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About mad_dr

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  1. Thanks guys! Ah yes - the phone numbers. They are: Claims Line: 0845 601 2683 option 3 I didn't use this number in the end - I did the claim itself via the post but someone might find it useful. Information Line: 0800 092 2290 Option 3 This is the one to use. As I mentioned before, they're a really helpful, friendly bunch of people. It's a freephone number and I only every spent around 3 minutes maximum on hold before getting through to a human. They were happy to answer all of my questions and to provide detailed breakdown of figures which were surprising in their complexity and frankness: - The amount of money I borrowed - When and where I took out the loan - How many months I borrowed the money for - The interest rate applied to the loan - The amount of interest that the loan amount attracted - The cost of the PPI - The interest applied to the PPI - The dates on which each of my DD payments were made - The total cost of the DD payment each month - The amount of the DD each month that was to pay off the loan and how much was to pay off the PPI - How many DD payments were made before the loan was closed - What the settlement figure was at the point I paid off the loan - What proportion of the settlement figure was for PPI They then sent me all of the above in paper format with a full statement showing each DD and how that ate away at the loan capital, etc. The only slightly confusing thing is that initially I thought I only had ONE loan. On calling the helpline they identified that I had had FOUR of them. But the settlement was for 5 loans so I'm not sure why the helpline guys and gals were unable to uncover that one but the claims folks were. Not that I mind, of course! I'm happy to post my covering letter too if it helps anyone? I was never sure (even now) how much bearing on their decision my covering letter had. To recap, my situation was that I'd bought PPI knowingly but just hadn't really fathomed how much it would end up costing me (despite signing paperwork that seems to make it clear). When I answered the FOS questionnaire's 'why do you now think the PPI was missold?' question, my answer felt like a very weak reason to me and I fully expected them to say "you didn't read the paperwork correctly to realise how much you'd pay for it in the end? How is that our fault?!" But they didn't. Thanks! Andy
  2. Well, 6 weeks after finishing my calculations and submitting my claim (covering letter with FOS questionnaires and PPI calculation spreadsheet) I received £8500 into my bank account followed the next day by a letter confirming that Lloyds has refunded me the original payments plus interest! I couldn't be more surprised or happier! During the groundwork I had several conversations with the Lloyds loan helpline. The folks there (freephone number to a UK call centre) couldn't have been more helpful. They provided verbal and written confirmation of my loans including the interest rates, settlement figures, PPI rebates, DD figures, etc which were essential to my claim. Once I'd done all my information gathering (including seeking advice from the extremely helpful people here (ims21 and dx100uk - thank you!)) I completed the FOS questionnaires and sent them off with my calculation sheets and a covering letter. I got the standard "we're looking into your claim" letter after about 10 days and then the refund suddenly arrived last week! Happily the refund was for around £2k more than I expected to receive because they automatically located and paid out on a loan that I have no recollection of - I certainly won't be moaning about that fact! Thanks to everyone who helped along the way with guidance and advice - I'm really very grateful! I have donated an amount of my refund to charity and the CAG by way of thanks to all those who assisted in my claim and have offered assistance to others who I feel may legitimately have grounds to complain. Good luck to everyone who is in the process of claiming - hang in there!
  3. Congratulations Paraman - great news! Would you mind sharing your covering letter (which I presume included your justification) and the section from the questionnaires that is titled "please indicate why you now consider the PPI to have been misssold"? It would be extremely useful to see examples of successful justifications - sometimes it's not obvious that PPI was actually missold so your experience may well help others with their claims.
  4. Hi! Thanks very much again for your help with these calculations yesterday - I really appreciate it and feel much more confident in the numbers! I made a decision to use the monthly PPI cost numbers that the bank provided as the basis for the rest of the calculations. After a bit of experimentation I can see that they all tally up in terms of the PPI amount and the Loan amount and the percentages, etc. So I'm pretty confident that the monthly DD (from my bank statements), the PPI-portion of the monthly DD (provided by the Lloyds helpline), the PPI-to-Loan percentage (both in terms of PPI-to-DD and overall PPI-to-overall Loan), etc all add up which is a good start! I added the monthly PPI numbers to the StatIntSheets and then used the PPI-to-Loan percentages (calculated from the monthly DD and the monthly PPI figure) and the final settlement payment numbers (from the loan statements I received) to calculate the PPI amount in the final settlements. They differed from the numbers suggested in the LoanAnalysis spreadsheet (I'm not entirely sure why) but I figured that as long as I used the same calculations they should be OK. For Loan 2 (settlement of £5867.62 and PPI-to-Loan percentage of 8.19%) I calculated a final PPI figure of £480.28. From that, I deducted the rebate for Loan 2 (£321.58) which left a total of £158.70 to carry over to Loan 3. For Loan 3 I listed the monthly PPI payments that the bank confirmed and added them to the StatIntSheet and then worked out that £158.70 carried over from Loan 2 is 1.1% of £14,454.91 in Loan 3. 1.1% of the monthly DD cost for Loan 3 (£344.07) is £3.78 so I added this cost for each payment of Loan 3 that was made. The final settlement for Loan 3 was £9555.86 and the PPI-to-Loan percentage was 16.28% (15.18% plus 1.1%) which means a PPI settlement of £1555.10. From this I deducted the rebate of £912.31 which left £642.79 to rollover into Loan 4. For Loan 4 I listed the monthly PPI payments that the bank confirmed and then worked out that £642.79 rolled over from Loan 3 is 3.73% of Loan 4's £17,237.95. 3.73% of the monthly DD cost for Loan 4 (£360.66) is £13.45 so I added this cost for each payment of Loan 4 that was made. Then to close the 4th Loan, I added the loan's inherent PPI-to-Loan percentage (21.03%) to the 3.73% of the rollover. This totals 24.76%. The final settlement amount was £12,085.41 of which 24.76% is £2992.40. I then deducted the rebate of £2227.04 which left £765.36 which I added to the StatIntSheet. Hopefully this sounds sensible and - if so - I just need to work on my justification for my claim and then get submitting! Thanks very much again for your help - I've made another donation to CAG by way of thanks. If and when my claim is accepted I'll make another donation so let me know if you've got any suggestions of worthy causes you favour and I'll point it in the right direction. Many thanks!
  5. Firstly: wow! This is absolutely fantastic and a very clearly laid out way of reaching the figures that have seemed completely locked away to me until now - thank you for taking the time to lay it all out so clearly. Fantastic stuff! I have read through your post a couple of times and will digest it for a few moments and then begin populating the second StatIntSheet that I've created (the first one, for the first loan is now complete and squared away). A couple of quick clarification questions that I would be grateful for your thoughts on are: 1. For all 4 loans, the bank has provided me with what they believe to be the exact number of pounds and pence from each of my monthly DDs that were allocated to the PPI part of the loan. I'm not sure whether they calculated this in the same way as is done on here (PPI divided by (Loan+PPI)) X 100 but their figures are VERY slightly different to the ones I came up with using the calculation. The bank provided me with: Loan1: £42.02 Loan2: £20.68 Loan3: £52.22 Loan4: £75.85 In your opinion, should I use the bank's figures here or are they likely to be less accurate than the equation above? 2. Where you refer to Loan 2, after I insert my 10 entries of £20.40 (or £20.68, depending on your thoughts to Q1) should I then enter into the StatIntSheet a final entry to show the whole amount of PPI that was part of the final settlement (£495.15 in your post above) or should I deduct the rebate I received, prior to entering what's left into the StatIntSheet (£173.57 in your post)? 3. For the amount of PPI paid in the final settlements, should I go by the figure displayed in the LoanAnalysis sheet, or by using the PPI-to-Loan percentage against the final settlement figure I paid? Many thanks again for all this help!
  6. Fabulous, thank you! You've already spotted a mistake I'd made in that I was using the "including interest" figures for calculating the PPI-to-Loan percentages. I have added the 26 payments of £42.02 plus the final PPI payment of £404.43 to the StatIntSheet Excel file. I notice that, (presumably as a result of there being no rebate on the first loan) we didn't use the 11.76% figure to calculate how much of the final settlement (£3372.35) was PPI, because we used the LoanAnalysis sheet to show us that it was £404.43. Thanks again for this - I really appreciate you using your time to help me.
  7. Aghhhh - my poor brain... Thanks again for all your help so far - I really appreciate it and hope that I won't have to ask for too much more of your time. Because Loan 1 was a standalone loan, rather than one that was later refinanced, I think I've got that one covered now (thanks to your help). I've just had a go at working out how much PPI from loan 2 got rolled over into loan 3 and from loan 3 into loan 4... Loan 2 borrow: £7500.00 (£8238.24 with interest) Loan 2 PPI: £668.62 (£744.48 with interest) Combined borrow: £8168.62 (£8982.72 with interest) Percentage of PPI-to-Loan: 744.48 / 8982.72 X 100 = 8.29% Final settlement for Loan 2 was £5867.62 PPI from settlement: (5867.62 / 100) X 8.29 = £486.30 (this number added to StatIntSheet as PPI element of final settlement for Loan 2) Rebate for Loan 2 was £321.58 so: 486.30 - 321.58 = £164.72 carried over to Loan 3 Loan 3 borrow: £12261.24 (£14008.80 with interest) Loan 3 PPI borrow £2193.67 (£2506.56 with interest) Combined borrow £14454.91 (£16515.36 with interest) Percentage of PPI-to-Loan: 2506.56 / 16515.36 X 100 = 15.18% I believe from another thread (sorry - I need to rack up 2 more posts before I can insert links into posts) that I need to add the pre-interest loan amount to the pre-interest PPI amount (12261.24 + 2193.67 which is £14454.91) and calculate what percentage of this figure is represented by the £164.71 carried over from Loan 2? If so, £164.71 is 1.14% of Loan 3. The monthly payment for Loan 3 was £344.07 so 1.14% of that is £3.92 per month. (This number added to StatIntSheet for each payment made for Loan 3 to show PPI payment from loan 2 that was borrowed for in loan 3) Final settlement for Loan 3 was £9555.86 I was going to calculate 15.18% of this figure BUT I believe that I need to add the 1.14% onto the 15.18% in order to work out the PPI portion of Loan 3's settlement? If so, 1.14+15.18 = 16.28% and: 16.28% of £9555.86 is £1555.69 (This number added to StatIntSheet as PPI element of final settlement for Loan 3) I received a rebate of £912.31 when I closed Loan 3 so that would mean: 1555.69 - 912.31 = £643.38 carried over into loan 4... Loan 4 borrow was £13612.56 (£17088.60 with interest) Loan 4 PPI borrow was £3625.39 (£4551.00 with interest) Combined borrow £17237.95 (£21639.60 with interest) Percentage of PPI-to-Loan is 4551.00 / (21639.60) X 100 = 21.03% £643.38 carried over from loan 3 as a percentage of £17237.95 of loan 4 (loan before interest + PPI before interest) is 3.73% Monthly payments for loan 4 were 360.66 so 3.73% of 360.66 is £13.45 (This number added to StatIntSheet for each payment made for Loan 4 to show PPI payment from loan 3 that was borrowed for in loan 4) Final settlement for Loan 4 was £12085.41. However I'm not certain what percentage of this number I need to calculate to determine the PPI element of it. Perhaps it's the standard 21.03% or perhaps I need to add something to the 21.03 figure to get the right percentage? I'm not sure what to do next really in order to progress loan 3 into loan 4. Does it sound like I'm on the right track? I've got an Excel file with all the relevant numbers and formulae in - do you think there's any possibility of getting it checked over to spot the probable mistakes I've no doubt made? I'd happily pay someone or make another donation to this site (or a cause of the checker's choosing by way of thanks). Many thanks!
  8. Thanks for the fast response again! If PPI+interest = 1512.72 If Loan+ interest = 11397.60 Then percentage is (1512.72 / 11397.60 X 100) = 13.27 Final settlement was 3372.35. So (3372.35 / 100) X 13.27 = £447.59 But £447.59 plus the total PPI I paid over the 26 months of the loan (£1092.52) = £1540.11 which is more than the original quoted cost of the PPI. I assume this might just be Lloyds ripping me off even further (or my duff maths!)
  9. Hi again - sorry for the delay in replying and thanks for posting again. As you say, I did get rebates on each of the three loans (loan 2, 3 and 4) that were refinanced into one another. I'm not exactly sure how the rebate is calculated or whether it represents pure PPI money back or whether it's also a representation of some of the loan-interest being returned, etc.. . (I assumed it was a pro-rated deduction based on the proportion of the loan term that hasn't been used when the loan is cancelled. Like when you cancel your car insurance early if you pay in a yearly lump sum.) I've just had another call with Lloyds and now have concrete figures as to how much of the direct debit that I paid each month was for the PPI element. I also know the total (with interest) cost for each of the PPIs. Because I know the number of payments I made for each loan prior to asking for the settlement fee, I also know the total PPI I paid for each loan up to that point. I have entered these numbers into the StatIntSheet.xls file. If I use loan 1 as an example, the amount of money I borrowed totaled £11397.60 when interest is added. The PPI cost (with interest) was £1512.72. Therefore the PPI makes up 13.3% of the total cost (1512.72 / 11397.60 X 100) The loan term was originally 36 months. The montly Direct Debit amount was £357.28 The monthly PPI amount from the DD was £42.02. (1512.72/36 = 42.02) But 42.02 / 357.28 X 100 is 11.8% not 13.3% so I'm a bit confused about the discrepancy. The loan actually ran for 26 months so by that point I'd paid PPI to the tune of: (26x42.02 = £1092.52) The final settlement that I paid was £3372.35. I presume therefore that I can't use the normal calculation to work out what the % of the settlement figure was the PPI element because I presume it's just a case of 1512.72 - 1092.52 = £420.20? - NO still use the 13% figure So I guess that I should add £420.20 as the final payment PPI charge into the StatIntSheet.xls to show that, over the course of the 26 monthly payments plus the final settlement I paid the total PPI cost? Hopefully that would conclude the calculations for the first loan! Thanks again for the continued assistance!
  10. Wow. There are some EXTREMELY helpful and clever folks on here. I hope Paraman has success in his claim and have a feeling that the maths provided by ims21 will come in very handy for my claim (3 loans which were refinanced with PPI on top of PPI on top of PPI, etc.) All the best.
  11. By the way, the Lloyds helpline has provided me with confirmation of all of the following values for all 4 of my loans. I wonder if having this information from them negates the need for any of the calculations that the spreadsheets cover, or - possibly - that I can use the bank's numbers to populate some of the fields (the spreadsheets seem very helpful if you don't have any of these numbers already) 1. Loan size (how much I wanted to put in my pocket to spend) before interest 2. PPI. Amount before interest 3. Loan term in months 4. APR (same for loan as for PPI 5. Loan interest 6. PPI interest 7. Total debt at start of loan 8. Monthly Direct Debit amount 9. Number of monthly payments made 10. PPI rebate deducted from final balance when closing the loan 11. Outstanding balance to pay off when closing the loan (after PPI rebate and other calculations (deducting interest on unpaid balance for remainder of the term?)) Because loan 2 was refinanced into loan 3 which was refinanced into loan 4, I'm wondering if they calculated interest on the PPI for loan 2 when it began, then charged me that amount when I settled loan 2 and tacked it onto the principle of loan 3, to which they added PPI and calculated interest for the total and then did the same thing again when loan 4 came around. How I'd untangle THAT mess, I have no idea - I can't tell if the StatInt spreadsheet makes these kinds of calculations. Thanks again!
  12. This is definitely front-loaded single premium PPI, yes. As for whether by itself it was missold, I am not sure. I'm preparing my own claim at the moment for the same type of policy from Lloyds and am trying to ascertain the same thing. Given that there are many people on this forum and others who have been rejected by Lloyds and given that - as far as I know - Lloyds' PPI on their loans was usually of this type, I can only assume that either: 1. These people worded their complaint wrongly and didn't put enough emphasis on the single premium aspect or 2. Lloyds doesn't consider single premium to constitute miss selling in itself or 3. Those folks had a different type of PPI. Thanks.
  13. Excellent - thank you so much for the great information and for replying so quickly too. I'll have a good look at the spreadsheets and fill in as much as possible. Can you clarify whether I should use the "before interest" or "including interest" figures for these calculations? I presume it won't affect the percentage of the settlement that was PPI but I guess it WOULD affect the amount of money that I'd expect back from the bank if my claim was successful? Many thanks again!
  14. Hello! After several weeks of reading threads and really useful posts on here and other forums I am almost ready to submit a claim to Lloyds for the PPI I paid on several loans from them. Before I do this, I would like to be able to calculate how much I ought to be expecting them to offer me as a refund and have tied my brain in knots trying to do the sums. I wonder if someone on here might be able to assist me please? There are 4 loans in total which all had single premium PPI on them. One was a standalone loan which I took out, paid back at the set rate and then paid off early. The other three ran consecutively and were refinanced. All loans were through Lloyds and each loan was paid off automatically as I refinanced them. 1. LOAN 1: Loan was £10,000.00 (£11,397.60 after interest) PPI was £1,332.72 (£1,518.84 after interest) 36 month term. Settled after 26 months. 8.7% APR The loan was paid off early and for which I received NO rebate for the PPI. Therefore I would imagine that I paid the full PPI amount plus interest when I settled the loan and therefore should expect to receive the total cost of the PPI plus the interest that was added onto it (£1,518.84 + 8%)? 2. The other three loans were consecutive loans that were refinanced to put a little more cash in my pocket each time. This is where I get confused about exactly how much PPI I paid. Below are the loan amounts followed in brackets by the "after interest" figure. Underneath each loan is the PPI amount that would have been charged if I kept the loan for the full term. LOAN 2: Loan was £7,500 (£8,238.24 after interest) PPI was £668.62 (£734.40 after interest) 36 month term. Settled after 10 months. 6.2% APR PPI Rebate: £321.58 Settlement figure at close: £5,867.62 LOAN 3: Loan was £12,261.24 (£14,065.92 after interest) £5,867.62 paid off old loan. £6,393.62 in my pocket PPI was £2,193.67 (£2,516.64 after interest) 48 month term. Settled after 15 months. 6.9% APR PPI Rebate: £912.31 Settlement figure at close: £9,555.86 LOAN 4: Loan was £13,612.56 (£17,233.20 after interest) £9,555.86 paid off old loan. £4,056.70 in my pocket PPI was £3,625.39 (£4,551.00 after interest) 60 month term. Settled after 13 months. 9.7% APR PPI Rebate: £2,227.04 Settlement figure at close: £12,085.41 I would also be grateful for any pointers regarding the letter I should send to the bank. Specifically in terms of how I should word my grounds for complaining. After all, I signed up to the PPI loans and cannot recall what (if anything) was discussed but would presume I signed the paperwork. I know that hearsay complaints are being rejected so I would be keen to hear suggestions about how to best word the letter. Do I only need to mention the magic words "single premium policy" to get a refund or will I need to argue my case in more detail as to WHY the single premium is unacceptable to me? Many thanks to all who read this and for any assistance you can give!
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