Thread: I know they're watching.....

so I'm not going to give them an advance warning but I would like some advice about reclaiming mis-sold PPI and charges from a finance agreement taken out with one of the more despicable finance companies. Though we clearly stated to the salesman that we DID NOT WANT the PPI we found - upon SARing the buggers for something else - that the PPI had been added onto the original finance amount right at the beginning. This is what the figures look like;

Amount of credit for goods/services = £2950.00
Protected payment premium (cash price) = £364.47
Monthly rate of interest (variable in the event of change in the FN base lending rate) = 1.59%
APR = 21.6%
Anticipated number of monthly repayments = 120
Minimum monthly repayment = £62.03

We've recently paid these numpties off after they took us to court - hubby became ill and PPI was supposed to be paying it but didn't. Date of this finance agreement was 11th February 2004.

What I would like to know now is how to work out the PPI that they owe us - I've read all the stickies on how the interest is worked out but it's like Greek to me! Any help or advice would be most appreciated as I seriously want to stick it to them!

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• Are THEY watching???

Errrr, sorry, but:

Though we clearly stated to the salesman that we DID NOT WANT the PPI we found - upon SARing the buggers for something else - that the PPI had been added onto the original finance amount right at the beginning.

and

PPI was supposed to be paying it but didn't.

Can you clarify which is which?

Gut instinct is that if you tried to claim on a policy which you then claim was added against your knowledge/will, you're going to come up a cropper, unless I am missing links in the above story. :-|

To clarify things a little - hubby became ill and I rang the finance company to explain that we couldn't make monthly payments and to possibly come to some other arrangement. It was their representative that told us not to worry - we had PPI and it would pay it! We did say to them at the time that as we understood it we had told the salesman we DID NOT WANT the PPI so how come we had it - the woman told us that they didn't do finance without PPI! Anyway, to cut a long story short the PPI did not make the missing payments, they defaulted us and sold the debt onto another despicable company and we have just had to fork out £2000 to get them off our backs and end the debt.

All I need to know is how to work out the figures - can't seem to find anything on the site to help with this - nothing in laymans terms anyway. Not the best at maths so could do with a little help here please.

Bump

Originally Posted by deb4tlj

All I need to know is how to work out the figures - can't seem to find anything on the site to help with this - nothing in laymans terms anyway. Not the best at maths so could do with a little help here please.

Hello deb,

If you can type up your figures, might be able to help you.

Originally Posted by hellhasnofury

Hello deb,

If you can type up your figures, might be able to help you.

Amount of credit for goods/services = £2950.00
Protected payment premium (cash price) = £364.47
Monthly rate of interest (variable in the event of change in the FN base lending rate) = 1.59%
APR = 21.6%
Anticipated number of monthly repayments = 120
Minimum monthly repayment = £62.03

We paid this over 3 years and 184 days. There are also £612.00 worth of charges for late payments over this same period - two charges per calendar month according to the statements of account.

Hows this letter sound for starters?

We now understand that the regime of fees which you have applied in the past to this account in relation to late fees and recall payment charges, are unlawful at Common Law, Statute and recent Consumer regulations.

We would draw your attention to the terms of the contract which you agreed to at the time that we opened this account. It is an implied term of that contract that you would conduct yourselves lawfully and in a manner which complies with UK law.

We are frankly shocked that you have operated our account in this way. Upon taking advice we have been informed that these charges are exorbitant and require proof of why these charges have been levied to this account and why your charges have been so high. In some months there have been two or more charges for late or missed payments. We accept the fact that we should have to pay a penalty for missing a payment and have allowed a very generous £20.00 charge for each month where there was a missed payment.
We also wish to reclaim the PPI amount taken out at the inception of our finance agreement with your company. At no time during the original application for the finance agreement were we informed that the PPI policy was optional, in fact the salesman;

· implied we take out the policy to qualify for the product or help with our application
· was very pushy when selling the product
· would not let us continue with the loan application if we did not agree to the PPI cover aswell
· did not inform us that the PPI cover could be bought elsewhere
· did not inform us of any exclusions within the PPI cover that would affect us
· we told the salesman right from the outset that we did not require the PPI as we had generous cover due to our employment

The charges and PPI we are now reclaiming are in the following table. We have calculated the charges up to and including the date of our last transaction with you which was the 30th November, 2007.

Here goes the table with all details on

We calculate that you have taken £856.47p plus £345.42p which you have charged us in interest for the sums which you have taken. Total £1201.89p

We require repayment in full of this money. If you do not comply fully within 14 days, we shall begin a claim against you for the full amount plus the 8% interest allowed by the courts, plus our costs, without further notice. We would like to hear you justify in a court of law why we have been charged 3 times in the same month for a recalled payment on more than one occasion and also justify to a judge the amount of your charges which can only be looked upon as "unjust enrichment" for your company.

The letter is fine for starters but if I was you I would send one letter for the charges and one letter for the PPI, as a general rule most companies have seperate departments for each kind of claim, and all this letter will do is send them into meltdown their automated system will not be able to handle this.

Hope this helps remember they will tell you get lost after the first letter just keep at them and keep us updated

I'll do that - I'll split it into two seperate letters. Should I send them both at once? A double whammy so to speak?

yes why not

Quick question - I'm charging them their own exorbitant rate of 21.9% apr from date of the charge to date of our last transaction with them. How does the 8% court charge work? Can I threaten that if it goes to court then the 8% will apply from date of first charge to present date OR does the 8% apply to date of our last transaction with them? Hope that makes sense!