PPI Reclaiming discussion Part II

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.

You owed £43500 from your first loan and to take this loan to £55000 then you only would have had £11500 and not the £12000 as you say anyway otherwise the loan amount on the second one would have been £55,500.

marshallka

Di this is repayment calculator of rule 78 and what you would have repaid if this method of calculation had have been used.

Amount of credit (£)51492:*
Amount of initial payment (£)370:*
Amount of regular repayments (£)370:*
Number of regular repayments:300*
Additional final repayment (£):*
Time of settlement (months)9 :
Repayment frequency:Months
Statutory rebate (£)55958.61:
Settlement figure (£)51711.39:

A bit different than the calculation they had you settle.

di3004

marshallka wrote: »

You owed £43500 from your first loan and to take this loan to £55000 then you only would have had £11500 and not the £12000 as you say anyway otherwise the loan amount on the second one would have been £55,500.

Yes exactly that does make sense.:D thx hun.

di3004

marshallka wrote: »

Di this is repayment calculator of rule 78 and what you would have repaid if this method of calculation had have been used.

Amount of credit (£)51492:*
Amount of initial payment (£)370:*
Amount of regular repayments (£)370:*
Number of regular repayments:300*
Additional final repayment (£):*
Time of settlement (months)9 :
Repayment frequency:Months
Statutory rebate (£)55958.61:
Settlement figure (£)51711.39:

A bit different than the calculation they had you settle.

Cheers, and yes I note the difference here.

bezntom

marshallka wrote: »

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).

Tiggrae and Marshallka and everyone else that helps out thanks folks am now going to eamil Egg with my response you have confirmed what my gut feeling was telling me but just wanted reassurance from more knowledgeble people .
Biggggg thank-you :T

BIKERCHIC

Hi all need some advise on reclaim PPI -(have been lucky with c/card charges)

My husband and I took out a secured loan with HFC for £11200.00 (including £200 admin charge) in feb 2004 and have managed to find paperwork. The agreement is showing £11200.00 @ £234.46 over 60 months with an interest rate of 0.78% per month and 10.6% APR it does not give a breakdown for PPI i.e not advising monthly payments. The PPI is on seperate sheet showing both our names and amount of £1200 but box only ticked for first life only, the advisor in the branch I remember asked my husband for height and weight and never advised just my husband would be covered or tell us about seperate monthly payment for PPI (£24.62) so the monthly payments were £259.08. Then it was a case of 'right if you can sign here,here and here although the form for PPI has just my husbands signature and just a cross where my I would of signed as to show you where to sign. Anyway they sent out statements once a year so did not know the extra amount per month was for PPI.

We were able to settle loan in August 2005 and the settlement letter read as follows:
Principle Balance £8575.80
Interest due to sett date £ 134.79
Early settlement interest £ 190.42
Legal & Discharge Fee £ 120.00
Insurance due £ 49.24
Sub-total £ 9070.25
Less rebate of insurance 0.00
Total to repay £ 9070.25

Total payments made 17 x £259.08 = £4404.36 + settlement fig = £13474.61 seems a high amount we paid to them and I have no idea where PPI included as never shown anywhere.

We were mis-sold PPI but dont know if they added it on to settlement or not.

If we had gone full term then 60 x £259.08 = £15544.80 would of been total amount repayable so £15544.80 - £4404.36 = £11140.44 so they charged £2334.17 for paying loan off after 17 months?

I know it's alot to ask one of you to look at this for me, and it maybe I'm looking at it all wrong but I would appreciate any comments

di3004

bezntom wrote: »

Tiggrae and Marshallka and everyone else that helps out thanks folks am now going to eamil Egg with my response you have confirmed what my gut feeling was telling me but just wanted reassurance from more knowledgeble people .
Biggggg thank-you :T

Good one hunni.:D :T . xx

di3004

BIKERCHIC wrote: »

Hi all need some advise on reclaim PPI -(have been lucky with c/card charges)

My husband and I took out a secured loan with HFC for £11200.00 (including £200 admin charge) in feb 2004 and have managed to find paperwork. The agreement is showing £11200.00 @ £234.46 over 60 months with an interest rate of 0.78% per month and 10.6% APR it does not give a breakdown for PPI i.e not advising monthly payments. The PPI is on seperate sheet showing both our names and amount of £1200 but box only ticked for first life only, the advisor in the branch I remember asked my husband for height and weight and never advised just my husband would be covered or tell us about seperate monthly payment for PPI (£24.62) so the monthly payments were £259.08. Then it was a case of 'right if you can sign here,here and here although the form for PPI has just my husbands signature and just a cross where my I would of signed as to show you where to sign. Anyway they sent out statements once a year so did not know the extra amount per month was for PPI.

We were able to settle loan in August 2005 and the settlement letter read as follows:
Principle Balance £8575.80
Interest due to sett date £ 134.79
Early settlement interest £ 190.42
Legal & Discharge Fee £ 120.00
Insurance due £ 49.24
Sub-total £ 9070.25
Less rebate of insurance 0.00
Total to repay £ 9070.25

Total payments made 17 x £259.08 = £4404.36 + settlement fig = £13474.61 seems a high amount we paid to them and I have no idea where PPI included as never shown anywhere.

We were mis-sold PPI but dont know if they added it on to settlement or not.

If we had gone full term then 60 x £259.08 = £15544.80 would of been total amount repayable so £15544.80 - £4404.36 = £11140.44 so they charged £2334.17 for paying loan off after 17 months?

I know it's alot to ask one of you to look at this for me, and it maybe I'm looking at it all wrong but I would appreciate any comments

Hi hun
Your at the right place and this will be checked over for you.;)

I am not the one for calculations myself lol.....:o , but have they provided you with a thorough written breakdown for this because it does seem to be rather confusing for you, and you need to know what your exactly paying for here.

I am sure one of the others will get back to you about this and advise you here but its the calculations you could do with, where they should provide this to you free of charge.

Tiggrae and/or Marshallka will highly likely take a look at this now hun and see what is what.;)

Good luck, and get a letter in soon too to reclaim this back, template on the site hun, if your unable to find it let us know and one of this will post this up for you.

Di.
x

bezntom

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

Heres my response to Egg
Dear Sir/Madam
Further to your letter dated 24/9/08 I have taken further advice and they have confirmed my reasoning in that your terms and conditions cannot be applied i was unlawfully deprived of money and i want both the statutory 8 % interest element adding on and ALL the amount repaying directly to me otherwise i will take my complaint to the FSO.
As for your paragraph "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,."
This is a load of rubbish and I totally reject your attempts to baffle me with it.I again repeat .......You UNLAWFULLY deprived me of the money and I wish to have that money
as stated above plus 8% statutory interest element placed back into my Bank account.
I hereby inform you I am rejecting your attempt to settle in this way.

marshallka

BIKERCHIC wrote: »

Hi all need some advise on reclaim PPI -(have been lucky with c/card charges)

My husband and I took out a secured loan with HFC for £11200.00 (including £200 admin charge) in feb 2004 and have managed to find paperwork. The agreement is showing £11200.00 @ £234.46 over 60 months with an interest rate of 0.78% per month and 10.6% APR it does not give a breakdown for PPI i.e not advising monthly payments. The PPI is on seperate sheet showing both our names and amount of £1200 but box only ticked for first life only, the advisor in the branch I remember asked my husband for height and weight and never advised just my husband would be covered or tell us about seperate monthly payment for PPI (£24.62) so the monthly payments were £259.08. Then it was a case of 'right if you can sign here,here and here although the form for PPI has just my husbands signature and just a cross where my I would of signed as to show you where to sign. Anyway they sent out statements once a year so did not know the extra amount per month was for PPI.

We were able to settle loan in August 2005 and the settlement letter read as follows:
Principle Balance £8575.80
Interest due to sett date £ 134.79
Early settlement interest £ 190.42
Legal & Discharge Fee £ 120.00
Insurance due £ 49.24
Sub-total £ 9070.25
Less rebate of insurance 0.00
Total to repay £ 9070.25

Total payments made 17 x £259.08 = £4404.36 + settlement fig = £13474.61 seems a high amount we paid to them and I have no idea where PPI included as never shown anywhere.

We were mis-sold PPI but dont know if they added it on to settlement or not.

If we had gone full term then 60 x £259.08 = £15544.80 would of been total amount repayable so £15544.80 - £4404.36 = £11140.44 so they charged £2334.17 for paying loan off after 17 months?

I know it's alot to ask one of you to look at this for me, and it maybe I'm looking at it all wrong but I would appreciate any comments

It looks like you got charged the full PPI of £1200 here and if you are going for the misselling then you need this back plus the interest on this for the full term of the loan which equals £1492.20. You actually got no rebate as you state here??? Is this correct..

Also your settlement was high and probably not in in line with the 2004 regs in which the rule of 78 would have been used to calculate this. This was allowed up until 2005 when it was abolished. It does throw up a large settlement is not in favour of the consumer. It was abolished for this reason but unfortunately as your loan was pre 2005 it could have been used.

Foget your PPI for a min and lets say your loan was in total 234.46 x 60 = 14067.60. You made 17 repayments of 234.46 = 3985.82. So 14067.60 - 3985.82 =
10081.78 owing on the loan. You got a rebate against this and actually repaid to them 9070.25 (although this settlement then had the extra PPI in it too of 1069.41 if they did not rebate you anything). WIthout the PPi being paid it would have been around £8000 so looking now it seems rule 78 was not used.

You certainly need to reclaim it though. If the above is correct that you wrote then you recieved a NIL refund and this is very unfair.