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Can anyone please advise if a loan is still live if you can request that the original amount of PPI be taken off the balance of the loan as well as requesting to get back any premiums paid plus interest?
Can anyone please advise if a loan is still live if you can request that the original amount of PPI be taken off the balance of the loan as well as requesting to get back any premiums paid plus interest?
Thanks
You can claim the payments made with the contractual interest and the fos or Court whatever route you take will more than likely add on the 8% statutory interest from the day the loan started until the day the loan was settled or the PPI cancelled.
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I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
Thanks for the reponse. Does this not mean that you will still be paying back the original PPI premium that is added to the loan because you would only be getting back what you had paid to it and not having the actual PPI amount that was originally added to the loan removed?
Thanks for the reponse. Does this not mean that you will still be paying back the original PPI premium that is added to the loan because you would only be getting back what you had paid to it and not having the actual PPI amount that was originally added to the loan removed?
Thanks
IMO you would be better looking for PPI cover from another source if you really require it. You can find websites by doing a google search on moneysavingexpert.
I believe if you are going to reclaim PPI the fos would insist that any PPI with the original company would have to be cancelled before any settlement would be agreed. When you cancel you should get a pro rata rebate on the outstanding amount of PPI which will be deducted from the balance of the loan.
Make sure you have PPI from an alternative source it would not be wise to leave yourself without any cover.
aa
I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
Thanks. Sorry I am being a pest but just trying to really understand before I go to fos.
I have a loan and the PPI was £3712 and the PPI payments were £33.00 a month. The total over the term of the loan to be paid was over £10k just for the PPI and PPI interest.
If I request a refund of premiums paid so far plus interest + 8% it would be around £2000 and the amount of rebate would be around £70.00. It does not seem right that i would not get more back if the PPI was found to be mis sold.
In my eyes the original PPI amount should be refunded back to the loan, the monthly payments be reduced to take off the PPI (£33) and any payments made plus interest + 8% should be returned direct to me. Essentially, making the loan as though the PPI had never been there in the 1st place????
Thanks. Sorry I am being a pest but just trying to really understand before I go to fos.
I have a loan and the PPI was £3712 and the PPI payments were £33.00 a month. The total over the term of the loan to be paid was over £10k just for the PPI and PPI interest.
If I request a refund of premiums paid so far plus interest + 8% it would be around £2000 and the amount of rebate would be around £70.00. It does not seem right that i would not get more back if the PPI was found to be mis sold.
In my eyes the original PPI amount should be refunded back to the loan, the monthly payments be reduced to take off the PPI (£33) and any payments made plus interest + 8% should be returned direct to me. Essentially, making the loan as though the PPI had never been there in the 1st place????
Any input much appreciated
I would IMO just submit your claim to the Financial Ombudsman Service they will deal fairly with your complaint and inform you of any offer made. You then have the choice to accept or ask for the ombudsman to deliberate on you complaint. Then it is your decision to accept or decline and proceed with Court action through the small claims court.
aa
I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
Hi,
I urgently need some help with an offer I have been given after the fos went in my favour over mis selling of PPI.
The loan that the PPI was mis sold on iS in arrears and I now make a reduced payment through the companies solicitor. There is currently £2699.90 left to pay off the loan. I am making payments of £150.00 a month.
The original PPI amount that was added to the loan was £2,344.00 and interest was £414.20 over the term of the loan. I cancelled the PPI in November 2007 and was given a £281.21 rebate.
The original monthly repayment amount was £245 (£45.00 of this was PPI)
They have stated that they are taking the original PPI premium minus the rebate of £281.21 = £2,476.99 to pay off some of the £2699.90 arrears. They also say that they are giving me back the £442.69 which is 8% interest on all payments made. Should they not have to pay me back the the monthly premiums of £45.00 a month that I have made also or not because the loan is in arrears?
The agreement is enforceable. They took me to court cos I fell behind with payments. The laon should have been paid off in Sept 2009 but I am paying a reduced amount.
I need to know if I am in a position to state that as the loan is still in force that they have to pay me back the premuims that I have paid over the last 5 years because at the moment they are saying that they are not to be refunded to me and only to the loan as the loan is in arrears. Howerve, the fos states that if a loan is still in force that those payments along with the interest should be refunded to the consumer and that the loan company cannot insist that they go to reduce the balance of the loan.
Any advice much appreciated.
Thanks
IMO technically the agreement in not in force as it became fully payable in Sept last year and I would not expect a refund, only a credit to the account, which they appear to be happy to do.
If the account still had some time to run, I would expect them only to take the amount of the arrears and refund any excess direct to you, however I am not sure that this always happens.
If it almost clears the debt for you then you will ultimately save on the amount you are paying them each month to them.
Hi,
I have received word back from RBS of how much interest I will be getting back to me. They have taken just over £100.00 off the total amount of interest saying that this is 20% tax so that I don't have to claim it to HMRC. Is this correct as I have never heard of this before?
Thanks
Pudsey
side a pile of LTSB 'fob-off' letters struggling to get out!
Posts
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Re: PPI reclaim calculations
Originally Posted by pudsey7
Hi,
I have received word back from RBS of how much interest I will be getting back to me. They have taken just over £100.00 off the total amount of interest saying that this is 20% tax so that I don't have to claim it to HMRC. Is this correct as I have never heard of this before?
Thanks
Pudsey
Hi Pudsey
I'm not sure if it is correct, but I do know that when Sainsbury's Bank refunded PPI on a loan they put a note saying -
'Please note that if an interest payment has been made, this may constitute 'taxable income' and any tax due on this should be dealt with between you and your local tax office.'
Other than that I've not heard of this before - maybe someone else can advise further..........
Landy x
LTSB PPI on various loans (current/settled) - Refunded inc 8%
MBNA 1 Charges - Refunded inc CI
MBNA 1 PPI - Refunded
MBNA 2 Charges - Refunded inc 8%
MBNA 2 PPI - Refunded
MBNA 2 Accident Ins - Refunded
Swift Advances (settled) Mortgage Charges -Partially refunded
Swift Advances (settled) Mortgage PPI - Refunded inc CI & 8%
Sainsburys (settled) Loan PPI - Refunded inc CI +8%
Sainsburys (closed) Card Charges - Refunded inc CI + 8%
M&S Money (closed) Card Charges - Refunded inc CI
M&S Money (closed) Card PPI - Refunded inc 8%
Direct Line (settled) Loan PPI - Refunded inc CI + 8%
The Consumer Forums
PPI reclaim calculations
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Originally Posted by pudsey7
