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  1. Hi What is the correct way to calculate a MPPI claim where a secured loan was taken out ,the initial whole premium was added at the start of the loan (front loaded ) so became part of the amount borrowed and at the same interest rate as the loan. The loan is still ongoing ,the ppi policy only lasted for the first 3 years of a 15 year loan. This will go to the FOS after the initial complaint to the insurance company. I know the amount we pay monthly for the PPI part of the loan but how can you work out for the claim as we will still be paying for this for the next almost 5 years, even though the policy expired 7 years ago. In similar cases at the FOS ive read that they are told to put the claimant back into the position they were in if they hadnt have taken out the ppi , how does this effect the loan currently in progress. (i mean we still are paying for the ppi as part of our monthly CMP ) The 8% spreadsheet calculator doesnt seem right for this as you would only be calculating 8% when the ppi interest is 11%, so how could that be putting you back into a position as if you had never taken out the front loaded ppi and hence your loan amount would have been lower at the start.
  2. Hi folks, I'm 14 months into a £12,000 car loan via my business through Santander Consumer Finance. The loan (HP) was over 48 months with £3000 of interest. I have to date paid £5000 back yet the settlement is £10,000. Only £2000 of the loan has been paid off. I understand that at the start of the agreement you tend to pay more interest than principle but the ENTIRE interest in the first year? Does this sound right? Thanks in advance.
  3. Hi folks First time posting, so apologies if this seems a little amateurish. We had a loan back in 2004 that was spread over 20yrs, but it included PPI that was only going to be "live" in effect for the first 5yrs of the loan and would only pay a maximum of 12mths if I was out of work. We've settled it early but wonder if we can claim anything back ?? As a result of it being included as a front-loaded charge and being spread over the 20yrs, it cost almost £6k more than it would have if we had taken the loan over 20yrs and a separate PPI loan over the 5yrs. Anyone have any ideas if this can be used as a claim for a refund ?? Many thanks
  4. Hi There, I'm in the process of cleaning up my credit report and have realised that the way defaults are reported are not particularly helpful! I had a new car on HP in 2010. Ran into difficulty quite soon into the agreement but worked with them to keep it fairly up to date. During the course of an 18 month period I fluctuated between one and two payments late, never more than two. Then my finances got worse and I ended up 3 payments behind. I made an arrangement with them and brought the account back up to date fairly quickly. I then missed a single payment and they defaulted my agreement. I did bring the account back up to date fairly quickly and since then have been on time. I am still up to date with the agreement which ends in 2 months time. My history with them goes : 0 1 0 1 1 2 2 1 1 2 2 1 1 1 2 2 3 2 0 0 1 D (then 3 years worth of Ds) Since the default I've been up to date with payments, with one slight slip into 1 behind for about 3 months in 2013. But the recent credit report history just shows DDDDDDDDDD etc... even though I've been on time most of the way through the agreement. This doesn't seem very fair to me, and since they defaulted me on a single payment behind I've been trying to argue (unsuccessfully so far) with them that the account shouldn't have defaulted. interestingly one of their staff agreed with me on the phone that the default was an error and should be removed. Unfortunately when I checked on this they denied that was ever said! My question is : Since interest should not be charged on defaulted accounts, and since the interest was front-loaded, should I be able to claim a rebate of the interest? The effect of this would be that I've now overpaid on the agreement and would be entitled to a rebate. IF indeed it was correctly defaulted. Obviously if the default was a mistake then they can simply correct my credit record and I'll complete the payments as agreed. If a rebate should be due how do I calculate the correct amount of interest on the loan? I wonder if it would also be better to record defaults as D0, D1, D2 etc.. . reflecting the payment status of any payment plan in place to clear the default - Just a thought!
  5. Bit of a loaded question: can a DCA Add charges after a default ? DCA claims its for lost interest that is owed to the CC Company ?
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