PPI Reclaiming discussion Part II

marshallka

tiggrae wrote: »

no that's just what FP have been offering prior to a complaint being taken to the FOS

Phew!!!! If i win then I am looking for a nice little bit for Christmas then - mind you been here before and can't build my hopes up yet!! Would i get all of the unfair rebate back then??? Here

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. plus stat interest????????????


Thanks Tiggrae for replying.:D

shopaholicleo

tiggrae wrote: »

if when the PPI was taken out (or added onto the card) your mum was temping and still is then the policy was and is absolutely useless to her and she has probably been paying £000's for insurance she'll NEVER be able to claim upon - she HAS to cancel it and make a reclaim !!!!

Ok thanks. Just had a quick look on the M&S website, and it says that they do not provide PPI, but I know my Mum definitely has it as I saw it on her statement. I'm confused as to why she's still paying it, when M&S has stopped offering it.

marshallka

Tiggrae, I need your help quick:eek: :eek: :eek:

When i have sent in my complaint for unfair rebate of the PPI i have just looked back over my letters to Barclays Firstplus and to start with they were about misselling which was then directed to Bespoke.

I then asked them about the settlement and who i complained to about that. They told me them. I then wrote about unfair settlement and they wrote back and said it was in accordance to the settlements and rebates etc. I then went on about rule 78 used in the settlement and they gave me a final response about the settlement.At the time of the actual settlement I complained to them over the phone and have the calls recorded and they told me it was high because of rule 78 used.

Now I have sent in this final response to the FOS for my complaint about unfair rebate settlement. Will they say that I actually needed to make a complaint to FIrstplus about this in the words of "unfair rebate of PPI" and not unfair settlement??:eek: .

Will they understand that I did not know that the unfair settlement was because of the PPI rebate?? Do i need to start this all over again??? Its not been passed to an adjudicator yet but is awaiting this and they have added PPI in the complaint reference.

Edit.... Just found one letter on 9th June where i mention unfair rebate in it (along with all my other discrepancies) . Will this be Ok. They did reply to it with a final response but they never picked up on it and just kept saying that "we did not sell the PPI" and then mentioning the settlement was in line with the regs of 1983. I hope that this is ok for the FOS. I did mention it but only along with other things.

di3004

Helloooooooooo there, I'm back again lol......:D

I have been explaining and showing hubby on here and he says thank you to both Marshallka and Tiggrae for all your help and Marshallka bless you...:o , you have been to hell and back for me today hun....:rolleyes: , soz , but thank you anyway.

I have been laughing at my hubby he has been digging out all the paperwork bless him and we came across some of the information that was provided from Nemo to us when we requested if before it went to the FOS, they had also added some info on the first loan.

Marshallka I do not want to do your head in now hun, I have come across some information which will not change anything but some facts to look at.
.................................................................................................

There is No Fees for their services, and in the quotation it will tell you about any other fees relating to any part of the insurance policy.

And they only offer products from a Single insurer for life, accident, sickness and unemployment.

(this was in the key facts).
.......................................................................................................

I have also found a written explanation that Nemo provided us about how early settlements are calculated and how they actually done this.

Like I said this will not change anything, but its interesting how they do this as you stated earlier it was unusual.

I will add that in another post.:D

marshallka

di3004 wrote: »

Helloooooooooo there, I'm back again lol......:D

I have been explaining and showing hubby on here and he says thank you to both Marshallka and Tiggrae for all your help and Marshallka bless you...:o , you have been to hell and back for me today hun....:rolleyes: , soz , but thank you anyway.

I have been laughing at my hubby he has been digging out all the paperwork bless him and we came across some of the information that was provided from Nemo to us when we requested if before it went to the FOS, they had also added some info on the first loan.

Marshallka I do not want to do your head in now hun, I have come across some information which will not change anything but some facts to look at.
.................................................................................................

There is No Fees for their services, and in the quotation it will tell you about any other fees relating to any part of the insurance policy.

And they only offer products from a Single insurer for life, accident, sickness and unemployment.

(this was in the key facts).
.......................................................................................................

I have also found a written explanation that Nemo provided us about how early settlements are calculated and how they actually done this.

Like I said this will not change anything, but its interesting how they do this as you stated earlier it was unusual.

I will add that in another post.:D

Choose what they say in their key facts they did not do it to you. They were actually very unusual in that they played fair really except for the misselling in the first place.

If you presented the figures that you would have paid for this and the rebate you got then anyone that did not go through this properly would think that you only actually got that amount off the original amount payable but when you look closer you will see that you did not have any refund calculated using the £18K figure only the original £8K figure which was without the interest added to the loan.

I think you were lucky in a sense Di. They could of ripped you off in accordance with their terms and conditions and were entitled to in a way and then you would have had to fight them for this amount back.

Were you honestly expecting this £10K odd Di?? Be honest here??

marshallka

shopaholicleo wrote: »

Ok thanks. Just had a quick look on the M&S website, and it says that they do not provide PPI, but I know my Mum definitely has it as I saw it on her statement. I'm confused as to why she's still paying it, when M&S has stopped offering it.

Someone else would probably be responsible for the PPI element of the credit although probably not as this thread explains.

http://www.consumeractiongroup.co.uk/forum/store-cards/31276-koko-marks-spencer.html

di3004

HOW EARLY SETTLEMENTS ARE CALCULATED:

If you wish to settle your loan early, as you did when you were considering a further advance, Nemo will do the following:

1. Look at the balance on the account and work to an assumed settlement date.

2. Add the interest in accordance with clause 4.2 of your credit agreement (6 months Interest in this instance).

3. The balance on your account is the balance on the TOTAL LOAN, not just the cash loan as your Insurance premium has also been borrowed from us.

If you are cancelling your insurance at the same time then the rebate from Norwich Union will be deducted from the loan balance before arriving at a settlement figure, leaving an amount which has to be settled either from your own resources or through whatever refinancing arrangement you are putting in its place.

The insurance rebate is not proportionate.

In your case (1st loan)
The settlement figure based on your loan balance plus accrued interest was £51,203.68.
Normally, if the insurance is being cancelled, that would be paid in 2 parts; firstly there would be an insurance rebate from Norwich Union (based on their normal rebate formula) which in your case would have been £1,258.26, leaving a balance to be settled in CASH (or via a refinance arrangement) of £49,945.42.

However, because Nemo enhanced the insurance rebate to which you would normally have been entitled to £7,644.43, this left a balance (£51,203.68 - £7,644.43) of £43,559.25.

In short to avoid being in a position of "churning" your insurance policy Nemo gave you a monetary benefit, in form of a reduced figure, of
£6,386.17 (£7, 644.43 - £1, 258.26).

If you have opted not to purchase insurance with your new loan and to cancel your existing insurance of your own accord, consequently Nemo would not offer the enhanced rebate.
That is why the correct settlement figure on your original loan was qupted as £51,203.68 before taking any value for the insurance rebate into account..
..............................................................................................................................
Just thought i would clarify this after finding this paperwork which is what we requested in an explanation for from Nemo of how they worked this out.;)

di3004

marshallka wrote: »

Choose what they say in their key facts they did not do it to you. They were actually very unusual in that they played fair really except for the misselling in the first place.

If you presented the figures that you would have paid for this and the rebate you got then anyone that did not go through this properly would think that you only actually got that amount off the original amount payable but when you look closer you will see that you did not have any refund calculated using the £18K figure only the original £8K figure which was without the interest added to the loan.

I think you were lucky in a sense Di. They could of ripped you off in accordance with their terms and conditions and were entitled to in a way and then you would have had to fight them for this amount back.

Were you honestly expecting this £10K odd Di?? Be honest here??

I did not really know what to expect hun to be honest, I did find this confusing as obviously my other loan was different to this where we did receive the full amount back but can actually see that they cannot give back what they have already rebated from the first loan, so basically it was that I was confused on, the actual amount and if there were any interest to include etc.
And I have been reading so much lately on how others have gone about theirs due to being in the same position as me with having a new loan with the same lender, but they are all different really.

I did come across some on CAG with the same lender, but cannot recall whether this was the mis selling or rebate now, and some also had new loans with them too.;)

shopaholicleo

marshallka wrote: »

Someone else would probably be responsible for the PPI element of the credit although probably not as this thread explains.

http://www.consumeractiongroup.co.uk/forum/store-cards/31276-koko-marks-spencer.html

Thanks, well i'll try and explain all of this to my Mum, and i'll keep u posted.

marshallka

di3004 wrote: »

I did not really know what to expect hun to be honest, I did find this confusing as obviously my other loan was different to this where we did receive the full amount back but can actually see that they cannot give back what they have already rebated from the first loan, so basically it was that I was confused on, the actual amount and if there were any interest to include etc.
And I have been reading so much lately on how others have gone about theirs due to being in the same position as me with having a new loan with the same lender, but they are all different really.

I did come across some on CAG with the same lender, but cannot recall whether this was the mis selling or rebate now, and some also had new loans with them too.;)

Your case was unusual like tiggrae says. They actually did rebate you. Most don't even when taking a new loan.