PPI Reclaiming discussion Part II

marshallka

di3004 wrote: »

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

you repaid to them 9 x 370.53 = 3334.77 of which £850 was PPI = 2484.77 were actual repayments against the loan 43000 - 2484.77 = 40515.23 plus what ever interest and settlement charges they could make. (in your case it was interest over 9 months of the loan and then settlement charges) Interest at 7.9% on a loan of £43K over 12 months would be 283.00 per month. Very little would have come off the loan in the beginning and then they would be fees to settle and take the further advance i would imagine. (but looking at this don't think they charged any!!!)

Work it out here.. If you borrowed £43K at 7.9% (can't remember your exact figure) and it was only over 12 months you borrowed it just the interest per month would be 283.00. Then do the calculation over 25 years and then look at the repayments and interest is still the same.

http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=mortgage_calculator

So of your repayments of 370.53 about 283 would have been interest and then 61.10 would have been PPI (which you are claiming back) and then that leaves about £25 per month coming off the capital. Therefore 25 x 9 = 225.00 and they probably charged you two months interest on settling it.

£43000 - 225.00 off the captial = 42775 and you settled it at £43500 so they charged you £725.00 for settling which would be two months repayments/interest which is fair and not using rule 78.

di3004

nothingwitty wrote: »

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!!!!!

Wow blimey thats so cool.......:j
Well done, that's great news.......:beer:

Congratulations hunni.:T :T

"Onwards and upwards"......:j :beer: .

Di.
xx

di3004

marshallka wrote: »

you repaid to them 9 x 370.53 = 3334.77 of which £850 was PPI = 2484.77 were actual repayments against the loan 43000 - 2484.77 = 40515.23 plus what ever interest and settlement charges they could make. (in your case it was interest over 9 months of the loan and then settlement charges)

Thanks hun, that confirms it then with why the loan amount have not actually gone down?
So it seems that they reduced the 2nd loan amount of advance then by charging further charges etc ?
Am I right hun?
Sorry just want to make sure I get it right and not make a fool of myself when and if the company need more information lol.
(Such as the FSCS etc).:o .

di3004

Don't think the fees etc have changed much or if at all here.

http://www.nemo-loans.co.uk/loans/nemo-loan-fees.php

pinknico

bathgatebuyer wrote: »

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.

I look forward to hearing how you get on, I have reported a homeshopping company for no cca, and trying to default me even though I said I was happy to pay the balance I just wanted it to prove I hadn't asked for PPI.Don't know what they can do about it though.

marshallka

Di see my post above. It explains it. Added all the workings for you.

di3004

marshallka wrote: »

you repaid to them 9 x 370.53 = 3334.77 of which £850 was PPI = 2484.77 were actual repayments against the loan 43000 - 2484.77 = 40515.23 plus what ever interest and settlement charges they could make. (in your case it was interest over 9 months of the loan and then settlement charges) Interest at 7.9% on a loan of £43K over 12 months would be 283.00 per month. Very little would have come off the loan in the beginning and then they would be fees to settle and take the further advance i would imagine.

Work it out here.. If you borrowed £43K at 7.9% (can't remember your exact figure) and it was only over 12 months you borrowed it just the interest per month would be 283.00. Then do the calculation over 25 years and then look at the repayments and interest is still the same.

http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=mortgage_calculator

So of your repayments of 370.53 about 283 would have been interest and then 61.10 would have been PPI (which you are claiming back) and then that leaves about £25 per month coming off the capital. Therefore 25 x 9 = 225.00 and they probably charged you two months interest on settling it.

£43000 - 225.00 off the captial = 42775 and you settled it at £43500 so they charged you £725.00 for settling which would be two months repayments.

Thanks for this hun, I appreciate this very much.;)
So this £725.00, I assume would also be the ppi too then ?
So would a part of that I would also have to reclaim too (ppi part of it)?;)

Thanks hun.

(will have a look at tha calculator too hun thanks).

marshallka

di3004 wrote: »

Thanks for this hun, I appreciate this very much.;)
So this £725.00, I assume would also be the ppi too then ?
So would a part of that I would also have to reclaim too (ppi part of it)?;)

Thanks hun.

(will have a look at tha calculator too hun thanks).

No Di, cause i have only worked it out on your actual loan - these two months interest is natural for anyone to charge when you settle early. I only worked this in the £43K and not including the PPI. Also they always charge a fee as well, Mine was £150 for Barclays first plus so maybe there was a couple of hundred of that £725 (remember this is a rough figure) was fees.

New repayment rules for new loans
The main change concerns how much lenders can charge for early settlement.
Since 31 May this year new loans for a period of more than one year, but less than ten years, have been covered by the Consumer Credit (Early Settlement) Regulations 2004. This replaced the Consumer Credit (Rebate on Early Settlement) Regulations 1983 with an actuarial approach to determining an early settlement figure, and created a limit on charges that may be applied by lenders.
The regulations, which cover only fixed-rate loans and not running-account credit, such as credit cards, mean that as long as the borrower follows certain procedures and meets certain conditions, he can only be asked to pay a maximum of two months' interest if he wants to repay early.

Your policy of the PPI was not front loaded in that you paid it off before the loan. It was a large loan and you would have to look at it like a mortgage in that most of your repayments were interest.

marshallka

di3004 wrote: »

Don't think the fees etc have changed much or if at all here.

http://www.nemo-loans.co.uk/loans/nemo-loan-fees.php

You could have been charged for changing the term of the loan and settlement fee which the two total £300 and then two months interest on the loan of £43K (this is not including the PPI as I don't think they did) so to settle you would have paid two months interest about £550 and then fees of £300 which is £800 in total which is what they have charged you going by my calculations above.

£43000 - 225.00 off the captial (as the rest was 61.10 which you are claiming back and 283.00 interest leaving £25 off the capital) = 42775 and you settled it at £43500 so they charged you £725.00 for settling which would be two months interest and fees.

di3004

marshallka wrote: »

You could have been charged for changing the term of the loan and settlement fee which the two total £300 and then two months interest on the loan of £43K (this is not including the PPI as I don't think they did) so to settle you would have paid two months interest about £550 and then fees of £300 which is £800 in total which is what they have charged you going by my calculations above.

£43000 - 225.00 off the captial (as the rest was 61.10 which you are claiming back and 283.00 interest leaving £25 off the capital) = 42775 and you settled it at £43500 so they charged you £725.00 for settling which would be two months interest and fees.

Thanks hun.;)
I know I did add some information from my terms & conditions last night where they state they charge so many months in interest when settling or so, but when it comes to changing the term of the loan, I did not think this was actually the case as I assumed it was a new loan (start again but an advanced loan)
Sorry confusing things again now ain't I lol......:o

(my puter had frozen just now)......:mad: