PPI Reclaiming discussion Part II

catinthehat1

tiggrae wrote: »

which company is it with ?? If it's a high street bank - then 6 weeks, followed by a further 8 weeks to work out the repayment if your claim is upheld. If it's not a main stream lender then they tend to drag their heels on sending the FOS information

It is Firstplus (Barclays) or whatever you may wish to call them!!!!!

marshallka

marshallka wrote: »

But tiggrae Di borrowed 51492 (which included the ins) and settled after 9 months of payments and settled £43K. How can she go for an unfair rebate when she never paid the PPI in the first place

Di had loan of £43K
PPI was £8142
Total Loan £51492
REepayment 300 x 370.53
Repaid for 9 months and then settled with a settlement figure of £43500. How can she be looking at an unfair rebate of £10635.79 if she never paid the PPI interest at all. She was rebated for most of the PPI and they never calculated the interest of the PPI in the settlement figure. I am so confused here.

If this was so then they would have paid Di about £10K for having the loan.

Tiggrae, see these figures here pleeeaasse.

di3004

catinthehat1 wrote: »

Just to let you know I received a letter today from FOS re FP - my case has now been assigned to an adjudicator - yipee!!!!!!!!!!:j Just a standard letter re adjudicators role and they he is going to collate information from the company - so I will let you know when I hear anymore, I'm not sure how long it will be now??? Does anyone have any idea???
Thanks in advance

Good news hun.:j .

And how long have you been waiting for this one to be passed over to the Adjudicator?

Now I do think they still keep in touch with you every 4 weeks or so just to keep you updated, as this may also depend on how long the finance company gets back to them with the required information, however they do only have a certain time I believe to do this too.

(There is no harm done if you email or get in touch so often too if you think you have been waiting long enough, I would defo give them a nudge now and again).....:D lol.
Hope this ends in a good result hunni.....:beer: .

Also thanks for letting us know.
Di.
x

marshallka

tiggrae wrote: »

these calculations are always harder when the loan is paid off early as you have to work out what you would have paid minus any rebate - the difficulty is then on the interest element (ie has the interest element been included in the rebate figure or has it been included in the main loan settlement figure)

the assumption I always work on is to work out the full amount which would have been paid minus the rebate is basically the amount you've paid in PPI. I use the assumption any rebate on interest will be included in the total rebate figure - as I always think that when calculating an early settlement a lender will never work it out to be in your favour. If they can prove otherwise then that's fine - but I'll always initially work it out at the highest figure and get the lender to prove otherwise !!

The whole of the PPI was not included in the settlement. You will be sending Di off here for a claim that when she never paid the PPI in the first place. Please take another look.

bathgatebuyer

pinknico wrote: »

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.

At first the FOS didn't want to know. They said that they were not there to 'police banks or tell them how to improve their administrative procedures' So, i wrote to the Office of Fair Trading who wrote back to me and confirmed that they felt that such behaviour would be deemed to be unlawful by the Bank in question and an issue which could lead them to consider a Banks fitness to hold a consumer credit licence So, they obviously feel it very serious!

Only when I forwarded the OFT letter did the FOS then write back and say that they would investigate my case. That was back in June and as it is not Oct, I was concerned that there would not be enough time for them to consider this, and then the PPI case (which I was only going to submit if they could not confirm the CCA as rendering the account unenforceable - which I'm not sure they have the remit to do anyway). The 6 years for PPI is at 22 Nov 2008, so rather than lose out on the opportunity to have the PPI issue considered at all, I've amended my complaint to include it. Also, to include the fact that during the course of the dispute, Sainsburys have ignored the OFT Debt Collection Guidance. They wrote to me in September confirming that they were not going to refund any interest that accrued in that time - I've went back and asked for their written confirmation that they are willing to break the law on this issue in order that I can forward that to the OFT also

The correspondence from the OFT has been crucial in getting the FOS to even consider this matter. It's definitely worth writing to them and saying, "I know you can't act on individual complaints, but can I add this to your file on this company.......bla bla bla........can you confirm that you consider such activities to be unlawful" as their response really is one hell of a stick to batter the banks or debt collectors with when the time comes :T

catinthehat1

di3004 wrote: »

Good news hun.:j .

And how long have you been waiting for this one to be passed over to the Adjudicator?

Now I do think they still keep in touch with you every 4 weeks or so just to keep you updated, as this may also depend on how long the finance company gets back to them with the required information, however they do only have a certain time I believe to do this too.

(There is no harm done if you email or get in touch so often too if you think you have been waiting long enough, I would defo give them a nudge now and again).....:D lol.
Hope this ends in a good result hunni.....:beer: .

Also thanks for letting us know.
Di.
x

My initial complaint to FOS was sent on the 5th August 2008, FP offered us a silly amount and letter sent back to FP and FOS declining offer on 15th September 2008, have emailed FOS several times, but just standard email, saying that my complaint was awaiting an adjudicator - so from start of complaint to FOS - 2 months, which doesnt seem that bad, but I expect this bit will take longer, going on everyone else's posts!!!:o

marshallka

catinthehat1 wrote: »

My initial complaint to FOS was sent on the 5th August 2008, FP offered us a silly amount and letter sent back to FP and FOS declining offer on 15th September 2008, have emailed FOS several times, but just standard email, saying that my complaint was awaiting an adjudicator - so from start of complaint to FOS - 2 months, which doesnt seem that bad, but I expect this bit will take longer, going on everyone else's posts!!!:o

Was this fast tracked Catinthehat??

di3004

Tiggrae & Marshallka

Here is the breakdown of the ppi:D , thanks.


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.

tiggrae

catinthehat1 wrote: »

It is Firstplus (Barclays) or whatever you may wish to call them!!!!!

don't hold your breathe then !!!

catinthehat1

marshallka wrote: »

Was this fast tracked Catinthehat??

No - i did email them and ask what the criteria was, but we were not in a serious position where we were unemployed/losing our house, so I didn't pursue it.