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Everything posted by danboy381

  1. Hi ims thank you for that. Im still totally confused though as weve been defrauded of the 4800, which we have paid and are being refunded, and you then say to bring the loan back to where it was without the ppi, we have to put cash back into it, so surely we should have to work out exactly what is due and demanding more from loans.co.uk? cheers. Danboy.
  2. Hi , thanks. The Original loan was for 40k plus the 4800, so 44800. Taken out may 05 over 15 yrs.. Monthly repayments tied to base rate but currently approx £450.00 pcm not sure what you mean by making capital payment to reduce the loan? The lender ge money shd surely do this? Thx again.
  3. Hi ims thanks for the reply. The ppi premium was £4, 800.00. The refund offered is the 4, 800 , plus interest paid on the premium to date of 3414 plus 8% interest on the payments made towards the ppi of 1781. If the matter was resolved now, and the loan restructured, the figures offered are pretty much correct by our own calculations. Trouble we have is the loan is still running, and does so until 2020, (variable rate, so is impossible to know exactly what we will pay in the future), and as the letter from the broker states, we will continue paying for the policy through the interest on the loan! I thought the loan would automatically be restructured, with all ppi and interest removed forever!
  4. Hello everyone, we've just received an offer from loans.co.uk on our ppi mis sell, but have a couple of queries; The offer letter states uk witholding tax has been deducted from the 8% gross interest amount. Never heard of this, is it right? Secondly, it says ' since you are not crediting this payment to your outstanding loan amount (the loan is still running), you will continue to pay the lender the amount borrowed in respect of the ppi premium and any associated interest for the remaining term of the loan' Is that right? I thought the lender, in this case ge money would restructure the loan automatically once the broker notified them of the ppi refund? How can we be expected to keep paying the ppi cost and interest for the remaining 5 years of this loan, unless of course the refund more than covered all that which is doesnt... Any help much appreciated!
  5. When I say the PPI finished I mean it was sold with a loan that commenced mid 2005. The policy is finished as it was a 5 year policy. I know I'm still paying for it though, until the end of the loan (total of 15 years) I wanted to avoid the work of going through each monthly payment as I know the PPI portion of the payments would be 10.71%, but the actual monthly payments have varied because it is a variable rate loan. You are right though, in order to get an accurate assesment of interest to add, each monthly payment made needs to go into the spreadsheet.... HOWEVER, it still leaves the fact that the loan continues to run for many years, so who will credit and re adjust the loan for the lower future payments when PPI is removed? thx db
  6. Thanks, I followed the sticky by IMS, but my issue is the loan is still running, I am going for the Broker that sold us the loan/ppi. Do i really need to fill in the spreadsheet detailing all the monthly payments? and as the loan is still running, (PPI policy long since finished) who is going to re adjust the loan so that the remaining balance is correct? Is it usual that the Broker inform the loan company?
  7. Ahh sorry see what u mean. No haven't filled in a spreadsheet with all payments made, just used spready to work out days passed since policy taken out, and 8% interest, and have all the total figures in front of me from lender, I.e amount outstanding, amount paid, copy of ppi policy, and I worked it out as above....?
  8. Yes, worked out the amount of days passed on spreadsheet, added 8% interest as above. Followed a sticky which tells you how to work out interest on a variable rate loan, where the monthly amount of ppi repayment is not known, so you work out the percentage of the ppi as a total of the loan. I think!
  9. Thx, covering letter explaining the misselling and fos questionnaire all done. Schedule of claim above!
  10. Hehe... ok then if anyone can help me here, cast ur eyes over this, my final calculation before i lick the stamp and send a letter and claim: SCHEDULE OF CHARGES Original PPI Policy Fee : £4800.00 added to a variable interest loan amount of £40,000.00, to be paid over 180 months. £4800.00 is calculated at 10.71% of the gross loan amount. Loan payments made to date: £43,150.36 Account Balance as of todays’ date: £32,304.32 Total payment required to terminate loan: £75,454.68 10.71% of £75,454.68 = £8081.20 Statutory interest claim of 8% calculated over 2863 days since commencement of PPI policy £5056.30 Total Claim £13,137.50 any help appreciated but does the Interest bit sound about right? thanks DB
  11. Thanks again DX. You're all over the place here...looks like you run this sub forum!
  12. Thx DX. No, the PPI was added to the initial loan and the actual monthly payment for PPI itself is not shown separately on any of the paperwork. Thx DB
  13. Hello everyone, Sorry I've been reading loads on here about working out the interest on a PPI claim, but can't fathom it - I want to reclaim a single missold ppi policy, cost £4,800. It was added to a loan took out in May 2005, and the loan runs for 15 years. The interest is variable so has changed many times since May 2005, how do I work out the damn interest!? I understand that I can also add 8% (i will be issuing court proceedings if i don't get a result in 14 days or so) Can someone help or post a link pls. Thanks alot. danboy
  14. be aware of the legal costs if they try to wiggle,, although they are on the back foot if everytihng has been done properly...
  15. Thanks Sheila 117 and thanks for the link Dx. Loans.co.uk have just sent us the PPI questionaire (the financial ombudsmen one) Look forward to sending it back...
  16. ??? WOW. What a mess. But suppose that goes for essentially everything in this country. Thanks for your help.
  17. Thanks DX, I've had a read up of some excellent info.... I STILL don't get it though. Legally do you know if it's the broker who is responsible for the PPI mis sell or GE Money? Thx
  18. Thanks DX. Er, they already have fobbed us off. The loan is a couple of months in arrears, and I phoned up to make a 'payment plan'. I also took the opportunity to give 'em a dressing down about the amount of interest we are paying, the fact we were missold PPI,. the excessive charges etc etc and they ought to be ashamed. Hehe. I was told the broker Loans .co.uk was the provider of the PPI and it has nothing to do with them. Anyway, the call obviously got recorded and listened too as I have received letters from GE money offering 'some' charges back, (no mention of ppi) and they have also notified Loans.co.uk and they have written to us too, advising they would look into our complaint. Who do we reclaim PPI from GE money or Loans.co.uk (the broker)? Thanks.
  19. Hello everyone, We want to reclaim a misold PPI policy sold April 2005 and loads of other fees and have a copy of our secured loan agreement, but it says it is "Not regulated under CCA" Does not being regulated under the Consumer Credit Act make any difference, I'm not sure what it even means to us. Thanks for any help.
  20. This looks like straight forward well organised fraud. Is there no protection ebay have/can offer you in this matter? Probalby not if you transacted outside of ebay. If not, and the whole transaction completed in cash/bankers draft attend your nearest Police station and tell them you wish to report a crime to a senior officer if possible. Pass all your evidence to them, and insist they investigate. You should also report everything to the SFO (serious fraud office)
  21. Hi, The guy trades on his own - sole trader. The ccj is against him and his ltd firm too (2 defendants) We have read through the court notes and 3rd party form, it asks for details of either the debtors bank details or the "person or firm that owes the debtor money"..... so looks like if an order is granted, it can be served on a bank or anyone else that is "holding", or owing money to the debtor that is about to be paid over...
  22. Thanks ploddertom, No the writ was not renewed. I think they expire after 12 months? No we never paid abortive fee, as the HCEO wrote to us a couple of times as the debtor offered to pay a pound a month or something ridiculous, so we ignored it. The hceo firm haven't written since. I thought the 3rd party order is sent to the company who owes the debtor, then they have to hold the funds or send it to the court? We know the company and was going to try to ask them to hold payment until we have all our ducks in a row. Whatdya reckon - any thing else we need to know?
  23. Hello everyone, We had a firm that owed our firm money. We took it to court, won and got Judgement. We transferred the CCJ to the High Court so that we could use High court enforcement officers. This failed in that the slippery debtor knew the ropes and hid their assets. We are now aware that a company we know is about to pay them in relation to some cash they owe them We would like to obtain a 3rd party debt order from the court, but the question is: Do we inform the Bailiff office what we are needing to do? because its now a High court writ? , or, does the CCJ still "exist" 24 months later since obtaining judgement, and do we fill in the correct forms at the court and request a judge issues the 3rd party order? As so long has passed since the bailiffs dealt with it, about 2 years, do we just carry on? Seems like it could slow things down if we notify them... Many thanks for any advice...
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