cheque or do I wait until after judgement re: the PPI? Very confused.

Thanks all...

Cash4questions

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

Hi Marshallka & Di, the secured loan was 2005 & the remortgage was 2006. I don't have any of the paperwork any more as I went on a mass shredding exercise last year!! The loan was for 50k and we were charged a massive 15k to pay it off. We could have paid off 95% redemption free but Loans.co.uk said any new mortgage lender would not accept that. I find that difficult to believe as there remaining balance would only have been £2,500. Nonetheless we didn't know how much we paid until we received the final statement of charges after the new mortgage had gone through!

di3004

Just been back to my agreement now and the total price for cover is that of £18332.24,but this could change if interest rates changed.

The monthly repayments were that of £370.53 a month.

The interest of this ppi was that of £9840.24 of a ppi of £8492.50.

Is that any help at all?;)


Thx.

di3004

nothingwitty wrote: »

Need advice... again...

Am in legal proceedings against Bank of Scotland re: PPI automatically added on to three loans. Am in court end of this month. Yesterday I got a letter from BOS with the wording "Please find enclosed our refund cheque for the sum of £114.72 in respect of overpayment on the above mentioned agreement". The agreement number is for one of the loans which had the PPI automatically added. I do not believe the refund is for the PPI and is probably for the fact that I settled the loan early and they didn't give me a proper settlement figure, though I'm not certain of this. What do I do? What are they up to, if anything? Do I cash the cheque or do I wait until after judgement re: the PPI? Very confused.

Thanks all...

Hi there hun
Right I would defo contact them and request a copy of the written breakdown of this.
Personally I would hold back on the cheque until you receive the breakdown and do not sign anything as you know until we know its correct.

I am sure Tiggrae or marshallka will be able to give you good guidance here hun.
Good luck!

Di.
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di3004

Cash4questions wrote: »

Hi Marshallka & Di, the secured loan was 2005 & the remortgage was 2006. I don't have any of the paperwork any more as I went on a mass shredding exercise last year!! The loan was for 50k and we were charged a massive 15k to pay it off. We could have paid off 95% redemption free but Loans.co.uk said any new mortgage lender would not accept that. I find that difficult to believe as there remaining balance would only have been £2,500. Nonetheless we didn't know how much we paid until we received the final statement of charges after the new mortgage had gone through!

Does not seem to be right in my opinion but hun, contact them and ask them for a copy of what you need, such as the agreement and the breakdown of figures etc, they should be able to provide these free of charge to you.

Tiggrae & marshallka will probably get back to you on this too, on anything else I have missed.;)

Good luck!
Di.
x

marshallka

tiggrae wrote: »

how long was the loan term over ??
from what I remember it's 300 months - so 16.49% of £370.53 is £61.10

61.10 x 300 = 18330.12 and she received a rebate of just 7644.43 - means she could have paid £11185.69 for 9 months worth of PPI

I've put could have because I don't know how the overall settlement figure was calcuated - ie the amount of £18330.12 is the amount of the ppi plus interest you would have paid over the full 300 months, but I don't know how they calculated the interest element on settlement

I think you just missed out the total amount repayable from your calcuation

The settlement was £43500 on a £43000 loan. She only actually paid £850??

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.

marshallka

tiggrae wrote: »

how long was the loan term over ??
from what I remember it's 300 months - so 16.49% of £370.53 is £61.10

61.10 x 300 = 18330.12 and she received a rebate of just 7644.43 - means she could have paid £11185.69 for 9 months worth of PPI

I've put could have because I don't know how the overall settlement figure was calcuated - ie the amount of £18330.12 is the amount of the ppi plus interest you would have paid over the full 300 months, but I don't know how they calculated the interest element on settlement

I think you just missed out the total amount repayable from your calcuation

The settlement did not include anything of the PPI at all. She made 9 repayments, the loan was £43K and then PPI was £8492 and then settled with £43K (just over).

See post below with full details.

davidt701

Hi all,
I hope you can give me some advice on my secure loan with Barclaycard and Barclaycards PPI.

I took a loan out with Barclaycard in June 2005 for £27k and stupidly signed up for PPI. This then established a single premium policy so the total value of the loan was £32,381.10 (£5,381.10 for PPI). The loan was for something like 20 years and the PPI for only 5. I knew about this at the start, but never full took into account the implications if I pay the loan off within the first 5 years. I asked for a settlement figure and it comes back that I need to pay £32227.30 despite paying £250 a month since May 2005. I was told that if I pay my loan off on the 5th year I get the PPI costs back, but I cant wait that long as I need to sell my house and rent. The settlement figures seem to take into account the full length of the loan with a rebate of £45011.65 that includes £264.91 for the insurance policy rebate.
What are my options here? I think the final settlement figure should be at £3k lower than this, but I am little confused and don't know if I have a leg to stand on. Should I just bite the bullet and pay it off?
thanks for your help
david

marshallka

davidt701 wrote: »

Hi all,
I hope you can give me some advice on my secure loan with Barclaycard and Barclaycards PPI.

I took a loan out with Barclaycard in June 2005 for £27k and stupidly signed up for PPI. This then established a single premium policy so the total value of the loan was £32,381.10 (£5,381.10 for PPI). The loan was for something like 20 years and the PPI for only 5. I knew about this at the start, but never full took into account the implications if I pay the loan off within the first 5 years. I asked for a settlement figure and it comes back that I need to pay £32227.30 despite paying £250 a month since May 2005. I was told that if I pay my loan off on the 5th year I get the PPI costs back, but I cant wait that long as I need to sell my house and rent. The settlement figures seem to take into account the full length of the loan with a rebate of £45011.65 that includes £264.91 for the insurance policy rebate.
What are my options here? I think the final settlement figure should be at £3k lower than this, but I am little confused and don't know if I have a leg to stand on. Should I just bite the bullet and pay it off?
thanks for your help
david

Get a letter in for misselling if you knew nothing of the PPI being only 5 years and also that it was a single premium and looks to be front end loaded as well.

di3004

davidt701 wrote: »

Hi all,
I hope you can give me some advice on my secure loan with Barclaycard and Barclaycards PPI.

I took a loan out with Barclaycard in June 2005 for £27k and stupidly signed up for PPI. This then established a single premium policy so the total value of the loan was £32,381.10 (£5,381.10 for PPI). The loan was for something like 20 years and the PPI for only 5. I knew about this at the start, but never full took into account the implications if I pay the loan off within the first 5 years. I asked for a settlement figure and it comes back that I need to pay £32227.30 despite paying £250 a month since May 2005. I was told that if I pay my loan off on the 5th year I get the PPI costs back, but I cant wait that long as I need to sell my house and rent. The settlement figures seem to take into account the full length of the loan with a rebate of £45011.65 that includes £264.91 for the insurance policy rebate.
What are my options here? I think the final settlement figure should be at £3k lower than this, but I am little confused and don't know if I have a leg to stand on. Should I just bite the bullet and pay it off?
thanks for your help
david

Hi David
welcome.;)

Most of us here have or had fallen in that trap hun, but do not worry now because this is becoming a big issue for the FSA etc and you can try to reclaim this back on the grounds of being mis sold.

Here is a link for you to check out.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

If any of these occur to you, there is also a template letter link on that above link too, and add your own reasons, try to give a full explanation to every reason of why you feel you were mis sold.

Yes I agree the whole thing is a rip off !!

Get a letter in hun and complain, they have 8 weeks as from your letter to get back to you, it may take another letter if the first one is not successful which is mainly the case, so do not worry if they fob you off first time round, there are other steps to take.

As soon as you receive a response, let us know and we can move on to the next step from here.;)

Good luck David and please post anytime.

Di.
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