PPI Reclaiming discussion Part II

di3004

marshallka wrote: »

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.

This was the actual one that changed in is it May 2005 hun ?

I know the Endeavour one was worked out on the Regulations 1983, (I think) :rolleyes: , oh golly I will be confusing everyone now lol, going from one loan to another lol......:D .

(nipping to the shops, back very soon hun), you have been wonderful and amazing, I would not know what to do without you and Tiggrae, so thanks hunni I do really appreciate this very much.:A :A :T . xxx

marshallka

di3004 wrote: »

This was the actual one that changed in is it May 2005 hun ?

I know the Endeavour one was worked out on the Regulations 1983, (I think) :rolleyes: , oh golly I will be confusing everyone now lol, going from one loan to another lol......:D .

(nipping to the shops, back very soon hun), you have been wonderful and amazing, I would not know what to do without you and Tiggrae, so thanks hunni I do really appreciate this very much.:A :A :T . xxx

Rule 78 would not have been used in your settlement as it was unregulated over 25k. They only charged you a couple of months interest.

di3004

marshallka wrote: »

Rule 78 would not have been used in your settlement as it was unregulated over 25k. They only charged you a couple of months interest.

My Endeavour one was regulated.;) Twopart/Eloan/nemo one not.

Was reading something about this on the Nemo website too earlier, will check it out again now.

Half way down this link Q&A there is a write up about Regulated and Non Regulated loans.
http://www.nemo-loans.co.uk/qna/nemo-loans-qna.php

di3004

Its been a few weeks now that Tron_ess has not been here, hope everything is okay.....

marshallka

di3004 wrote: »

My Endeavour one was regulated.;) Twopart/Eloan/nemo one not.

Was reading something about this on the Nemo website too earlier, will check it out again now.

Half way down this link Q&A there is a write up about Regulated and Non Regulated loans.
http://www.nemo-loans.co.uk/qna/nemo-loans-qna.php

That is for paying off a lump sum??


Di, what do you feel that Nemo/Eloan have done you out of in money terms. How much did you think you would be reclaiming??

marshallka

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!!!!!

If you are happy with them and won't get cross in the future then i too would settle. Glad you are getting some back and good luck for your third one:j

di3004

marshallka wrote: »

That is for paying off a lump sum??


Di, what do you feel that Nemo/Eloan have done you out of in money terms. How much did you think you would be reclaiming??

I wasn't too certain hun at first, it was the FOS who suggested it in his findings, when he resolved the nemo advance loan/ppi about if we wanted to pursue the brokers on the mis selling of the first one we were free to do so, but then I did not know whether to go for the mis selling or the unfair rebate, but we cannot call that an unfair rebate really, so will just go for the remainder of the money then, even though we have been over this many times before.....:o , lol, I just needed to be sure in case further information will be needed from me now that the business is closed.

di3004

Marshallka just sent you a pm hun.:D

marshallka

di3004 wrote: »

Marshallka just sent you a pm hun.:D

OK Di, honestly Di, you were not that hard done to the first loan though. You borrowed £43000 and repaid nine months at £370 per month of which you are claiming back 9 x £61.10 and still owed £43500 but it was over 25 years and the interest was 7.4% and most of the repayment was interest that is why your repayments were sooo low on such a large loan. Its similar to a mortgage and if they were like Barclays Firstplus they would have charged you the whole lot when you settled.

Also Di, you then had this £43500 carried over and borrowed enough to take you to a new loan of £55K. Have you noticed about the other 11500 and not 12000 here too. Its cause you owed 43.5 and then went up to 55 so 55 - 43.5 is 11.5 and not 12K. They have not charged you £500, you owed 43500 at the end.

di3004

marshallka wrote: »

OK Di, honestly Di, you were not that hard done to the first loan though. You borrowed £43000 and repaid nine months at £370 per month of which you are claiming back 9 x £61.10 and still owed £43500 but it was over 25 years and the interest was 7.4% and most of the repayment was interest that is why your repayments were sooo low on such a large loan. Its similar to a mortgage and if they were like Barclays Firstplus they would have charged you the whole lot when you settled.

I totally agree hun.:D
Thanks.;)

I know its not a great deal to reclaim but it soon adds up I suppose, and it was mis sold so may as well just get the rest of it back if we can.:D .

Back soon, going to stick some washing in lol.