Thread: GARY68 V HALIFAX PPI-advice please **WON**

Hi ALL
Need some help and advice,Im about to embark on the Halifax regarding a loan and up front single PPI, of which i would like back, I have many other issues going on at the moment with the credit cards and banks and I have done plenty of reading and my eyes are burning up looking at this screen,can any ppi comrades help on this please.

I took a £9000 loan out in sept 2005 on top was £2,128.01 insurance.
the loan was over 6 years,but i payed it off march 2008 (3 years 6months early)

I asked for a settlement figure and payed off £7,050.00,looking at my SAR there was a ppi refund of £514 built into that and i later received £93 back in interest...wow
Now I make it £14,800 ish in total, so clearly they have put interest on insurance which i wasnt aware of until ive read up on this,

I have the exact figures but would like to make sure that Im doing the spread sheet correctly,
can I still make a claim ? and are my time scales for claiming ok, can some one help me if i post my loan details up as im struggling to get monthly ppi premiums into the spread sheet.

example if on the spread sheet my monthly ppi has worked it out to be £14.10..do i have to put it into each line from the start date sept 05 and repeat this each month to date of finish march 08 for it to calculate my final interest at 8% or am I losing it

many thanks in advance
gary

AMOUNT OF CREDIT £9000
AMOUNT OF CREDIT(the insurance loan) £2,128.01
TOTAL AMOUNT OF CREDIT(total loan) £11,128.01
DURATION OF AGREEMENT 74 MONTHS
TOTAL AMOUNT YOU PAY FOR CASH LOAN £11,401.20
TOTAL AMOUNT YOU PAY FOR THE INSURANCE LOAN £2,695.68
TOTAL AMOUNT YOU PAY FOR THE TOTAL LOAN £14,096.88
MONTHLY PAYMENTS £195.79
APR 7.9%

other financial imformation
CASH PRICE OF THE INSURANCE PREMIUM IS £2,128.01
insurance premium tax at a rate of 5% is included in the non life elements of the insurance premium.
total charge for credit on cash loan £2,401.20
which consists of:
.interest ON CASH LOAN £2,401.20
.ARRANGEMENT FEE ON CASH LOAN £ 0.00
.TOTAL CHARGE FOR CREDIT ON INSURANCE LOAN £567.67
which consist of:
.INTEREST ON INSURANCE LOAN £567.67
.ARRANGEMENT FEE ON INSURANCE LOAN £0.00

TOTAL CHARGE FOR CREDIT ON TOTAL LOAN £2,968.87
which consists of:

INTEREST ON TOTAL LOAN £2,968.87
ARRANGEMENT FEE ON TOTAL LOAN £0.00

ANNUAL INTEREST RATE 7.95%
the annual interest rate stated above is the annual equivalent of our monthly interest rate of 0.639% calculated on a compound basis


Could anyone confirm please regarding the insurance premium i want to claim back..would it be the £2,128 or should it be £2,696.68 as this is with interest on insurance loan.
sorry to be a pain
gary

your last figure is the one i would go for & dont forget that 8% stat!

i'm pretty sure they will know exactly the figure anyhow.
they will prob try and confuse you on the refund & early payment figures too.

dx

Hi thanks for the reply DX,

so Iam right in thinking that my refund would be £2,695.68 +8% =£2,911.34
or is it more complex than that with the PPI calculator?

when i used the calculator spread sheet it gave me a total ppi interest over 40 months at £1,285.84-this cant be correct can it?
any help on this and the correct template letter very much appreciated in advance.
gary

Sorry
amended-- im becoming
"first in the mental blockage world championships"

my last statement should read PPI interest to date £714.36-over the 40 months it was running
gary

Originally Posted by GARY68

Sorry
amended-- im becoming
"first in the mental blockage world championships"

my last statement should read PPI interest to date £714.36-over the 40 months it was running
gary

Or should I be using the spread sheet calculator

on the calculator spread sheet do I just fill in A+B to get my total and not just put each monthly ppi in, as the bank spread sheet does
In Respect of: Date Incurred Amount Days since Charge Interest Rate Applied (APR) Interest on Payments Made Total Owed Interest Rate Applied (APR) Interest on Payments Made Total Owed
DATE INC AMOUNT DAYS /INT INT ON PYMT TTL
A PPI Premium – Loan No. 1 29/11/2005 £ 2,695.68 1248 8.00% £ 737.36 £ 3,433.04 8.59% £ 920.16 £ 3,615.84
DATE INC AMOUNT DAYS INT ONPYM/INTINTONPYMT
B PPI Premium Interest – Loan No. 1 - Month 1 29/12/2005 £ 17.86 1218 8.00% £ 4.77 TOTL OWED
£ 22.63 8.59% £ 5.93 £ 23.79

Do I have to send the spread sheet?
sorry for so many questions,but I would like to get off today
anyone??

Hello gary,

TOTAL AMOUNT YOU PAY FOR THE INSURANCE LOAN £2,695.68

Reclaiming mis-sold PPI this IMO is the figure to ask for but as dx states you should also ask for 8% statutory interest on this figure from the start of the loan until you agree a settlement. Incidentally the date of agreement to settle will no doubt be extended by several week until you get yer money back. Banks tend to run the we will keep hold of your money up to the wire.

They will also no doubt work the interest of 8% as simple interest and not compound interest.

The fos can advise on this.

aa

HI Alanalana
many thanks for advice,
sorry to be thick but what is IMO stand for?
also im still a bit stumped with the calculator on the spread sheet and ive been at it since last night and im desperate to put the figures into my letter and start the ball rolling,
this is what im stumped with

I have calculated that the monthly figure for PPI is £17.86 using the formula and total paid over the loan using the same process to be £714.36
so regarding the excell spread sheet do I put
A £2,695.68
B £17.86 then repeat this amount each month from start to finish to get 8% statuary int like bank charges?

sorry as you can see my strong point was never maths

Im also unsure weather or not the first figure should be used £2,128 as it states at the top of the loan before interest as they might throw it all back at me due to my calculations being incorrect what do you think?

seems like a lot of well needed money is due back if successful
really appreciate any advice to help me out here please.
Gary

HI Alanalana
many thanks for advice,
sorry to be thick but what is IMO stand for? (See below for IMO)
also im still a bit stumped with the calculator on the spread sheet and ive been at it since last night and im desperate to put the figures into my letter and start the ball rolling,
this is what im stumped with

I have calculated that the monthly figure for PPI is £17.86 using the formula and total paid over the loan using the same process to be £714.36
so regarding the excell spread sheet do I put
A £2,695.68
B £17.86 then repeat this amount each month from start to finish to get 8% statuary int like bank charges?

sorry as you can see my strong point was never maths

Im also unsure weather or not the first figure should be used £2,128 as it states at the top of the loan before interest as they might throw it all back at me due to my calculations being incorrect what do you think?

seems like a lot of well needed money is due back if successful
really appreciate any advice to help me out here please.
Gary

IMO = In My Opinion

Spreadsheets are not my strong point either but at the end of the day my own complaints went via fos no fees to pay just give them all the information and a complaint form and keep them updated with any other correspondence you receive (keep copies of all letters sent and recieved)

A complaint to the Finanancial Ombudsman Service needs no up front funds, each complaint will cost the company complained against a £500 fee after the first three complaints against that company.

Drawback it will take months of waiting but the FOS are upholding 90% of claims for mis-selling of PPI.

Chances of a success good if you have a valid claim for mis-selling


check out all of the links in here for more advice.....http://www.consumeractiongroup.co.uk...060-links.html

hope this helps out

aa

Originally Posted by pompeyfaith

Gary,

Is 74 mths right or shoud that of been 72 mths=6 yrs

PF

HI POMPEY
MANY THANKS
yes it was actually 74 months as the first 2 months were defered payments-free as i thought but when I looked at the SAR they failed to tell me I was paying extra interest making the loan amount even more..so the agreement is exactly as above.
again thanks in advance, Im desperate to get my figures in a letter I have files everywhere and im jumping from 1 folder to another

Originally Posted by alanalana

IMO = In My Opinion

Spreadsheets are not my strong point either but at the end of the day my own complaints went via fos no fees to pay just give them all the information and a complaint form and keep them updated with any other correspondence you receive (keep copies of all letters sent and recieved)

A complaint to the Finanancial Ombudsman Service needs no up front funds, each complaint will cost the company complained against a £500 fee after the first three complaints against that company.

Drawback it will take months of waiting but the FOS are upholding 90% of claims for mis-selling of PPI.

Chances of a success good if you have a valid claim for mis-selling


check out all of the links in here for more advice.....http://www.consumeractiongroup.co.uk...060-links.html

hope this helps out

aa

Thanks AA I will take up that route as soon as i get my letter sorted

Originally Posted by pompeyfaith

Ok no problem i can do this for you the spreadsheet im using is -0.1 to +0.1 out but thats nothing really i ve used it to do all my 9 loans ive had since 1999.

PF

WOW LOL
VERY MUCH APPRECIATED
pf

trust Pompeyfaith he is straight and true and the advice is quality stuff

aa