PPI Reclaiming discussion Part II

tiggrae

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 !!

So what nemo are saying is that they charged £850 for 9 months PPI and they didn't calculate additional interest on top (very Unusual !!!) when the amount paid for the PPI to that date was £554.50 (ie 9 x 61.60) so they under rebated by just £295.60

does the above make more sense !!

catinthehat1

tiggrae wrote: »

don't hold your breathe then !!!

i won't, but would be nice for Christmas!!!!!:o

marshallka

tiggrae wrote: »

don't hold your breathe then !!!

Tiggrae please take a closer look at Di figures above.She can't go for an unfair rebate of the amount you worked as this PPI interest was not included in the settlement. They just took what she had paid and then refunded the rest back. i have been calculating all day for her. Please, this will bug me now all night...

tiggrae

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

it may be because an offer's already been made - these may be easier for an adjudicator to work on

marshallka

tiggrae wrote: »

does the above make more sense !!

They charged her £850.00 and that was it. Nothing more, nothing less.

She would be best to go for misselling here wouldn't she. To get the 850 plus stat interest??

tiggrae

marshallka wrote: »

Tiggrae please take a closer look at Di figures above.She can't go for an unfair rebate of the amount you worked as this PPI interest was not included in the settlement. They just took what she had paid and then refunded the rest back. i have been calculating all day for her. Please, this will bug me now all night...

please see post at 9772

catinthehat1

tiggrae wrote: »

it may be because an offer's already been made - these may be easier for an adjudicator to work on

You could be right, but no idea why it seems to have been quite quick (relatively)!!!:cool:

marshallka

catinthehat1 wrote: »

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.

Wow then, I think that FIrstplus must have realised their calculations were wrong and then said to the FOS they would look further into this for you.

marshallka

tiggrae wrote: »

please see post at 9772

It was unusual but they did not rob her did they??

tiggrae

marshallka wrote: »

They charged her £850.00 and that was it. Nothing more, nothing less.

She would be best to go for misselling here wouldn't she. To get the 850 plus stat interest??

if you can prove mis selling then yes - but it's interesting that she borrow £43k then paid £3334.77 in monthly repayments over the 9 month period - then they wanted £43500 to settle - in otherwords that original £43k cost Di & her husband a total of £3834.77 for having it for 9 months.