PPI Reclaiming discussion Part II

marshallka

marshallka wrote: »

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).

Full details here tiggrae

ash loan amount £43,000

PPI £8,492.50

Total Loan £51,492.50

Monthly payments = 300
Monthly payments = £370.53

Monthly Interest Rates
(variable - see clause 8 2.2 overleaf) 0.600 %
APR (assumes no variation in rate) 7.4%

(Variable by notice to you if the Interest Rates varies, or in the case of the first payment, when this is due more than 30 days after execution of the Agreement)

Signed 18/11/2005
First payment to be made on 18/12/2005

PAYMENT PROTECTION INSURANCE

IF AN OPTIONAL PPI PREMIUM HAS BEEN SHOWN IN THE LOAN ABOVE THEN:

1. The total amount of the premium (inclusive of the Insurance Premium Tax at the current rates) for your cover is shown in the Optional Payment Protection Premium Box.

2. The premium is set and will not vary or be reviewed during the 60 months period of cover.

3. There are no additional fees or taxes payable in respect of the premium other than interest on the premium loan shown in the Optional PPI premium box.

Assuming you keep to the term of the agreement and that the interest rates do not vary, this interest would be £9840.24.

The total price you would pay for cover is £18332.24, this will however change in interest rates change.

You understand that the phrase ASU refers to Accident, Sickness & Unemployment cover that you have selected.
"Single Life, Single ASU Cover".
.................................................. ................................................
Written explanation of settling original agreement:

The value of the original agreement settled by new loan outstanding balance (on the day the further advance settles it) plus any interest that has accrued on the account since the last montly instalment was paid.

In your individual case:
Balance = £51022.52 + Accrued Interest @ £181.16 = £51203.68

When the Payment Protection Policy is taken, the TOTAL outstanding balance of the account is the loan amount + the payment protection premium.

In your individual case:
Loan amount @ £43,000 + Payment Protection Premium @ £8492.50 = £51,492.50.

However, upon settling of the original agreement we give a rebate for the above mentioned protection (ie: for the remainder of the 60 month term that has not been needed).

In your individual case:
Payment Protection insurance Premium = £8492.50

Number of months cover ran for (ie: length of time the original agreement ran) = 9 months
Rebate applied to account (for 51 months of unused cover) = £7644.43

(Therefore the 9 months of cover cost £848.07)

The above rebate (£7644.43) was then applied to the earlier figure (ie: the balance of the account + accrued interest), and the result was the amount that was used to settle the original agreement.

In your individual case:
Balance + Accrued Interest: £51203 - £7644.43 (the rebate of the payment protection).

Figure used to settle the original Nemo agreement = £43559.25.






I think i am right here in that the PPI paid was only £850 odd in the end. Please check this tiggrae as we need to know!!!!!!!!!!!

I did the PPI element was 16.49% of total loan £51492 = 8491.03

9 x 61.10 (which is 370.53 x 16.49%) = 549.90
8491.03 - 549.90 (repayments made above) - 7644.43 (rebate of the insurance) = 296.70 + repayments made 549.90 = £846.60 Total PPI actually paid

The second loan was taken to the FOS and she won the misselling!!!

If you worked it out like this
9 x 61.10 = 549.90
total of ppi over term 300 x 61.10 = 18330.00 (total cost of the PPI) - 549.90(repayment made against the PPI 9 x 61.10) - 7644.43 (rebate given on the PPI = £10135.67

£10135.67 + £549.90 = £10685.57 would be what she paid for the PPI and she did not as she borrowed £43K, PPI was £8492 made repayments for 9 months at 370.53 = 3334.77 and then settled £43.5K so that means that they would be paying Di for having the loan.

I think this was like a seperate agreement on the PPI... They seems to have split the loan and PPI when she settled.

di3004

Thanks for adding all this Marshallka, I appreciate this very much.;)

Just for the sake of it I will add my 2nd one even though this one has been resolved by the FOS.

July 2006
Loan amount - £55,000
PPI amount - £10,862.50

Total loan = £65,862.50

Montly interest rate 0.678%
APR - 8.4%

300 months

Monthly repayment £514,29

Interest would be - £14,583.36

The total price you would pay on the Cover would be = £25,445.86.
.....................................................................................................

I will add the figures of what we were awarded on this but as I cancelled the ppi on that after the cooling period they only rebated £1,998 from it which again the FOS also requested Nemo to pay me this back in the 2nd cheque as they stated that Nemo did not pay the right amount in the first cheque.
(Not far off £13K in total was paid back with interest etc) and included in that was £250 compo for inconvenience/stress.

This one above was for that of a £12K advance, but only that of over £11K was actually paid into this.

di3004

For my Nemo complaint which was won last year the amount was that of

£10,747.61 in settlement
£2,024.71 final settlement

TOTAL 12772.32

Please note there is a 2nd one shown as the FOS said they did not include it in the amount of the 1st one.

bathgatebuyer

Well I've amended my complaint over Sainsbury's failure to provide me with a CCA which complies with the prescribed terms and conditions outlined in the Act to include a complaint over miss-sold PPI.

I received a copy of the terms and condititions for the cover in Aug 2007 and the card was originally taken out in November 02! The application form which they have provided has a pre-ticked PPI box on the form and I have not received any terms and conditions until Aug 07 when I first complained to them.

I had hoped to have the FOS look into the non-compliance of the CCA issue, and thereafter, if that was unsuccessful try and reclaim PPI premiums, however, the length of time taken thus far to look into the CCA matter makes it look increasingly likely that I'd run out of time with the PPI timescale if I don't at least register my PPI complaint with them now.

Also worth noting is that during the course of this dispute in which Sainburys failed to supply the CCA, they have continued to add interest and charges and report activity to the credit reference agencies. The OFT have written to me and confirmed that they would deem Sainsburys to be acting unlawfully in such an instance. (It was this letter which encouraged the FOS to take this matter onboard).

At the moment, the balance of this card is about £1350 (although about £100 of interest has accrued during the course of this dispute and I have asked Sainsburys to remove this to ensure that they comply with the Admin of Justic Act and the OFT Guidance Note on Debt Collection). The PPI premiums add up to over £830 which becomes £1100 when interest is added.

My dream result would be that the FOS adjudicate in line with the correspondence received from the Office of Fair Trading, namely that they are acting unlawfully in seeking to pursue payment while failing to provide an enforceable agreement. I'm not sure if they can deem a balance to be unenforceable, but if they can, I would be more than happy to accept that! Failing that, a full refund of the PPI premiums plus interest applied to the card, which would leave the balance as a few hundred pounds would be more than acceptable as the next best solution for me.

I also believe that compensation should be due for the collections activity which has taken place despite the course of this dispute being ongoing -I'm not brave enough to stop payments and say to them, "Take me to court then if you think the agreement is unenforceable" particularly as this will do so much damage to my credit score at a time I'll soon be renegotiating the new rate on my mortgage (and I also need a 'clear' credit score for my account to be able to work in my profession).

I'm sure there's a solution in there. I just hope the FOS are brave enough to take a stand on this matter.

marshallka

di3004 wrote: »

Thanks for adding all this Marshallka, I appreciate this very much.;)

Just for the sake of it I will add my 2nd one even though this one has been resolved by the FOS.

July 2006
Loan amount - £55,000
PPI amount - £10,862.50

Total loan = £65,862.50

Montly interest rate 0.678%
APR - 8.4%

300 months

Monthly repayment £514,29

Interest would be - £14,583.36

The total price you would pay on the Cover would be = £25,445.86.
.....................................................................................................

I will add the figures of what we were awarded on this but as I cancelled the ppi on that after the cooling period they only rebated £1,998 from it which again the FOS also requested Nemo to pay me this back in the 2nd cheque as they stated that Nemo did not pay the right amount in the first cheque.
(Not far off £13K in total was paid back with interest etc) and included in that was £250 compo for inconvenience/stress.

This one above was for that of a £12K advance, but only that of over £11K was actually paid into this.

Di, its just the first loan now that you are on about isn't it. I think the interest is what they took from this amount of 12K.

I was trying to show Tiggrae that the method she showed me does not work out on your PPI for the first loan as if we worked it with the interest then they actually paid you £10K for having the loan in the first place. It was obviously worked out with no interest at all when you settled and I come to the same figure that they have said in their calculation thing to you. I need tiggrae to look at this again. I know you could have ended up paying a lot but you definately did not pay them £10K for this PPI when you settled. You can't have done...

Please Tiggrae take a look again.

di3004

Thanks Marshallka

Yes that is how it seems to be.;)

Going back to your other post now about separate agreement do you actually mean that when they calculated this it was that of the ppi only and not the loan?
In other words nothing has really come off the loan itself but just the ppi, so what I borrowed of £43 still stood at £43 plus the odd few hundred on top when this loan had ended to start a new advance loan??
Cheers so much hun.:D

marshallka

di3004 wrote: »

Thanks for adding all this Marshallka, I appreciate this very much.;)

Just for the sake of it I will add my 2nd one even though this one has been resolved by the FOS.

July 2006
Loan amount - £55,000
PPI amount - £10,862.50

Total loan = £65,862.50

Montly interest rate 0.678%
APR - 8.4%

300 months

Monthly repayment £514,29

Interest would be - £14,583.36

The total price you would pay on the Cover would be = £25,445.86.
.....................................................................................................

I will add the figures of what we were awarded on this but as I cancelled the ppi on that after the cooling period they only rebated £1,998 from it which again the FOS also requested Nemo to pay me this back in the 2nd cheque as they stated that Nemo did not pay the right amount in the first cheque.
(Not far off £13K in total was paid back with interest etc) and included in that was £250 compo for inconvenience/stress.

This one above was for that of a £12K advance, but only that of over £11K was actually paid into this.

How long did you pay this for Di??

di3004

marshallka wrote: »

Di, its just the first loan now that you are on about isn't it. I think the interest is what they took from this amount of 12K.

I was trying to show Tiggrae that the method she showed me does not work out on your PPI for the first loan as if we worked it with the interest then they actually paid you £10K for having the loan in the first place. It was obviously worked out with no interest at all when you settled and I come to the same figure that they have said in their calculation thing to you. I need tiggrae to look at this again. I know you could have ended up paying a lot but you definately did not pay them £10K for this PPI when you settled. You can't have done...

Please Tiggrae take a look again.

Yes hun the agreement I added just now was that of the loan advance (2nd loan) just to compare them on the calculations side of it but I cannot find the breakdown of how that one was worked out - its here somewhere but then added the amount awarded instead.

di3004

marshallka wrote: »

How long did you pay this for Di??

New advance loan taken out July 2006, cancelled the PPI I think that was in September 2006 (2 months after).....so missed the cooling period.
(they rebated £1998 from the amount) repayments only went down by £14 a month.

Remortgaged end August 2007 and cleared it all off with the remortgage, the settlement figure was that of just under £67K.

nothingwitty

di3004 wrote: »

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.
x

Just received another two cheques in the post!!! One for £606 and another for £183 relating to two of the other loans I had. Only one more to go. The amount of these cheques does not reflect the 8% interest paid not the £100 in court fees I paid but I may just settle!!! On top of that got my cheque from GE Money today for £644 PPI paid on my Burton account. I LOVE CHEQUE DAYS!!!!!