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Doingmybest

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About Doingmybest

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  1. Thanks for taking a look dx. I’ll find something else to worry about.
  2. I do get that about not being refunded twice. It’s just them writing a cheque and at the same time adding it to the balance. I never knew anything about cashback, I believed that the cheque was the PPI refund. I never received a statement of their workings out or a statement until recently. Hindsight is great but if it had been explained to me I’d like to think that I would have been able to question the logic of giving me a cheque and then adding it to the balance. In effect it was an expensive advance.
  3. Thanks dx. I agree but FOS do not. They explain it like this: At the start of your loan, you borrowed an extra £13,469.50 which was added to cover the cost of the PPI. You were charged £3,962.24 in interest because of the PPI premium between the start of the loan until the PPI was refunded. This means the total amount added to your loan over that time because of the PPI was £17,431.74. In cases like this, we’d expect the business to refund what you’d paid for the PPI up to the point it was cancelled. We’d then expect them to remove the rest of the PPI from the loan that you hadn’t yet paid. You’d already paid £4,681.86 of this cost yourself, so this is what you were refunded. This also means the amount of PPI left in your balance would’ve been £12,749.88. But when Firstplus made its offer, they removed the total cost from the loan first. So at that point, along with what you’d already paid, too much would have been removed from your balance. This is why £4,681.86 was added back to your loan when it was refunded. In total you received the total cost of £17,431.74 back - £4,681.86 paid to you and £12,924.10 removed from your balance. You also received simple interest at 8% per year as compensation on the payments you made. All things considered I think Firstplus made you a fair offer and put your loan in the position it would have been in had the PPI not been sold. I’ve asked for the ombudsman’s view because them adding it to the loan amounted to their gain - added interest and to my detriment. Oh yeah, when I questioned the cash back business they withdrew that term.
  4. No mention in the SAR, FOS never mentioned it in previous communication either. It’s buried in the t and c’s that as long as you keep up the payments that you may get the premium back. So what they’ve done is refunded me the PPI, payments and interest and then added back to the balance. Otherwise I would’ve been paid back twice???? in effect restructuring the loan and then increasing the balance. FOS feels that this is okay and has sided with them.
  5. Telephone call from FOS telling me that the PPI I was sold was a CASHBACK one meaning that if I hadn’t made any claims in the 5 years it was due to run that I’d get the policy (not the payments or interest) back. This is why they refunded it by cheque and then added it to the balance. Apparently Barclays we’re selling these at the time. Has anyone heard anything like this as this is the first I’m hearing of this?
  6. just doing some research into the time limits thingy: FOS website states: six months from the business sending the consumer a final response (which has to mention the six-month time limit); and six years from the event the consumer is complaining about (or - if later - three years from when the consumer knew, or could reasonably have known, they had cause to complain). I only became aware of the issue when I received the SAR so should be covered here I think. I've read it and re-read it and Elderbridge make it sound like it's consecutive years but the FOS wording seems quite open? I know that no-one can say for sure but does anyone else either read it the same way or had experience of this time limit issue?
  7. Thanks as always dx. Just spoken to FOS and will put my complaint into them now.
  8. Heard back from Elderbridge who have knocked back my complaint on the grounds that, " 'part' of what I'm complaining about happened more thank six years ago and I'm complaining three years after I realised (or should have realised) there was a problem". They go on to say that if FOS agrees with them regarding this time limit thing then they will refuse permission to FOS consider my complaint and FOS will only be able to consider the complaint in "very limited circumstances" i.e. the delay in me complaining was due to exceptional circumstances. What a pile of @#@@. How was I an uninformed punter, meant to know that they have been swindling me? Makes me think that they've sought advice from FOS themselves and been given this advice. Any ideas how to move this forward would be greatly received. Very upset by this.
  9. Hi, I've tried to attach the spreadsheet hoping that someone with a bit of knowledge on these matters will be able to check but I couldn't change it to PDF. I managed to find a spreadsheet (THE MORTGAGE PROFESSOR'S AMORTIZATION WORKSHEET for variable mortgages) that works out what the cumulative interest and balance should be. I also put in the rate changes on the dates that they happened. I Started the loan at £55k, inputted all payments from the start until my most recent payment (also a couple of charges which they naughtily added - the £10 SAR payment added £129 interest:-x ). The actual balance according to the spreadsheet is £15,778 and not the £32.5K that they claim. I called Elderbridge today as I received a letter from them saying that they are now investigating my complaint that they did not follow the Ombudsman ruling which was to restructure the loan and put me back into the position I should've been without the PPI. They say that they will have an update in a few days. Please let me know if there is a way of getting the spreadsheet upload for one of you knowledgable people to look at. Elderbridge payments to 1:08:2018.xls
  10. Elderbridge did make me doubt for a moment, they say that the refund has to be reapplied to the balance but as said before, it would make no sense.
  11. Thanks dx. Given the run around by FOS and Elderbridge this morning. Bottom line FOS advised to complain to Elderbridge and get a final response from them and then it can be opened as a fresh complaint that FOS can take years to sort out. Elderbridge say that because it happened before they took over it is nothing to do with them and will be sending out a final response.
  12. The £13k was the ppi. Will the FOS LOOK at this again?
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