Central Trust £25 Loan PPP refund

[postggj]

Can You In Photobucket Cut And Paste The Image Code

 

Its To Small

[dx100uk]

thats not zoomable bobby.

 

use photobucket and post the link but not the thumbnail one

 

thanks to postggj, i pinged him last night as sadly i have not got the time to work it all out as present.

off for a new job thurs so need the time to concerntrate on me for a few days

 

normal service will be resumed asap;).

 

dx

[bobbydog]

http://i777.photobucket.com/albums/yy56/bobbydog1/consumerpage-1.jpg

[bobbydog]

thanx for all your help dx good luck in your new job

[postggj]

Do You Know What The Curent Balance Is On The Agreement

 

Do You Have An Up To Date Statement

Edited March 14, 2010 by citizenB
merging posts

[bobbydog]

last statememt was on 20-3-09 then payments total 25491.55

so if you take 12 payments out till now 9-3-10 brings new total to 20861 hope it helps

[bobbydog]

payments of 462,97 monthly

[bobbydog]

just bumping

 

have you any news postggj, waiting in hope

 

stll bumping i

Edited March 14, 2010 by citizenB

[citizenB]

hi there, not posted for a while,

am needing help with a central trust issue

claimed back PPI last year,

 

loan ppi

25,000 7023.80 ppi

16,625 int chg 4321.00 int chg

1,875. broker fee

 

18,650 total 4321.00 tot. chg, credit

 

repayments monthly 462.97

 

cancelled PPI they and they refunded 4047.22 to the account dropping the total balance from 29,780 to 25,732.95

the monthly repayment has stayed the same of 462.97 this has gone on now for over a year.

i think i am having the wool pulled over but don't know what i am missing

central trust state to me that the payments have to remain at that price.

also i never recieved a FULL refund or interest paid to date or anything

CAN anyone help please ...........................

 

 

It is my understanding that the loan should restructured. The repayments once the PPI has been repaid should reduce the balance (if it is repaid to the loan) and the repayments reduced by that amount.

 

Obviouisly if you have been asked if you want to keep them the same then that should be ok.. but this does not appear to be the case.

 

You say time is running out on the other thread, but TBH, I am not sure I understand what assistance you are requesting.

 

Can you advise what help you require ?

[bobbydog]

hi i am requiring help in what type of letter to send as i cannot find a template letter to send

[citizenB]

hi i am requiring help in what type of letter to send as i cannot find a template letter to send

 

 

There are very few templates that would be useful as each situation is different.

 

Can you let me know the following :

 

On your original contract, were there two schedules of repayments One with the addition of PPI and one without.

 

What length of time were the repayments to be made.. ie £100 over 60 months (for example)

 

If you can answer the above, I will draft a letter for you.

[bobbydog]

i think everything you need is in post 26 let me knoe if it is enough

thankyou

[citizenB]

My apologies, I missed that Ok, give me a few minutes.

[citizenB]

hi there, not posted for a while,

am needing help with a central trust issue

claimed back PPI last year,

 

loan ppi

25,000 7023.80 ppi

16,625 int chg 4321.00 int chg

1,875. broker fee

 

18,650 total 4321.00 tot. chg, credit

 

repayments monthly 462.97

 

cancelled PPI they and they refunded 4047.22 to the account dropping the total balance from 29,780 to 25,732.95

the monthly repayment has stayed the same of 462.97 this has gone on now for over a year.

i think i am having the wool pulled over but don't know what i am missing

central trust state to me that the payments have to remain at that price.

also i never recieved a FULL refund or interest paid to date or anything

CAN anyone help please ...........................

 

Right, well as far as I can see your monthly repayments were incorrect.

The two repayment amounts ie £363.75 + £ 94.54 = £ 458.29

 

last letter i recieved from central trust stating that this is their final responce, where do i go now, the thing i don't get is that it was a single premium payment paid at the beginning of the loan, for 7023.80 and when i cancelled the PPI i only had 4047.22 deducted from the balance remaining.

so the remaining 29,780.17 was reduced to 25732.95. so from day one of the loan i was repaying 462.97 and today i am still paying 462.97 there has been no reduction in the monthly payments i, myself have recieved not a penny nor any interest or any payment whatsoever, apart from the reduction as stated above. i did sar and cca and have lots of docs here my question is AM I MISSING SOMETHING !!!! have i been hogwashed yet again ALL payments to these people are up todate and without any arrears

please can some one take me under there wing and guide me to a conclusion whether it be satisfactory or not, i just need to beat these ^&%*** ards

 

hi DX many thanks for getting back

 

first payment made on 2-2-07

 

refunded 19-2-09

 

Let me get these figures straight in my head

The original Loan was for £25,000 + 7,023.80 for the PPI = £32,023.80

On top of that there were the interest charges :-

Loan interest @ £ 16,625.00 +

Broker fee @ £150.00 +

Broker Arrangement fee @ £1,875.00 = £ 18650.00

Then PPI interest @ £4321.00

So total interest = £ 22,971.00

total loan + PPI = £ 32,023.80

Total borrowed = £ 54,994.80 (divided by 120 months) = £458.29

 

 

Send the following to their Registered office if they have one,or the last address they wrote to you from, if they dont.

 

 

 

Dear Sir/Madam

 

OFFICIAL COMPLAINT

 

Agreement Reference:

 

I am asking you to revisit queries I have raised before.

 

On (DATE) I entered into an agreement for a £25,000 loan with (COMPANY) This loan included an insurance in the sum of £7,023.80.

 

On (DATE) I wrote to you asking you refund the PPI as this was mis sold .(amend this if the reason is incorrect, or even expand on the reason)

 

On (DATE) you refunded the premiums in the sum of £ 4047.22. I also continue to repay the loan at the original monthly repayment in the sum of £462.97. However, I believe this is incorrect.

 

The following figures represent the breakdown as shown on the agreement.

 

Original loan amount @ £25,000.00

PPI Addition @ £ 7,023.80

 

Total amount of loan = £32,023.80

 

Interest on PPI @ £ 4,321.00

Interest on Loan @ £16,625.00

Legal fee @ £ 150.00

Broker fee @ £ 1,875.00

 

Total amount of interest and fees = £22,971.00

 

Total amount to be repaid over 120 months = £ 54,998.80 @ £458.29 per month.

 

My first query; is that the monthly figure I have been repaying is for £462.97. When as shown above it should have been £458.29 per month.

 

My second query is; that it is my understanding the loan should have been fully restructured as all the Insurance figures were added to the front end total

 

Had the insurance not been added the loan would have looked like this :

 

Loan amount @ £25,000.00

Interest and fees @ £18,650.00

 

Total amount to be repayed over 120 months = £43,650.00 @ £363.75

 

You have only refunded the sum of £4,047.22. When in fact the loan should have been reduced by some £11,348.80 and I am still repaying the original monthly payment. Which itself was incorrect in the first instance.

 

This I believe is very wrong and I would like you redress this situtation immediately.

 

Please also bear in mind that this loan is fully up to date with no payments missed.

 

If I do not hear from you within 14 days of the date of this letter, which is being sent by a tracked Special Delivery service, then I will have no hesitation in taking my complaint to the Financial Ombudsman with copies to the Financial Services Agency for their comment.

 

I look forward to hearing from you.

 

Yours etc.

 

 

 

 

 

 

 

There are some bits that you need to complete, where I have highlighted in blue or red.

 

Hope this helps. Please let us know the outcome of the letter if they respond. If they dont, then you will need to go to the FOS. We can help you form your complaint to them.

[bobbydog]

letter to be posted asap tomorrow many thanks citizenB for your help very much apprieciated will post as soon as reply given

[bobbydog]

letter sent, will keep you posted

[bobbydog]

hi citizenb i have sent the letter suitably amended to suit, can you tell me what the general time span/and what other companies do, ie;- do they hang it out, do they usually lop the cost off of the amount outstanding do the refund to me personally or do you have any other situations of types of payment

[dx100uk]

typically they will wriggle and wriggle.

 

once you have a clear understanding between yourselves of what you actually owe, be that whatever.

but they can only take ARREARS, from you loan.

ie what you 'should' have paid to this point.

 

whatever is left will come to you as a cheque.

but you must watch them like a hawk! else they will just take it off the outstanding loan total and you might well see nothing if you get what i mean.

 

dx

[bobbydog]

but if i am up to date on all payments then presumably it SHOULD all come to me and not deducted from loan

[landy_alert]

but if i am up to date on all payments then presumably it SHOULD all come to me and not deducted from loan

 

Hi Bobbydog:)

 

Yes it should - but as dx says its best to be prepared for all kinds of shenanigans. I just had a case where Santander credited a PPI refund to an old Debenhams account that hadn't been used for nearly three years - we have no up to date card for the account so could not have accessed the money and as far as we were aware we had closed the account when we cleared the balance in 2007. As they had never sent a replacement card we had no reason to believe the account was still active!

 

Hope you get your refund very soon,

 

Landy x

[bobbydog]

thanx landy alert it is nice to know you are logging in every now and then

[citizenB]

hi citizenb i have sent the letter suitably amended to suit, can you tell me what the general time span/and what other companies do, ie;- do they hang it out, do they usually lop the cost off of the amount outstanding do the refund to me personally or do you have any other situations of types of payment

 

I think landy and dx have pretty much answered your query. Sadly, even if you are up to date with your payments, they are permitted to reduce the amount of the loan by any refund.

 

My argument there would be that they have altered significantly the terms of the agreement by reducing the period of time over which the loan is to be repaid. Therefore they should reduce the interest rate

 

I doubt I would get away with it though

[dx100uk]

as long as you get back the ppi + int etc that you have already paid through your payments by cheque.

then the overall 'total' of the loan gets reduced or restructured by the rest.

 

dx

[citizenB]

as long as you get back the ppi + int etc that you have already paid through your payments by cheque.

then the overall 'total' of the loan gets reduced or restructured by the rest.

 

dx

 

 

That is what SHOULD happen dx, but from what bobbydog is saying, they refunded a figure to the loan but that was only the interest that would have been applied to the initial sum.

 

They did not reduce the overall total sum by the PPI that had been caclucated into the total sum borrowed. Nor did they reduce the monthly repayments to those that would have been applicable had the PPI not been added in the first place.

 

 

See my working out in post #37

[dx100uk]

p'haps he might get lucky this time!

 

alanalana has some good posts on forcing their hand in the stickies.

 

dx