PPI Reclaiming discussion Part II

marshallka

tiggrae wrote: »

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.

There would be interest on this just like a mortgage. I worked out interest to be about £273 per month on that on a mortgage calculator. You cannot borrow for nothing.
http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=mortgage_calculator

If you say that 265 of the repayments were actually interest and then 61.10 was towards the PPI (which she is claiming back as missold) then that leaves £43.90 round a bout coming off the captital each month.

So x £43.90 x 9 = 395.10 then that is all they would have paid off the capital over the term of 9 months. Then there was a fee for altering the agreement and one for something else totalling £300.

(altered the figures as the APR was 7.4 and not 7.9 as i previously calculated on.)

Loan £43000 actually off the capital 395.10 = 42604.90 + two months interest for settling = 530 + fees of £300 = 43434.90

You do get charged for having the money in "interest".

I have got to try to take another deal with my mortgage now and they are charging £1000 just for putting us onto another deal with the same company.

Am i right here????

tiggrae

marshallka wrote: »

There would be interest on this just like a mortgage. I worked out interest to be about £273 per month on that on a mortgage calculator. You cannot borrow for nothing.

oh I know, it just seems a lot for a nine month period :mad:

di3004

The total price for cover is that of £18332.24,but this could change if interest rates changed.....this is top end if kept to 300 months


The interest of this ppi was that of £9840.24 of a ppi of £8492.50.
= full total of this over 300 month term - £18332.24

Do you actually have to calculate the full amount (top end of the ppi) as if taken for 300 months? or just that what is paid against the £8492.50?
(To complete this loan for a new consolidation loan with them)?
Thx.;)

Talking about 9 months though, the first repayment of the first loan was Dec 2005 and the new loan was in July 2006, that is not 9 months though...but Marshallka did explain about this earlier.

shopaholicleo

marshallka wrote: »

Some PPI policies do in fact cover self employment and this would be in your terms and conditions. They are often dependant on paying Class 2 NI contributions. Temporary employment is likely not to be covered though. Was this temporary at the time she was actually sold the policy??

Are you claiming misselling here?? You write that you want her to cancel this so I am confused. If it is misselling then perhaps look through the reasons on the PPI guide that Martin did and then send a letter outlining them. There is a template on the site. Was this put onto the card without knowledge of it??

If you do send them a letter for misselling take a copy for your records and also you have to give them 8 weeks for a full and final response on it. I would send it recorded delivery too as then you have proof of sending, most are known to stall.

Ok sorry if my post was confusing. I remember her getting the card (M&S) when it first came out because she used to have a chargecard and it suddenly got converted to a credit card. This probably wasn't a good idea as she owes 10k on it now, and is paying almost £200 PPI and the minimum payment. When I sneakily looked at the statement I thought 'Hmmm isn't there something on MSE about misselling PPI?' and thought it could perhaps be applicable to her. I obviously need to ask her about it, so am thinking of leaving her a letter including the page on PPI so I don't have to totally confess that I looked through her post.

If this doesn't work, I seriously think she should cancel it as she always seems to find temp work and has a small business on the side. If worse comes to worse, my Dad has some savings and I'm sure we could help her out. PPI is never really recommended, is it?

Thanks for your help. This is such a busy thread!

P.S Can people please quote me if they reply, as I'm finding it hard to keep up!

marshallka

tiggrae wrote: »

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.

Not half as bad as Barlcays FIrstplus who loaned us 17K (PPI 4163) and then wanted £21K back after paying them £11315.00

marshallka

tiggrae wrote: »

oh I know, it just seems a lot for a nine month period :mad:

Tiggrae, its life and it was a large loan and more like a mortgage really. My mortgage never comes down as we are paying only the interest as cannot afford anything more. I just wanted to get through to Di that to borrow that amount of money and only make small repayments then most of the repayments are actually interest.

catinthehat1

As I do most weeks - just checked FOS/FSA re PPI info and I know most of you know about the FSA and their recent findings re PPI - but this was on another feed through FSA and 'Next steps'
ensure that the refunds firms provide are calculated in line with their obligation
to treat customers fairly. We will follow up with those firms where we believe
this is not the case.
Here is a list of companies fined for mis-selling PPI, so far that they have published
Firm Action Date
Hadenglen Fined £133,000 and CEO
fined £49,000 September 2007
Cathedral Public Censure February 2007
Capital One Fined £175,000 February 2007
GE Capital Bank Fines £610,000 January 2007
Redcats Fined £270,000 December 2006
EW Motor Group Public Censure December 2006
Home and Country Mortgages Fine of £52,500 included
PPI failures December 2006
Capital Mortgage Connections Fine of £17,500 included
PPI failures November 2006
Loans.co.uk Fined £455,000 October 2006
Regency Fined £56,000 September 2006
Sorry if this is old news to you, not to me, so I'm ever hopeful!!!:o

here is the link:
http://www.fsa.gov.uk/pubs/other/ppi_thematic_update.pdf

Oh! silly me just looked at date Sept 2007 - oops!!!!

di3004

Okay then........so the mis selling to go for then hun yes or the rebate ??:D

I am going to dig out the FOS paperwork I have here, and see what he said in his findings, of when he was dealing with the 2nd one, but mentioned something about the first one as he also mentioned something about this if we wanted to pursue on this.;)

He has also added some calculations in his findings, and I'm sure they sent us a copy of what they sent the FOS too but I remember it looks different again, not unless its the way they done the calculations..... .

marshallka

di3004 wrote: »

Okay then........so the mis selling to go for then hun yes or the rebate ??:D

I am going to dig out the FOS paperwork I have here, and see what he said in his findings, of when he was dealing with the 2nd one, but mentioned something about the first one as he also mentioned something about this if we wanted to pursue on this.;)

He has also added some calculations in his findings, and I'm sure they sent us a copy of what they sent the FOS too but I remember it looks different again, not unless its the way they done the calculations..... .

Di, what do you think is wrong here . You were not charged the PPI in the first place only the £850 that you are claiming back.. Why do you think these are wrong here.. Its doing my nut in here . You borrowed 51492 and paid them £43.5K back if you look at it like that. I am going to post my unfair rebate on here from Barclays Firstplus, take a look....

marshallka

Loan £17000
PPI £4163
Total loan with PPI £21163

PPI element was 19.67%
repayments 285.00 over 160 months
PPI of the repayments = 56.05
56.05 x 160 = 8968
made 39 repayments so 56.05 x 39 = 8968.00
Rebate 91.94

8968 (total PPI) - repaid 2185.95 - rebate 91.94 = 6690.41 unfair rebated. If we win then they will probably offer 78% of it.

Our PPI was included in the settlement figure.