Central Trust £25 Loan PPP refund

[bobbydog]

any help as i want to get going with my next letter to them

[dx100uk]

no point

they have state dthey will not entertain a ppi refund.

 

post everything off to the FOS.

 

dx

[bobbydog]

last year i opened up a complaint with central trust against PPI, in the end it was a total fob off, i have loads and loads of paperwork which had been sent to and from them, i am needing someone to help me as i go through them to nail these people,

i started the loan in 2006 and then in 2010 cancelled the ppi as it was front loaded, i was self employed, it was forced upon me ( no ppi no loan) no explanation, no choices allowed, (take this ppi or no loan0

 

i can upload any paperwork needed, can talk privately

 

just need help

 

thanx

[ims21]

Hi Bobbydog

 

PPI forced on you eh?.........naughty bank!

 

Yes, reclaim it plus interest.

 

You say "In the end it was a total fob off" but surely it is not the end until you get your money back!

 

You know from your 400 odd posts that you will get a good deal of help here but you didn't say what help you needed. Have you got specific points you want help with?

 

ims

[bobbydog]

hi ims21

i have a few questions,

now to start with is this,

when i wrote to them asking them to cancel the PPI, they did, but of the 7495 ppi upfront payment on a 25000 loan, they repaid to the account 2559.

this they deducted from the monthly payments. i recieved nothing.

but thet did not alter the length of time of the loan, nor did they reduce the monthly payment,

 

i am being led up the garden path here or what ?

[ims21]

ok bobbydog, so PPI cancelled and seems like a partial refund has been made.

 

You really need to go for them and get it all back plus interest and then deduct the amount you have already been refund. You didn't sign any type of full and final did you?

 

On that premium with CI and Stat you will probably find it is a sizeable amount you're due.

 

ims

[bobbydog]

hi ims21

yes a partial refund was made, but i asked for any refund to be made to me in cheque form, they refused to do that, i am not and have never had arrears with them, so they could not pay it from that,

also i am still paying the same amount 462 monthly as at the start of the loan

also the term is still over 10 years there has been no reduction in that

so to me i am still paying the amount as per the initial loan BEFORE i cancelled the PPI

[bobbydog]

and NO i did not sign any acceptance of any sort

[ims21]

Ok bobbydog

 

So it seems that actually no refund has been made to you either by cheque or against any amount owing or to any other account. From reading what you have said, I think the £2,559 is the amount of PPI left to be paid over the life of the loan had you not cancelled it. in other words the "unused" amount which would have been charged in the future in the monthly payments.

 

IMHO what should happen is that either the life of the loan is shortened with the payments stayng the same (as you are now just paying loan amounts and not PPI) or the payments go down and the life of the loan stays the same.

 

So, as I see it, your claim for refund is the original amount of PPI (£7,495) less the rebate figure for the "unused" part (£2,559) which equals £4,936 plus interest.

 

You will know what the interest rate is from the agreement which is in your paperwork and remember you should go for compound interest plus stat interest.

 

Hope this helps.

 

ims

Edited May 10, 2011 by ims21
spelling

[bobbydog]

evening all

so where do i go from here, i've done all the SAR thing, quoted them argued with them, had a final response from them, been left with a mountain of paperwork.

all of this was prior the court ruling, now do i leave it for them to find me or do i go for the fsa/fos.

if it is the fsa/fos, that is where a step by step guide would be handy, and a guide to take me there to win

[ims21]

Hi bobbydog

 

Are you able to post up a copy of the agreement MINUS ALL PERSONAL DETAILS but leaving the figures in place?

 

Lets see if a few of us can work through this with you.

 

ims

[bobbydog]

will be able to tomorrow evening, will devote the whole evening to it

so see you then

[kate999]

bobbydog,

Can I just check a couple of things -

Are they saying they have cancelled the PPI on the loan?

Are they refusing to redress/refund you?

Is the loan still active?

 

KX

[bobbydog]

hi kate

yes they cancelled the PPI

loan is still active, still paying the same amount as at the start of the loan, the duration of the loan has not changed

so i am still paying the same 462.00 as it was when i was paying PPI

they have given me their final response so i take it to be that they are refusing to yes

[kate999]

ok gone through your thread again.

I have dealt with a miss-sold PPI claim from a loan, it was with the Halifax and the loan was repaid. I got the full amount plus 8% statutory interest.

It appear you are just hitting your head against a brick wall. In this case I would definitely just pass it on the the FOS to deal with.

Quite clearly you have been miss-sold the PPI so it shouldn't be a problem with them finding in your favor.

Dealing with the FOS is quite straight forward. You need to fill in a copy of their questionnaire and send them all correspondence from you and central trust.

If the loan is still outstanding and you have not finished paying it back the FOS guideline will insist that they pay you back contractual interest + 8% - but the laon will be redressed and taken off the outstanding balance rather than in your pocket. If it was for a credit card it would be the same, just taken off the balance. The only way you would get it as a written cheque is if you had finished paying back the loan. Probably not what you wanted to hear, but a least you will get a big chunk taken off with the added interest, and it will add up to quick a large amount I think.

I will post the link for the FOS questionnaire when I find it.

it will take some time - but be patient and you will get there. Do not give up!

All the best

KX

[kate999]

link as promised!

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

[ims21]

Hi Kate

 

Agree with what you say.

 

We do want to help quantify the claim including CI and 8% so that the OP has an idea of what he's claiming. The requeted agreement may help in this regard.

 

All the best

 

ims

[dx100uk]

you wont get CI and 8% ,,,its not a credit card. its a running loan [you never get CI on loan PPI anyhow!]

 

there are example at the end of those FOS PSF's

 

also use the FAQ's/Search there too for case example.

 

it matters not what they have given you back

 

lets just workout your PCM PPI - add 8% to those months actually PAID so far

 

then go from there

 

dx

[ims21]

Hi dx

 

Is there a difference between the court route and the fos route?

 

I am sure I have seen threads here where people with loans have claimed CI/Restitutional through the courts and 8% whereas thos that go through fos don't get the CI?

 

Thanks and regards

 

ims

[dx100uk]

fos route ends the same - its legally binding

however courts maybe somewhat quicker!

 

i'm nolt firing on all cylinders at present

 

but nothing springs to mind about rest int on loan PPI

 

the 8% is in rest because they deprived you of the use of the money.

 

loans are fixed PPI whereby CC's are compounded int each month so's its ok on CC's

 

dx

[kate999]

BB, apologies for the incorrect info about the CI% - and thank you for the correction dx - explains why I only got the 8% back.

Good luck BB!

[bobbydog]

[bobbydog]

probs i think with printer so here goes with my version

 

principal loan 25,000

120 payments at 363.75 monthly apr 13.1 variable

 

op ppi 7023.80

120 payments 94.54 apr 11.0

 

pricipal loan 25000

int chg 16625

legal fee 150

broker arrg fee 1875

 

total 18650

 

 

opt ppi 7023.80

int chg 4321.00

tot chg 4321.00

 

combined payment 458.29 monthly

[bobbydog]

http://s777.photobucket.com/albums/yy56/bobbydog1/central%20credit/

[bobbydog]

hope that has worked