Pompeyfaith v Co-op PPI

[hellhasnofury]

Copy of proposed letter to send to co-op

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/PPIPRELINCO-OPPAGE1.jpg

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/PPIPRELINCO-OPPAGE2.jpg

 

Would be grateful if this can be checked and beefed up if need be Thanks

 

Regards

 

Leon

 

Hello Leon,

 

Letter look good, bits in it look familiar:grin:

 

I can see that you have put very good reasons for mis-selling.

 

I did put in my targets to resolve, the ppi cost, the interest they applied to it, I then worked out the interest I wanted on top, ie their contractual interest ??? or if the Statutory interest of 8% was higher,(which I doubt) used that one.

 

Just a thought:D

[hellhasnofury]

Way to Go Pompeyfaith.

 

 

Let us all know how it goes. Pre existing medical conditions was largely overlooked by most of the banks selling PPI so go for it;)

 

aa

 

Hello,

 

Fairness to customers was largely overlooked by them as well. They were clouded by their strive for profit at any cost. They were all like sheep, one bank did it and they all jumped on the bandwagon, you can imagine them going to "apply ppi at any cost" school.

 

pompy was the ca ppi acceptance box already pre-ticked:wink:

 

As regards their refund, they are not giving you anything whatsoever, they are only refunded back the unpaid portion of the remaining ppi cover, which I bet is not as much as you have paid them. This is what they have to do if you cancel the ppi. There is guidence from the fsa regarding this. Look in the stickies.

 

Get after them and do not take no for an answer:-D

[hellhasnofury]

The tick boxes where indeed already ticked i applied for these loans over the phone and when i got the application though all i had to do was sign the loan acceptance and return.

 

Well this gave you the option eh:rolleyes:

If they box was already ticked then they gave you no choice regarding the ppi policy:-D

Have you asked for the recorded telephone conversations:-D

In the letter they sent i thought i had only had 4 loans with them but it looks like i had 5 so thanks to co-op i will be going for ppi on 5 and not 4 !!!!!.

Leon

 

Excellent news for you Leon, it is truely amazing what you can find out if you push hard enough, more for you to reclaim:grin:

[hellhasnofury]

Good Morning Caggers,

 

Well this morning Ive had a response to my second letter, But not quite a V for victory yet.

 

Firstly they state the balance on my current loan WITHOUT PPI is £7078.20 but on my online loan account it states the balance to be £6565.16 which includes PPI ?

 

Secondly although they have agreed to refund all my PPI on 9 loan accounts in total they are only offering the simple calculation of 8%, Now had i not been given the run around and they came clean first time i would of accepted this but now i want the contractual rate on all accounts.

 

Lastly there is no mention of refund of any of the payments and interest i made on this accounts.

 

I will now post up the reply for you to scrutinize for me and let me know what you think.

 

Nearly there by the looks of things, But i think they were hoping id see the monthly payment on my current loan reduced to £31.09 from £142.00 and i would be quick to sign and return.

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/COOPRESPONSE27-10-08PAGE1.jpg

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/COOPRESPONSE27-10-08PAGE2.jpg

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/COOPRESPONSE27-10-08PAGE3.jpg

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/COOPRESPONSE27-10-08PAGE4.jpg

 

I await in eagerness for your response.

 

Regards

 

Leon

 

Hello Leon,

 

It is getting better and better for you:-D.

 

Now regarding their calculations, can I ask if what they are refunding the difference in what you should have paid and the amount you paid. Was that just the ppi premium cost. Or is it the ppi premium and the interest that they added to it:confused:

 

This is important to know, because they may be happy to refund what the actual ppi premium cost, but are keeping what they charged you in interest to themselves.

 

You require the cost of the ppi, and the interest they applied to it and then interest on top:grin:

[hellhasnofury]

OK what i'm gona do is scan and post up 4 of the loan agreements for you to look at, But what it looks like they have done is just used the figures after settlement of the loans and not taken into consideration the payments with interest before settlement.

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/COOPAGREEMENT84.jpg

 

 

With this loan it is not easy to work out their calculations relating to the APR of 11.55%. I do believe that quoting the apr is naughty naugthy.

 

Anyway it appears that they added about £547 in interest to the ppi premium. So if the premium cost £1691.15, plus £547 = £2,233.15 is required to place you into the position before they applied the ppi

 

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/COOPAGREEMENT83.jpg

 

 

This one is simple as it has all of the information £1,511.27ppi + 557.66 = £2,088.95

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/COOPAGREEMENT82-1.jpg

 

This one is simple as it has all of the information. £887.02 ppi + £197.83 = £1,084.83

 

 

http://i321.photobucket.com/albums/nn363/pompeyfaith/COOPAGREEMENT81.jpg

 

This one states the ppi premium is £1,264.88 and it appears the interest they applied would be £246 at their reate of 7.24% over 60 months. So the total you require is £1,510.88 to be back in your rightful position

 

Regards

 

Leon

 

 

Hello Leon,

 

Have had a look at the figures on these four agreements, have put a few comments above for you. I will also look at the 8% interest they applied in their letter to see if they have been seen to be fair or not

Edited November 1, 2008 by hellhasnofury

[hellhasnofury]

Hello Leon,

 

This is just an example to let you see what sort of refund you should be looking at.

 

On the first agreement you posted

 

Starting on 10/07/2004 The premium they charged you £1,691.15 for the premium, then applied interest to it of about £547 bringing the total to £2,235.15. This is the amount that you are after, if you calculate interest at 8% from 18/07/04 the interest needed is £767.67. You require £3,002.82 just for this one:-D

 

Your 2nd agreement

 

Starting on 18/04/05. The ppi was £1,264.88 + interest of £246 = £1,5000.88 interest at 8% = £425.55. Total required £1,926.43:-D

 

your 3rd agreement

 

Starting on 01/07/06. ppi £887.02, + £197.81 interest = £1,084.83 interest a 8% = £203. Total required £1,287.83

 

your 4th agreement

 

Starting on 15/10/2007 ppi £1,511.27 + £557.46 interest = £2,068.93. interest at 8% = £173. Total required £2,241.93

 

It therefore appears that on these 4 loans only the amount you require is

 

£3,002.82

£1,926.43

£1,287.83

£2,241.93

 

Grand total on these four is £8,459.01:eek:

 

And I see from their letter they are offering you £5,152. Bit shocking really.

 

It looks that they have worked out their calculations based on what you actually paid on the loans, they have not fully discussed the breakdown of these calculations, no mention of any ppi and interest rebate into the balance of the new loans etc These are the figures you require to accurately work out your figures.

 

I suggest that in your letter, you ask for a breakdown of each and every loan that you had, the actual interest rate they applied, not the APR, any rebate of ppi and ppi interest applied to the balance of the new loan that you took out.

 

Please check these calcultions as it is a bit early in the morning and one of my children has pinched my calculator, so I have had to use my brain.

 

Can you give more info on the other loans please

Edited November 1, 2008 by hellhasnofury

[hellhasnofury]

Thank You HHNF for your input on those figures you have there is a settlement on each of them as i paid them off early i do not have the other 4 agreements so im gona send off for them now luckily THE Co-Op BANK do cave in and are easier to deal with unlike other banks.

 

Im going to send of a letter asking for the rest of the agreements and the settlement figures used on the loans as im not happy with what they are offering.

 

Ill get back soon as i get a reply.

 

Regards

 

Leon

 

Hello Leon,

 

You are more than welcome, it was just to give you an idea of some of the figures.

 

These companies will try to get out of paying you the least they possibly can:rolleyes: but once you know the correct figures, they will have to cough up:D.

 

I believe that you should charge them 8% from the date the loan was taken, if when you top-up the loan and there was any ppi & interest rebated into the account balance, there reducing the settlement figure of that loan. You then deduct the rebate and what you actually paid on that date, to now.

 

Example ppi & ppi interest £,1000, loan settled after 1year, actual ppi and interest paid £300, therefore £700 refunded into the loan balance.

 

You claim the interest of the £1,000 for the year, to the year it was settled and then £300 from the date of the settlement to todays date

 

I hope that makes sense to you, it did for me until I posted this:lol:

[hellhasnofury]

Thank you paintball for you input, om still trying to work out the figures it not easy at all my head hurts lol im sitting at my desk surrounded by agreements shoddy ones at that.

 

Trying to work out the settlements is what im having trouble with even though i did ask the bank to supply these.

 

Regards

 

Leon

 

Hello Pompey,

 

What figures are you havng trouble with. I note you state that they have not provided you with a breakdown of the rebates.. Why not, did it not come in your SAR. You really need this information get on to them asap.

[hellhasnofury]

Yes HHNF i did send an S.A.R but all i got was 4 reduced size copies of agreements.

 

The lonks to these along with a letter is on post 60, still have not got a breakdown of the rebates and interest applied to the ppi part if loan.

 

Regards

 

Leon

 

Hiya Pompy,

 

Correct me if I am wrong. You have had a few loans with them. With each loan, after a period of time, you top it up with another loan. In this case the ppi would have been cancelled and any upaid portion of ppi and ppi interest would have been rebated back into the new settlement figure. You pay off this balance with part of the new loan.

 

They have sent you copy of agreements, which state the ppi amounts, and you have calcutated the amounts of ppi and ppi interest they have charged you, but they have sent you no information relating to have the rebates were calculated and effect the next loan.

 

If you sent a SAR, they have not fully complied with this request. I would be writing to them as a matter of urgency and ask them to supply you with this information

 

If you sent them a request under section 77/78 of the cca, they should have sent you a copy of your credit agreement and a statement of that account, and this would have provided you with the information that you require:grin:

 

Get on to them asap, you can only accept their offer on a part settlement basis, until they supply you with this information. If they will not, tell them you will take them to court:grin:

[hellhasnofury]

Thanks Alanalana should i also send the FOS a copy of the default.

 

Doi need to phone the FOS first to get a compliant number ?

 

ON the last loan only the PPI was £1,511.27 plus interest at 10.5% over 6 years

 

Pompeyfaith

Hello Pompey,

 

This is rather bullish behaviour tactics by the coop. One would like to thing that they are trying to force your arm in accepting your offer, but they are not probably that clever, most default notices are computor generatered if you miss payments.

 

Whilst you are following aa good advice, please don't forget to write to the coop telling them that you have now taken great acception to their default notice warning and if they continue to haress you for payments whilst the account is in dispute, you will sue the pants off them:-x

[hellhasnofury]

UPDATE

 

Hiya All

 

I thought it was to good to be true lol, had another threat letter today and they have decided to start emailing me and the wife not sure where they got the email addresses from because i did not give them out to the bank ?

 

I also sent on friday all the letters i have sent to the bank because they said they have not recieved any mail from me ( load of bull) i sent them via special delivery cost me £5.05:mad: but worth it i think they signed for it today so at least i know they got there.

 

Still got a call this evening though will they not give up. I think i will now reply to there email then print it off.

 

Regards

 

Pompeyfaith

 

Hello Pompy

 

I would be seriously asking them where they got your email address from????